Published since January 1, 2004

The Economists’ Voice

ISSN: 1553-3832

Edited by: Friedrich Heinemann, Gunther Schnabl

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About this journal

Objective
The Economists' Voice (EV) is a non-partisan forum for economists to present innovative policy ideas.

Economists have much to contribute to the public debate on a wide range of policy issues. Anyone concerned about the economic policy challenges of today, whether they are students, policymakers, or other citizens, would benefit from being involved in economists’ policy-oriented debate. Monetary policy, fiscal policy, trade, exchange rate policy, development policy, labor market policy, and regulation as well as health care and pension reform are among the most important fields of economic policy discussions.　

The Economists' Voice creates a forum for readable analysis by leading economists on vital economic policy issues of our day. The focus is on the clear verbal presentation of important evidence-based arguments for a broad readership. Empirical papers on policy-relevant issues are also welcome.

The Economists’ Voice was shortlisted for Best New Journal in the 2007 ALPSP/Charlesworth Awards. Its focused policy articles fill a gap between the op-ed pages of the newspaper and journal articles in theoretical journals. Contributors include seven Nobel Prize winners, five past chairs of the President's Council of Economic Advisors, public intellectuals like Paul Krugman and Richard Posner, and a veritable "Who's Who" of modern economic theory and policy.　

Topics

Monetary policy
Fiscal policy
Trade policy
Exchange rate policy
Development policy
Labor market policy
Regulation
Health care and pension reform
and all other economic policy relevant issues

Article formats
Two types of articles are accepted. First, policy papers up to 10,000 words, which are subject to a double-blind referee process and contribute to the scientific debate on important policy issues. Second, short articles for our policy forum, between 600 – 3000 words. They contain a deeper analysis than a newspaper article/comment but are of comparable general interest.

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Your benefits

Recognized editorial board
Contributions by Nobel Prize winners
Insightful analyses of the vital issues of today
Quick access to articles, thanks to online publishing

History

Annual, updated continuously
Content available since 2004 (Volume 1, Issue 1)
ISSN: 1553-3832

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Volume 19 Issue 2

December 2022

Publicly Available February 2, 2023

Frontmatter

Page range: i-ii

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Editorial

Publicly Available December 27, 2022

The Economists’ Voice, December Issue 2022, Editorial

Friedrich Heinemann, Gunther Schnabl

Page range: 103-107

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Policy Papers

December 12, 2022

Sanctions are Costly for Citizens but Beneficial for Autocrats: A Political-Economic Perspective

Reiner Eichenberger, David Stadelmann

Page range: 109-123

Abstract

Economic sanctions negatively affect the target country’s economic potential. As a type of enforced protectionism, sanctions shift the relative power in the target country between its citizens and its (autocratic) government. This shift tends to favor autocrats as their power over the limited means of production increases and as they control the remaining international exchange opportunities. Resistance against autocratic governments would require collective action by citizens or an organized political opposition, but the autocrats’ relative gain in power due to sanctions increases their likelihood of staying in power. Internationally, an economically weakened country may present less of an external military threat. However, as the stabilization of a target regime is a likely outcome of sanctions, sanctioned regimes remain an international threat. Therefore, we also discuss potential alternatives to sanctions as policy tools.

Open Access January 12, 2023

The New Advocacy for Autarky: Self-Sufficiency is Now Once Again Becoming Popular for Geopolitical Reasons

Heribert Dieter, Johanna Biedermann

Page range: 125-145

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Abstract

International economic relations and trade in particular have been thriving since World War II. Whilst the lowering of trade barriers and the dismantling of trade restrictions have long enjoyed support both among trade economists and policymakers, there has recently been a swing back to protectionist policies. In virtually all major economies, a surprising new interest in autarky can be observed. Today, both the USA and the member countries of the European Union prioritize domestic production of certain products, especially semiconductors. China has taken a decisive turn to trade policies that emphasize self-sufficiency and domestic production. India, which has long favoured sourcing from domestic producers, has at least partially embraced self-sufficiency. We analyze and add a historical lens to these recent developments. If they will continue, we argue that the world will see negative effects on welfare if these trends continue unchecked.

December 8, 2022

Policy Rules Consistent with the FOMC’s Longer-Run Goals and Monetary Policy Strategy

David H. Papell, Ruxandra Prodan

Page range: 147-160

Abstract

The Federal Open Market Committee’s revised Statement on Longer-Run Goals and Monetary Policy Strategy implements flexible average inflation targeting and mitigates shortfalls , rather than deviations , of employment from its maximum level. We show how the Taylor, balanced approach, and balanced approach (shortfalls) rules in the Monetary Policy Report could be modified to be consistent with the revised statement. Federal funds rate prescriptions from the consistent rules are both closer to the liftoff from the effective lower bound in December 2015 and provide a better fit to the actual federal funds rate than the rules currently included in the Report. The prescriptions from the balanced approach rules are closer to the liftoff and provide a better fit than the prescriptions from the Taylor rules.

November 29, 2022

Monetary Policy Normalization and Central Bank Profits: A Break-Even Point Perspective

Zbigniew Polański, Mikołaj Szadkowski

Page range: 161-186

Abstract

This paper advances a simple framework explaining how monetary policy normalization (“exit policies”) may impact central bank profits. The cases of seven central banks of major and smaller economies serve as an illustration. The notion of the break-even point is applied to study the financial situation of these institutions for the period of 2014–2021. During the normalization process, interest rate increases may adversely affect profit changes, and through transfers may have an impact on the fiscal space available to the governments, creating political economy concerns. Possible remedies are discussed together with accompanying policy dilemmas.

December 8, 2022

Does Financial Dominance Explain the Recent Rise in Inflation?

Adalbert Winkler

Page range: 187-203

Abstract

This paper addresses the question whether the recent rise in inflation can be explained by financial dominance. It is motivated by the fact that the monetary policy response has been slow and timid which might have reflected concerns that a proper response would have triggered substantial financial risks. We find that a misjudgement of aggregate supply conditions provides a better explanation than financial dominance arguments. Still, recent policy moves such as the Transmission Protection Instrument by the European Central Bank and asset purchases by the Bank of England indicate that financial dominance concerns might become more pressing with further monetary tightening.

September 16, 2022

The Influence of Economic Freedom on the Shadow Economy in Developed and Developing Countries

Andreas Freytag, Friedrich Schneider, Sebastian E. Spiegel

Page range: 205-227

Abstract

We empirically analyze to what extent economic freedom can explain the size and development of the shadow economy in OECD and other European countries. We econometrically examine the relation between a change of the overall index of economic freedom and the change of the shadow economy. We undertake an econometric panel estimation of 141 countries over the period 2000–2007. Our results demonstrate that first, the higher the economic freedom, the lower is the shadow economy. This holds especially for the index-sub-component legal structure and security of property rights. The sub-component freedom to trade internationally provides further support for this relation, limited to cases of positive changes of economic freedom. Second, the effects are asymmetrically, they are stronger when economic freedom increases than in the case of a decrease.

Policy Forum

Open Access December 2, 2022

EU Green Taxonomy Data – A First Vendor Survey

Andreas G. F. Hoepner, Fabiola I. Schneider

Page range: 229-242

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Abstract

This paper aims to explain key concepts of the EU Taxonomy for Sustainable Activities, a common classification system established to clarify which investments are environmentally sustainable. Additionally, it provides insight on the compliance of corporate activities with the EU Taxonomy’s criteria based on a first survey on market data.

Open Access November 29, 2022

EU Taxonomy: Mission Impossible

Stefan Kooths

Page range: 243-249

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Abstract

The EU Taxonomy stands in sharp contrast to the principles of a market economy. It requires regulatory knowledge that cannot be expected to exist and hampers rather than stimulates entrepreneurial initiatives for coping with socially relevant scarcities. For all objectives addressed with his approach, more efficient policy instruments exist that play with and not against market forces. Apart from allocative inefficiencies, the Taxonomy-approach opens the door for all kinds of particularistic maneuvers and hidden political agendas. The Taxonomy absorbs high-skilled labor that is in high demand elsewhere in the economy and creates a massive extra bureaucratic burden without any expectable benefit for the total economy. Given the fundamental flaws in the overall concept, policy makers should stop it rather sooner than later.

December 13, 2022

Will the EU Taxonomy Impact the Trade Specialisation of European Economies?

Monika Köppl-Turyna, Wolfgang Schwarzbauer

Page range: 251-260

Abstract

The introduction of the taxonomy will alter trade patterns and trade specialisation, in spite of the signs that EU members are specialised in industries and economic activities that are favoured by its introduction. The taxonomy is likely to further work not only directly but also through supply chains, as obtaining more attractive funding for companies is indirectly linked to the compliance of the company’s suppliers as well. However, managing the transition to green production will require further policy measures at the regional, national, and international levels. Given that several policy measures and initiatives are already in place, doubts can be raised as to whether the green transition can be achieved efficiently by the introduction of the taxonomy.

Open Access October 28, 2022

Green Finance and the EU-Taxonomy for Sustainable Activities: Why Using More Direct Environmental Policy Tools Is Preferable

Clemens Fuest, Volker Meier

Page range: 261-266

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Abstract

The EU taxonomy on sustainable activities is expected to pave the way for steering capital towards sustainable investments. However, the economic effects are problematic. Promoting “green” capital will lead to income losses due to productivity differences, while greenhouse gas emissions do not change at a given EU emission allowance cap. Worldwide emissions may even increase as carbon intensive production moves outside the EU. While green finance may be used to bind future governments, committing to future climate goals directly is a superior policy since efficiency losses can be avoided.

Open Access January 12, 2023

EU Taxonomy and ECB Monetary Policy: Moving Towards Centrally-Directed Green Capital Allocation?

Gunther Schnabl

Page range: 267-273

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Abstract

Prominent ECB representatives have stressed the goal of the ECB to green its monetary policy, inter alia by moving from market neutrality to (green) market efficiency as guiding principle of monetary policy making. The paper explores how the EU taxonomy could become the benchmark for a monetary policy of the ECB, which influences the credit allocation of commercial banks, with a negative impact on allocation efficiency and growth in the European Union.

Open Access November 24, 2022

The EU Taxonomy’s (Potential) Effects on the Banking Sector and Bank Lending to Firms

Karolin Kirschenmann

Page range: 275-283

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Abstract

One of the key pillars of the European Green Deal is a renewed sustainable finance strategy to finance sustainable growth and to channel private investments towards projects that support the transition to a climate-neutral economy. The aim of this policy is to make the private sector take into account sustainability-related non-financial factors when making financing and investment decisions. Within this framework, the EU Taxonomy provides a uniform definition and classification system of environmentally sustainable economic activities. In addition, the EU Taxonomy itself provides the basis for further legislation and regulation. Banks as the main financiers of firms in Europe and therefore important players in directing capital flows towards sustainable projects are thus targeted with several requirements based on the Taxonomy. The question then is how banks’ lending to firms is affected by these regulatory changes and whether an impact on the greening of firms’ economic activities can be achieved. The existing literature provides evidence that firms’ environmental, social and governance (ESG) risks, profiles and performance influence their loan conditions, but it is unclear whether better funding conditions lead to reduced carbon emissions or “greener” activities at the firm level.

Ahead of Print / Just Accepted

Ahead of Print / Just Accepted

Volume 19 (2022)

Volume 9 (2012)

Volume 8 (2011)

Volume 7 (2010)

Volume 6 (2009)

Issue 13
Issue 12
Issue 11 Financial Market Regulatory Reform
Issue 10
Issue 9
Issue 8
Issue 7
Issue 6
Issue 5
Issue 4
Issue 3
Issue 2
Issue 1

Volume 5 (2008)

Volume 4 (2007)

Volume 3 (2006)

Volume 2 (2005)

Volume 1 (2004)

CiteScore	1.0
Journal Citation Indicator	0.15
SCImago Journal Rank	0.193
Source Normalized Impact per Paper	0.417

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Editorial

Editors

Prof. Dr. Gunther Schnabl, University of Leipzig, Germany
Prof. Dr. Friedrich Heinemann, ZEW – Leibniz Centre for European Economic Research, Mannheim, Germany; University of Heidelberg, Heidelberg, Germany

Editorial Board

Dirk Baur, University of Western Australia, Australia
Nicolas Cachanosky, Metropolitan State University of Denver, USA
Barry Eichengreen, University of California, Berkeley, USA
Stefan Felder, University of Basel, Switzerland
Christopher A. Hartwell, Kozminski University, Poland
Monika Köppl-Turyna, EcoAustria Vienna, Austria
Corrado Macchiarelli, National Institute of Economic and Social Research, UK
Eiji Ogawa, Tokyo Keizai University, Japan
Niklas Potrafke, University of Munich, Germany
Klaus Schmidt-Hebbel, Catholic University of Chile, Chile

(Deutsch)

Online ISSN: 1553-3832
Type: Journal
Language: English
Publisher: De Gruyter
First published: January 1, 2004
Publication Frequency: 2 Issues per Year
Audience: Readers include professional economists, lawyers, policy analysts, policymakers, and students of economics. The Economists' Voice is a source of expertise directed at once at the professional economist, policymakers, students, and anyone curious about the economy today.