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Articles by Benjamin Moll
Volume 136, Issue 676, May 2026
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Putting the "Finance" into "Public Finance": A Theory of Capital Gains Taxation
Skip to main content We thank Antoine Ferey, Mike Golosov, Camille Landais, Dmitry Mukhin, Chris Phelan, Daniel Reck, Karl Schulz, Dejanir Silva, Joel Slemrod, Ivan Werning, and many seminar participants for helpful discussions. Erik Beyer and Seyed Hosseini Maasoum provided excellent research assistance. Benjamin Moll acknowledges support from the Leverhulme Trust and the European Union's Horizon 2020 research and innovation programme (grant agreement No. 865227).
La esencia misma del modelo de la política monetaria moderna: los nuevos modelos económicos permiten a las autoridades responsables entender mejor los efectos de las medidas adoptadas para controlar la inflación
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What if? The Effects of a Hard Decoupling from China on the German Economy
How would the German economy cope with a hard economic decoupling from China? We study a scenario where the global economy fragments into three distinct blocs: the G7 economies and their allies, China and her allies, as well as neutral countries. German trade with China would have to be entirely rerouted to countries within the "Western" block and neutral countries. We quantify the costs of such a worst-case hard decoupling using the (Baqaee and Farhi 2021) multi-sector model of the world economy.
Bypassing the German debt brake and continuing climate spending
A 15 November ruling of Germany’s top court disallowing the circumvention of constitutional debt limits through special funds has stumped Germany and the European Union with its possible implications. In particular, the ruling has major implications for the climate transition, and for the increased government spending needed to pay for it. Germany enforces tough spending rules on its governments.
How did Germany fare without Russian gas?
After the Russian invasion of Ukraine, there was a heated debate in Germany about whether to embargo the import of Russian natural gas as a sanction against Russia’s aggression. Germany imported 55% of its gas from Russia at the time, and many argued that the embargo would crush Germany’s economy. Before Germany could act, Russian began cutting the flow of gas to Germany, eventually halting it entirely.
The power of substitution: The Great German Gas debate in retrospect
Editor's note: The paper summarized here is part of the fall 2023 edition of the Brookings Papers on Economic Activity, the leading conference series and journal in economics for timely, cutting-edge research about real-world policy issues. Research findings are presented in a clear and accessible style to maximize their impact on economic understanding and policymaking. The editors are Brookings Nonresident Senior Fellows Janice Eberly and Jón Steinsson.
Uneven Growth: Automation's Impact on Income and Wealth Inequality
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What if Germany is cut off from Russian energy?
Editors' note: This column is part of the Vox debate on the economic consequences of war. How would the German economy cope with a sudden stop of energy imports from Russia, either triggered by a further tightening of the sanction regime or following a stop of energy deliveries by Russia? Germany imports about 60% of its energy (World Bank 2022), with import quotas of between 94% and 100% for oil, gas, and hard coal (Umweltbundesamt 2022).
BPEA Spring 2022 conference
Twitter Join the conversation on Twitter using #BPEA The Brookings Papers on Economic Activity (BPEA) is a semi-annual academic conference and journal that pairs rigorous research with real-time policy analysis to address the most urgent economic challenges of the day. The Spring 2022 BPEA conference will be held March 24-25, 2022 by Brookings’s Economic Studies program.
Present Bias Amplifies the Household Balance-Sheet Channels of Macroeconomic Policy
We are grateful to Adrien Auclert, John Campbell, Xavier Gabaix, Agnes Kovacs, Lu Liu, Patrick Moran, Matt Rognlie, and seminar participants at various institutions for useful comments. Adrien Couturier, Seung Hyeong Lee, Jessica Schultz, and Rui Sousa provided excellent research assistance. The authors acknowledge support from the Pershing Square Fund for Research on the Foundations of Human Behavior.
Uneven growth: automation’s impact on income and wealth inequality
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Uneven Growth: Automation's Impact on Income and Wealth Inequality
We thank Daron Acemoglu, Fabrizio Perri, Matt Rognlie, Richard Rogerson, Stefanie Stantcheva, Ivan Werning and seminar participants at various institutions for useful comments and Gabriel Zucman for kindly providing some tabulations from the dataset constructed by Piketty, Saez and Zucman (2018). We also thank Benny Kleinman, Nils Lehr and Max Vogler for outstanding research assistance.
Lockdowns and UK economic performance
On 5 November, the UK entered its second lockdown in an attempt to contain the spread of Covid-19. This column reports on the latest CfM survey, in which the majority of the panel of assessed that lockdowns have caused limited economic damage beyond what the pandemic itself would have caused unabated, and that the economic costs of the current lockdown are limited relative to the milder measures employed this summer.
A Tax-based Alternative to Lockdowns
The debate about how to manage the health and economic effects of the COVID-19 pandemic revolves around varying degrees of lockdown vs. no lockdown at all. However, in their recent paper that describes the distributional effects of existing policies, Greg Kaplan, Benjamin Moll, and Giovanni Violante offer a novel alternative. Instead of shutting down businesses or allowing partial openings to prevent people from gathering and spreading the disease, why not tax people’s behavior instead?
Subsidising growth: An argument for pro-business policies in emerging
Subsidising growth: An argument for pro-business policies in emerging markets From a neoclassical perspective, export promotion and comparative advantage policies are unambiguously detrimental. This column extends the standard growth model with financial frictions to explore how such policies affect a country’s development trajectory. Results show that the presence of financial frictions opens the door for welfare-improving government interventions in product and factor markets.
Monetary Policy According to HANK
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