Jobs and Growth

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Five years after the onset of the global financial crisis, Europe’s economy is still fragile. Notwithstanding recent positive signs amid calmer financial mark

Steady as She Goes—Estimating Potential Output During Financial “Booms and Busts”

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Potential output—in the sense of the GDP level or path an economy can sustain over the medium term—is a crucial benchmark for policymakers. However, it is d

Revisiting the Economic Case for Fiscal Union in the Euro Area

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The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro cri

Money As Indicator for the Natural Rate of Interest

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The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the na

Dealing with High Debt in an Era of Low Growth

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task has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the