Archive
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Housing prices and labor allocation
Three new papers shed light on how housing regulation affects productivity, worker allocation, wage dispersion and economic growth.
What’s new on inequality
Marshall Steinbaum on the economic research that ensued after Piketty. SeHyoun Ahn and al. publish a paper on inequality and macro shocks. Pierre Monin presents research on the effect of macropru on income distribution.
The Fed’s balance sheet normalization
How will the Fed shrink its balance sheet and what should its ultimate size be? Federal Reserve Board staff, Narayana Kocherlakota, Ben Bernanke and Christopher Sims answer these questions.
The conformity of economic papers
Which types of economic papers are getting published? Heckman on how journals reinforce tired orthodoxies in economics.
Alt-coins
Cecchetti and Schoenholtz on what has become of Bitcoin. Larry White on the new dollar-pegged cryptocurrencies and Bordo and Levin on central bank issued digital currency.
The future of banking
Is fintech the future of banking? Larry Summers and Christine Lagarde argue the pros and the cons. New research explains why the UK is now the largest fintech market in the world.
New research on the r-star
Has the equilibrium real interest rate declined? Two new research papers dispute this recent research finding. What policy rule should Central Banks follow when the level of r-star is uncertain, asks John Williams, of the San Francisco Fed.
After the French elections: Views from the US
What does the Macron victory imply for the future of Eurozone? Opinions from Jacob Funk Kirkegaard, Paul Krugman and John Cochrane. Steve Cecchetti and Kim Schoenholtz are starting to worry about Italy now.
The declining share of labor
In the last couple of years many theories have been put forth explaining the decline of the labor share in advanced countries. In this newsletter we present a recent research which suggests that monopoly power together with globalization better explain the reduction in labor share.
British Pound: Topsy-Turvy
Gourinchas and al and Wren-Lewis have been expecting for the pound to continue depreciating without benefiting the UK economy. But the announcement of the June 8 general election might reverse the trend as new research by Sornette and al. indicates and Didion evaluates Prime Minister May’s negotiating strategy.