Tags: voxeu.org

Macroeconomics in Germany: The forgotten lesson of Hjalmar Schacht

September 6th, 2017
in history, macroeconomics, currency / money

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. more »

German Macroeconomics: The Long Shadow of Walter Eucken

At first sight, it is difficult to explain why the macroeconomic debate and macroeconomic policy in Germany differ considerably from other countries, despite the same academic textbooks and models being used as elsewhere. more »

Economic Models vs ‘Techno-Optimism’: Predicting Medium-Term Total Factor Productivity Rates in the US

July 23rd, 2017
in macroeconomics

Estimates of trend total factor productivity growth in the US have been significantly reduced, contributing to fears that the slowdown is permanent. This column provides an historical perspective on the relationship between estimated trends in total factor productivity growth and subsequent outcomes. more »

Credit Misallocation During the European Financial Crisis

There is a widespread perception that under-capitalised banks can prolong crises by misallocating credit to weaker firms and restraining credit to healthy borrowers. This column explores the extent and consequences of credit misallocation in Italy during and after the Eurozone Crisis. more »

The Fading American Dream: Trends in Absolute Income Mobility since 1940

May 9th, 2017
in demographics, history, macroeconomics

One of the defining features of the ‘American Dream’ is the ideal that children have a higher standard of living than their parents. This column examines rates of ‘absolute income mobility’ – the fraction of children who earn more than their parents – to assess whether the US is living up to this ideal. more »




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