Blogs&Reviews

  • The effects of the ECB’s new inflation target on private households’ inflation expectations

    Mathias Hoffmann, Emanuel Moench, Lora Pavlova, Guido Schultefrankenfeld, 20 December 2021

    New survey results from the Bundesbank Online Panel Households (BOP-HH) show that the ECB's new inflation target is associated with moderately higher inflation expectations for the next two to three years. 

  • The ECB’s tools: Transparency is needed

    Lucrezia Reichlin, Klaus Adam, Warwick J. McKibbin, Michael McMahon, Ricardo Reis, Giovanni Ricco, Beatrice Weder di Mauro, 03 December 2021

    This blog replies to Rafael Repullo’s comment on CEPR's recent report on the ECB. The authors clarify that there is little to no disagreement. Most of what is in the comment coincides with what is in the report, using different words. Where disagreements exist, they reflect different views on the importance of transparency in communication of both strategy and future policy.

  • The CEPR report on the ECB strategy: A comment on the tools of monetary policy

    Rafael Repullo, 03 December 2021

    Rafael Repullo comments on some recommendations and statements on the tools of monetary policy at the ECB from the recent CEPR report on the central bank's strategy.

  • A primer on (UK) inflation

    David Blanchflower, 15 November 2021

    David Blanchflower explains why it is most likely the jump in inflation in the UK will dissipate

Other Recent Blogs&Reviews:

  • The ECB (belatedly) finds common cause with the IMF
    Ben Clift, 05 June 2018

    Debate on euro area reform has been split between two camps: those who saw the euro area crisis as a consequence of moral hazard, and those who saw the threat of contagion effects through vulnerable financial markets. In this post, Ben Clift details how ECB Governor Mario Draghi’s recent speech proposing a full realisation of the banking union, with risk sharing and public backstops to prevent ‘bad equilibrium’, signals that the ECB’s vision for euro area reform has finally shifted to the latter, in line with the IMF’s vision for euro area architecture reform. 

  • Fiscal policy remains in the stone age
    Simon Wren-Lewis, 03 June 2018

    With unemployment remaining high in the euro area and core inflation well below target, Simon Wren-Lewis argues that German fiscal policy, in particular, is too tight, calling for stimulus in the form of public investment.

  • The McNamara fallacy in financial policymaking
    Jon Danielsson, 01 June 2018

    The excessive build-up of risk before 2007 was missed in spite of all the numbers being in front of us. Jon Danielsson explains how financial policymakers have fallen for the 'McNamara fallacy' in many aspects by solely relying on what can be measured and quantified, preferring to regulate by models and focusing on perceived risk and not actual risk.

  • Ordoliberalism on the road — DC and Vienna
    Thorsten Beck, 01 June 2018

    The recent eBook, "Ordoliberalism: A German oddity?", was presented in Washington DC and Vienna. This post summarises the discussion concerning the divergence between practice in theory when it comes to bank bailouts and ordoliberalism.

  • Euro-vision: A new look at the Marshall Plan
    Diane Coyle, 31 May 2018

    This review of Benn Steil’s new book on the Marshall Plan looks at the beginning of the Cold War from the vantage of post-Brexit Britain, and outlines how Steil sheds new insights on many of the players in the debate over the Marshall Plan’s adoption.

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