Ambrogio Cesa-Bianchi, Ed Hall, Marco Pinchetti and Julian Reynolds The remarkable stability of US inflation dynamics in the pre-Covid era had led many to think that the Phillips Curve had flattened. However, the sharp rise in inflation that followed the Covid-19 pandemic ignited a debate on whether the Phillips Curve had steepened and, in particular, … Continue reading Did supply constraints tilt the Phillips Curve?
Macroeconomics
Noah Smith’s critique of heterodox economics nonsense on stilts Lars Syll “ One problem in applying skepticism and critical investigation equally is that heterodox and…
The post Noah Smith’s critique of heterodox economics nonsense on stilts first appeared on Economic Reform Australia.A Student Among the Econ: Seeing Through Mathemagics Asad Zaman In my article Education of an Economist, I explained how I gradually came to realize…
The post A Student Among the Econ: Seeing Through Mathemagics first appeared on Economic Reform Australia.European project explores pathways towards post-growth economics Researchers: Giorgos Kallis, Jason Hickel and Julia Steinberger The ERC is providing 10 million euros for an ICTA-UAB…
The post European project explores pathways towards post-growth economics first appeared on Economic Reform Australia.Vania Esady, Bradley Speigner and Boromeus Wanengkirtyo The headline unemployment rate is one of the most widely used indicators of economic slack to measure the state of the business cycle. A large empirical literature on Phillips curve estimation has explored whether more general definitions of labour utilisation are more informative than this simple measure. In … Continue reading Does long-term unemployment affect inflation dynamics?
Sangyup Choi, Tim Willems and Seung Yong Yoo How does monetary policy really affect the real economy? What kinds of firms or industries are more sensitive to changes in the stance of monetary policy, and through which exact channels? Despite advances in our understanding of the monetary transmission mechanism, existing studies have not reached a … Continue reading What can we learn about monetary policy transmission using international industry-panel data?
Ambrogio Cesa-Bianchi, Federico Di Pace, Aydan Dogan and Alex Haberis The recent steep rise in energy prices led to a rise in the price of energy-intensive tradable goods, with inflationary pressures subsequently broadening into services in many economies. Because services are less traded and have little energy input some have suggested this broadening might indicate … Continue reading Tradable cost shocks and non-tradable inflation: real wages and spillovers
Natalie Burr The challenge of measuring financial conditions Imagine you were tasked with thinking about how financial conditions have changed over a policy tightening cycle. Different economists would come to very different conclusions, and none would necessarily be wrong. Why? Because measuring financial conditions is challenging – for a variety of reasons. A financial conditions … Continue reading The challenges of measuring financial conditions
Jelle Barkema How concerned should policymakers be as UK business insolvencies have soared to 60-year highs? This phenomenon has been extensively covered in the media; with media outlets attributing the record-breaking numbers to a ‘perfect storm’ of energy prices, supply-chain disruptions and the cost of living squeeze. Insolvencies are a popular measure of economic distress … Continue reading Corporate insolvencies reaching record highs: a look under the hood
A comment on Bernanke’s Nobel lecture James K. Galbraith There is no doubt that Ben Bernanke is a nice fellow, unpretentious despite having held high…
The post A comment on Bernanke’s Nobel lecture first appeared on Economic Reform Australia.