Tag Archives: Contributions

“Macroeconomic Analysis is the rare textbook that is both comprehensive and rigorous, as well as concise and simple. By staying focused on the core model of dynamic macroeconomics, it elegantly navigates through many topics. After studying this book, students will be ready to join the exciting debates in modern macroeconomics.” —Ricardo Reis, A. W. Phillips Professor of Economics, London School of Economics and Political Science (To be continued.) Forthcoming, MIT Press. Book page....

“A needed, up-to-date primer on macroeconomic theory. It is comprehensive, covering all the essential topics, from optimal consumption and labor supply to economic growth, business cycles, and asset markets. It is thorough and rigorous, yet accessible, as it requires little prior knowledge of the key concepts and mathematical tools.” —George-Marios Angeletos, Professor of Economics, MIT (To be continued.) Forthcoming, MIT Press. Book page.

“This book provides an excellent introduction into dynamic macroeconomics. Its analysis is deep, self-contained, and still concise. The chapters on labor search frictions, financial frictions, and money are an extra plus and make it a superb choice for a first-year PhD or advanced Masters’ course in macroeconomics.” —Markus Brunnermeier, Edwards S. Sanford Professor of Economics, Princeton University (To be continued.) Forthcoming, MIT Press. Book page.

“An orderly and elegant presentation of essential ideas of modern macroeconomics with a perfect mix of tools and applications.” —Thomas Sargent, Professor of Economics, New York University (To be continued.) Forthcoming, MIT Press. Book page.

There is widespread international interest in CBDC, Libra, and the like. E.g., my VoxEU column on Libra and CBDC is discussed on the Czech news platform patria.cz. And my JME paper with Markus Brunnermeier is discussed on the Turkish site digitalage.com.tr.

My VoxEU column now also on finews and World News Monitor, September 17, 2019. Digital currencies involve tradeoffs. Libra resolves them less favorably than other projects, and less favorably than CBDC. When confronted with the choice between the status quo and a new financial architecture with CBDC, most central banks have responded cautiously. But Libra or its next best replica will take this choice off the table – the status quo ceases to be an option. The new choice for monetary...

VoxEU, September 12, 2019. HTML. Digital currencies involve tradeoffs. Libra resolves them less favorably than other projects, and less favorably than CBDC. When confronted with the choice between the status quo and a new financial architecture with CBDC, most central banks have responded cautiously. But Libra or its next best replica will take this choice off the table – the status quo ceases to be an option. The new choice for monetary authorities and regulators will be one between...

Different aspects of the Libra proposal that various authors have emphasized: Jameson Lopp on OneZero: A “database of programmable resources;” Move; “[p]erhaps the network as a whole can switch to proof of stake, but in order for the stablecoin peg/basket to be maintained, some set of entities must keep a bridge open to the traditional financial system. This will be a persistent point of centralized control via the Libra Association”; not a blockchain, the “data structure of the ledger...

NZZ, 10 July 2019, with Corinne Zellweger-Gutknecht. PDF. Libra is supposed to be backed; the returns on the securities backing it are going to be distributed among the Libra partners; and Libra’s price is supposed to be managed by a network of market makers. We don’t know much more. Will market makers have the incentive to deliver? See also the longer article in Jusletter.

Jusletter, 1 July 2019, with Corinne Zellweger-Gutknecht. PDF. Libra is supposed to be backed; the returns on the securities backing it are going to be distributed among the Libra partners; and Libra’s price is supposed to be managed by a network of market makers. We don’t know much more. Will market makers have the incentive to deliver?