China’s Growth

January 19th, 2016

This week’s IGM Economic Experts Panel statement:

China’s growth model, specifically the unusually high investment rate and low consumption rate, is unsustainable.

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Christmas Spending

December 22nd, 2015

This week’s IGM Economic Experts Panel statement:

An annual December spending surge on parties, gift-giving and personal travel delivers net social benefits.

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Which Famous Economist, 2015 Edition

December 15th, 2015
Would you like to answer the questions posed to the IGM Economic Experts Panel to see which expert is most similar to you?  Chris Said, a data scientist at Twitter, created a website that will do this. You can enter … Continue reading Go to Item ›

US Interest Rates

December 8th, 2015

This week’s IGM Economic Experts Panel statements:

A) The Fed should raise its target interest rate when it meets in mid-December.

B) The Fed should have raised interest rates sooner, rather than leaving them near zero for this long.

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Quarterly Earnings

November 20th, 2015

This week’s IGM Economic Experts Panel statements:

A) Letting publicly traded US firms report earnings annually rather than quarterly would lead their executives to place more weight on long-term issues in their investments and other decisions.

B) A switch from quarterly to annual earnings reports would, on net, benefit shareholders.

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The $13 Trillion Question: Managing the U.S. Government’s Debt

November 13th, 2015
There is a lot of attention paid to the size of the federal debt, which amounts to more than $13 trillion. There is very little attention paid to how the U.S. Treasury borrows all that money – how much short-term, … Continue reading Go to Item ›

Standardized Tests

November 3rd, 2015

This week’s IGM Economic Experts Panel statement:

Comparing their students’ average gains on standardized tests over the school year makes it easier to predict which teachers — all else equal — are more likely to improve their student’s long-term life outcomes.

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Poverty and Measurement

October 20th, 2015

This week’s IGM Economic Experts Panel statements:

A) The association between health and economic growth in poor countries primarily involves faster growth generating better health, rather than the other way around.

B) The decline in the fraction of people with incomes under, say, $1 per day is a good measure of whether well-being is improving amount low-income populations.

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Misbehaving: The Making of Behavioral Economics

Richard Thaler October 19th, 2015
Myron Scholes Forum, October 13, 2015 Richard Thaler, Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at Chicago Booth, has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone … Continue reading Go to Item ›

Greece’s Crisis Debt

October 7th, 2015
Myron Scholes Forum, September 29, 2015 Professors Anil Kashyap, Stavros Panageas, and Luigi Zingales discussed alternative views on the nature of Greece’s debt crisis, the approach that its creditors and EU neighbors have taken, and the likely implications of 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: 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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