Economic Research Forum (ERF)

Jeffrey Frankel

Author

Jeffrey Frankel
Professor at Harvard Kennedy School

Jeffrey Frankel is Professor at Harvard Kennedy School. He serves on the Business Cycle Dating Committee of the National Bureau of Economic Research. His Economics PhD is from MIT. Before Harvard, he was Professor of Economics at the University of California, Berkeley. He served at the US President’s Council of Economic Advisers in 1983-84 and 1996-99.

Content by this Author

Rethinking the macroeconomics of resource-rich countries

After years of high commodity prices, a new era of lower prices, especially for oil, will be challenging for resource-rich countries, which must cope with the decline in income and the potential widening of internal and external imbalances. This column summarises a recent eBook in which leading economists examine the shifting landscape in commodity markets and explore the exchange rate, monetary and fiscal policy options, as well as the role of finance, including sovereign wealth funds and diversification.

A new exchange rate regime for oil-exporting countries

Currency pegs in the Gulf economies have forced monetary policy to be pro-cyclical, exacerbating the effects of swings in the oil market on the business cycle. This column proposes a new exchange rate regime for oil-exporting countries: one in which the currency is pegged to a basket that includes commodities along with currencies.

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Untapped talent, unrealised growth: jobs and women in the MENAAP region

Only around one in five women of working age participate in the labour markets of the Middle East, North Africa, Afghanistan and Pakistan. As this column explains, the region can no longer afford to leave half its human capital underused. Expanding women’s labour force participation is central to growth and resilience in the face of looming demographic change.

Closing the gender gap in political participation in MENA

Women across the Middle East and North Africa participate less than men in politics – not only in political parties and elections, but also in petitions, boycotts, protests and strikes. This column reports evidence from ten countries showing that differences in education, employment and political attitudes explain part of this disparity, yet a significant gender gap remains.

Labour demand and informal employment in Egypt’s manufacturing sector

Egypt’s manufacturing sector faces a dual challenge of weak job creation and persistent informality. Drawing on survey evidence on business behaviour and labour market dynamics, this column explains why job creation is limited and informal work remains such an integral part of how firms organise production. The generation of more formal jobs requires a comprehensive policy approach, one that goes beyond enforcement of labour regulations to reshape the economic environment in which firms and workers make decisions.

Challenges of conflict and industrial policy for development

How effective is industrial policy as a tool for long-term economic growth and development? Against the backdrop of the conflict currently engulfing the Middle East, North Africa, Afghanistan and Pakistan (MENAAP), a new report argues that while industrial policies are widely used across the region, they can only address market failures and foster growth when they are aligned with country capabilities, implemented with accountability and backed by capable institutions.




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