Oxford Econ Policy

India’s unequal care economy Abstract. In the context of massive care deficits and inadequate public provision of basic care services in India, there are significant inequalities not o

Dipa Sinha and @jayatighosh.bsky.social show how inequalities shape paid and unpaid care work in India in the latest OxREP. Patterns of care range from unrecognised informal care arrangements in families to formal employment in public and private hospitals.
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A new model of parental time investments: a paradigm shift for addressing gender inequality in the labour market Abstract. This paper introduces a new framework for understanding the persistence of the motherhood penalty by emphasizing the role of on-call care. Using

The motherhood penalty persists and deepens gender gaps. In their OxREP contribution, Pilar Cuevas-Ruiz, José Ignacio Gimenez-Nadal, Sveva Manfredi, and Almudena Sevilla highlight the impact of on-call care on long-term post-childbirth labour market outcomes.
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In the OxREP, Benjamin Bridgman argues that household production is a key contributor to economic well-being. Tracking progress towards measuring household production within a national accounting framework, he also suggests measurements beyond GDP.
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Trends in unpaid work across the world and progress in time-use data collection and policy use Abstract. This paper builds on a database of 44 countries for which several estimates of time use in unpaid and paid work have been made available thanks t

The latest OxREP assesses progress towards gender equality and women’s economic empowerment. Harnessing the potential of time-use surveys, Jacques Charmes presents a database of 44 countries, including several estimates of time use in unpaid and paid work.
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The economic history of caring labour: a case study of breastfeeding Abstract. Caring labour, whether paid or unpaid, creates value, supports economic activity, and generates positive externalities, yet suffers neglect in co

Louis Henderson and Jane Humphries argue in the OxREP that care labour is systematically neglected in conventional economic metrics. They illustrate how breastfeeding has been historically unrecognised despite its crucial contribution to infant health.
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The privilege of care and its relationship to the economy Abstract. This paper provides a conceptual overview and exploration of formal and informal care provisions and their implications on economic measurement r

In their OxREP article, Misty L. Heggeness, Joseph Bommarito, and Pilar McDonald introduce the concept of ‘care privilege’. Those with easy access to care provision often control policymaking, while caregivers struggle to influence social policies.
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Beyond the household: racialized women’s collective community care work Abstract. Feminist economics scholars have identified care work, in both its paid and unpaid forms, as a crucial economic activity that reproduces people’s

Care matters beyond households and state/market-coordinated paid care work. In the OxREP, Nina Banks and Anastasia Wilson analyse the origins, form and importance of unpaid collective care work performed by racialised women in the United States and Brazil.
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In her OxREP contribution, Naila Kabeer draws attention to a global feature of patriarchy: the asymmetrical gender division of labour. Women shoulder the burden of care and domestic work; men enjoy access to resources. This pattern genders poverty.
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Care as investment in infrastructure Abstract. This paper makes the case for recognizing spending on care, whether for young children, disabled adults, or the frail elderly, as an investment i

Public spending on care constitutes investment in social infrastructure. In her OxREP article, Susan Himmelweit argues that ignoring care’s social benefits causes systemic under-spending and leads policymakers to miss excellent multiplier opportunities.
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What care produces Abstract. This paper looks beyond valuation of inputs such as time and money to consider the outcomes or ‘outputs’ of care provision, which can be partiall

Care labour is productive, as evidenced by ‘outputs’, including enhanced individual and social capabilities. In the OxREP, @nancyfolbre.bsky.social proposes including non-monetary indicators such as health and life satisfaction in care provision cost-benefit analysis.
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Repositioning care in economics: concepts, measurement, and policy implications Abstract. Care work, encompassing childcare, eldercare, disability care, household maintenance and emotional support, sustains the human capabilities upon

In their introduction to the OxREP’s issue on the economics of care, @profemilyjones.bsky.social , @isabel-ruiz.bsky.social, and Sarita Undurraga argue in favour of centring care in economic analysis. It is integral to the capabilities underpinning economic activity.
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Volume 41 Issue 3-4 | Oxford Review of Economic Policy | Oxford Academic Publishes original contributions in economic policy, with a balance between macro- and microeconomics. Provides a valuable appraisal of economic policies worldwide with each issue focused on a topic o...

The OxREP's double issue on “The Economics of Care” has been published! Read all articles online here:
academic.oup.com/oxrep/issue/...

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.
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Understanding and modelling structural economic change as a dynamic resource creation process—an application to low-carbon transitions Abstract. The global economy is constantly undergoing large-scale structural change. Policy-makers face the task of deciding how technological change is di

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.
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Quantitative agent-based models: a promising alternative for macroeconomics Abstract. Agent-based models (ABMs) are dynamic computer simulations that abandon utility maximization and instead assume that agents are boundedly rationa

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.
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Modelling structural change in global macroeconomic models Abstract. The global economy has experienced significant structural change over the past several decades and is expected to continue evolving in the future

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.
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The future of global economic power Abstract. The global economy’s enormous region-specific demographic, technological, and fiscal changes raise five major questions. First, which regions wil

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.
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Did expansionary fiscal and monetary policies cause the inflation surge? Abstract. This paper employs a two-country New Keynesian DSGE model to assess how much of the 2021–2 inflation surge in the US and the euro area is explain

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.
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Monetary policy credibility, avoiding dark corners, and risk management: a response to Ben Bernanke's review of monetary policy-making at the Bank of England Abstract. Ben Bernanke's Forecasting for Monetary Policy Making and Communication at the Bank of England: A Review (Bernanke, 2024) provides a stimulus for

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.
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The straw that breaks the camel's back: inferential expectations and sudden belief changes Abstract. We propose a theory of abrupt shifts in beliefs—termed inferential expectations (IE)—to explain significant structural changes observed in econom

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...

Multiple equilibria in the absence of commitment Abstract. This paper shows how multiple equilibria can arise under discretionary monetary policy in a standard New Keynesian model with capital accumulatio

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.
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The Blair Black Hole in global climate policy Abstract. Slow progress in reducing greenhouse gas emissions has led to comments that achievement of global climate change mitigation goals is unlikely, be

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.
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Green transitions: complementarities, multiple equilibria, and tipping points Abstract. With strategic complementarities stemming from peer effects in demand or technological spillovers, propagation and amplification mechanisms incre

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’.
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What causes structural change? Abstract. Structural change refers to long-term, systematic changes in the sectoral composition of aggregate economic output. Ordinarily, it means the cont

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.
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Henry George, land speculation, and economic growth and transformation Abstract. There has long been a concern that speculation on land (or other non-produced assets) may adversely affect economic performance by diverting scar

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.
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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.
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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.
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Overlapping generations models, multiplicity of steady states and momentary equilibria, and economic fluctuations Abstract. This paper examines the simplest OLG models with capital accumulation, demonstrating three results that stand in marked contrast to those of the

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...

The rebuilding macroeconomic theory project part III: macroeconomic models of structural change Abstract. In this article I first set out a taxonomy of reasons for structural change within a macroeconomic model. There may be tipping points, either wit

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...

Issues | Oxford Review of Economic Policy | Oxford Academic Publishes original contributions in economic policy, with a balance between macro- and microeconomics. Provides a valuable appraisal of economic policies worldwide with each issue focused on a topic o...

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/...