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. Geithner’s … Continue reading Go to Item ›

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> Go to Item ›

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> Go to Item ›

Put Out the Fire Before Fixing the Sprinkler

March 9th, 2009
Anil K Kashyap and Frederic Mishkin FT.com Opinion, March 3, 2009 Last week, President Barack Obama asked Congress to move swiftly to create a new financial regulatory system for the US. The system is clearly broken, and fixing it should … Continue reading Go to Item ›

Martin Wolf: Fixing the Global Economy

Martin Wolf March 6th, 2009
Myron Scholes Forum, March 3, 2009 (co-sponsored by The Chicago Council on Global Affairs) Martin Wolf, Associate Editor of the Financial Times , explores why global imbalances cause financial crises like the one ravaging the world now, and outlines the … Continue reading Go to Item ›

Decline and Fall of Securitization Markets

Kedran Panageas March 2nd, 2009
February 25, 2009 Kedran Panageas from JP Morgan Chase gave the Booth finance faculty a very informative presentation on the “Decline and Fall of Securitization Markets”.  At the suggestion of several faculty, we thought the presentation might be of general … Continue reading Go to Item ›

Big Challenges for Big Business: Public Mistrust of Big Business and Global Markets

February 26th, 2009
IGM, Global Market Series, number 1 This report is the first of the Global Market Series, which will focus on timely subjects in international business, financial markets, and public policy. Reports in this series will combine insights from scholarly research … Continue reading Go to Item ›

The Housing Crisis and Bankruptcy Reform: The Prepackaged Chapter 13 Approach

February 24th, 2009
Eric A. Posner and Luigi Zingales *UPDATED* The housing crisis threatens to destroy hundreds of billions of dollars of value by causing homeowners with  negative equity to walk away from their houses. A house in foreclosure is worth 30 to … Continue reading Go to Item ›

A New Information Infrastructure for Financial Markets

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 ›

Geithner’s AIG Strategy

February 19th, 2009
Pietro Veronesi and Luigi Zingales City Journal – February 19, 2009 In spite of great expectations, the Financial Stability Plan that Treasury secretary Tim Geithner presented last Tuesday was short on details. Its biggest innovation was a way for the … 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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