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The Politics of Bad Options
The book sheds new light on the history of the Eurozone crisis and provides crucial lessons for the way forward.
Survey of Literature on Demand for Money
A stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.
IMF Staff papers
This paper develops an endogenous growth model of the influence of public investment, public transfers, and distortionary taxation on the rate of economic growth. The growth–enhancing effects of investment in public capital and transfer payments are modeled, as is the growth–inhibiting influence of the levying of distortionary taxes that are used to fund such expenditure. The theoretical implications of the model are then tested with data from 23 developed countries between 1971 and 1988, and time series cross sectional results are obtained that support the proposed influence of the public finance variables on economic growth.
The Costs and Benefits of Price Stability
In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
OECD Economic Surveys: Portugal 2017
This 2017 OECD Economic Survey of Portugal examines recent economic developments, policies and prospects. The special chapters cover raising investment and raising skills.
Nonlinear Time Series Analysis of Business Cycles
This volume of Contributions to Economic Analysis addresses a number of important questions in the field of business cycles including: How should business cycles be dated and measured? What is the response of output and employment to oil-price and monetary shocks? And, is the business cycle asymmetric, and does it matter?
Spain
This Selected Background Issues paper examines different aspects of the social security system in Spain. The paper describes the role of this system in the process of consolidating the government finances in the short- and medium-term, and to present possible measures to address the policy challenges of the longer term. An analysis of the finances of the social security system is presented. The paper provides a description of the main features of the pension system and projections of its financial situation in the long term.
Germany
The Germany economy has performed very well in recent years, supported by prudent economic management and past structural reforms. Growth is robust, employment is rising, and the unemployment rate has fallen to levels not seen in decades. Inflation remains low but wage growth is picking up, reflecting the strength of the labor market. Looking beyond these positive cyclical developments, unfavorable demographics will soon weigh on potential growth and put pressure on public finances. Having already accumulated sizable buffers through savings, Germany should now prioritize domestic investment in physical and human capital to prepare for the future. The new government's coalition agreement contains several welcome measures in this direction, but more forceful actions to boost labor supply and increase labor productivity would help stimulate domestic investment and reduce Germany’s large current account surplus.
Dispossession and Dissent
Since the 2008 financial crisis, complex capital flows have ravaged everyday communities across the globe. Housing in particular has become increasingly precarious. In response, many movements now contest the long-held promises and established terms of the private ownership of housing. Immigrant activism has played an important, if understudied, role in such struggles over collective consumption. In Dispossession and Dissent, Sophie Gonick examines the intersection of homeownership and immigrant activism through an analysis of Spain's anti-evictions movement, now a hallmark for housing struggles across the globe. Madrid was the crucible for Spain's urban planning and policy, its millennial e...
