This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...

The economic recovery in CESEE has strengthened further in recent months, resulting in a number of additional upgrades to our growth forecasts for 2021, to 5.4% on the regional average. This good performance has been built on two important foundation stones: the adaptation of the CESEE economies...

Macroeconomic analysis of the 1990s. High growth in the past -- The 1990s -- Demand or supply? -- What type of demand? -- The "abnormality" of demand fluctuations -- Investment -- Investment to increase production capacity, and stock adjustment -- The recovery of 1995-1996 -- The fiscal policy...