DSGE models: A cup half full
Macroeconomic models are an essential part of a monetary policymaker’s toolkit. In this column, taken from a VoxEU ebook, the author gives his personal assessment of the usefulness of DSGE models currently in use at the Federal Reserve and identifies three key issues that the next generation of DSGE models will need to address to be more relevant for policymakers. Editors' note: This column first
The forward guidance paradox
In New Keynesian models, a promise to hold interest rates lower in the future has powerful effects on economic activity and inflation today. This result relies on a strong link between expected future policy rates and current activity, and also a belief that the policymaker will make good on the promise. This column argues that a tension between both of these creates a paradox – the stronger the e
Macroeconomics in Germany: The forgotten lesson of Hjalmar Schacht
VoxEU Column Economic history Europe's nations and regions Macroeconomic policy Despite facing many of the same challenges, Germany’s current macroeconomic policy is substantially different to those of other countries, in part due to the economy legacy of Walter Eucken. This column considers the economic policy of Hjalmar Schacht, whose ‘MEFO-bills’ monetary solution ended the years of economic st
Do you really want to tax ability?
Should the income tax system include a tax credit for short taxpayers and a tax surcharge for tall ones? This column explains how the standard utilitarian framework for tax policy analysis says that individual attributes correlated with wages, such as height, should determine tax liabilities. Taller individuals should pay higher taxes. If this is objectionable, then something is wrong with the sta
Nazi pork and popularity: How Hitler’s roads won German hearts and minds
Hans-Joachim Voth Scientific Director, UBS Center for Economics in Society; UBS Foundation Professor of Economics University Of Zürich ‘At least he built the Autobahn’. Many Germans remember this phrase from conversations with parents and grandparents pointing to how the Nazi regime could receive such widespread support. The regime’s overwhelming popularity at home was essential for its policies,
The death of inflation targeting
The current economic crisis has called into question the role of monetary policy, particularly inflation targeting and its oversight of asset bubbles and supply side shocks. This column is an obituary to inflation targeting and call for nominal GDP targeting to replace it. It is with regret that we announce the death of inflation targeting. The monetary regime, known affectionately as “IT” to its
Asset bubbles: Origins and implications | vox - Research-based policy analysis and commentary from leading economists
CEPR, established in 1983, is an independent, non‐partisan, pan‐European non‐profit organization. Its mission is to enhance the quality of policy decisions through providing policy‐relevant research, based soundly in economic theory, to policymakers, the private sector and civil society. New eBook: Disasters and (Bank) Financing Mikhail Mamonov, Steven Ongena, Anna Pestova
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Why unconventional monetary policy works in theory
https://cepr.org/file/10579/download?token=-PUYjMX1
Modern money theory and its implementation and challenges: The case of Japan
Aggregate productivity and the rise of mark-ups
Capital accumulation, private property, and inequality in China, 1978-2015
Improving patient care using clinical guidelines and judgement
Economic growth in the US: A tale of two countries
The return of schools of thought in macroeconomics
Estimating the harm Japan’s next VAT rate increase will inflict on the economy
Negative rates, negative reactions
On the global ZLB economy
“Mensch tracht, und Gott lacht” – what’s the best guidance on monetary policy?