The current crisis and its high social cost have shattered the confidence of economic agents in the banking system and questioned the capacity of financial markets to channel resources to their best use. While it is essential for the well functioning of economic activity that financial institutions do take risk, the decisions taken [...]
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Posted on April 9th, 2012
Posted on February 27th, 2012
After several decades of quiescence, global commodity prices almost doubled in 2008 and, after a brief fall, rose again in 2011. Over the longer term, the impact of population growth on demand, and of climate change on supply, makes it likely that commodity prices will continue to be an important issue on the [...] Posted on November 22nd, 2011
With crisis plaguing the Eurozone and austerity the favoured prescription for diseased EZ economies, some are asking: Can big fiscal consolidations, especially those based on cuts, actually restart growth? This CEPR Discussion Paper examines four episodes of past fiscal consolidations in European countries and evaluates the evidence. Source: CEPR Posted on November 21st, 2011
This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in markups triggered by supply-side policies generate a wealth effect that pulls current consumption and output up. [...] Posted on November 14th, 2011
The Doha Development Agenda (DDA) is in limbo and negotiators face a difficult “trilemma”: to implement all or part of the draft agreements as they stand today; to modify them substantially; or to dump Doha and start afresh. At this critical juncture, this CEPR/World Bank volume aims to provide a better empirical basis [...] 6 pages
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