Barry Eichengreen
@B_Eichengreen
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George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, NBER Research Associate, CEPR Res Fellow
Berkeley, California
Joined March 2010
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I was blessed to have Andreu as a colleague at Harvard. It seems to me that economists in the US, ROW and even Spain would be more than willing to sign an open letter to the government protesting this travesty.
Normally I would not be posting personal developments on this website, but in this case I have a pressing concern. My dad, Spanish economist Andreu Mas-Colell, is dealing with an incredibly difficult and unjust situation. 1/
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I am told thqt Golgappas are the international macroeconomist's favorite food....
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It exists and is shipping from the warehouse (though official pub date is Sept. 8).
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Here now is an ungated version of "Digital Currencies: More than a Passing Fad?" in _Current History_ (Jan 2022). (It's the first item under "Research Papers.")
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The very gradual erosion of the dollar's reserve currency share continues, as as does the trend in favor of "nontraditional reserve currencies" (courtesy of new COFER data released today):
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Unemployment rate 1929 = 3.5%.
Unemployment 1 year later = 9%
Unemployment rate 2 weeks ago = 3.5%
Unemployment rate today = 9%
We have done in a fortnight what took them a year.
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I only recommend books occasionally. But I can't recommend this one highly enough:
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If you're interested in researching the history of international macro and finance Very highly recommended. Thanks to Chenzi Xu for the public service.
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"The Rise of Central Bank Digital Currencies" (or a highly skeptical take on CBDCs) courtesy of University of Auckland. (A one hour video.)
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Lukas Leucht is on the job market from UC Berkeley: "Votes for Jobs: Patronage and Performance in Tamany Hall's NYPD"
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Dani Rodrik (
@rodrikdani
) and I agree (again). The economic and identity explanations for the rise of populism are compatible w/ one another. I argue similarly in _The Populist Temptation_.
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I don't do much book recommending on Twitter. But may I recommend Steve Marglin's "Raising Keynes" Well written, highly thought provoking for macroeconomists, and offering at least one bad pun.
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Given developments in Argentina and Turkey (and South Africa and Brazil?) I can't resist re-posting this (Eichengreen & Gupta: "Managing Sudden Stops")
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My picks for best economics books of 2021. (If it's firewalled by Foreign Affairs, apologies).
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We are where monetary policy is made (by others). 1/
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The Future of Macroeconomics Including a chapter-ette/commentary of mine on open economy macro.
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"A Tale of Three Recessions" The Great Depression, the Great Recession -- and Covid-19.
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One of the greatest economic historians of any generation. One of a kind. Nick Crafts RIP.
When I give my lecture on the British Industrial Revolution to my undergraduate students this week, most of the content will have come from Crafts. We will begin the lecture with a moment of silence in honour of one of the greatest economic historians of his generation.
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International Macro History Seminar on line. A new seminar series starting Sept. 23. Recommended.
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Coming soon...
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.
Congratulations to
@B_Eichengreen
of
@UCBerkeley
who was presented the 2022 award of Distinguished Fellow by
@Susan_Athey
at the
#ASSA2023
Annual Meeting.
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"Capitalism: A Journal of History & Economics" Inaugural issue is now out. Includes my article, "The New History of Finance Capital."
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"How Global Currencies Work: Past, Present and Future" - It exists!
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How central banks should use historical evidence:
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"An economic history lesson for dealing with the Coronavirus." I speak with John Cassidy of the _New Yorker_
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_In Defense of Public Debt_.
Our forthcoming book. Available in August.
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History suggests solving the sterling crisis is easy
1) Present a budget that credibly pays for itself
2) Have the OBR cost it
All the BoE can do, by raising rates, is buy time. The Bank, basically, is an innocent bystander
Given the current government, (2) is easier than (1)
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Twenty papers to better understand the Single Currency
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Given chatter about a common currency for Brazil and Argentina, I thought I'd re-up this paper Alan Taylor & I did on the subject years ago
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"Central Bank Independence: Lessons from History" Video of a Norges Bank seminar I did w/ Stefano Ugolini, Harold James and Andy Haldane last week.
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We are all in Tito Boeri's debt for having organized this deeply important (and enjoyable) conference for 18 years.
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Here's a Brookings podcast Peter Henry and I did on "Public Debt Reduction: The Jamaica Exception"
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Path to Greek tragedy paved by political incompetence. My view of the Greek crisis at _The Conversation_
http://t.co/sYapgJgg7K
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"Public Debt Through the Ages" Out as an IMF Working Paper.
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The great and wonderful Gianni Toniolo has passed away.
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"The International Monetary System in the (Very) Long Run". My chapter with Nathan Sussman in the _Handbook of Cliometrics_.
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Marcio Garcia and I do a fireside chat on Covid, the US, Brazil and the global economy, courtesy of PUC Rio on Thursday
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It's out (the third edition of _Globalizing Capital_, that is), with new material up through 2019.
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For its 100th anniversary _Foreign Affairs_ commissioned essays on "3 books for understanding the last century and the century ahead." On the economic front, I chose
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Oliver Kim is on the job market from UC Berkeley, "Reassessing China's Rural Reforms: The View from Outer Space." Important revisionist view of the origins of the Chinese economic miracle.
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How Korea beat the virus (a document shared with me by Korean friends)
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Please retweet this important letter regarding Ricardo Hausmann and the Maduro Government
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Something seems to be going right in the U.S. and seriously wrong in Europe. Productivity in the U.S. is accelerating at an increasing pace compared to Europe, despite fiscal policies that should be problematic for productivity, writes
@B_Eichengreen
.
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Sergei Guriev and my comments on the Russian economy and the ruble
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While I'm at it, speaking at Northwestern's conference on "Historical Lessons for Monetary and Fiscal Policy" on Sat: on "A Debt Crisis Foretold?"
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"Keynesian Economics: Can it Return if it Never Died?" My article in the _Review of Keynesian Economics_. (Issue theme, courtesy of Bob Rowthorn, being "Keynesian Economics: Back from the Dead?")
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Jacques Melitz has sadly passed away. Colleagues will know of his many important contributions to international economics. And that he was an exceptional human being.
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A change in political (more precisely, economic policy) position worth noting:
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_Globalizing Capital_ through 3 editions. The idea is that it (he?) should age well.
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"The Mother of All Financial Crises" Cecchetti and Schoenholtz on Italy.
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"The Belt & Road in the Mirror of the Marshall Plan." English-language version of my column in Caixin
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"The Euro @ 20: An Enduring Success but a Fundamental Failure" My column @ The Conversation.
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"What to read to understand banking crises"
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A 25-minute video interview about "Exorbitant Privilege" on the 10th anniversary of the book's publication. Thanks to the Bologna Book Club.
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A blog-post/interview on "How Global Currencies Work"
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Text of my IMF Mundell-Flemming Lecture ("Trade Policy and the Macroeconomy") is now on line
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There could not be a more appropriate time to read this thread by Lisa D. Cook.
I am a macroeconomist who uses lynching in economic analysis & was a student of George Akerlof, Barry Eichengreen, David Romer & Paul Romer.
When I taught at Harvard, I taught 2 fundamental equations for economic analysis:
Y = C + I + G + (X-M) (1) and
Y = F(K, L, A) (2). 1/N
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Arslanalp, Eichengreen and Simpson-Bell update:
Here is the breakdown of "nontraditional reserve currency" shares. Note how the RMB share is no longer rising. Main beneficiaries of declining $ and Big 4 share are Canadian $ and Australian $ and other small-country currencies.
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How has the international monetary system evolved since Bretton Woods? "The Harvard View vs. the Berkeley view"...
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Summary of Chicago Booth School Economists Panel evaluation of Trump Admin's economic plans
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"International Currencies in the Lens of History" in the _Handbook of the History of Money and Currency.
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My session on "Fintech and the Future of the International Monetary System" from our "Fintech and the Future of Payments" is here
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I'm late to cite this thoughtful blogpost on Mini-bots: But still very relevant....
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Want to learn more about Victorian public finance? I can recommend the discussion here:
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Still teach that course on books in economics and economic history -- spring 2016 syllabus
@AnnPettifor
they don't;
@B_Eichengreen
told me once that he taught a course on books (one book per week), to show their relevance
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"Living with High Public Debt" - my Jackson Hole paper with Serkan Arslanalp is here:
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My conversation with Marcio Garcia of PUC-Rio on "The Covid Crisis in Historical Perspective" and other matters is here:
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Video of my presentation to the Nobel Symposium on "Lessons of the Global Financial Crisis" is now up
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1/ "The Stealth Erosion of Dollar Dominance..." My new paper w/ Serkan Arslanalp and Chima Simpson-Bell
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"The Open Economy Trilemma in the Long Run." My article in the _Korean Economic Review_. Link to pdf file is at the bottom.
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Another sad event in a period of sad events. Emmanuel was a fine scholar and gracious individual.
Saddened to learn of the passing of Emmanuel Farhi. Here is a portrait of him by the photographer Mariana Cook, along with his answer to a question posed by Robert Solow, from a book we published earlier this year. May his memory be a blessing.
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"Cryptography and the Future of Money." Video of a panel I did last week with Parlour, Eich and Brunnermeier
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A two-hour (gulp) Webinar on "The Demise of Bretton Woods". My presentation is roughly minutes 20 to 55.
Thanks to Louis-Philippe Rochon for organizing.
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"The Trials of the Trilemma: International Finance 1870-2017" (with Rui Esteves) is out as a CEPR Discussion Paper
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"Public Debt Through the Ages" NBER WP version for those who might find it helpful...
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Much interesting and original economic history here, for free.
Issue 2 now online!! Free access for two weeks: Dowload, read, circulate!
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How to balance protection and restructuring when restarting the economy from Blanchard et al. Also the theme of my "Schumpter's Virus" though their analysis is more careful and thorough.
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Alberto was already his warm, humble, brilliant self in his graduate student days (as those of us who knew him then will recall). He never changed.
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Stablecoin news: If it walks like a money market mutual fund and quacks like a money market mutual fund, then maybe it should be regulated like a money market mutual fund...
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"Two Views of the International Monetary System" is out, in Intereconomics. I couldn't help but call them the Harvard view and the Berkeley view...
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"Gold as International Reserves: A Barbarous Relic No More?" Now in the _Journal of International Economics_ available online
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Best books of the year as picked by Project Syndicate columnists (including mine)
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Researchers need to control how their research is used (as is done admirably here).
Since Amazon has taken to citing me in full pg ads in the NYT, I thought I'd point out that the slogan is $15 & a UNION. Our work suggests retail employers have tremendous wage setting power. Unions are a critical form of worker power to counteract this. Vote
#UnionYES
!
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"Aftershocks of European Monetary Unification" Now out in _The Journal of Banking and Finance_.
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"Poland Gangnam Style" What Poland needs to do to take the next economic leap.
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Compulsory schooling laws matter more than you think. Historical evidence from the US South. Landin Smith (UC Berkeley) is on the Economics job market this year.
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"Public Debt Through the Ages" Our new column at VoxEU
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How to squash government debt: Soumaya Keynes reflects on "Public Debt Reduction: The Jamaica Exception"
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