Author: e-axes

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On stagflation

Is the Fed aiming at a period of stagflation? What is the long-run relationship between inflation and economic activity?


Heterogeneous agents and policy

Heterogeneous Agent (HA) models yield Marginal Propensities to Consumer that better fit the data. What are the implications  of HA models for stabilization policies?


What happens in China, stays in China. Or does it?

Some interesting facts about the governance style of China’s Communist Party and future prospects.¬† How China affects the global financial system despite its smaller presence in global financial markets.


On macroeconomic uncertainty

New research on: How do policymakers react when they feel uncertain about the dynamics of inflation? What is the impact of macro uncertainty on the economy in the long-run?


New and noteworthy books in economics (November)

Four great books on: the international economic system, the climate future, technocracy and politics and the Goliaths of the digital age.


What happened at COP27

COP27 turned out to be disappointing. Is there a coherent set of policies that can have a high impact and provide a blueprint for future climate agreements?



“Friend-shoring,” a new multilateral trade approach that limits trade to countries with shared values, is being advocated by US and Canadian officials. Is this mercantilism under a new name?


Are inflation surges persistent?

New research on the dynamics of sudden inflation surges.

Financial Markets

To regulate or not the cryptos

After the implosion of FTX, a cryptocurrency exchange, there have been calls for regulating digital assets. But so far there is no evidence that cryptos can threaten financial stability.

Monetary Policy

Historical patterns in central banking

Have central banks been passive prior to the 1970s?  Does de jure central bank independence translate into defacto independence?

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