Ethan Ilzetzki

Associate Professor

London School of Economics

Centre for Macroeconomics

Centre for Economic Policy Research

Head of the CfM-CEPR Panel of Experts

Editorial board, Journal of Monetary Economics

Editorial board, IMF Economic Review

ERC Consolidated Grant awardee 2021

(UKRI replacement)

Google Scholar

IDEAS/REPEC

Curriculum Vitae

Email : e.ilzetzki@lse.ac.uk
Room number: SAL.1.22

Address:

Houghton Street
London, WC2A 2AE
United Kingdom

Research

Measuring Productivity Dispersion: Lessons From Counting One-Hundred Million Ballots (with Saverio Simonelli), R&R Economic Journal

Paper Bibtex Slides Map Data

Media: Les Echos

Fiscal Rules and Market Discipline (with Heidi Christina Thysen) IMF Economic Review, Oct. 2024.

Paper Published Version Bibtex Slides Video Presentation (At 1:17)

Learning by Necessity: Government Demand, Capacity Constraints, and Productivity Growth, American Economic Review, 114 (8): 2436–71, Aug. 2024.

Paper Published Version Bibtex Slides Video Presentation

Media: New Things Under the Sun blog

Kosher Pork (with Allan Drazen), Journal of Public Economics 277: Nov. 2023.

Bibtex

Fiscal Events and Anchored Inflation Expectations, Policy Note for the 10th Asian Monetary Policy Forum, May 2023.

Bibtex Slides Conference Webpage

Rethinking Exchange Rate Regimes (with Carmen Reinhart and Ken Rogoff). Handbook of International Economics, vol 6, Gita Gopinath, Elhanan Helpman and Kenneth Rogoff, eds, 2022.

Bibtex Slides Video Presentation Published Version

Media: Financial Times 26.11.21

Commentary: Inflation as a Fiscal Limit Jackson Hole Economic Policy Symposium: August 2022

"Inflation as a Fiscal Limit" by Bianchi and Melosi. General Discussion

The Puzzling Change in the International Transmission of U.S. Macroeconomic Policy Shocks (with Keyu Jin),

Journal of International Economics, 130: May 2021.

Bibtex Published Version

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 Vox Article

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 1% most cited article in economics

Top-20 most cited article in the QJE, past decade (source: Scopus)

Tax Reform and the Political Economy of the Tax Base, Journal of Public Economics, 164, pp. 197-2010, 2018.

Bibtex Slides Published Version Appendix Working paper version with historical survey of tax reforms

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 Independent, Economist Buttonwood, Krugman Blog, Mankiw Blog, Econbrowser

Top 1% most cited article in economics

Top-100 most cited article in JME (all times ; top-10 in past 20 years; source: Scopus).

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

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

Research

Current Teaching

EC442: First year macro PhD

EC558: Second year political economy PhD

PP440: Macroeconomics for Public Policy (in the School of Public Policy)

Teaching

Media, Popular Writings & Public Lectures

VoxEU Articles

UK in a Changing EU Conference: From Research to Policy. I talk about the UK Macro framework.

See my written report here.

Jan 31 2024

Sky News asks me whether higher public sector pay would lead to inflation.

Jan 4 2023

Financial Times Survey of top 101 UK economists

Jan 3 2023

Macro Musings Podcast, Interview on the UK crisis, the strong $, fiscal policy and inflation, and monetary policy shocks

Nov 2022

Euronews: Autumn statement: Hunt strives to play up UK's performance as he sets out austere budget

I talk about the autumn statement and Brexit.

17 Nov 22

Note on the UK Fiscal Crisis of 2022

Ethan Ilzetzki, Oct 2022

Slides Nov 2022

GB News: Interview about the UK economy

Oct 19, 2022

Le Temps (Swiss Newspaper): Interview about the UK economy

Oct 8, 2022

RSI (Swiss TV): Interview about the UK economy

Oct 8, 2022

Metro Online: After 14 years of misery, UK facing another 2008-style crisis

Interview ith Sean Seddon, Oct 2, 2022

ORF (Austrian radio): interview on "mini-Budget"

Sep 23, 2022

New York Times: quotes me on the new UK currency.

September 9, 2022

Jackson Hole discussion of "Inflation as a Fiscal Limit" by Bianchi and Melosi.

August 2022

ZDF (German television): interview on inflation in the UK.

August 2022

CNN: Two vie to replace Boris Johnson. Neither has 'a true plan' to fix its ailing economy

Anna Cooban, July 24, 2022

LSE Explainer on inflation and interest rates

July, 2022

Guardian: I'm quoted on ERC research funding and Brexit

Lisa O'Carroll, 25 April 2022

Bloomberg Radio: Interview about Chancellor's Spring Statement (UK Budget) (minute 16)

March 23, 2022

BBC News (TV): Interview about the UK Cost of Living Crisis

February 12, 2022

FT: The Poisoned Chalice of the Fed Chair Job

John Plender, Nov 26, 2021

GWG - ECFIN - JRC Conference on the "Assessment of Output Gaps and Potential Output in the context of the COVID-19 pandemic and its aftermath". Slides

Macro Musings Podcast, Interview on the euro, exchange rate volatility & inflation prospects

Dec 2020

Newsweek: The World Is $277 Trillion in Debt So Why Aren't Economists More Worried?

Alex Hudson, Nov 24, 2020

Guardian: Exchange rates have been stable in the Covid crisis.

Ken Rogoff, Nov 16, 2020

Project Syndicate: The Calm Before the Exchange Rate Storm,

Ken Rogoff, Nov 10, 2020

Brookings Panel on Economic Activity,

Presentation, Sep 24, 2020

Times: Video explainer on public debt

July 8, 2020