Reports of Professor Elisabeth Krecké
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Is there a Covid-19 inflation puzzle?
The world’s governments have issued massive waves of debt in response to the pandemic’s economic damage. Public deficits have exploded and central banks are taking extraordinary measures. Will there be inflation, or deflation in the post-Covid fiscal future? The crisis has produced a huge negative supply shock, but the shock ...
The future of public debt
With the Covid-19 crisis pushing debt to record heights in many countries, it is worth wondering how they will ever pay it back. Several solutions have been proposed, from inflating the debt away, to deeply negative interest rates, to debt cancellation. All of these have severe flaws however, and in ...
The ECB’s wobbly ‘bridge function’
After the financial crisis of 2008, EU leaders decided that the European Central Bank needed supervisory powers over banks. Initially, the project successfully helped rein in bad practices and clean up banks' balance sheets. However, if the ECB's supervisory and monetary policy-setting functions are not kept separate, it could lead ...
Zombies and stagflation: Mario Draghi’s crisis prescription
In late March, Mario Draghi broke his post-ECB silence with an article in the Financial Times that set out several recipes for how to address the economic difficulties brought on by measures to contain the COVID-19 pandemic. Essentially calling for a “whatever it takes” part two, he urged central banks ...
Relevance beyond the crisis: The future of coronomics
The coronavirus outbreak has led to a new trend – “coronomics.” The word is most often used to describe the difficult economic reality that will arise in a post-pandemic world. Concerns over this state of affairs have caused many economists to adopt an approach meant to be more humane than ...
The ‘Big Rethink’ in macroeconomics
The 2008 financial crisis threw the discipline of macroeconomics into turmoil. Since then, some of the world’s most respected economists have regularly gathered to theorize about the lessons learned and how to address fiscal and monetary policy going forward. Yet a troubling trend is growing stronger: basing macroeconomics on ideological, ...
Europe’s public debt: Analyzing the fear factor
Public debt levels are at an all-time high – in Europe the problem is particularly acute. The lessons from the Greek debt crisis seem not to have been learned, as Italy alone carries debt that is three times larger than the European Union’s emergency fund. Some economists now argue such ...
Hidden agenda behind the Global Asset Registry project
A global asset registry (GAR) project aims to pinpoint the true owners – past, present and future – of all types of wealth now shielded from tax officials in safe havens across the globe. The project appears to be technically feasible. It is pursued by a group of tax specialists ...
