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Cortés Arbués, I. (author), Chatzivasileiadis, T. (author), Ivanova, Olga (author), Storm, S.T.H. (author), Bosello, Francesco (author), Filatova, T. (author)Economic costs of climate change are conventionally assessed at the aggregated global and national levels, while adaptation is local. When present, regionalised assessments are confined to direct damages, hindered by both data and models’ limitations. This article goes beyond the aggregated analysis to explore direct and indirect economic...journal article 2024
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Ferguson, Thomas (author), Storm, S.T.H. (author)This article critically evaluates debates over the causes of U.S. inflation. We first show that claims that the Biden stimulus was the major cause of inflation are mistaken: the key data series—stimulus spending and inflation—move dramatically out of phase. While the first ebbs quickly, the second persistently surges. We then look at alternative...journal article 2023
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- Storm, S.T.H. (author) journal article 2023
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Breman, Carlotta (author), Storm, S.T.H. (author)Sharp increases in systemically important crude oil prices have been a major cause of the recent surge in the inflation rate in the U.S. This paper investigates the extent to which the increase in oil prices can be attributed to excessive speculation in the oil futures market. Our analysis suggests that excessive speculation in the crude oil...journal article 2023
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Fischer, Andrew M. (author), Storm, S.T.H. (author)In the aftermath of the COVID-19 pandemic, much of the global South has been immersed in a debt crisis of a breadth and depth not seen since the early 1980s. The debt distress was apparent before the pandemic and the situation over the last decade is best described as a slow burn, which the pandemic and war in Ukraine ignited in often sudden and...journal article 2023
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Storm, S.T.H. (author)The concern that an economy could experience persistent stagnation, caused by a structural weakness of aggregate demand, goes back to Alvin Hansen's thesis of “secular stagnation.” Hansen's thesis has been revived in recent times, when it became clear that productivity and potential growth in the OECD countries have been declining for decades....book chapter 2022
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Storm, S.T.H. (author)This is a rejoinder to the stimulating comments by David Colander, Drucilla Barker and Jeronim Capaldo on my critique of the non-progressive macroeconomic DSGE research paradigm. The three comments expand my arguments and underscore the need for a drastic change in the mainstream approach to macroeconomics.journal article 2021
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- Storm, S.T.H. (author) report 2021
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Storm, S.T.H. (author)Comparative empirical evidence for 22 OECD countries shows that country differences in cumulative mortality impacts of SARS-CoV-2 are caused by weaknesses in public health competences, pre-existing variances in structural socio-economic and public health vulnerabilities, and the presence of fiscal constraints. Remarkably, the (fiscally non...journal article 2021
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Storm, S.T.H. (author)The Rebuilding Macroeconomic Theory Project, led by David Vines and Samuel Wills (2020), is an important, albeit long overdue, initiative to rethink a failing mainstream macroeconomics. Professors Vines and Wills, who must be congratulated for stepping up to the challenge of trying to make mainstream macroeconomics relevant again, call for a new...journal article 2021
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Schröder, E. (author), Storm, S.T.H. (author)De-carbonization to restrict future global warming to 1.5 °C is technically feasible but may impose a “limit” or “planetary boundary” to economic growth, depending on whether or not human society can decouple growth from emissions. In this paper, we assess the viability of decoupling. First, we develop a prognosis of climate-constrained...journal article 2020
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- Storm, S.T.H. (author) journal article 2019
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- Storm, S.T.H. (author) report 2019
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- Storm, S.T.H. (author) report 2019
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Storm, S.T.H. (author)Using macroeconomic data for 1960-2018, this paper analyzes the origins of the crisis of the ‘post-Maastricht Treaty order of Italian capitalism’. After 1992, Italy did more than most other Eurozone members to satisfy EMU conditions in terms of self-imposed fiscal consolidation, structural reform and real wage restraint — and the country was...working paper 2019
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Storm, S.T.H. (author)Strong labor protections for ordinary workers are often portrayed as a `luxury developing countries cannot afford`. No study has been more influential in propagating this perversity trope in the context of the Indian economy than the QJE article of Besley and Burgess (2004). Their article provides econometric evidence that pro-worker regulation...working paper 2019
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- Storm, S.T.H. (author) report 2019
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Hong, Tao (author), Yu, Nannan (author), Storm, S.T.H. (author), Gao, Bo (author)This study analyses domestic market integration’s (DMI’s) dynamic influence on regional economic growth in China. The authors construct a matrix of annual DMI indices for 29 provinces for 1997–2015. They calculate the reciprocal matrix and combine it with the β-convergence model and spatial econometrics to analyse the relationships between...journal article 2019
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Storm, S.T.H. (author)Using macroeconomic data for 1960–2018, this article analyzes the origins of the crisis of the “post-Maastricht Treaty order of Italian capitalism.” After 1992, Italy did more than most other Eurozone members to satisfy EMU conditions in terms of self-imposed fiscal consolidation, structural reform, and real wage restraint—and the country was...journal article 2019
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Storm, S.T.H. (author)The U.S. economy is widely diagnosed with two “diseases”: a secular stagnation of potential U.S. growth and rising income and job polarization. The two diseases have a common root in the demand shortfall, originating from the “unbalanced” growth between technologically “dynamic” and “stagnant” sectors. To understand how the short-run demand...journal article 2018
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