Euro

  by Tom Bugdalle and Moritz Pfeifer, Institute for Economic Policy, Department of Economics, University of Leipzig We revisit the euro’s promise of convergence through a new Divergence Monitor tracking business and financial cycle synchronization since the 1980s. Business cycles became more aligned after 1999, but financial cycles stayed volatile and split into persistent core–periphery […]

  Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax. … If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or in the form of borrowing. The thing you should keep […]