Monetary Policy

How to influence consumers’ inflation expectations

…while in a high inflation environment.  Some evidence from Germany.


Heterogeneous beliefs, new pricing models and the Phillips curve

Two new research papers evaluate the impact on the Phillips curve from incorporating a a) distribution of heterogeneous beliefs; and b) price changes that are endogenous and depend both on the state of the economy and the state of the firm.


Dark clouds over China

Foreign firms might shift out of China as they face a more controlling, politicised and repressive governance structure. Chinese population growth is on the decline and gains from global trade are shrinking.


ECB’s Transmission Protection Instrument

The ECB recently announced the Transmission Protection Instrument to prevent fragmentation as it tightens monetary policy. What are the criticisms so far?

Economic Growth

The bond market as the best recession predictor in the US and Europe

New research on how the bond market is the best predictor of recessions in the US, but is this true for Europe as well?

Financial Markets

From stablecoins to dodgycoins

A new version of cryptocurrency has been launched during the last couple of years: the algorithmic stablecoins.  LUNA, the most prominent algorithmic stablecoin, collapsed in May 2022. What are the lessons to learn?


New and noteworthy books in economics (July)

What went wrong with women in economics? Are we trusting numbers too much? Governments or markets are best suited to manage long-term uncertainty? And finally, a short Piketty book!


Phasing out coal, renewables and economic growth

Brand new research on how reducing carbon emissions can boost economic growth.

Financial Markets

The state of the U.S. bond market

How deep is the current selloff in the Treasuries market? How is the corporate bond market functioning?


The return of the Beveridge curve

Brand new research on the importance of the Beveridge curve (the relationship between unemployment and the job vacancy rate) in understanding the true state of the U.S. labor market and implications for monetary policy.

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