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Economic Policy 60


Top economists provide a concise and accessible evaluation of major developments in trade and trade policy. This book examines key issues pertinent to the multinational trading system, as well as regional trade arrangements and policy developments at the national level. The volume provides up–to–date assessments of the World Trade Organization′s current Trade Policy Reviews.

Economic Policy is written for all those with an informed interest in economic policy problems. All articles are submitted to rigorous scrutiny by a panel of distinguished economists from around the world, resulting in a volume of authoritative and accessible articles, each followed by the comments of panel members.

The Senior Editors of Economic Policy:

Georges de Menil works at the Delta Ens, France.

Richard Portes lectures in the Department of Economics, London Business School.

Hans-Werner Sinn is based at the Centre for Economic Studies, University of Munich.

The Managing Editors of Economic Policy:

Giuseppe Bertola is Professore Ordinario di Economica Politica, Facolta di Scienze Politiche, Universita di Torino.

Tullio Jappelli is CSEF Director and Professor of Economics at the University of Naples Federico II.

Philippe Martin is Professor at the Université Paris-1 Panthéon Sorbonne and CERASENPC and a Research Fellow at CEPR.

Jan Van Ours is Professor of Economics at Tilburg University and Professorial Fellow at Melbourne University.

Editors' introduction.

1. Oil and the Euro area economy (Gert Peersman and Ine Van Robays both Universiteit Gent).

2. What happens during recessions, crunches and busts? (Stijn Claessens, M. Ayhan Kose and Marco E. Terrones, all International Monetary Fund).

3. Subprime crisis and board (in-) competence: private versus public banks in Germany (Harald Hau, INSEAD, Fontainebleau and CEPR) and Marcel Thum, TU Dresden, ifo Dresden and CESifo).

4. Planning to cheat: EU fiscal policy in real time (Roel Beetsma, University of Amsterdam, Massimo Giuliodori, University of Amsterdam, and Peter Wierts, De Nederlandsche Bank).