This paper applies the Growth-at-Risk (GaR) framework to assess downside risks to euro area GDP growth, and it examines its usefulness for stress testing. Supervisory stress-test scenarios are often criticized for being either too mild or implausibly severe, raising questions about calibration....

This paper applies the Growth-at-Risk (GaR) framework to assess downside risks to euro area GDP growth, and it examines its usefulness for stress testing. Supervisory stress-test scenarios are often criticized for being either too mild or implausibly severe, raising questions about calibration....

This paper advances a set of economic predictions about how employment-oriented social enterprises may foster labor market inclusion. Drawing on economic reasoning, the paper highlights three channels through which social enterprises might provide a distinctive contribution on particular...

For most of its history, the Bank for International Settlements (BIS) has occupied a discreet but powerful position within the global financial architecture as the "central bank of central banks." In the twenty-first century, however, the BIS has quietly assumed a new and far more ambitious...

In March 1989, US Treasury Secretary Nicholas Brady introduced a plan enabling distressed sovereigns to restructure unsustainable debts through 'Brady bonds'. Today, growing debt vulnerabilities have prompted calls for a modern Brady Plan to facilitate sovereign debt restructurings. This Element...

Far-right parties have been electorally successful in recent elections in many Western democracies. Previous research shows that mainstream actors, including mainstream parties and the media, contribute to the success of far-right parties by accommodating far-right ideas and fostering their...