How does debt affect macroeconomic stability? The answer to this question has important
implications, because both public and private debt levels have reached historic highs across …

The effect of wealth on consumption is an issue of long‐standing interest to economists.
Conventional wisdom suggests that fluctuations in household wealth have driven major …

Abstract The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing
our understanding of macrofinancial linkages, the two-way interactions between the real …

Abstract Enlargement of the European Union in May 2004 was followed by an increase in
migration from the poorest of the central and eastern European New Member States (NMS) …

This paper examines different carbon pathways for achieving deep CO2 reduction targets for
the UK using a macro-econometric hybrid model E3MG, which stands for Energy–Economy …

Raising capital adequacy standards and introducing binding liquidity requirements can have
beneficial effects if they reduce the probability of a costly financial crisis, but may also reduce …

Extant work on costs of financial instability focuses on fiscal costs and declines in aggregate
GDP following banking crises. We estimate effects of banking and currency crises on …

This paper surveys the literature on the linkages between asset prices and macroeconomic
outcomes. It focuses on three major questions. First, what are the basic theoretical linkages …

We explore the effects of a temporary cut in VAT, identifying three possible effects: an
income effect as people benefit from a lower cost of living during the period of the reduction …

This paper introduces a special issue of the Review on how the National Institute Global
Econometric Model (NiGEM) is being used to navigate uncertain times. NiGEM is the …