Diversification

November 20th, 2013

This week’s IGM Economic Experts Panel statement:

In general, absent any inside information, an equity investor can expect to do better by choosing a well-diversified, low-cost index fund than by picking a few stocks.

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10 New Economic Experts join the IGM Panel

November 7th, 2013
For the past two years, our expert panelists have been informing the public about the extent to which economists agree or disagree on important public policy issues. This week, we are delighted to announce that we are expanding the IGM … Continue reading Go to Item ›

Fed Policy

November 6th, 2013

This week’s IGM Economic Experts Panel statements:

A: Enactment of the Senate bill to subject the Federal Reserve’s monetary policy and discount window decisions to an audit by the Comptroller General of the U.S. would improve the Fed’s legitimacy without hurting its decision making.

B: The Fed should not reduce its purchases of mortgage-backed securities and treasurys until there is clearer evidence of strong and sustained employment growth.

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Patents and the Direction of R&D: are there ‘missing’ cancer drugs?

Eric Budish November 5th, 2013
Myron Scholes Forum, October 30, 2013 Eric Budish, Associate Professor of Economics, Chicago Booth Professor Eric Budish discussed his work on patents and cancer R&D. In his research with co-authors Heidi Williams and Ben Roin, he argues that the current … Continue reading Go to Item ›

Net Neutrality

October 24th, 2013

This week’s IGM Economic Experts Panel statement:

Allowing Internet service providers to charge content companies for access to the ISPs’ customers would provide net benefits to consumers.

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Understanding Gene Fama’s Nobel

October 14th, 2013
The IGM congratulates Eugene Fama, Lars Peter Hansen and Robert Shiller, who have been awarded the Nobel prize in economics. John Cochrane explains Gene Fama’s contributions to the understanding of asset prices here. As an example of how much the … Continue reading Go to Item ›

US Fiscal Risks

October 8th, 2013

This week’s IGM Economic Experts Panel statements:

A: If the United States fails to make scheduled interest or principal payments on government debt securities, even as an unintended consequence of political brinksmanship, US families and businesses are likely to suffer severe economic harm.

B: With or without a default, current uncertainty over future taxing and spending policies of the US government is likely to depress private investment and hiring by enough to reduce GDP growth by at least a quarter of a percentage point over the next 12 months.

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Banking reform in Britain and Europe

John Vickers October 3rd, 2013
Myron Scholes Forum, October 2, 2013 John Vickers, Warden of All Souls College, Oxford University John Vickers examined banking reform initiatives five years on from the crisis, with a focus on Britain and the rest of Europe. How far have … Continue reading Go to Item ›

Capital Outflows

September 26th, 2013

This week’s IGM Economic Experts Panel statement:

Experience over the past 30 years shows that for the typical emerging market nation facing rapid capital outflows, spending foreign currency reserves to defend its currency is a better policy for its citizens than not doing so.

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Airline Mergers

August 28th, 2013
This week’s IGM Economic Experts Panel statement: If regulators had not approved mergers in the past decade between major networked airlines, travelers would be better off today. Go to Item ›

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: Brexit: What it Means for Europe and the World

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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