Compared with the March 2014 ECB staff macroeconomic projections, the projection for real GDP growth for 2014 has been revised downwards and the projection for 2015 has been revised upwards. The risks surrounding the economic outlook for the euro area continue to be on the downside.
At least two generations of students of economics, not just in the US, but around the world, have learnt their macroeconomics from the seminal text book “Macroeconomics” that Stan co-authored with late Rudi Dornbusch. He wrote several other books, all noted for their original thinking, intellectual insights and clarity of argumentation.