The reconsideration of the complex set of European fiscal rules should be a priority in terms of euro-area reform. The rules contributed to excessive fiscal austerity during the crisis, thus helping to aggravate and prolong its economic, social and political consequences. Moreover, either...

[...]In this article, we consider what these risks, and the publicperception of them, mean for cities in general and for thefuture of New York City in particular. We begin by examiningthe question of why cities exist at all. Only by answering thisimportant question can we think more clearly...

Cross-country capital flows have increased greatly, since the liberalization of internationalcapital markets two decades ago. Equity home bias, while less severe than earlier, remains sizeableand is observed in all industrialized countries. There are broadly two classes of explanations for...