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 ›

Student Credit Risk

August 8th, 2013

This week’s IGM Economic Experts Panel statement:

Conventional economic reasoning suggests that it would be a good policy to enact the recent Senate bill that would let undergraduate students borrow through the government Stafford program at interest rates equivalent to the primary credit rates offered to banks through the Federal Reserve’s discount window.

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Savings Behavior

July 24th, 2013

This week’s IGM Economic Experts Panel statement:

An effective way to increase savings rates of employees whose firms have defined contribution plans is to combine automatic enrollment in those plans and periodic automatic increases in their contributions (with the ability to opt out of either).

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Fiscal Policy and Savings

July 8th, 2013

This week’s IGM Economic Experts Panel statement:

Sustained tax and spending policies that boost consumption in ways that reduce the saving rate are likely to lower long-run living standards.

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Website working smoothly (IGM Forum)

June 27th, 2013
We would like IGM Forum visitors who had trouble accessing our site last week to know that it is now working smoothly again. A temporary Google blacklist prevented many readers from accessing the site. Google has since rechecked our site, … Continue reading Go to Item ›

Fogel on Slavery

June 21st, 2013

This week’s IGM Economic Experts Panel statement:

Slavery in the United States was eradicated because of social and political events, not because it was an unprofitable institution for slaveholders.

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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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