The seminars will be held in the MNB Conference Center at 10:30

Olivier Blanchard (MIT)

Adjustment within the euro. The difficult case of Portugal

In the second half of the 1990s, the prospect of entry in the euro led to an output boom and large current account defcits in Portugal. Since then, the boom has turned into a slump. Current account defcits are still large, and so

are budget defcits. This paper reviews the facts, the likely adjustment in the absence of major policy changes, and examines policy options.

Paper

Christopher Pissarides (LSE)

Employment Outcomes in the Welfare State