Thomas Drechsel is a macroeconomist, Assistant Professor at the Economics Department of the University of Maryland, and Research Affiliate at the CEPR. His research focuses on credit frictions, the effects of income inequality on firms, various aspects of monetary policy, the role of commodities for emerging market economies, as well as real-time monitoring of economic activity. His work has been published in the Review of Economic Studies, the American Economic Journal: Macroeconomics, the Journal of Monetary Economics and the Journal of Finance. It has also featured in major news outlets such as the Financial Times. Thomas is a German national and holds a PhD from the London School of Economics and Political Science.

Publications 

Latest contributions 

Cogs of monetary policy
VoxEU Column

The long and variable lags of monetary policy: Evidence from disaggregated price indices

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  • Inflation
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  • Monetary Policy
Donald J. Trump announcing the nomination of Jerome Powell as Chairman of the Board of Governors of the Federal Reserve System
Official White House Photo by Andrea Hanks
VoxEU Column

The economic consequences of political pressure on the Federal Reserve

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  • Monetary Policy
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  • Politics and economics
Wooden figures on top of piles of coins
VoxEU Column

How income inequality affects job creation at small and large firms

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • Labour Markets
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • Poverty and Income Inequality
AdobeStock_331034095.jpeg
VoxEU Column

Standard macro and credit policies cannot deal with global pandemic: A proposal for a negative SME tax

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • COVID-19
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • Labour Markets
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • Taxation