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Monetary Policy

Monetary policy with CBDC

How does a CBDC affect domestic monetary policy and the international monetary system?

Monetary Policy

Coherent policies that benefit all

“Lessons from 1933” and “Monetary policies for the masses” are two papers that explain the benefits of a joint monetary-fiscal policy and which policy benefits all in an unequal society.

Books

New and noteworthy books in economics (November)

“Thinking outside the box” (on Eurozone, Capitalism and Economics), this is the common theme of the four books we selected for this month.

Macro

Redistribution and taxes

The role of financial frictions and sovereign debt in redistributive taxation.

Inequality

Can we fix inequality?

A granular view of the link between capitalism and inequality (Milanovic,Ranaldi), as well as which policies are necessary to reduce it (Blanchard, Rodrik).

International Economics

Swap lines and covered interest parity

During the COVID-19 crisis the Fed expanded and enhanced the U.S. swap lines. What was the impact of this policy on covered interest parity deviations?

Monetary Policy

Effectiveness of monetary policy during a pandemic

New research shows that accomodative monetary policy is less effective in a pandemic than in normal times.

International Economics

Exchange rate movements during the pandemic

Core dollar exchange rates have been quite stable during the pandemic. But for how long?

COVID-19

Tracking the economic impact of COVID-19 with unconventional data

Economists use machine learning, big data as well as “alternative data” to gauge COVID’s impact on stock returns, expenditure patterns and, firm closures.

Macro

On macro models

Three interesting new papers on: a dynamic disequilibrium theory with randomness, an interesting compilation of DSGE models from around the world, measurements issues in DSGEs.

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