Jorge Uxó and Nacho Álvarez

Jorge Uxó is Associate Professor at the University of Castilla – La Mancha. He currently belongs to the economic team of Podemos. Nacho Álvarez is Associate Professor at the Autonomous University of Madrid and Research Associate at the Complutense Institute of International Studies (ICEI). He is currently the Chief Economist of Podemos.

Jorge Uxó and Nacho Álvarez

The ‘paradox of debt’—or how to avoid austerity again

Jorge Uxó and Nacho Álvarez 15th January 2019

The Spanish government’s budget proposals show some break with the austerity of its conservative predecessor. But there is still an excessive commitment to the orthodoxy of rapid fiscal consolidation. Macroeconomic analysis teaches us that certain decisions which seem reasonable for an individual may have opposite results when all individuals act in a similar way—or when […]

The IMF asks for continuity, but Spain needs change

Jorge Uxó and Nacho Álvarez 18th December 2018

There are two reasons why we should be concerned about the current state of the Spanish economy. First, all the forecasts made by international organizations share a common view: we are likely to enter a slowdown period. This is worrying since unemployment still stands at 15 percent and many people have yet to return to […]

The EU recovery strategy: a blueprint for a more Social Europe or a house of cards?

This new ETUI paper explores the European Union recovery strategy, with a focus on its potentially transformative aspects vis-à-vis European integration and its implications for the social dimension of the EU’s socio-economic governance. In particular, it reflects on whether the agreed measures provide sufficient safeguards against the spectre of austerity and whether these constitute steps away from treating social and labour policies as mere ‘variables’ of economic growth.

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Eurofound webinar: Making telework work for everyone

Since 2020 more European workers and managers have enjoyed greater flexibility and autonomy in work and are reporting their preference for hybrid working. Also driven by technological developments and structural changes in employment, organisations are now integrating telework more permanently into their workplace.

To reflect on these shifts, on 6 December Eurofound researchers Oscar Vargas and John Hurley will be exploring the challenges and opportunities of the surge in telework, as well as the overall growth of telework and teleworkable jobs in the EU and what this means for workers, managers, companies and policymakers.

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FEPS Primers series

Discover the new FEPS Primers series. Designed with an educational purpose, they represent a prominent tool in the new FEPS training strategy. The EU and Gender Equality, by Agnès Hubert, explores the progress and hurdles in the fight for equality between women and men at the EU level. The Progressive Potential of the EU, by Richard Corbett, takes a comprehensive look at the history of the EU, its decision-making structures and the areas worthy of reform. The subsequent primers, by Arancha González Laya, on trade, and Stephen Minas, on climate, will be ready very soon. Stay tuned!

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The macroeconomic effects of re-applying the EU fiscal rules

Against the background of the European Commission's reform plans for the Stability and Growth Pact (SGP), this policy brief uses the macroeconometric multi-country model NiGEM to simulate the macroeconomic implications of the most relevant reform options from 2024 onwards. Next to a return to the existing and unreformed rules, the most prominent options include an expenditure rule linked to a debt anchor.

Our results for the euro area and its four biggest economies—France, Italy, Germany and Spain—indicate that returning to the rules of the SGP would lead to severe cuts in public spending, particularly if the SGP rules were interpreted as in the past. A more flexible interpretation would only somewhat ease the fiscal-adjustment burden. An expenditure rule along the lines of the European Fiscal Board would, however, not necessarily alleviate that burden in and of itself.

Our simulations show great care must be taken to specify the expenditure rule, such that fiscal consolidation is achieved in a growth-friendly way. Raising the debt ceiling to 90 per cent of gross domestic product and applying less demanding fiscal adjustments, as proposed by the IMK, would go a long way.

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Global Wage Report 2022-23: The impact of inflation and COVID-19 on wages and purchasing power

The International Labour Organization's Global Wage Report is a key reference on wages and wage inequality for the academic community and policy-makers around the world.

This eighth edition of the report, The Impact of inflation and COVID-19 on wages and purchasing power, examines the evolution of real wages, giving a unique picture of wage trends globally and by region. The report includes evidence on how wages have evolved through the COVID-19 crisis as well as how the current inflationary context is biting into real wage growth in most regions of the world. The report shows that for the first time in the 21st century real wage growth has fallen to negative values while, at the same time, the gap between real productivity growth and real wage growth continues to widen.

The report analysis the evolution of the real total wage bill from 2019 to 2022 to show how its different components—employment, nominal wages and inflation—have changed during the COVID-19 crisis and, more recently, during the cost-of-living crisis. The decomposition of the total wage bill, and its evolution, is shown for all wage employees and distinguishes between women and men. The report also looks at changes in wage inequality and the gender pay gap to reveal how COVID-19 may have contributed to increasing income inequality in different regions of the world. Together, the empirical evidence in the report becomes the backbone of a policy discussion that could play a key role in a human-centred recovery from the different ongoing crises.

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The ‘paradox of debt’—or how to avoid austerity again

The IMF asks for continuity, but Spain needs change

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