Author: e-axes

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Economic Science

Distortions and policy instruments

Olivier Blanchard and Troy Daviga and Refet S. G├╝rkaynak on how the macro models that focus on “one distortion and one instrument” have lead to sub-optimal policies.


The start of Brexit negotiations

Kirkegaard on the importance of a strong Franco-German axis. Mayer and al. on the welfare gains from EU integration and welfare losses from Brexit and Schoenmaker’s detailed analysis of passporting rights.

Monetary Policy

Monetary policy and the financial sector

How low can interest rates go before hurting the economy? Two new working papers on financial intermediaries and their impact on the transmission of monetary policy.

Monetary Policy

Rethinking the inflation target

US economists write to Janet Yellen recommending an increase of the Fed’s inflation target. Not everyone is on board though!


The German trade surplus

Is Germany’s trade surplus hurting the US? New research on whether wage or expansionary fiscal policy could reduce the German trade surplus.



What explains the disconnect between political uncertainty and stock market volatility in the US. Are we on the cups of a correction or a boom? Hansen and Sargent’s new paper on uncertainty and tenuous beliefs.



Why sunspots ideas did not capture the hearts of the economic profession? On the origins of the DSGE literature.


The economics of climate change

How QE has favored the high-carbon sector and why the US has been caught in a cycle of extreme shifts in climate policy since the 1970s.


New and noteworthy books in economics (June)

Three notable new books: on technology and labor market, finance and auctions.


Changing patterns in capital flows

How capital flows have changed after the Global financial crisis. What are the global risks from the expansion of FDI outflows from emerging markets.

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