This paper examines fiscal policy without commitment and the effects of conditional bailout loans. The government … public debt never decreases in the long-run when bailout loans are available …

This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the …

We study the response of real wages to the business cycle in eight major Eurozone countries before and during the Great … wages during the downturn, particularly in countries most affected by the crisis. Overall, there is no evidence of downward …

Starting in mid-2007, the global financial crisis quickly metamorphosed from the bursting of the housing bubble in the … US to the worst recession the world has witnessed for over six decades. Through an in-depth review of the crisis in terms …-held perceptions during the boom years before the crisis, the paper underscores that the global economy was by no means as stable as …

immigration from countries that were hit by the crisis, although the annual net flows are still too small to significantly reduce … unemployment in the countries hit by the crisis …

disparities, in particular within the Eurozone where there is no exchange-rate mechanism available to play this role. We shed some … new light on this question by comparing pre- and post-crisis migration movements at the regional level in both Europe and … in Europe.Indeed, in contrast to the pre-crisis situation and the findings of previous empirical studies, there is …

We estimate whether migration can be an equilibrating force in the labour market by comparing pre- and post-crisis … unemployment shocks was almost identical to that recorded in the United States after the crisis. Our estimates suggest that, if all … especially in the Eurozone, the reaction to a very large extent stems from migration of recent EU accession country citizens as …

consequences of the crisis that are not so obvious but that may linger for decades. Combining macroeconomic indicators with the … Argentine national registry of live births (approximately 1.9 million from 2001 through 2003), we show that the crisis led to an … American and Pakistani babies. We also find that the crisis affected particularly the weight of babies born of mothers of low …

This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone …

The current debt crisis has given rise to a debate about deeper fiscal integration in Europe. The view is widespread … representative household microdata from 11 Eurozone countries to simulate these policy reforms and to study their effects on the … that not all forms of fiscal integration will improve macroeconomic stability in the Eurozone …