Titlebook: Austerity vs Stimulus; The Political Future Robert Skidelsky,Nicolò Fraccaroli Book 2017 The Editor(s) (if applicable) and The Author(s) 20

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Myths of Austerityof this article]. For the last few months, I and others have watched, with amazement and horror, the emergence of a consensus in policy circles in favor of immediate fiscal austerity. That is, somehow it has become conventional wisdom that now is the time to slash spending, despite the fact that the world’s major economies remain deeply depressed.

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,What Does It Mean “Metal Cutting”?,ile austerian ideas have been defeated in the former, in some countries policies inspired by them are still dominant in the latter, and electorally successful for the feeling of economic responsibility wrongly associated to them. This is the case of the United Kingdom where, as opposed to the US, th

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Erik M. Alfsen,Frederic W. Shultz‘how’ is as important as ‘how much’—is embraced, the austerity debate in Europe will continue to be completely out of line with the real economic trade-offs. The European debate on fiscal austerity has gone astray—focusing exclusively on the size of deficit reductions. What policy makers should real

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Erik M. Alfsen,Frederic W. Shultzidence fairy.” Unless governments cut their deficits, the bond vigilantes will put the screws to them by forcing up interest rates. But if they do cut, the confidence fairy will reward them by stimulating private spending more than the cuts depress it.

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Characterization of C*-algebra State Spacescolumn argues that the reason lies in the Eurozone’s fragility. Its members lose their ability to issue debt in a currency over which they have full control. The column discusses ways to deal with this weakness.

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Mathematics: Theory & Applicationsi that ‘QE has been a success’. But is such enthusiasm warranted? Let’s take a look at the data. The obvious starting place is the inflation rate. As is well known, the ECB’s mandate only foresees a single measurable objective—maintaining the inflation rate ‘below, but close to, 2 per cent’—and it i