Featured Updates

Weak International Economic Cooperation--COVID-19 Crisis

This paper analyzes several of the dimensions of weakening multilateralism in the area of economic cooperation during the COVID-19 crisis. Professor José Antonio Ocampo argues that international cooperation during the COVID-19 crisis has been weaker than during the 2008-09 North Atlantic Financial crisis.

Towards a dynamic disequilibrium theory with randomness

The 2008 Global Financial Crisis, and the myriad other crises confronting economies around the world, exposed the inadequacies of the Dynamic Stochastic General Equilibrium models. These models not only hadn’t predicted the crisis, its occurrence was completely outside of their framework.

Joseph Stiglitz Publishes New Book: People, Power, and Profits

A Nobel prize winner challenges us to throw off the free market fundamentalists and reclaim our economy. An authoritative account of the predictable dangers of free market fundamentalism and the foundations of progressive capitalism, People, Power, and Profits shows us an America in crisis, but also lights a path through this challenging time.

Recovering from the Pandemic: An Appraisal of Lessons Learned

This FEPS Covid Response Paper provides observations from the failures and successes around the world in dealing with Covid-19 and its economic aftermath. Professor Stiglitz explains why, even with the best policies, the economic fall-out from Covid-19 is likely to be severe: there will not be a V-shaped recovery, but rather a U-shaped one.

Lessons of the American election for Europe and the world

Despite years of disastrous economic policy, and an even more catastrophic handling of the Covid-19 crisis, US President Donald Trump received substantially more votes in 2020 than he did in 2016. His blustering in the name of America was seen as standing up for the country by these voters – and they will not go away.

What Should America Do For a Fair Economic Recovery? Sadie T.M. Alexander Had Some Thoughts

By Nina Banks

The post-pandemic economic recovery must be grounded in racial justice and a reckoning with systemic racism. Otherwise, our economy will continue to reproduce the racial inequities that the pandemic-led recession exacerbated through job loss, deaths ...

Biden Recovery Plans Are a Good Start, but Country Needs More

By Claudia Sahm

President Biden signed the $1.9 trillion American Rescue Plan into law last month, bringing federal pandemic support to nearly $6 trillion, or about 30 percent of GDP. It’s a historic push that rightfully puts money into the hands of families, commun...

Developing Countries Need IMF Funds Now, Not Later

By Lara Merling

Globalization isn’t working, at least not the way it’s structured now, and the pandemic has only exacerbated inequalities between countries. Most advanced economies and some of the larger emerging markets have managed to finance a strong Covid-19 res...