Ethan Ilzetzki

Associate Professor

London School of Economics

Centre for Macroeconomics

Centre for Economic Policy Research

Google Scholar


Curriculum Vitae

Head of the CfM Panel of Experts

Editorial board, CEPR Covid Economics

Email : 
Tel: +44(0)20-7955-7510
Room number: 32L.1.11


Houghton Street
London, WC2A 2AE
United Kingdom


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        

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       

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

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

Most highly cited JME article since 2013           

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

Bibtex     Slides     Map

Media: Les Echos

Kosher Pork (with Allan Drazen), Jan 2013


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



Current Teaching

EC442: First year macro PhD

EC540: Second year political economy PhD

PP404: Economics for Public Policy

PP440: Macroeconomics for Public Policy


Media & Events

Sunday Times: Video explainer on public debt, July 8, 2020

Guardian: How worrying is Britain's debt? Surprisingly, we economists say: not very, June 2020

VoxEU article: Ramping up ventilator production: Lessons from WWII (with Hugo Reichardt), April 2020

IMF Annual Research Conference: I discuss public debt and r<g around minute 55, November 2019

Globes interview, Jan 2018 (in Hebrew)

Macro Musings podcast, May 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

BBC News, September 2012

Bloomberg TV, March 2012

CNN, "Debt deal: No cause for celebration", August 2011

American Enterprise Institute: Government Response to Financial Crisis, Oct 2009