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 ›

Commentary – The Bailout: A Primer

October 16th, 2008
Forbes – October 17, 2008 In the latest chapter of the credit crisis, the U.S. Government announced this week that it would take equity stakes in the country’s top financial institutions. As has been the case been throughout the crisis, … Continue reading Go to Item ›

Everything You Need to Know About the Financial Crisis

October 15th, 2008
Freakonomics blog – October 15, 2008 When the financial crisis was just beginning to appear, I did one of the smartest things I’ve ever done: I asked my colleagues Doug Diamond and Anil Kashyap to explain to me what was … Continue reading Go to Item ›

Can U.S. Still Claim It’s a ‘Free Market’? Anil Kashyap on NPR

October 9th, 2008
The idea that the government would move in to take over some banks in the U.S. goes against the principles of many free market economists. Hollywood producer Samuel Goldwyn once said, “Nobody knows anything.” So now who knows anything in … Continue reading Go to Item ›

Get Real About the Financial Crisis

October 9th, 2008
Op-ed The Wall Street Journal – October 9, 2008 Until last week, the conventional wisdom in Europe was that the financial crisis originated in the U.S. and that therefore the U.S. had to be first in line to respond to … Continue reading Go to Item ›

Luigi Zingales Testifies Before the Committee on Oversight and Government Reform

October 6th, 2008
Testimony of Luigi Zingales on “Causes and Effects of the Lehman Brothers Bankruptcy” before the Committee on Oversight and Government Reform, United States House of Representatives – October 6, 2008 Read PDF > Go to Item ›

Comparing Alternatives to the Paulson Plan: A Table with Links to Each Plan

September 29th, 2008
Credit Crisis Solutions: An Overview of Each Plan’s Main Features Download Word document > Go to Item ›

It is No Longer Illiquidity!

September 29th, 2008
Financial markets are in panic. Central banks are willing to lend against all manner of collateral.  Yet inter-bank credit markets are freezing up. Why? Have central banks contributed to the problem? And what do we do now? View PDF > Go to Item ›

Pay Curbs May Weaken Bailout

September 29th, 2008
Op-ed The Wall Street Journal – Sept. 29th, 2008 The White House and Congress appear to have reached an agreement on a bailout plan that restricts executive pay at companies that participate in the bailout. The plan limits CEO compensation … 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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