Working Paper Series
The performativity of potential output: Pro-cyclicality and path dependency in coordinating European fiscal policies
This paper analyzes the performative impact of the European Commission’s model for estimating ‘potential output’, which is used as a yardstick for measuring the ‘structural budget balance’ of EU countries and, hence, is crucial for coordinating European fiscal policies.
Jul 20, 2016
Inflation, the euro crisis – for years there has been one worry hype after another. Yet fear frequently turns out to be wrong. We need a committee of wise men in charge of dealing with the real risks.
Jul 12, 2016
Europe’s leaders must recognize that the EU is on the verge of collapse. Instead of blaming one another, they should pull together and adopt exceptional measures.
Jul 11, 2016
The EU is preparing to take a tough line with Britain, in order to deter other member states from following it out of the Union. But it is the neoliberal agenda that has prevailed for last four decades, benefiting only the top 1%, that is fueled voter anger on both sides of the Atlantic.
Jul 5, 2016
No, it’s not bureaucracy that is to blame - It’s the EU that has a problem, because urged by Germany it has pushed a kind of naive globalization, the outgrowths of which contribute to the upswing of dim-witted populists. Not only in the EU. Time for a new paradigm.
Jul 1, 2016
The Brexit referendum is nothing less than an earthquake. But when an earthquake happens, seismologists try to understand how and why the tectonic plates had been shifting, and the pressures that had been building to bring about the event. The causes underlying every earthquake are specific in how they come together, even if they are seen in different places.
Jun 30, 2016
Several days ago, we woke up to a new world. Britain had voted to leave the European Union. Some were pleased, many were deeply concerned. What is likely is that many will be affected. Some wonder if the EU will survive. It will take months if not years to fully understand the ramifications.
Jun 27, 2016
The European Union is headed for a disorderly disintegration, and can only be saved if it is reconstructed to satisfy citizens’ needs and aspirations
Jun 19, 2016
Some predict global economic catastrophe if Britain votes to leave the EU, others foresee a more limited set of consequences — and some see a telling trend in the public ignoring economists’ warnings
Jun 15, 2016
Globalisation was once considered a doctrine of salvation - but it has produced too many losers and created a breeding ground for heralds of simplistic truths. It is high time for a new doctrine.
May 9, 2016
Economist James K. Galbraith warns that ‘unrealistic expectations’ by Athens’ creditors is a recipe for turmoil
Apr 18, 2016
Contrary to common belief, this shift is not so much caused by the refugee crisis, but rather by the historical disaster that followed the big financial crisis since 2007.