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Jérémie Cohen-Setton

Jérémie Cohen-Setton

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 an 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.

Articles by Jérémie Cohen-Setton

The Fed’s rethinking of normality

August 22, 2016

What’s at stake: As we approach Jackson Hole, monetary policymakers are considering how to redesign monetary policy strategies to better cope with a low r-star environment.

The new murky economics
Paul Krugman writes that we’re no longer in the simple, depressed-economy world anymore. Early in the crisis, liquidity-trap macroeconomics had become the story of the day. And the basic message of the models — that everything changes when you hit the zero lower bound — was being overwhelmingly confirmed by experience. It was all beautifully hard-edged: a crisp boundary at zero, a sharp change in the impact of monetary and fiscal policy when you hit that boundary.
Paul Krugman writes that things have now gotten a bit murky. We’re no longer in a liquidity-trap macroeconomic situation, but

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The state of macro redux

August 16, 2016

What’s at stake: In 2008, Olivier Blanchard argued in a paper called “the state of macro” that a largely shared vision of fluctuations and of methodology had emerged. With the financial crisis and our inability to prevent the greatest recession since…

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Racial prejudice in police use of force

July 18, 2016

What’s at stake: This week was dominated by a new study by Roland Fryer exploring racial differences in police use of force. His counterintuitive result that blacks and Hispanics experience discrimination for all types of interaction involving force …

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The great risk shift and populism

July 11, 2016

What’s at stake: For many commentators, Brexit was the signal of a broad populist backlash and illustrated the need to articulate policies that address the grievances of those citizens who have been left behind by recent economic changes.

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The breakdown of productivity diffusion

June 27, 2016

The OECD has been pushing the idea that the productivity slowdown is not so much due to a lack of innovation but rather due to a lack of innovation diffusion between firms. Jane Bourke writes that a recent OECD report – “The Future of Productivity” –…

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The cyclicality of structural reforms

June 13, 2016

What’s at stake: In line with the crisis-induced reform hypothesis, European countries have since 2010 enacted unpopular reforms in labor market regulation and social welfare systems. Romain Ranciere and Aaaron Tornell write that structural reforms, …

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The new Washington Consensus

June 3, 2016

What’s at stake: Since 2008 the IMF has been at the forefront of a revaluation of the orthodox policy toolbox. While the majority of policies that constituted the old Washington Consensus remain in place, the consensus has moved on financial openness…

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Regulation and growth

May 16, 2016

What’s at stake: A heated debate took place this week on the blogosphere on the link between regulation and growth following an op-ed by John Cochrane claiming the US economy could be five times richer if regulations were scrapped.

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The economics of crime and punishment

May 2, 2016

What’s at stake: The Senate announced this week revisions to a sentencing reform bill – the Sentencing Reform and Corrections Act – that would lower mandatory minimums for some low-level drug crimes.

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Understanding HM Treasury’s Brexit analysis

April 25, 2016

What’s at stake: The UK will hold a referendum on its membership of the EU on June 23rd 2016. Her Majesty’s Treasury released an assessment of the impact of Brexit finding that the economy would be between 3 and 7% smaller in 2030 if the UK left the …

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Blogs review: Trade deficits and jobs at the ZLB

April 4, 2016

What’s at stake: In the populist narrative against globalization, trade deficits are seen as costing jobs. While this mercantilist view of the world is hard to square in normal times, a number of authors have suggested that the intellectual basis for…

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Blogs review: The procyclicality of TFP growth

March 29, 2016

What’s at stake: The argument that total factor productivity (TFP) is procyclical has been getting a lot of airtime over the past few weeks as it was central to understanding the recent controversy over the economic impact of Sanders. But it also spe…

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The elimination of High Denomination Notes

March 7, 2016

What’s at stake: As high-denomination notes (HDNs) make it easier to transact crime, finance terrorism, and evade taxes, a number of commentators have called for their elimination. Peter Sands and Lawrence H. Summers writes that their advocacy for th…

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The Sanders controversy

February 29, 2016

What’s at stake: A recent study claiming that Sanders policies would produce 5.3 percent growth a year over the next decade has been at the center of this week’s discussions in the blogosphere. Ezra Klein writes that Bernie Sanders has been under ass…

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The impotency of central banks

February 22, 2016

What’s at stake: The negative market reaction to the latest efforts to provide further monetary stimulus has generated an important discussion on whether central banks have lost credibility in their abilities to fight downside risks and shore up econ…

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Blaming the Fed for the Great Recession

February 1, 2016

What’s at stake: Following an article in the New York Times by David Beckworth and Ramesh Ponnuru, the conversation on the blogosphere was dominated this week by the question of whether the Fed actually caused the Great Recession. While not mainstrea…

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Oil and stock prices

January 25, 2016

What’s at stake: The recent positive link between oil and stock prices has been puzzling for most observers. While a decrease in the price of oil was traditionally seen as a net positive for oil importing countries such as the United States, the conc…

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The use of models by policymakers

January 11, 2016

What’s at stake: The latest discussions on the blogosphere have been dominated by a back and forth trialogue between Larry Summers, Paul Krugman and Brad DeLong on the appropriate use of models as policy guides. While they all agree that the Fed’s de…

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Finland and asymmetric shocks

December 21, 2015

What’s at stake: Finland exemplifies the difficulty of dealing with asymmetric shocks within a Monetary Union as the Finnish economy has struggled to recover from a series of idiosyncratic shocks – the decline of Nokia, the obsolescence of the timber…

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The predictability of political extremism

December 14, 2015

What’s at stake: The rise of the extreme right in the latest French election has mostly been treated as surprising or reflecting special circumstances like the November 13 Paris attacks. But a large literature linking extreme right votes to persistin…

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Unlearning economic paradigms

November 30, 2015

What’s at stake: Both the crisis, its aftermath, and the empirical econ revolution have changed our understanding of economics. Conventional wisdoms about the supply side of the economy, the length of the short run, or the international adjustment pr…

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The persistence of slow growth

November 16, 2015

What’s at stake: The persistence of slow economic growth in the Great Recession has been puzzling. Two recent papers have tried to present a coherent framework for understanding this phenomenon. The first paper argues that we may have underestimated …

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The uncertain decline of the natural rate of interest

November 9, 2015

What’s at stake: Controversies over whether and by how much the natural rate of interest – the rate compatible with full employment and stable prices – has declined in the past few years has shaped views about the pace and extent to which central ban…

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QE and investment

November 2, 2015

What’s at stake: Quantitative Easing has been criticized for generating inflation risks, financial stability risks, and distributional risks. The newest criticism from Kevin Warsh, a former Fed Governor, and the 2001 Nobel Prize laureate Michael Spen…

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