Jorge Ponce, 16 January 2010

What government agency should decide lender-of-last-resort policy? This column discusses the optimal allocation of decision-making authority, suggesting that the central bank decide emergency loans and the deposit insurance agency guarantee them. But providing greater liquidity assistance will also require punishment to deter moral hazard problems.

Jonathan Portes, 19 December 2009

A strong financial sector is essential to a modern economy, but private actions can impose enormous costs on taxpayers; a balance must be struck. This column explains why the UK Government believes that there is a case for increasing the costs of risk-taking to banks and their shareholders while reducing those borne by taxpayers.

Neil Shephard, 23 November 2009

The financial position of the UK Government suggests that its university sector may have its funding squeezed. In CEPR Policy Insight 42, Neil Shephard argues that universities should be able to charge income contingent tuition fees if their teaching costs are not met by the current tuition payments.

Neil Shephard, 23 November 2009

The UK needs to address its budget deficit. This column, introducing a new CEPR Policy Insight, argues against cuts in government contributions to the tuition chargeable by universities, warning that they would make the UK poorer, economically and culturally. It suggests instead additional deferred fees that graduates can pay later in their career when their income allows it.

Domenico Giannone, Lucrezia Reichlin, Saverio Simonelli, 23 November 2009

The UK’s early estimate of GDP growth for the third quarter of 2009 still shows negative growth with a reading of -0.4%. This column combines the quarterly releases of GDP with timely survey data to form a “now-cast” of quarterly GDP growth. It says that the UK has likely exited the recession already, estimating positive growth of 0.15%.

Christian Dustmann, Tommaso Frattini, Caroline Halls, 08 August 2009

Are new immigrants a fiscal burden on incumbent residents? This column looks at Eastern European immigrants in the UK and shows that they are net contributors to public finances because they have a higher labour force participation rate, are likely to pay more in indirect taxes like VAT, and make much lower use of benefits and public services.

Andrew Oswald, 24 January 2009

This column measures the quality of university economics research in Europe and the UK by concentrating on within-journal rankings of influential articles. The UK and Europe are doing relatively well, and top-level research output is not concentrated at half a dozen world-famous institutions. Science-funding policies by European governments should reflect this diversity.

John Muellbauer, 27 October 2008

The current financial crisis will probably lead to an unnecessarily deep recession. This column suggests that European central banks, misguided by outdated econometric models, should have cut rates faster and deeper in a coordinated fashion. They should now scrap these models and agree on a large, coordinated cut of 2 percentage points.

John Muellbauer, 20 July 2008

Recent empirical estimates of the housing wealth effect suggest that a UK recession will be hard to avoid. With the housing-wealth decline compounded by falling equity prices and inflation-eroded real incomes, a drop in consumption is in the offing. The US situation could be even worse.

John Turner , Graeme Acheson , Charles Hickson, Qing Ye, 10 May 2008

Past performance is no guarantee, but history tells us that the equity risk premium has been persistent. This column shows that British investors enjoyed relatively high returns in the nineteenth century, though today’s UK market differs greatly from its formative ancestor.

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