Paul van den Noord, Ralph Setzer, Guntram Wolff, 15 May 2010

The monetary policy framework in the Eurozone emphasises the role of monetary aggregates, but less so their differences across member countries. This column argues that the surveillance of national monetary developments may prove useful, as they may have been masking diverging trends at the country level which had systemic financial stability implications for the Eurozone.

Takatoshi Ito, 15 April 2010

One objection to the calls for China to let its currency appreciate argues that the yen's appreciation during the 1980s was a cause of Japan’s “lost decade”. This column instead blames policymakers for not dealing with Japan’s property bubble early enough. China should learn from these mistakes with its own property bubble and let the renminbi appreciate.

Antonio Cabrales, Juan Dolado, José García-Montalvo, 08 December 2008

Spain is in the throes of its deepest economic slump since the early eighties. Its economy suffers from weak productivity and is reliant on cheap credit. Its “dead” housing sector needs to shrink, but housing subsidies and a highly regulated labour market impede adjustment. This column proposes a series of reforms to improve the Spanish economy.



CEPR Policy Research