Housing Bubble Fueled Consumer Spending

Atif Mian and Amir Sufi June 25th, 2009
Wall Street Journal, June 25th, 2009 Using research funded by the Initiative on Global Markets at the University of Chicago’s Booth School of Business, Professors Atif Mian and Amir Sufi argue that the “rise in house prices from 2002 to … Continue reading Go to Item ›

Dilute or Die

May 14th, 2009
The Economist; May 16th, 2009 An new article in the May 16th Economist details new research from Professor Luigi Zingales and his co-author Oliver Hart regarding bank regulation. Read Economist article> For additional information, please see Professors Zingales and Hart’s … Continue reading Go to Item ›

Banks Need Fewer Carrots and More Sticks

May 14th, 2009
R. Glenn Hubbard, Hal Scott, and Luigi Zingales Wall Street Journal; May 6th, 2009 The results of bank stress tests — expected tomorrow — will no doubt prompt calls for further government guarantees and capital injections. But continuing to prop … Continue reading Go to Item ›

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 crisis challenges the status quo and … Continue reading Go to Item ›

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 in … Continue reading Go to Item ›

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 … Continue reading Go to Item ›

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 … Continue reading Go to Item ›

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> Go to Item ›

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 … Continue reading Go to Item ›

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 plan … Continue reading 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: 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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