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Faltering Recovery of the World Economy
Following a weak start into 2015, the global economy is expected to pick up again in the course of this year. Average annual world output growth will nevertheless remain sluggish at 3.4 percent on a purchasing power parity weighted basis, before accelerating modestly to 3.8 percent next year. The improvement will be driven by stronger growth in the advanced economies where ultra-low interest rates and continued monetary expansion are expected to increasingly gain traction given that private sector deleveraging has gone a long way in a number of important economies. By contrast, we do not expect a significant acceleration of output growth for the emerging economies where structural impediments abound and lower commodity prices have reduced export revenues in many countries.
Gradually Better Outlook for Global Growth
World economic growth is expected to strengthen gradually over the coming two years. World output is expected to rise by 3.7 and 3.9 percent in 2015 and 2016, respectively, following an increase of 3.4 percent in the current year. Growth is projected to accelerate predominantly in the advanced economies which as a result of progress in deleveraging of the private sector are expected to become more and more responsive to the stimulus from monetary policy and the support from lower oil prices. Emerging economies should benefit from stronger demand in the advanced economies, but structural problems in the domestic economies will prevent a return to high rates of expansion for the time being.
Reforming the Labor Market and Improving Competitiveness
This paper uses an extended version of 'FiMod - A DSGE Model for Fiscal Policy Simulations' (Stähler and Thomas, 2011) with endogenous job destruction decisions by private firms to analyze the effects of several currently discussed labor market reforms on the Spanish economy. The main focus is on the firms' hiring and firing decisions, on the implications for fiscal balances and on Spain's international competitiveness. We find that measures aiming at reducing (policy-induced) outside option of workers, such as a decrease in unemployment benefits, public wages or, to a lesser extent, public-sector employment, seem most beneficial to foster output, employment, international competitiveness a...
Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design
Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design
Summary of Tim S. Grover’s Relentless by Swift Reads
Relentless: From Good to Great to Unstoppable (2013) by Tim S. Grover, co-written with Shari Lesser Wenk, teaches how to cultivate the mindset of an elite achiever. Grover’s ideas about high performance are based on his decades as a trainer for elite athletes including NBA stars Kobe Bryant, Michael Jordan, and Dwyane Wade. Bryant, Jordan, and Wade followed Grover’s no-nonsense training program, which pushed each to excel... Purchase this in-depth summary to learn more.
