debating progressive politics in Europe and beyond
The G20 Leaders Declaration at the Toronto Summit (June 2010) endorsed an ambitious agenda of ‘structural reforms’ cutting across both labour and product markets that would lift global output significantly, create ‘tens millions more jobs’, sustain poverty reduction and reduce global imbalances significantly.[1] The latest (18-19 April, 2013) Communique of Finance Ministers and Central Bank [...]
Perspectives from a New Keynesian model New Keynesian macroeconomics (henceforth NK) was born as a defensive reaction to the radical agenda of the new classical economists of the late ‘70s vintage. They aspired to dismantle the entire edifice of Keynesian economics that held sway until the ‘stagflation’ of the post oil-shock period of the mid-1970s. [...]
There has been a surge of scholarly work on estimating fiscal multipliers and assessing their implications in the wake of the global financial and economic crises of 2007-2009. A large number of countries enacted fiscal stimulus packages in response to the twin crises, but an evaluation of their efficacy remains mired in controversy. Such controversy [...]
In August 2008, when the global recession was casting its malevolent influence on the international economy, Olivier Blanchard, an eminent macroeconomist, issued the following proclamation: ‘the state of macro is good’.[1] He wanted to demonstrate a remarkable degree of ‘convergence in vision’ among the professional community of ‘modern’ macroeconomists in which the acrimonious battles between [...]
Youth unemployment has reached disturbing proportions in advanced economies and most notably in the Euro zone.[1] This has emerged against the grim background of a lingering recession. Growth in the Euro zone has been virtually zero in the most recent quarter. Spain and Greece have the dubious distinction of having more than 50 per cent [...]
Latvia was the first country in Europe to join an EU and IMF supported programme in December 2008 to cope with the fall-out of the global economic and financial crisis. Policy-makers made a resolute commitment to defend the exchange rate peg between the Lat and the Euro given the aim to enter the Eurozone in [...]
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