How can macroeconomic models support policy during the net-zero transition? The final article in the latest OxREP outlines the structural changes necessary to mitigate climate change and identifies five criteria any model in the field should meet. doi.org/10.1093/oxre...

Structural economic change as dynamic resource creation – in their OxREP paper, Dimitri Zenghelis, Hector Pollitt, Jean-François Mercure, and Frank W. Geels illustrate how innovation, networks and behaviour are adopted in the global economy. doi.org/10.1093/oxre...

In this issue of the OxREP, J. Doyne Farmer presents agent-based models (ABMs) as an alternative to mainstream macro analysis. Incorporating heuristic decision-making, myopic reasoning and/or learning algorithms, ABMs produce higher levels of realism. doi.org/10.1093/oxre...

Supply-side forces drive structural change. Weifeng Larry Liu, Warwick McKibbin, Geoffrey Shuetrim, and Peter Wilcoxen show in the latest OxREP how asymmetric productivity growth may impact economic growth, trade, and relations in the world economy. doi.org/10.1093/oxre...

Introducing the Global Gaidar Model, Seth G. Benzell, @Kotlikoff, Maria Kazakova, Guillermo Lagarda, Kristina Nesterova, Victor Yifan Ye, and Andrey Zubarev explore future trajectories of convergence, global savings gluts, taxes and interest rates. doi.org/10.1093/oxre...

Did the 2021/22 inflation surge result from loose monetary and fiscal policy during the pandemic? Using a New Keynesian model, Andrew Hodge, Zoltan Jakab, Jesper Lindé, and Vina Nguyen show that the answer partly depends on the Phillips Curve’s slope. doi.org/10.1093/oxre...

In their OxREP response to Ben Bernanke's analysis of the BoE, Douglas Laxton, Haykaz Igityan, and Shalva Mkhatrishvili call for a rethinking of monetary policy. They emphasise the interplay between credibility, risk management, and macroeconomic stability. doi.org/10.1093/oxre...

Agents’ beliefs can change abruptly. Timo Henckel, Gordon Menzies, and Daniel J. Zizzo propose in the OxREP that such shifts in beliefs cause structural changes. While agents initially firmly defend beliefs, they might suddenly revise them. doi.org/10.1093/oxre...

Andrew Blake, Richard Dennis, Tatiana Kirsanova, and @t0nyyates.bsky.social demonstrate how multiple equilibria arise under discretionary monetary policy in a standard New Keynesian model with capital accumulation. Coordination on Pareto efficient optima is unlikely. doi.org/10.1093/oxre...

Ross Garnaut notes in the OxREP that climate change mitigation seems like an unlikely aim. The difficulty of making progress towards goals is due to international trade in energy-intensive goods currently not being a feature of the zero-carbon economy. doi.org/10.1093/oxre...

When should climate policies be implemented? Noting that propagation and amplification mechanisms increase effectiveness, Frederick van der Ploeg and Anthony J. Venables argue that temporary radical measures are necessary to reach key ‘tipping points’. doi.org/10.1093/oxre...

In the latest OxREP, Peter Warr and Arief Anshory Yusuf analyse the causes of structural change in a general equilibrium model of Thailand’s economy. They find that differential productivity growth rates between sectors have been the driver of change in the country. doi.org/10.1093/oxre...

Henry George argued that the most efficient tax is a tax on land. Going beyond his analysis, Tomohiro Hirano and @josephestiglitz.bsky.social suggest that financial liberalisation and loose monetary policy can stimulate land speculation instead of productive investment. doi.org/10.1093/oxre...

Economists have applied the idea of ‘directed technological change’ to a range of pressing issues, from climate change to AI. Daniel Susskind provides an intellectual history of the concept, and reflects on its theory, relevance and limitations. academic.oup.com/oxrep/articl...

The economic literature on structural change and development is constantly evolving. In their OxREP contribution, Douglas Gollin and Richard Rogerson advocate incorporating structural change into growth models to more fully understand adjustment processes. academic.oup.com/oxrep/articl...

In the OxREP, Tomohiro Hirano and @josephestiglitz.bsky.social show that multiple steady states and momentary equilibria, and bounded yet non-periodic complex dynamics can be observed even in the simplest overlapping-generations models with capital accumulation. academic.oup.com/oxrep/articl...

In his introduction to this OxREP issue, David Vines develops a taxonomy of reasons for structural change in macroeconomic models: tipping points, asymmetries in the growth process, large external shocks, and actual chaos. academic.oup.com/oxrep/articl...

The OxREP's newest issue on “Rebuilding Macroeconomic Theory III: The Macroeconomics of Structural Change” has been published! Read all articles online here: academic.oup.com/oxrep/issue/...

Eleanor Carter and Michael Gibson explore the evolving roles of the state, issues arising from outsourced delivery, emerging collaborative models, and the increasing role of citizens in welfare provision. #Welfare #PublicPolicy academic.oup.com/oxrep/articl...

Rising health spending threatens fiscal sustainability in England. Anita Charlesworth and Ann Raymond suggest that long-term funding must rely on higher taxes or private spending due to limited scope for public service cuts. #NHS #FiscalPolicy academic.oup.com/oxrep/articl...

The UK must significantly expand health and social care supply to meet rising demand. @maxwarner.bsky.social and @benzaranko.bsky.social explore how to boost inputs and productivity amid policy and fiscal constraints. #HealthPolicy #SocialCare academic.oup.com/oxrep/articl...

Council housing, once common and broadly accessible, now serves mainly low-income households and sees minimal new builds. Peter A. Kemp finds that social housing covers only 1 in 6 households today. #HousingPolicy #uk academic.oup.com/oxrep/articl...

UK pensions face challenges from an ageing population. Jonathan Cribb, Carl Emmerson and Heidi Karjalainen argue that this implies raising pension age—hitting poorer groups hardest—or limiting ‘triple lock’ indexation, impacting higher earners more. #Pensions academic.oup.com/oxrep/articl...

In 2023, the UK tax-benefit system reduced income inequality by 27.6%, trailing France. Victoria Prowse shows that fiscal drag disproportionately affects low earners, while advocating for higher Universal Credit to limit inequality. #TaxPolicy #Inequality academic.oup.com/oxrep/articl...

David Coady traces 40 years of UK fiscal redistribution. Labour’s 1997–2010 expansion boosted budget effort but cut progressivity; post-2010 austerity reversed this. Notably, redistribution to the poorest declined throughout. #Welfare #UKPolicy academic.oup.com/oxrep/issue/...

Sustained productivity growth underpins a successful welfare state but the UK has faced years of stagnant real wages and weak productivity. Stephen Machin explores policies to revive sustained wage growth. #Growth #UK academic.oup.com/oxrep/articl...

The Nordic welfare model is lauded for balancing high income and equality in open economies with large public sectors. Torben M. Andersen and Michael Svarer review its features, resilience, and policies, while exploring future challenges. #Welfare #Nordics academic.oup.com/oxrep/articl...

Generous welfare systems don’t uniformly attract migrants. @mfreino.bsky.social, @isabel-ruiz.bsky.social and @williamlallen.bsky.social show that skilled immigrants tend to contribute, while humanitarian migrants may incur short-term costs. #Migration #Policy academic.oup.com/oxrep/articl...

Rhys Andrews examines divergence in local welfare expenditure across the devolved UK. While academy school expansion in England reduced local education spending, Scotland’s free social care policy increased adult social care expenditure. #LocalWelfareUK academic.oup.com/oxrep/articl...

@iprnickp.bsky.social and @gavin-kelly.bsky.social analyse how the UK welfare state was reshaped by austerity and Covid, showing that despite fundamental changes, most reforms aligned with the UK's liberal model. They also explore future policy options. #UKWelfare academic.oup.com/oxrep/articl...

The British welfare state faces challenges in service delivery and funding. Christopher Adam and @iremguceri.bsky.social discuss ageing populations, precarious work, and housing shortages, and explore how Labour can make welfare fit for the future. #FutureWelfareUK

Lawrence Goldman traces the British welfare state’s evolution through the 1830s, 1900s, and 1940s, arguing that issues from the Poor Law era still resonate. Similarly, Beveridge and Bevan's visions underpin welfare provision even today. #Welfare

The OxREP's newest issue on "The Future of the Welfare State In the UK" has been published! Read all articles online here: academic.oup.com/oxrep

Recommender systems are both a beneficial tool and source of market distortion. In the OxREP, @EmilioC_, Giacomo Calzolari, Vincenzo Denicolò, and Sergio Pastorello argue that the benefits of RS need to be balanced against their economic implications. academic.oup.com/oxrep/articl...

Are the traditional tools and frameworks of competition policy robust to artificial intelligence? In the OxREP, Catherine Tucker discusses how competition policymakers can identify bad intent by firm when confronted with algorithm-based decision-making. academic.oup.com/oxrep/articl...

Clarifying the discussion around eco-systems in competition policy, Pierre Régibeau and Katharine E. Rockett identify key theories of harm. Read the latest OxREP to find out more about “defensive foreclosure” and the Microsoft, Alphabet and Meta cases. academic.oup.com/oxrep/articl...

Insights from behavioural economics have been key to improving regulation of markets dominated by tech companies. Amelia Fletcher and Zita Vasas emphasise the importance of choice architecture in competition law cases in their contribution to the OxREP. academic.oup.com/oxrep/articl...

Although firms' labour market power in the UK has not risen substantially, it has significant economic costs to some. In their OxREP article, Joel Kariel, Jakob Schneebacher and Mike Walker discuss the implications of these findings for competition agencies’ tools. academic.oup.com/oxrep/articl...

Damien Geradin and Stijn Huijts investigate in the latest OxREP whether the European Commission’s effects-based approach to abuses of dominant position has gone too far. Considering the DMA, they also assess how it could improve its enforcement mechanisms. academic.oup.com/oxrep/articl...

The competition policy of past decades is inadequate, argue @lancierifilippo.bsky.social and Tom Valletti in the latest OxREP. They emphasise the importance of rebuttal structural presumptions in making merger review policy fit for the 21st century. academic.oup.com/oxrep/articl...

Theories of harm in EU merger control have evolved rapidly. Using data extracted from merger decisions, Tomaso Duso, Lea Bernhardt and Joanna Piechucka analyse how the introduction of the new EU Merger Regulation in 2004 has impacted merger assessment. academic.oup.com/oxrep/articl...

In the latest OxREP issue, @dianecoyle1859.bsky.social alerts us to institutional challenges amidst activism in industrial and competition policy: How to combine expertise with political legitimacy; and how to coordinate policymaking across different bodies. academic.oup.com/oxrep/articl...

Does a “more-economics approach” to competition law lead to under-enforcement? Finding mixed evidence, Jorge Padilla suggests in his OxREP article that only greater scrutiny of different types of evidence can correct excessively lenient enforcement. academic.oup.com/oxrep/articl...

In the latest OxREP, Gregory J. Werden describes, compares and traces the history of philosophies on competition policy. Different approaches vary widely as to their intensity, scope and focus of enforcement – and directly impact decisions made by courts. academic.oup.com/oxrep/articl...

Has competition policy kept pace with the market power of (tech) firms? How should it respond to temporary critiques like the “hipster antitrust movement”? In their introduction, Simon Cowan, Peter Ormosi and Joe Perkins address the future of competition economics. academic.oup.com/oxrep/articl...

The OxREP's newest issue on "New Directions in Competition Policy" has been published! Read all articles online here: academic.oup.com/oxrep/issue/...