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Articles by Flavio Toxvaerd
What are the consequences of market power in supply chains?
Competition authorities in many countries, including the UK, vigorously pursue businesses that exercise market power – restricting supply to raise prices – to harm consumers. Market power higher up in supply chains, between one business and another, is less visible, and therefore harder to study. To address this evidence gap, the Competition and Markets Authority (CMA) recently brought together experts on market power in supply chains for a UKRI-funded workshop.
CPI Inflation, July 2021
Main points The CPI inflation rate was 2.0% in June 2021, down from 2.5% in June. This decrease of -0.5% was due to the old inflation dropping out (May-June 2020), often referred to as a “base effect”. There was no new inflation between June and July 2021, with the price index remaining constant. The new monthly inflation rate for June-July of 0% follows on after three successive months of high monthly inflation (at 0.5-0.6% for March-April, April-May and May-June).
Effective COVID-19 policy is not only about public health, but also about economics
The COVID-19 crisis has upended the lives of many, causing almost 200M global infections to date, over 4M deaths and untold damage to the livelihoods of millions. Although the recent vaccine rollout in some parts of the world offers some room for optimism, the epidemic is still far from defeated and many in the developing world are still at significant risk of infection.
Bank Chief Economist: Manager or Thought Leader?
The Bank of England is searching for a new Chief Economist, and the formal deadline for applications was Wednesday 2 June. But what is the Bank’s Chief Economist expected to do? And what skills and qualifications does he or she need? After all, the Bank has lots of economists. What special responsibilities does our central bank need a Chief Economist to carry out? The role of Chief Economist at the Bank formally came into being when Mervyn King was appointed in 1991.
Should patents on Covid-19 vaccines be waived?
There is much debate about whether the patents on Covid-19 vaccines should be waived to allow low-income countries to produce doses for themselves. In current circumstances, such a course of action is likely to have little effect for good or ill. There is a global debate right now about whether vaccine patents should be waived to allow low-income countries to produce doses for themselves.
Vaccine nationalism: why do some countries cooperate and others go it alone?
Faced with the severe health and economic damage caused by Covid-19, governments may wish to protect their citizens by securing vaccines first. But such ‘vaccine nationalism’ has consequences and may not be the wise choice in the longer term. The UK’s rollout of vaccines is proceeding at a fast pace. Over 46 million doses have been administered and, at its peak, the rate briefly surpassed 800,000 injections into arms in one day.
Managing the Covid-19 Pandemic: Good Health Policy Is Good Economic Policy
Many economists object to framing the response to the Covid-19 pandemic as choosing between health and wealth. Health protection and wealth creation both rely on physical proximity and thus are inextricably linked. We cannot do one of these and ignore the impact on the other. As a society, we value health and life above almost all else, and it is right for governments and public health authorities to do everything within reason to safeguard the safety and well-being of its citizens.
Managing the transition to a post-vaccine world
Vaccines against COVID-19 are on the horizon; now is the time to manage the transition rationally The prospect of an effective vaccine to Covid-19 in the near term makes it important to understand private and public incentives to suppress infection. This column examines how the prospect of a vaccine alters individuals’ incentives to self-protect between now and the arrival of the vaccine, and how a benevolent social planner would prefer individuals to self-protect.
What If COVID Is Here To Stay?
Chryssi Giannitsarou & Flavio Toxvaerd VoxEU July 14, 2020 If immunity is only temporary COVID could become endemic. Read Full Article »
What to do if COVID-19 is here to stay
We do not yet know whether individuals who recover from COVID-19 can be reinfected. If immunity wanes, the disease will become endemic, in sharp contrast to a model in which recovery confers permanent immunity. This column considers the possibility that immunity is indeed only temporary, and derives a stylised optimal containment policy to reduce the initial wave of contagion and then manage persistent infections.
Economists in government: what are they good for?
Since the financial crisis, economists as a profession have come in for considerable criticism, both for failing to predict the crisis and for disagreeing violently with each other about what to do about it. As far as macroeconomics and finance go, it is difficult to dispute that there is a strong case to answer.
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