South Africa has overcome adverse initial conditions to achieve a remarkable fiscal
transformation since the 1994 democratic elections, held amid uncertainty about its ability to …

This paper considers how environmental policies should respond to macroeconomic
downturns. It first explores the implications of the global economic downturn of 2008–9 for …

This article investigates why economic governance of EMU remains a matter for
disagreement, revisiting in particular the Franco—German debate about the appropriate …

Recent developments in macroeconomics and macroeconomic policy, what has come to be
known as “New Consensus in Macroeconomics”, downgrades the role of fiscal policy and …

In the face of the dramatic economic events of recent months and the inability of academics
and policymakers to prevent them, the New Consensus Macroeconomics (NCM) model has …

This paper undertakes three tasks:(1) to consider monetary policy's role in contemporary
capitalism and state governance;(2) to introduce the fundamentals of contemporary …

The present paper analyzes the impact of fiscal credibility on the disagreement in
expectations about inflation. We argue that when fiscal credibility is low (high), the …

The monetarist counterrevolution and the stagflation period of the 1970s were among the
theoretical and practical developments that led to the rejection of fiscal policy as a useful tool …

This paper relates to the literature on the possible effect of inflation targeting on fiscal
discipline in develo** countries. In particular, we present empirical evidence to address …

In the long history of rising and persistent unemployment in Europe, almost all welfare-state
institutions—employment protection legislation, unions, wages, wage structure …