Reforming Global Economic and Financial Governance

November 7th, 2008
November 6, 2008 The central problem in fostering global economic dialogue is that it is currently a dialogue between the deaf. Industrial countries stopped requiring financing long ago, believe they are responsible global citizens, and guard their policy independence carefully. … Continue reading Go to Item ›

Congress and the Bailout

Ray Fisman November 6th, 2008
November 06, 2008 In today’s Slate, Ray Fisman of Columbia Business School writes “What’s In It for Me?: How congressmen decided to vote for the bailout.” Read article> For a detailed analysis of the bailout, see a new working paper … Continue reading Go to Item ›

Securitization, Screening and Default Models: Evidence from Subprime Loans

Amit Seru November 5th, 2008
Myron Scholes Forum, November 4, 2008 Amit Seru presents the third lecture of the Credit Crisis Series, part of the Myron Scholes Global Markets Forum. Watch Video and View pdf Go to Item ›

Paulson’s Gift

November 3rd, 2008
Pietro Veronesi and Luigi Zingales November 3, 2008 We calculate the efficiency and distributional effects of the largest ever U.S. Government intervention in the financial system. Possible systemic effects aside, we estimate that the revised Paulson plan increased the value … Continue reading Go to Item ›

The Current Financial Crisis, Other Recent Crises, and the Role of Short-term Debt Crisis

Douglas Diamond October 29th, 2008
Myron Scholes Forum, October 28, 2008 Doug Diamond presents the second lecture of the Credit Crisis Series, part of the Myron Scholes Global Markets Forum. Watch video and View pdf. Go to Item ›

Plan B

October 23rd, 2008
Economist’s Voice – October 2008 Luigi Zingales offers an alternative to Paulson’s bailout plan. He seeks to combat the credit crisis on two fronts: the real estate market and Wall Street. Read more> Go to Item ›

Don’t Blame the Messenger…or Ignore the Message

Ray Ball October 23rd, 2008
The message? Highly leveraged institutions gambling heavily on risky, low-transparency securities are simply asking for trouble. To avoid future financial crises, subprime mortgages need to move to moderately leveraged institutions – pension plans, 401(k) plans, mutual funds, sovereign funds, endowments, … Continue reading Go to Item ›

Remarks on the Credit Crisis

Sam Peltzman October 23rd, 2008
Federal Reserve Bank of Chicago At this writing in early October, 2008 it appears that the first phase of the financial crisis is ending and the second is about to or has begun. The phase that is ending entails flushing … Continue reading Go to Item ›

The Consequences of Mortgage Credit Expansion: Subprime Lending and the Mortgage Default Crisis

Amir Sufi October 22nd, 2008
Myron Scholes Forum, October 21, 2008 Amir Sufi presents the first lecture of the Credit Crisis Series, part of the Myron Scholes Global Markets Forum. Watch Video and View pdf Go to Item ›

The Financial Crisis and the Bailout: A Primer

October 16th, 2008
October 16, 2008 Steven Kaplan provides a primer on the crisis. What is the problem? How did we get here? What do we need to do? What does the bailout do and not do? What else should be done? View … 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: 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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