Non resident scholars

Jérémie Cohen-Setton

Jérémie Cohen-Setton

Twitter: @JCSBruegel

Jérémie Cohen-Setton is a PhD candidate in Economics at U.C. Berkeley and a summer associate intern at Goldman Sachs Global Economic Research. He was previously economist at HM Treasury where his work focused on the preparation of the London Summit. Jérémie also worked at Bruegel, a European think-tank on international economic issues in 2007 after graduating from the Paris School of Economics.

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Jérémie Cohen-Setton

The history of the macroeconomic divide

What’s at stake: Following up on his mathiness critique that economic theory is becoming a sloppy mixture of words and symbols, Paul Romer wrote a series of blog posts over the past few weeks discussing how things went so far off in the macroeconomic field, where a group (often referred as fresh-water economists) completely retreated from scientific engagement with macroeconomists who disagreed with them and gave up on using evidence to evaluate models.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: August 24, 2015
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Jérémie Cohen-Setton

The decline in market liquidity

Has it become harder for buyers and sellers to transact without causing sharp price movements?

By: Jérémie Cohen-Setton Topic: Finance & Financial Regulation Date: August 12, 2015
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Jérémie Cohen-Setton

Understanding the Neo-Fisherite rebellion

The idea that low interest rates are deflationary – that we’ve had the sign on monetary policy wrong! – started as a fringe theory on the corners of the blogosphere 3 years ago. Michael Woodford has now confirmed that modern theory, indeed, implies the Neo-Fisherian view when people’s expectations are infinitely rational.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: July 19, 2015
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Jérémie Cohen-Setton

Restructuring in the US currency union

On June 28, the governor of the Commonwealth territory announced that it would not be able to repay its debt. Puerto Rico has since asked Congress to change the law to make the tools that U.S. municipalities can use to restructure their debt through Chapter 9 available to its territory. 

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: July 12, 2015
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Jérémie Cohen-Setton

Wage and price inflation

What’s at stake: For the past few months, the Fed has been in a "wait-and-see" mode to assess the strength of the US recovery. In particular, it has been waiting for signs that employment gains translate into wage pressures before beginning its tightening cycle. Although wage gains remain useful to assess the amount of slack in the labor market, the connection between wage and price inflation appears less mechanical than in the past.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: July 5, 2015
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Jérémie Cohen-Setton

The 4% growth target

What's at stake: To contrast with President Obama’s middle class economics, the Republican Party – from Rand Paul’s proposal to repeal the entire IRS code to Jeb Bush’s 4% growth target – is positioning itself as the party that can drastically expand potential growth in the 2016 presidential election.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: June 22, 2015
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Jérémie Cohen-Setton

The empirical shift in economics

Rather than being unified by the application of the common behavioral model of the rational agent, economists increasingly recognize themselves in the careful application of a common empirical toolkit used to tease out causal relationships, creating a premium for papers that mix a clever identification strategy with access to new data.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: June 14, 2015
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Jérémie Cohen-Setton

The economics of parallel currencies

As Greece faces a severe shortage of euros, the idea of introducing a parallel currency used for some domestic transactions – while keeping the euro in place for existing bank deposits and for foreign transactions – has made a comeback.  Although historical examples of parallel currencies exist, the analysis of the idea remains in its infancy. It remains unclear whether and how one could find the right mechanics. 

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: June 8, 2015
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Jérémie Cohen-Setton

Mathiness in economics

What’s at stake: Growth economist Paul Romer has caused a stir over the past few weeks in the blogosphere with a paper, first presented in January at the annual meeting of the American Economic Association and recently published, which argues that economic theory is becoming, more often than not, a sloppy mixture of words and symbols.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance, Global Economics & Governance Date: June 8, 2015
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Jérémie Cohen-Setton

The residual seasonality puzzle

While seasonal adjustment is generally considered uninteresting, the repetition of low first quarter GDP releases since 2010 has led many to wonder if a predictable seasonal pattern remains in the published data. The U.S. Bureau of Economic Analysis is investigating the issue and will report on its findings in July.

By: Jérémie Cohen-Setton Date: May 26, 2015
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Is the economy stationary?

What’s at stake: The question of whether capitalist economies are self-correcting and will eventually revert to mean growth has received renewed interest given the underperformance of most economies six years after the onset of the Great Recessions. While the idea of persistent high unemployment was central to Keynes’ General Theory, it was quickly abandoned by the neoclassical synthesis.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: May 18, 2015
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Jérémie Cohen-Setton

Macroeconomic performance and election outcomes

The results of last week’s election in the UK have generated a debate on the role of macroeconomic performance in electoral success and, in particular, on whether elections hinge on an incumbent’s overall record or on whether things are improving in the election year.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: May 12, 2015
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