Global crises are very rare events. After the Great Depression and the Great Stagflation, new macroeconomic paradigms associated with a new policy regime emerged. This book addresses how some macroeconomic ideas have failed, and examines which theories researchers should preserve and develop. It...

1. The changing global economic landscape : the factors that matter / Jan Fagerberg -- 2. How global is foreign direct investment and what can policymakers do about it? : stylized facts, knowledge gaps, and selected policy instruments / Peter Nunnenkamp -- 3. Labour market frictions as a source...

The relation between structural reform and macroeconomic policy underlies the widespread perception that the large European economies have under-performed in the past decade in comparison both with their own standards and with the contemporaneous performance of the United States. This book,...

Inflation, Unemployment, and Monetary Policy -- Contents -- Introduction -- Inflation, Unemployment, and Monetary Policy -- How Cautious Must the Fed Be? -- Monetary Policy Guidelines for Employment and Inflation Stability -- Comments -- Responses -- Rejoinder -- Contributors -- Notes --...

Intro; Table of Contents; In Memoriam: Kenneth Joseph Arrow (1921-2017); Foreword, by Robert M. Solow; Preface; Random Thoughts on "Birth and Death," by Kenneth J. Arrow; Birth and Death: Arrow Lecture; 1. Economic Demography; 2. Utilitarian Ethics; 3. Ends and Means; 4. Synopsis; Part I: Foundations;...

Intro -- Contents -- Acknowledgments -- The Idea for In 100 Years -- 1 The World Our Grandchildren Will Inherit -- 2 Through the Darkness to a Brighter Future -- 3 The Cone of Uncertainty of the Twenty-First Century's Economic Hurricane -- 4 Wealth and the Self-Protection Society -- 5 Keynes,...

This article offers a personal view of the main achievements of (broadly) neoclassical growth theory, along with a few of the important gaps that remain. It discusses briefly the pluses and minuses of two major recent lines of research: endogenous growth theory and the drawing of causal...

The use of fiscal policy as a stabilization device has all but vanished, more or less explicitly in Europe and de facto in the United States. The practical consequences have not been entirely satisfactory, in either place. So it is important and timely that the Oxford Review is devoting a...

The potential problem of reverse causality has been obvious to everyone. It has usually been met with the standard econometric dodge: using lagged values of slow-moving variables as instruments. But this cannot be a serious solution to the problem. The causality issue points to a deeper...