A Test Europe’s Banks Mustn’t Fail

February 18th, 2014
In today’s New York Times International edition, Francesco Giavazzi and Anil Kashyap give guidance for how the European Central Bank needs to organize its upcoming bank stress tests if they are to succeed. “Europe is lurching toward an overhaul of … Continue reading Go to Item ›

Innovation and Growth

February 11th, 2014

This week’s IGM Economic Experts Panel statement:

Future innovations worldwide will not be transformational enough to promote sustained per-capita economic growth rates in the U.S. and western Europe over the next century as high as those over the past 150 years.

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Chairman Bernanke

January 28th, 2014

This week’s IGM Economic Experts Panel statement:

Informed postmortems of Ben Bernanke’s Fed chairmanship will judge favorably the Fed’s creative and aggressive policy initiatives from autumn 2008 through early 2009.

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Surge Pricing

January 13th, 2014

This week’s IGM Economic Experts Panel statement:

Using surge pricing to allocate transportation services — such as Uber does with its cars — raises consumer welfare through various potential channels, such as increasing the supply of those services, allocating them to people who desire them the most, and reducing search and queuing costs.

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A Musical Tribute to Ben Bernanke

January 3rd, 2014
Our musical tribute to Ben Bernanke, shared with him at the American Economic Association (AEA) Annual Meeting today, January 3rd, 2014. View video> Kashyap’s comments> Go to Item ›

If Economists Wrote Christmas Cards

December 19th, 2013
The University of Chicago asks a group of academics about gift-giving and the holidays. Their responses will melt your heart. Cash is the most efficient gift, according to economists. Cash is also a terrible gift, according to economists. By guaranteeing … Continue reading Go to Item ›

Bah, Humbug

December 17th, 2013

This week’s IGM Economic Experts Panel statement:

Giving specific presents as holiday gifts is inefficient, because recipients could satisfy their preferences much better with cash.

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Low-Skilled Immigrants

December 10th, 2013

This week’s IGM Economic Experts Panel statements:

A: The average US citizen would be better off if a larger number of low-skilled foreign workers were legally allowed to enter the US each year.

B: Unless they were compensated by others, many low-skilled American workers would be substantially worse off if a larger number of low-skilled foreign workers were legally allowed to enter the US each year.

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Managing Complexity and its Implications for Financial Reform

Hugo Bänziger December 10th, 2013
Myron Scholes Forum, December 5, 2013 Hugo Bänziger, Adjunct Professor of Finance, Chicago Booth and former Chief Risk Officer and member of the management board, Deutsche Bank Hugo Bänziger, Adjunct Professor of Finance, has both corporate and academic experience. In … Continue reading Go to Item ›

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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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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