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

Google Scholar

IDEAS/REPEC

Curriculum Vitae

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    

Published Version 

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 IndependentEconomist ButtonwoodKrugman 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.

Bibtex

Rent-Seeking Distortions and Fiscal Procyclicality, Journal of Development Economics 96, 2011, pp. 30-46.

Bibtex

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

Bibtex     Slides     Map

Media: Les Echos

Kosher Pork (with Allan Drazen), Jan 2013

Bibtex

Fiscal Policy and Debt Dynamics in Developing Countries, May 2011

Bibtex     Data

Procyclical Fiscal Policy in Developing Countries: Truth or Fiction? (With Carlos A. Vegh), July 2008

Bibtex 

 

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

                       

Globes

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

Interview,

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

The Two Cultures

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

Multiplying Multipliers

Paul Krugman (blog post) Oct 1, 2009