Research

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Author(s)
Year
2014
Seit der Finanz- und Wirtschaftskrise ist die Staatsverschuldung einiger Euroländer so stark gestiegen wie nie zuvor. Und eine glaubhafte Konsolidierungsstrategie ist nicht in Sicht. Im Gegenteil, vermehrt wird sogar eine Lockerung der Sparpolitik ...
Brandice Canes-Wrone
2014
We consider two classes of explanations for the rise in policy-related economic uncertainty in the United States since 1960. The first stresses growth in government spending, taxes, and regulation. A second stresses increased political polarization and ...
Oleg Itskhoki
Benjamin Moll
2013
We study optimal Ramsey policies in a standard growth model with financial frictions. In the model, heterogeneous entrepreneurs face borrowing constraints which result in a misallocation of capital and reduced labor productivity. In the short-run, the ...
Oleg Itskhoki
2013
We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New Keynesian open economy environment. ...
2012
This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first part of the chapter provides a brief historical account of bubbles and financial crisis. The second part of the chapter gives a structured overview of the ...
Alan Blinder
2012
To me, close cooperation between the central bank and the Treasury in a crisis is both inevitable and desirable. And in this particular crisis, it was both essential and salutary. The trick is how and when the Treasury and the central bank disengage after ...
Paul Krugman
2012
In this article we present a simple new Keynesian–style model of debt-driven slumps—that is, situations in which an overhang of debt on the part of some agents, who are forced into rapid deleveraging, is depressing aggregate demand. Making some agents ...
Paul Krugman
2012
How bad have things gotten? How did we get stuck in what now can only be called a depression? And above all, how do we free ourselves? Krugman pursues these questions with his characteristic lucidity and insight. He has a powerful message for anyone who ...
Carles Boix
2011
Does the process of economic globalization curtail the capacity of national governments to pursue autonomous economic policies at home? Does the growing cross-border mobility of factors (and its associated threat of capital flight) discipline governments ...