Stop Subsidizing the Street

May 1st, 2009

Paola Sapienza and Luigi Zingales
City Journal; April 29, 2009

The word for “crisis in Chinese, weiji, is written with two characters: one (wei) means danger; the other (ji) means opportunity.  That’s because every

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Fear of Fire Sales and the Credit Squeeze

April 28th, 2009

Douglas W. Diamond and Raghuram G. Rajan
FT.com; April 20th, 2009

Why are banks so reluctant to lend? One possibility is that they worry about borrower credit risk, though worries need to be extreme to justify the substantial drop

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On the Stress Test: Where is MacArthur When We Need Him?

April 24th, 2009

April 24, 2009

The details regarding the procedures employed in the so-called “stress tests” were released today.  The results will be made public next Friday, but we can already tell that there are three serious problems with the SCAP. These

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Cycle-proof Regulation

April 21st, 2009

Economist.com; April 8, 2009

In a guest article, Raghuram Rajan argues for a regulatory system that is immune to boom and bust

AS THE G20 summit showed, we typically regulate in the midst of a bust. That is when righteous

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Rebuilding the Global Architecture of Financial Regulation

Malcolm Knight April 6th, 2009

Myron Scholes Forum, April 1, 2009

Malcolm Knight, Vice Chairman for Deutsch Bank Global Group will discuss the policies and procedures that will govern the future of financial regulation.

Watch video>

View pdf>

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Latest Memos from the Squam Lake Working Group

The Squam Lake Working Group on Financial Regulation is a nonpartisan, nonaffiliated group of fifteen academics who have come together to offer guidance on the reform of financial regulation. Four Chicago Booth Faculty (John Cochrane, Douglas Diamond, Anil Kashyap and

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To Regulate Finance, Try the Market

April 2nd, 2009

Oliver Hart and Luigi Zingales
ForeignPolicy.com; March 30, 2009

As Timothy Geithner pushes for an overhaul, it is time to rehabilitate one of the tools that got us into this mess: the credit-default swap.

Just days after announcing his

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The New Geithner Plan is a Flop

March 27th, 2009

New York Daily News, March 25, 2009

On Monday, the market rallied 7% at the announcement of Treasury Secretary’s Timothy Geithner’s plan to deal with banks’ toxic assets. Should taxpayers celebrate as well? The answer is a resounding no.

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The Next Steps

March 17th, 2009

Douglas Diamond and Anil K Kashyap

Professors Diamond and Kashyap list their priorities for the next steps in combating the financial crisis.

Read more>

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Keynesian Principles: This House Believes We are All Keynesians Now

March 11th, 2009

Economist.com; Economist Debates

In answer to the question: “Are we all Keynesians again? If not, should we be?” Professors Luigi Zingales and Brad DeLong argue opposing sides of issue in Tuesday, March 10th’s live debate on the Economist.com.

Read statements>

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Financial Trust Index

a measure of confidence Americans have in the private institutions in which they can invest

Visit the Financial Trust Index Site

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Scholes Forum: Dazed and Confused: Making Sense of Western Politics (And Consumers)

A VIDEO OF THE IGM’S MOST RECENT SCHOLES FORUM TALK CAN BE VIEWED HERE.

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US Monetary Policy Forum

The US Monetary Policy Forum (USMPF) brings academics, market economists, and policy makers together to discuss US monetary policy for an annual conference, sponsored by the IGM. A standing group of academic and private sector economists produces a report on a critical medium-term issue confronting the Federal Open Market Committee.

2016 USMPF REPORT
LANGUAGE AFTER LIFTOFF: FED COMMUNICATION AWAY FROM THE ZERO LOWER BOUND

2015 USMPF REPORT
THE EQUILIBRIUM REAL FUNDS RATE: PAST, PRESENT, AND FUTURE

2014 USMPF REPORT
MARKET TANTRUMS AND MONETARY POLICY

2013 USMPF REPORT
CRUNCH TIME: FISCAL CRISES AND THE ROLE OF MONETARY POLICY
EXECUTIVE SUMMARY

2012 USMPF REPORT
HOUSING, MONETARY POLICY, AND THE RECOVERY

2011 USMPF REPORT
STRESSED OUT: MACROPRUDENTIAL PRINCIPLES FOR STRESS TESTING

2010 USMPF REPORT
FINANCIAL CONDITIONS INDEXES: A NEW LOOK AFTER THE FINANCIAL CRISIS

2009 USMPF REPORT
OIL AND THE MACROECONOMY: LESSONS FOR MONETARY POLICY

2008 USMPF REPORT
LEVERAGED LOSSES: LESSONS FROM THE MORTGAGE MARKET MELTDOWN

2007 USMPF REPORT
UNDERSTANDING THE EVOLVING INFLATION PROCESS

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China Economic Summer Institute

The China Economic Summer Institute enables the best Chinese scholars to stay in active contact with top-notch researchers from the rest of the world, and provides a forum to encourage promising young Chinese researchers to work on topics that are important for understanding the Chinese economy. To learn more see the CESI WEBSITE.

SELECTED PAPERS FROM THE 2012 CHINA ECONOMIC SUMMER INSTITUTE:

PUBLIC SCHOOL RESOURCES AND PRIVATE SUBSTITUTES IN URBAN CHINA
by Cheng Yuan and Lei Zhang

A MODEL OF CHINA’S STATE CAPITALISM
by Xi Li, Xuewen Liu, and Yong Wang

A UNIFIED MODEL OF STRUCTURAL ADJUSTMENTS AND INTERNATIONAL TRADE: THEORY AND EVIDENCE FROM CHINA
by Hanwei Huang, Jiandong Ju, and Vivian Z. Yue

*The IGM cosponsors the CESI with Tsinghua University; UC Berkeley’s Program on Institutions and Governance; and the Katholieke Universiteit Leaven’s LICOS Center.

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Research on International Accounting, Enforcement, and Global Convergence

Capital-Market Effects of Securities Regulation: The Role of Implementation and Enforcement
by Hans Christensen, Luzi Hail, and Christian Leuz

Christian Leuz proposes creating a “Global Player Segment” in which firms would use the same reporting rules (ie, IFRS), face the same enforcement mechanisms, and have similar incentives for transparent reporting

Read Leuz’s GPS proposal>
See related research paper>

Global Accounting Convergence and the Potential Adoption of IFRS by the United States
by Luzi Hail, Christian Leuz, and Peter Wysocki

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IGM Working Papers

PAPERS FROM THE IGM WORKING PAPER SERIES ARE AVAILABLE FOR DOWNLOAD HERE.

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