The financial crisis has affected the real economy in stages yet nevertheless at an unexpected rate and with all regions being affected simultaneously. It advanced almost independently of the regions' exposure to the actual initial causes, among them the subprime crisis, innovative financial...

There is evidence that a budget consolidation strategy can work with only a small and shortlived negative impact on growth. However, many countries are currently trying to consolidate at the same time as firms and consumers are deleveraging. We develop ten guidelines for consolidation during...

Applied Industrial Organization offers a perspective on the richness of empirical industrial organization studies. Some papers derive empirical implications from theoretical models, but other papers start from empirical evidence and construct a theory. Three major topics are explored: the role...