Jean Pisani-Ferry
Fiscal Closing Time?
BRUSSELS – Is it time for fiscal consolidation or stimulus? Should governments cut or increase spending? Once again the issue is a matter of…
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In the wake of the global economic crisis, mounting public debt, whether stemming from fiscal stimulus or bank bailouts, has forced governments in Europe, Japan, and elsewhere to pursue fiscal consolidation, with more to come, including in the US. But is immediate fiscal consolidation a false panacea? At what point, and under what conditions, do high public-debt levels really matter?
The Great Debt Debate
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Daniel Gros
This Recovery is Different
BRUSSELS – The misguided belief that “this time is different” led policymakers to permit the credit boom of the early 2000’s to continue for…
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Yuriko Koike
Japan’s Fiscal Crisis Comes of Age
TOKYO – Has Japan’s political paralysis finally lifted? The recent agreement, after a long debate, between the government and leading opposi…
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Jeffrey Frankel
The First World’s Fiscal Follies
CAMBRIDGE – The world’s advanced economies remain divided over whether to strengthen budget balances in the short term or to use fiscal poli…
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Kenneth Rogoff
Austerity and Debt Realism
CAMBRIDGE – Many, if not all, of the world’s most pressing macroeconomic problems relate to the massive overhang of all forms of debt. In Eu…
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Jeffrey Frankel
Budgetary Wishful Thinking
CAMBRIDGE – Why do many countries find it hard to control their budgets? Concern about budget deficits has become a burning political issue …
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Robert Skidelsky
Good and Bad Deficits
LONDON – “Deficits are always bad,” thunder fiscal hawks. Not so, replies strategic investment analyst H. Wood Brock in an interesting new b…
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Robert Skidelsky
Does Debt Matter?
LONDON – Europe is now haunted by the specter of debt. All European leaders quail before it. To exorcise the demon, they are putting their e…
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Robert J. Shiller
The Great Debt Scare
NEW HAVEN – It might not seem that Europe’s sovereign-debt crisis and growing concern about the United States’ debt position should shake ba…
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Edmund S. Phelps, Amar Bhidé
The Root of All Sovereign-Debt Crises
NEW YORK – The Greek debt crisis has prompted questions about whether the euro can survive without a nearly unimaginable centralization of f…
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