He has published over 70 theoretical empirical and policy papers on international macroeconomic issues and co-authored the books Political Cycles: Theory and Evidence and Bailouts or Bail-ins?

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That hope rests on no theoretical basis or empirical results and defies common sense.

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The debate has persisted, and theoretical arguments thankfully gave way to sophisticated empirical studies.

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For further information, this video looks at the theoretical case for small government and this video examines the empirical evidence against big government.

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As he and other economists acknowledge in a symposium in the July Economic Journal, there is no clear-cut theoretical answer to the question of whether regional trade agreements are good or bad, and the empirical findings are hotly disputed.

ECONOMIST: Do regional trade agreements encourage free trade?