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Global Macro

Fiscal Policy: Cycle and Space Matter

I am among those economists who have argued that expansive fiscal policy has been missing as a lever to support recovery in advanced economies, especially in the Eurozone – see here and here. At the same time, I have cast doubts on recent attempts of using it to prop up growth in some emerging markets – see here and here in the [...]

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Europe

Why QE in the Eurozone Is a Mistake

Paul De Grauwe and Yuemei Ji (“Quantitative easing in the Eurozone”, VOX, 2015) have argued that quantitative easing (QE) can occur in the Eurozone without fiscal transfers.  This may be the case, but their analysis is fundamentally misplaced, as it is based on incorrect, incomplete or missing premises.  We think it would be a mistake for [...]

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Trending Topic

European deflation

The threat of a “real” demand-driven deflationary spiral in Europe has rattled markets. But is European deflation all bad or possibly benign?

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Finance & Markets

The Battle Going on in the Financial Markets Right Now

Recent economic data on wages, retail sales, and oil and other trade prices have severely undermined the blind confidence of equity markets that prevailed in 2014, and present market conditions are not likely to reverse themselves soon. 2014 was the battle of the cyclicalists vs. the secularists, in both markets and economic data, and that [...]

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We have a plausible future where profits, information and political power accrue to a small group of technology-driven oligopolies, while the rest are reduced to commoditized micro-entrepreneurship (techno-serf) roles.

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Håvard Halland Håvard Halland

PHåvard Halland is a natural resource economist at the World Bank, where he leads research and policy agendas in the fields of resource-backed infrastructure finance, sovereign wealth fund policy, extractive industries revenue management, and public financial management for the extractive industries sector. Prior to joining the World Bank, he was a delegate and program manager for the International Committee of the Red Cross (ICRC) in the Democratic Republic of the Congo and Colombia. He earned a PhD in economics from the University of Cambridge.