Oliver Pfäuti (University of Texas at Austin and alumnus of the Master program in International and Monetary Economics) presented his paper “The Inflation Attention Threshold and Inflation Surges” at the Virtual Israel Macro Meeting (VIMM) at the Bank of Israel:
Here is his working paper: https://opfaeuti.github.io/website/IAT.pdf
At the ASSA 2024 meeting in San Antonio, Gauti Eggertsson presented “Searching for the Phillips curve”, joint work with Pierpaolo Benigno (Professor at the University of Bern and teacher in the Master program in International and Monetary Economics). You can watch the webcast of the session “Understanding the Return of Inflation”:
https://www.aeaweb.org/webcasts/2024/understanding-the-return-of-inflation
Their work was also featured in the Economist:
Diego Känzig (Assistant Professor at Northwestern University and alumnus of the Master program in International and Monetary Economics) participated at a panel on climate risks at the ASSA 2024 meeting in San Antonio:
https://www.aeaweb.org/conference/2024/program/1721
Diego’s research can be found here:
https://www.diegokaenzig.com/research
The Fed seems to be on track to achieve a so-called soft landing, so reduce inflation without causing a recession. One should not celebrate too early, but it is the right moment to read this article by Alan Blinder: “According to the conventional wisdom, the Federal Reserve has managed to achieve only one soft landing in the past 60 years—in 1994–1995. This paper studies the eleven episodes of monetary policy tightening by the Fed since 1965, and concludes that the central bank has a better record than that—that as long as the criteria for softness are not too stringent, and Fed was actually trying to land the economy softly, the Fed has succeeded several times.”
Blinder, A. (2023): “Landings, Soft and Hard: The Federal Reserve, 1965–2022”, Journal of Economic Perspectives, vol. 37, no. 1, Winter 2023, pp. 101-20:
https://www.aeaweb.org/articles?id=10.1257/jep.37.1.101
In 2022, major central banks started to tighten monetary policy more or less in parallel. What are the (international) economic effects of such synchronous monetary tightenings? In “The International Spillovers of Synchronous Monetary Tightening” the authors show that “historical episodes of synchronous tightening are associated with tighter financial conditions and larger effects on economic activity than asynchronous ones.” In the theoretical model, “a sufficiently large synchronous tightening can disrupt intermediation of credit by global financial intermediaries causing large output losses and an increase in sacrifice ratios, that is, output lost for a given reduction in inflation. We use this framework to show that there are gains from coordination of international monetary policy.”
Dario Caldara, Francesco Ferrante, Matteo Iacoviello, Andrea Prestipino, Albert Queralto (2024): “The international spillovers of synchronous monetary tightening”, Journal of Monetary Economics, Vol. 141, pp. 127-152:
https://www.sciencedirect.com/science/article/abs/pii/S0304393223001320
Ungated version:
Artificial intelligence in central banking: Interesting bulletin of the Bank for International Settlements (Authors Douglas Araujo, Sebastian Doerr, Leonardo Gambacorta and Bruno Tissot):
https://www.bis.org/publ/bisbull84.htm
Interesting paper on „The Evolution of Digital Trade Law: Insights from TAPED“ in the World Trade Review:
„Within the time frame of January 2020 to November 2023 that we analyze, digital trade negotiations have increased in preferential trade agreements (PTAs) significantly, and there has been a sharp rise in the negotiation of new types of treaties, known as ‘Digital Economy Agreements’. Beyond the critical advances in substantive rulemaking, we observe non-traditional actors stepping into the gap left by the shifting interest of traditional rulemakers to craft rules that best fit their policy priorities. Additionally, we see a broadening of topics beyond conventional digital trade matters, underscored by commitments of limited legal enforceability.“
Authors: Mira Burri María Vásquez Callo-Müller Kholofelo Kugler
https://www.cambridge.org/core/journals/world-trade-review/article/evolution-of-digital-trade-law-insights-from-taped/8C9B4DA7D7FA50B10913BD7575929750
“An Economics Lesson from Tolstoy” by Nick Romeo in the New Yorker: “The Russian novelist believed that the dismal science was inescapably suffused with morality and politics.”
https://www.newyorker.com/culture/annals-of-inquiry/an-economics-lesson-from-tolstoy
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