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The unexpected result of the Brexit referendum, working through the rapid depreciation of sterling, had a sizable negative impact on UK workers. New CEP work by Rui Costa, Swati Dhingra and Stephen Machin shows that the ...Read more...
Rui Costa, Swati Dhingra and Stephen Machin
1 July 2019
We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent, slumps characterized by unemployment and weak growth. We refer to these episodes as stagnation traps,...Read more...
Gianluca Benigno and Luca Fornaro
2 February 2016