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Smart economic policymaking invariably requires trading off some pain today for greater future gains. But this is a difficult proposition politically,

CHICAGO  —  Smart economic policymaking invariably requires trading off some pain today for greater future gains. But this is a difficult proposition politically, especially in democracies. It is always easier for elected leaders to indulge their constituents immediately, on the hope that the bill will not arrive while they are still in office. Moreover, those who bear the

CHICAGO  —  Smart economic policymaking invariably requires trading off some pain today for greater future gains. But this is a difficult proposition politically, especially in democracies. It is always easier for elected leaders to indulge their constituents immediately, on the hope that the bill will not arrive while they are still in office. Moreover, those who bear the

The dangers of endless quantitative easing Aug 02,2021 - Last updated at Aug 02,2021 CHICAGO — Inflation readings in the United States have shot up in recent months. Labour markets are extremely tight. In one recent survey, 46 per cent of small-business owners said they could not find workers to fill open jobs, and a net 39 per cent reported having increased their employees’ compensation. Yet, at the time of this writing, the yield on ten-year Treasury bonds is 1.24 per cent, well below the ten-year breakeven inflation rate of 2.4 per cent. At the same time, stock markets are flirting wit...

Marco Buti, George Papaconstantinou 23 April 2021 Most of the discussion on the economic policy response to the pandemic in Europe has centred on its ambition, tools, and institutional characteristics. Less discussion has taken place on the factors shaping EU integration and economic policy priorities after the pandemic. In a new CEPR Policy Insight, the authors argue that four sets of issues will be important in shaping the legacy of the pandemic for European integration: redefining the new boundaries between state and market; revisiting the nature of subsidiarity; reconnecting the EU...