The consensus that dominated macroeconomics from the 1980s, and framed the European institutions’ thinking in terms of macroeconomic governance, relegated fiscal policy to the dustbin of history. If anything, standard macroeconomic thinking relied on monetary policy to react to economic shocks. The 2008 crisis challenged this consensus, as monetary policy alone proved ineffective in counteracting […]
About Francesco Saraceno and Gustavo Piga
Francesco Saraceno is deputy department director at OFCE, the research centre in economics of Science Po. He is also a professor of European Macroeconomics at LUISS-SEP in Rome. He mostly works on macroeconomics (with a focus on the EMU) and on income inequality. Gustavo Piga is Full Professor of Economics at the University of Rome Tor Vergata where he chairs the Global Governance B.A. degree. A macroeconomist, he writes on European policies, public procurement and anti-corruption.