Fiscal Stimulus, Fiscal Inflation, or Fiscal Fallacies?

January 26th, 2009
“Fiscal stimulus” is the proposition that by borrowing money and spending it, the government can raise the overall state of the economy, raising output and lowering unemployment. Can it work? Do the arguments for it make any sense? If so, … Continue reading Go to Item ›

Let’s Stimulate Private Risk Taking

January 21st, 2009
Alberto Alesina and Luigi Zingales Wall Street Journal In virtually all economics classes, including those taught by the many excellent economists on the Obama team, the idea of government spending as an engine for growth is not a popular topic. … Continue reading Go to Item ›

Faculty Panel: Evaluating Obama’s Stimulus Package

Myron Scholes Forum, January 16, 2009 Professors John Huizinga, Robert Lucas and Kevin Murphy evaluate and discuss the pros and cons of the Obama Stimulus Package. Watch Video View Huizinga pdf View Murphy pdf View Lucas pdf (panel presentation) View … Continue reading Go to Item ›

Yes We Can, Mr. Geithner

January 20th, 2009
This Wednesday Mr Geithner will be confirmed as the new Secretary of Treasury. Never before in U.S. history has this position been so important. Mr Geithner’s decisions in the next few weeks will have a dramatic impact on the length and the … Continue reading Go to Item ›

Bailouts and Stimulus Plans

Eugene Fama January 20th, 2009
There is an identity in macroeconomics. It says that in any given year private investment must equal the sum of private savings, corporate savings (retained earnings), and government savings (the government surplus, which is more likely negative, that is, a … Continue reading Go to Item ›

Will the US Bank Recapitalization Succeed? Lessons from Japan

December 15th, 2008
Takeo Hoshi and Anil K Kashyap NBER Working Paper Series  ** updated version ** The U.S. government is using a variety of tools to try to rehabilitate the U.S. banking industry. The two principal policy levers discussed so far are … Continue reading Go to Item ›

Economists Have Abandoned Principle

December 4th, 2008
Oliver Hart and Luigi Zingales December 3, 2008 This year will be remembered not just for one of the worst financial crises in American history, but also as the moment when economists abandoned their principles. There used to be a … Continue reading Go to Item ›

A Bankruptcy to Save GM

November 19th, 2008
Joshua Rauh and Luigi Zingales November 19, 2008 Not long ago, Alitalia was one of the largest airlines in the world. Today it is a shadow of its former self, having burned massive amounts of money. The culprit was the … Continue reading Go to Item ›

A Faculty Panel on “What the Effects Will be and What Should be Done”

November 18th, 2008
Myron Scholes Forum, November 18, 2008 To wrap up the series of Credit Crisis lectures in our Myron Scholes Forum, Brian Barry, John Cochrane, Steven N. Kaplan, and Raghuram G. Rajan look at some likely consequences of the crisis, and … Continue reading Go to Item ›

Will the U.S. Bank Re-Capitalization Work? Lessons from Japan

November 11th, 2008
Myron Scholes Forum, November 11, 2008 Anil Kashyap presents the fourth lecture of the Credit Crisis Series, part of the Myron Scholes Global Markets Forum. Watch video and View pdf 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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