Currency Manipulation

June 16th, 2015

This week’s IGM Economic Experts Panel statements:

A) Economic analysis can identify whether countries are using their exchange rates to benefit their own people at the expense of their trading partners’ welfare.

B) Bank of Japan monetary policies that result in a weaker yen make Americans generally worse off.

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Nash Equilibrium

June 2nd, 2015

This week’s IGM Economic Experts Panel statement:

Behavior in many complex and seemingly intractable strategic settings can be understood more clearly by working out what each party in the game will choose to do if they realize that the other parties will be solving the same problem.  This insight has helped us understand behavior as diverse as military conflicts, price setting by competing firms and penalty kicking in soccer.

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Improving Opportunities for Economic Mobility: New Evidence and Policy Lessons

Raj Chetty May 21st, 2015
Myron Scholes Forum, May 19, 2015 Raj Chetty, Professor in the Economics Department at Harvard University, Co-Director of the Public Economics group at the National Bureau of Economic Research, and Editor of the Journal of Public Economics Is America the … Continue reading Go to Item ›

US Median Income

May 12th, 2015

This week’s IGM Economic Experts Panel statement:

The 9% cumulative increase in real US median household income since 1980 substantially understates how much better off people in the median American household are now economically, compared with 35 years ago.

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China’s Economic Reform: Implications from China and for the World

David Dollar May 1st, 2015
Myron Scholes Forum, April 30, 2015 David Dollar, Senior Fellow; Foreign Policy; Global Economy and Development, John L. Thornton China Center; Brookings Institution China’s leaders have set progressively lower growth targets as they grapple with the need to restructure their … Continue reading Go to Item ›

California’s Drought

April 21st, 2015

This week’s IGM Economic Experts Panel statement:

Californians would be better off on average if all final users in the state paid the same price for water — adjusted for quality, place and time — even if, as a result, some food prices rose sharply and some farms failed.

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Raising Interest Rates

April 7th, 2015

This week’s IGM Economic Experts Panel statement:

The Fed should wait until its preferred measure of inflation (Core PCE) is clearly rising — and not just forecast to rise — before it begins hiking interest rates. 

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Local Tax Incentives

March 24th, 2015

This week’s IGM Economic Experts Panel statements:

A)  Giving tax incentives to specific firms to locate operations in a city or state typically generates local benefits that outweigh the costs to the city and/or state providing the incentives.

B) The US as a whole benefits when cities or states compete with each other by giving tax incentives to firms to locate operations in their jurisdictions.

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Vaccines

March 10th, 2015

This week’s IGM Economic Experts Panel statement:

A) Declining to be vaccinated against contagious diseases such as measles imposes costs on other people, which is a negative externality.

B) Considering the costs of restricting free choice, and the share of people in the US who choose not to vaccinate their children for measles, the social benefit of mandating measles vaccines for all Americans (except those with compelling medical reasons) would exceed the social cost.

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Survey: Which Famous Economist Are You Most Similar To

February 24th, 2015
Last year Chris Said, who is now a data scientist at Twitter, created a tool for summarizing the answers from the experts panel so that anyone could see which expert they would be most similar to. Chris has updated his … 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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