Publications

January 20, 2017

The effect of financial development on economic growth: a meta-analysis

The financial crisis has renewed interest in the finance-growth relationship. We analyze the empirical literature and find a moderate positive but decreasing effect of finance on growth.

November 3, 2015

Macro-economics of balance-sheet problems and the liquidity trap

Since 2010, nominal policy rates of central banks in most advanced economies have been close to zero. This is referred to as the zero lower bound on interest rates or as the liquidity trap.

June 5, 2015

Lessons learnt from seven years of stagnation in the Eurozone

Three lessons may be drawn from seven years of financial crisis.