On the link between US pay and productivity

Anna Stansbury, Lawrence Summers. Since 1973, there has been divergence between labour productivity and the typical worker’s pay in the US as productivity has continued to grow strongly and growth in average compensation has slowed substantially. This column explores the causes   […]

The gender unemployment gap

Stefania Albanesi, Aysegul Sahin. The gender unemployment gap which had persisted in the US until the early 1980s disappeared after 1983 (except during recessions, when unemployment among men has always exceeded that among women). This column argues that the convergence   […]

Monetary policy and fiscal discipline: How the ECB planted the seeds of the euro area crisis

Athanasios Orphanides Since the beginning of the euro area crisis, euro area governments have experienced greater fiscal stress than governments of advanced economies outside the euro area with comparable or weaker fiscal fundamentals. This column, taken from a recent VoxEU   […]

Increasingly fit again: The euro area economy is shedding the crisis legacies

Marco Buti, Björn Döhring, José Leandro. The outlook for the euro area economy depends to a large extent on whether the impact of the crisis will turn out to be permanent or transitory. This column attempts to chart out the   […]

Rebasing ‘Maddison’: The shape of long-run economic development

Jutta Bolt, Robert Inklaar, Herman de Jong, Jan Luiten van Zanden. Research on long-run economic development has relied heavily on the database compiled by Angus Maddison. This column presents a new version of the Maddison Project Database based on historical   […]

The Soviet economy, 1917-1991: Its life and afterlife

Mark Harrison. Russia’s Soviet era was distinguished not by economic growth or human development, but by the use of the economy to build national power. On the centenary of the Bolshevik revolution of 1917, this column shows that while the   […]

A new classification of monetary policy frameworks

David Cobham. Monetary policy characterisations across countries rely on the availability of data, but while exchange rate classifications are well developed, the same is not true for domestic targets. This column introduces a new classification of the monetary policy frameworks   […]

International capital flows through the exchange market pressure lens

Linda Goldberg, Signe Krogstrup. The role of the global financial factor in the international monetary system has been well discussed, with some economists suggesting its role may in fact be overstated. This column argues that some of the empirical evidence   […]

The economics of supranational bank supervision

Thorsten Beck, Consuelo Silva-Buston, Wolf Wagner. International cooperation on bank supervision is still rare. This column analyses data on supervisory cooperation among a global sample of countries between 1995 and 2013 to show that cooperation among bank supervisors is not   […]

Mars or Mercury? The geopolitics of international currency choice

Barry Eichengreen, Arnaud Mehl, Livia Chiţu. Economists have provided detailed analyses of the economic basis of international currency status, but they have paid less attention to the geopolitical underpinnings.  This column sheds light on the geopolitical premium enjoyed by the   […]