Economic Growth After Debt Surges

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Debt levels, both private and public, were already at record highs before the Covid-19 pandemic, and surged further in 2020. The high indebteness raises concern

Fiscal Crises

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A key objective of fiscal policy is to maintain sustainability of public finances and avoid crises. Remarkably, there is very limited analysis on fiscal crises.

Wage Moderation in Crises

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The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wage moderat

Macroeconomic Stability in Resource-Rich Countries

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Resource-rich countries face large and persistent shocks, especially coming from volatile commodity prices. Given the severity of the shocks, it would be expect

Global Implications of Lower Oil Prices

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The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a s