There is thus a fundamental credibility issue about the willingness of the ECB to be a lender of last resort in the government bond markets. This will continue to make the eurozone a fragile construction. As a result, the possibility of a future euro crisis cannot be excluded.

Inflation is on the rise again in the industrialised world. This has led to fears of a sustained surge in inflation. This article argues that while such fears may make sense in the US, they do not in the eurozone, where the monetary-fiscal policy mix has been much less expansionary than in the...

Sooner or later, the ECB must accept that monetary financing in support of deficit spending is a necessity not just for mitigating the coronavirus crisis, but also for averting a downward deflationary cycle that could pull the eurozone apart.

This policy brief warns about the risks of discontinuing the policy responses to the COVID-19 crisis by pursuing exit strategies too early and/or too sharply. It outlines a comprehensive strategy for limiting such risks globally and offers an in-depth discussion of the European situation. Due to...

As the pressure of supply-demand balance increases with the high penetration of renewable energy resources, it is widely accepted that demand side resources including air conditioners (ACs) play an important role in providing ancillary services to the grid. In this paper, air conditioning loads...

Earnings, Schooling, and Economic Reform: Econometric Evidence From Hungary (1986 2004) Nauro Campos and Dean Jolliffe How does the relationship between earnings and schooling change with the introduction of comprehensive economic reform? This article sheds light on this question using a unique...

Earnings, Schooling, and Economic Reform: Econometric Evidence From Hungary (1986 2004) Nauro Campos and Dean Jolliffe How does the relationship between earnings and schooling change with the introduction of comprehensive economic reform? This article sheds light on this question using a unique...