The year 2013 marks the 100th anniversary of two major institutional innovations in US economic policy:
Monetary alchemy, fiscal science
Jeffrey Frankel, 29 January 2013
Central banks can phase in nominal GDP targets without damaging the inflation anchor
Jeffrey Frankel, 19 December 2012
The time is right for the world’s central banks to reconsider the framework they use in conducting monetary policy. The US Federal Reserve and the ECB are still grappling with sustained economic weakness, despite years of low interest rates.
Swiss National Bank under attack
Michael J Lamla, Jan-Egbert Sturm, 9 November 2012
After the international uproar had abated over the policy adopted by the Swiss National Bank (SNB) in the first half of 2012, a certain level of sympathy for the situation in Switzerland had remained, Yet, the SNB has yet again been confronted with another barrage of accusations; Standard & Poor’s led the charge, accusing the SNB of exacerbating the crisis in the Eurozone by pegging t
Currency intervention as global monetary easing: The case of Japan in 2003-04
Petra Gerlach-Kristen, Robert McCauley, Kazuo Ueda, 7 November 2012
One consequence of monetary easing in major economies most affected by the financial crisis is the subsequent currency appreciation in apparently separate economies that are less affected by the crisis, such as those of Japan, Switzerland, and many emerging economies.
Vietnam’s economic development: Policies, challenges and prospects for the future
Sarah Chan, 24 October 2012
Facing cyclical and structural challenges that are arguably as significant as any moment since the 1997 Asian financial crisis, Vietnam’s real GDP growth has markedly decelerated in recent times. From an annualised performance of 6.8% in 2010, it fell to 5.9% in 2011 falling further to 4.4% in the beginning of 2012.
How central banks contributed to the financial crisis
Michael Biggs, Thomas Mayer, 10 September 2012
As numerous studies over the last two decades have shown, interest rate policies of a large number of central banks can be explained by the so-called Taylor Rule. According to this rule, which is consistent with inflation targeting, the policy rate is determined by a neutral real rate, the target inflation rate, the output gap, and the deviation of inflation from the target (or expected) rate.
Time for international monetary coordination
Paolo Manasse, 3 September 2012
Many observers of the European Sovereign debt saga had long realised that the ECB was the only European institution up to the task of avoiding a breakup of the euro (see for instance Eichengreen 2009 on this site). The newly forged institutions, the ESFS/ESM, are both ill designed and inadequately funded (Manasse 2011).
The (other) deleveraging: What economists need to know about the modern money creation process
Manmohan Singh, Peter Stella, 2 July 2012
One of the financial system’s chief roles is to provide credit for worthy investments. Some very deep changes are happening to this system – changes that surprisingly few people are aware of.
Breaking the vicious cycle: Restoring balanced and sustainable growth in the global economy
Stephen Cecchetti, Boris Hofmann, 29 June 2012
Moving the global economy back to a path of balanced, self-sustaining growth remains a difficult and unfinished task (see for instance Prasad and Foda 2012). Three challenges stand out.
On Inflation Targeting and Forex Intervention: Are Two Targets Better Than One?
Jonathan D Ostry, Atish R Ghosh, Marcos Chamon, 27 May 2012
The global financial crisis has reminded emerging market economies, if they needed reminding, that capital flows can be highly volatile and that crises need not be home grown. Emerging markets have been affected in a variety of ways, not least by the sharp ups and downs in exchange rates that volatile capital flows engender.
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Rethinking macroeconomic policyBlanchard
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
Reichlin, Turner, Woodford
CEPR Policy Research
- The "Greatest" Carry Trade Ever? Understanding Eurozone Bank RisksAcharya, Steffen
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood
- Austerity: Too Much of a Good Thing?Corset