Huidrom, Raju, Kose, Ayhan, Lim, Jamus, Ohnsorge, Franziska, (2016), “Do Fiscal Multipliers Depend on Fiscal Positions?”, Centre for Economic Policy Research, June This paper analyzes the relationship between fiscal multipliers and fiscal positions of governments using an Interactive Panel Vector Auto Regression model and a large dataset of advanced and developing economies. Our methodology permits us to trace the endogenous relationship between fiscal multipliers and fiscal positions while maintaining enough degrees of freedom to …Read More

Batsaikhan, Uuriintuya, (2016), “The day after Brexit: what do we know?”, Bruegel, 22 June Article 50 of the Treaty of the European Union (December 2009) sets out the procedural requirements for a member state to terminate its membership. Legal withdrawal would mean that EU Treaties and their Protocols would no longer apply, and EU financial programmes would be phased out. If the UK votes to leave the EU on Thursday, the result …Read More

Robert Skidelsky, (2016), “Basic Income Revisited”, Project Syndicate, 23 June Britain isn’t the only country holding a referendum this month. On June 5, Swiss voters overwhelmingly rejected, by 77% to 23%, the proposition that every citizen should be guaranteed an unconditional basic income (UBI). But that lopsided outcome doesn’t mean the issue is going away anytime soon. Relevant Posts Guio, Anne-Catherine, Marlier, Eric, Gordon, David, Fahmy, Eldin, Nandy, Shailen, Pomati, …Read More

McKay, Alisdair, Reis, Ricardo, (2016), “Optimal Automatic Stabilizers”, Centre for Economic Policy Research, June Should the generosity of unemployment benefits and the progressivity of income taxes depend on the presence of business cycles? This paper proposes a tractable model where there is a role for social insurance against uninsurable shocks to income and unemployment, as well as inefficient business cycles driven by aggregate shocks through matching frictions and nominal rigidities. We derive …Read More