Fiscal policy

Greece: Lessons for Europe

It was inevitable that Greece would have to make cuts. Yet, if it is ever to pay back its debts, what the country needs most of all is a growth strate

“Dura Lex, sed Lex”(?)

On the 30th of April, the Italian Constitutional Court issued a decision on the pension reform introduced by the Monti government in 2011. The decisio

Is the economy stationary?

What’s at stake: The question of whether capitalist economies are self-correcting and will eventually revert to mean growth has received renewed inter

Why we should not blame the ECB for low returns on German savings

The ECB has lowered its official interest rate several times in the last years and the rate is now at zero. In March of this year, it has in addition

Secular stagnation and capital flows

What’s at stake: Former Chairman of the Federal Reserve and new blogger Ben Bernanke has generated many discussions this week by challenging the secul

What is behind the reduction of private sector debt? Comparing Spain and the UK

Spain and the United Kingdom are going through a deleveraging process, with their private debt-to-GDP ratios dropping by around 18% in the United Kin

The ECB’s balance sheet, if needed

In his press conference on November 6th, ECB President Mario Draghi pledged monetary stimulus, although only “if needed.” These words have won Mr

How can Europe avoid secular stagnation?

Larry Summers crystallized an important question in a recent speech: Has the world economy entered a period of “secular stagnation”? The slow rec

Monetary policy cannot solve secular stagnation alone

Larry Summers crystallized an important development and question in a recent speech given at the IMF research conference: has the world economy entere

Blogs review: The secular stagnation hypothesis

What’s at stake: On November 16, the Harvard economist and former Treasury Secretary Lawrence Summers gave a provocative talk at an International

Secular stagnation in today's economy. How can it be addressed?

In sickness and in health: protecting and supporting public investment in Europe

The long-term decline in gross public investment in European Union countries mirrors the trend in other advanced economies, but recent developments ha

Monetary policy cannot solve secular stagnation

What role can quantitative easing play? I am not quite as negative on QE as Olivier Blanchard but certainly agree that it cannot fundamentally solve t

Options for a Euro-area fiscal capacity

This Policy Contribution is based on a briefing paper for the European Parliament Economic and Monetary Affairs Committee’s Monetary Dialogue: Europe