Ethan Ilzetzki
Associate Professor
London School of Economics
Centre for Macroeconomics
Centre for Economic Policy Research
​
Head of the CfM Panel of Experts
Editorial board, CEPR Covid Economics
​
Email : e.ilzetzki@lse.ac.uk
Tel: +44(0)20-7955-7510
Room number: 32L.1.11
Address:
Houghton Street
London, WC2A 2AE
United Kingdom
Research
Will the Secular Decline in Exchange Rate and Inflation Volatility Survive Covid-19? (with Carmen Reinhart and Ken Rogoff). Brookings Papers on Economic Activity, Fall 2020.
Bibtex Slides Summary Video of Conference Project Syndicate Macro Musings Podcast
​
Why is the Euro Punching Below its Weight? (with Carmen Reinhart and Ken Rogoff). Economic Policy, 35(3), 2020.
Bibtex Slides Published Version
Media: Financial Times 4.11.19 Financial Times 5.12.19 Les Echos 10.06.20 Macro Musings Podcast
​
Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches (with Michael Best, James Cloyne, and Henrik Kleven). Review of Economic Studies, 89:2, 2020.
Bibtex Slides Bunching at Mortgage Notches Published Version
​
​The Effect of House Prices on Household Borrowing: A New Approach (with James Cloyne, Kilian Huber, and Henrik Kleven), American Economic Review, 109:6, 2019.
Bibtex Slides Vox Summary Chicago Booth Review Summary Published Version
​
Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold? (with Carmen Reinhart and Ken Rogoff), Quarterly Journal of Economics, 134:2, 599–646, 2019.
Bibtex Slides Anchor Currencies Exchange Rate Classifications Data Country Chronologies Appendix
Media: Economist, Financial Times, Macro Musings podcast
Top-20 most cited article in economics based on recent citations
Top 1% most cited article in economics
​
Tax Reform and the Political Economy of the Tax Base, Journal of Public Economics, 164, pp. 197-2010, 2018.
Bibtex Slides Published Version Appendix
​
How Big (Small?) are Fiscal Multipliers? (with Enrique G. Mendoza and Carlos A. Vegh), Journal of Monetary Economics 60:2, pp. 239-254, 2013.
Bibtex Data Fiscal Multipliers: Fixed and Flex
Media: New York Times, Wall Street Journal, Financial Times, Irish Independent, Economist Buttonwood, Krugman Blog, Mankiw Blog, Econbrowser
Top-5 most cited JME article in the past decade
Top 1% most cited article in economics
​
Weak States and Steady States: The Dynamics of Fiscal Capacity (with Tim Besley and Torsten Persson), American Economic Journal: Macroeconomics 5:4, pp. 205-32, 2013.
​
Rent-Seeking Distortions and Fiscal Procyclicality, Journal of Development Economics 96, 2011, pp. 30-46.
​
The Puzzling Change in the International Transmission of U.S. Macroeconomic Policy Shocks (with Keyu Jin), working paper, May 2020
​
​​Measuring Productivity Dispersion: Lessons From Counting One-Hundred Million Ballots (with Saverio Simonelli),
Revised Version: Oct 2018
Media: Les Echos
​
Kosher Pork (with Allan Drazen), Jan 2013
​
Fiscal Policy and Debt Dynamics in Developing Countries, May 2011
​
Procyclical Fiscal Policy in Developing Countries: Truth or Fiction? (With Carlos A. Vegh), July 2008
Current Teaching
EC442: First year macro PhD
​
EC540: Second year political economy PhD
​
PP404: Economics for Public Policy
​
PP440: Macroeconomics for Public Policy
​
Media, Popular Writings & Public Lectures
Macro Musings Podcast, Dec 2020 Interview on the euro, exchange rate volatility & inflation prospects
​
​
The World Is $277 Trillion in Debt So Why Aren't Economists More Worried?
Alex Hudson, Nov 24, 2020
​
The Calm Before the Exchange Rate Storm,
Ken Rogoff, Nov 10, 2020
​
​Brookings Panel on Economic Activity,
Presentation, Sep 24, 2020
​
​
Video explainer on public debt
July 8, 2020
​​
​
​
​
How worrying is Britain's debt? Surprisingly, we economists say: not very
Op ed, June 2020
​
​
L'internationalisation de l'euro toujours au point mort,
Nessim Aït-Kacimi, Jun 10, 2020
​
​VoxEU: Ramping up ventilator production: Lessons from WWII
Article, April 2020, (with Hugo Reichardt)
​
​
Europe First: taking on the dominance of the US dollar
Martin Sandbu, Dec 5, 2019.
​
​
What the ECB Bashers Get Wrong,
Martin Sandbu, Nov 7, 2019
​
IMF Annual Research Conference:
Discussion on public debt and r<g around minute 55, November 2019
​
​
China's currency will not replace the US dollar,
Colby Smith, Sep 19, 2019
​
Interview, Jan 2018 (in Hebrew)
​
​
La productivité, ça se cultive,
Jean-Marc Vittori, 25 Sep 2017
​
Macro Musings podcast, May 2017
​
​
​
Donald Trump and the Dollar Standard,
Free Exchange, Feb 9, 2017.
​
Invstr Video on fiscal policy, Nov 2016
​
Public Lecture: Fiscal Policy During Recessions and Recoveries, LSE Feb 2014
​
LSE US Centre Blog on the Affordable Care Act, 2013
​
​
​
Interview, September 2012
​
​
Mar 2012
​
​
Vector Autoregressions and Keynesian Macro
Paul Krugman (blog post) Oct 17, 2011
​
​
Tuesday Morning Quarterbacking
Buttonwood, Aug 11, 2011
​
​
Debt deal: No cause for celebration
Op Ed, Aug 1, 2011
​
Multiplier estimates, across countries, across states, across time
Econbrowser, July, 2011
​
​
State stimuli won't work without fall in interest rates, says research
Brendan Keenan, Dec 16, 2010
​
​
Why the Spending Stimulus Failed
Michael Boskin, Dec 1, 2010
​
​
David Brooks, Nov 15, 2010
​
American Enterprise Institute: Government Response to Financial Crisis,
Presentation, Oct 2009
​
A Victory for Mudell-Flemming​
Greg Mankiw, blog post, Oct 5, 2009
​
​
Paul Krugman (blog post) Oct 1, 2009
​
​
