Regardless of what one may think of the decision, the British people have voted to leave the EU – a result that throws up historic challenges as well as historic opportunities. This column introduces CEPR's latest Policy Insight, which suggests that Brexit should be viewed as an important opportunity for fresh thinking.
The rise of economic inequality is one of today’s most hotly debated issues. But a disconnect between the different data sets used to measure and understand inequality makes it hard to address important economic and policy questions. In this column, the authors highlight the findings from their attempt to create inequality statistics for the US that overcome the limitations of existing data by creating distributional national accounts.
There has been a surge of anti-immigrant sentiment in the US and many European countries. This column uses survey results to show that accurate information about numbers of immigrants changes opinions on whether there are too many immigrants, but not on policy towards them. More detailed information on the characteristics of immigrants, however, can increase support for pro-immigrant policies, particularly among those who start off with the most negative views on immigration.
Severe recessions have been frequent among OECD countries over the past four decades. This column explores the implications of various broad types of policy to minimise the risk and frequency of such episodes for the trade-off for the growth-fragility nexus. Product and labour market policies improve growth but are essentially neutral with regards to economic risks, while better quality institutions increase both growth and economic stability. Macroprudential and financial market policies, on the other hand, entail a trade-off between growth and risk.
US monetary policy has been the target of substantial criticism over the years. This column outlines one key area where the Federal Reserve has done remarkably well – managing price stability. Its ability to control inflation is a key reason that, for the sake of the US and global economies, the Fed’s independence should be preserved.
Other Recent Columns:
- Aftershocks of monetary unification: Hysteresis with a financial twist
- Immigrants and innovation in US history
- The productivity slowdown’s dirty secret: A growing performance gap
- Accounting for the new gains from trade liberalisation
- How exporters grow
- When Britain turned inward
- Engineering growth: Innovative capacity and development
- Cyclical forces in the global trade slowdown
- Economic growth and reductions in carbon emissions
- Exchange rate implications of border tax adjustment neutrality
- New ICMB/CEPR Report: Bail-ins and Bank Resolution in Europe
- Designing alcohol taxes
- Competition from China reduced innovation in the US
- Meeting the standard for trade
- How globalisation affected manufacturing around the world
- The more we mix, the better
- Super-easy monetary policy and reflating Japan’s economy
- Sovereign spreads in the Eurozone: Redenomination versus political risk
- The great Chinese inequality turnaround
- Performance in mixed-sex and single-sex competitions