Brookings Podcast on Economic Activity

Fed interest rate hikes historically triggered crises in emerging markets, but not this time. Study explores improved monetary policy credibility in these countries. Discussion on the concept of capital leaving emerging markets and its consequences. Impact of improved credibility of central banks in major emerging markets and a new index to measure policy credibility. Potential consequences of rate hikes on emerging markets and poorer countries, emphasizing the importance of improving monetary policy credibility. Implications for countries planning to connect with global financial markets, emphasizing the need for improved policy frameworks and vulnerability management.

The podcast discusses Germany's response to the Russian gas embargo after the invasion of Ukraine, highlighting the country's dependency on Russian gas and the economic effects. It explores the role of patriotism and solidarity, the macro output reduction due to lack of substitution possibilities, and compares the gas debate to the price cap on Russian oil. The chapter also emphasizes the importance of understanding market circumstances and the limitations of models in analyzing big shocks.

Anne Case and Angus Deaton discuss their research on declining life expectancy for adults without a BA. They explore the increasing disparity in life expectancy, rise in deaths of despair, and impact of the COVID-19 pandemic. They also analyze the relationship between declining life expectancy and its effects on the labor market, emphasizing the need for alternative pathways to employment.

Out-going and incoming coeditors of the Brookings Papers on Economic Activity discuss the importance of BPEA in shaping economic policy, evaluating changing viewpoints, avoiding 'end of history' thinking, the significance of the Inflation Reduction Act, and creating an informed dialogue between academics and policymakers.

The podcast discusses the decline in labor force participation after COVID-19, possible reasons for the decrease, such as fear of contracting the virus and shifting work-life balance preferences, and the implications for economic growth and labor market policies.

It is widely understood that the global economy has become increasingly interconnected over the last century, with especially rapid globalization trends for 20 years starting in the 1990s. That trend continued even through the COVID-19 pandemic, when countries were forced to close their doors and many supply chains were disrupted. However, new Brookings Papers on Economic Activity research by Pinelopi Goldberg and Tristan Reed uses trade, capital flow, and immigration to show that there has been a slowing in globalization beginning around 2015. In this conversation, recorded in March 2022, the authors joined Brookings Senior Fellow Gian Maria Milesi-Ferretti for a discussion on their findings and the outlook for globalization going forward. Show notes and transcript: https://bit.ly/3MkYdnP The Brookings Podcast on Economic Activity is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, or wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu.

The Inflation Reduction Act is the largest piece of climate legislation ever passed in the U.S. The bill's incentives will affect the entire energy sector, from producers of raw materials to end-use consumers. BPEA paper co-author Neil Mehrotra, assistant vice president and policy advisor at the Federal Reserve Bank of Minneapolis, speaks with Sanjay Patnaik about the bill's policy implications. Show notes and transcript: https://bit.ly/40Be1GB The Brookings Podcast on Economic Activity is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, or wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu.

In addition to large fiscal packages, governments around the world utilized credit market interventions to support their economies during the pandemic. However, the impact and importance of these policies has not been fully analyzed. Gee Hee Hong of the IMF and Deborah Lucas of MIT approach this problem in their new BPEA paper, and they discuss their findings on this episode of the Brookings Podcast on Economic Activity with Wendy Edelberg of The Hamilton Project. Show notes and transcript: https://bit.ly/41oIDfA The Brookings Podcast on Economic Activity is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, or wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu.

The COVID-19 Economic Impact Payments were not the first time the federal government has provided fiscal support to Americans during a crisis, but they did have a different purpose. The goal wasn’t to stimulate the economy but rather to offer “pandemic insurance”—money to pay bills and buy food for people who may have lost income due to the pandemic. In the latest episode of the Brookings Podcast on Economic Activity, Hamilton Project Director Wendy Edelberg and MIT finance professor Jonathan A. Parker discuss Parker’s recent BPEA study on how those payments were spent (or not spent) and the on-going impact on the economy. Show notes and transcript: https://brook.gs/3zv6rmi The Brookings Podcast on Economic Activity is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, or wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu.

A strong U.S. dollar reflects economic and political strength for the United States. But a new study published in the Brookings Papers on Economic Activity illustrates how a strong dollar might not be good for other countries, especially emerging and developing markets. On this episode of the Brookings Podcast on Economic Activity, Brookings Senior Fellow Gian Maria Milesi-Ferretti interviews the authors of that study, Maurice Obstfeld of UC Berkeley and Haonan Zhou of Princeton University. Obstfeld and Zhou explain what’s driving the stronger dollar, why it might hurt emerging markets, and policies those emerging markets can use to become more resilient to dollar appreciation shocks. Show notes and transcript: https://brook.gs/3V8KjqT The Brookings Podcast on Economic Activity is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, or wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu.