Congress and Monetary Policy

July 14th, 2014

This week’s IGM Economic Experts Panel statement:

Legislation introduced in Congress would require the Federal Reserve to “submit to the appropriate congressional committees…a Directive Policy Rule”, which shall “describe the strategy or rule of the Federal Open Market Committee for the systematic quantitative adjustment of the Policy Instrument Target to respond to a change in the Intermediate Policy Inputs.” Should the Fed deviate from the rule, the Fed Chair would have to “testify before the appropriate congressional committees as to why the [rule]…is not in compliance.” Enacting this provision would improve monetary policy outcomes in the U.S.

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Patents

June 24th, 2014

This week’s IGM Economic Experts Panel statements:

A: All else equal, Patent Assertion Entities — which specialize in acquiring and asserting patents and are popularly known as “patent trolls” — promote innovation in the U.S.

B: Within the software industry, the US patent system makes consumers better off than they would be in the absence of patents.

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Liquidity

June 3rd, 2014

This week’s IGM Economic Experts Panel statement:

There is a social value to having institutions that issue liquid liabilities that are backed by illiquid assets.

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The Only Game in Town? A New Consitution for Monetary (and Credit) Policy

Paul Tucker May 23rd, 2014
Myron Scholes Forum, May 22, 2014 Paul Tucker, senior fellow at the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School and former Deputy Governor of the Bank of England for Financial Stability Central banks have accumulated more powers … Continue reading Go to Item ›

Gary Becker

May 20th, 2014

This week’s IGM Economic Experts Panel statements:

A: Employers that discriminate in hiring will be at a competitive disadvantage, if their customers do not care about their mix of employees, compared with firms that do not discriminate.

B: Rising market wages are an important reason — over and above any changes in medical technology, social norms or preferences — why family sizes have fallen over the past century in rich countries.

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Net Neutrality II

May 6th, 2014

This week’s IGM Economic Experts Panel statement:

Considering both distributional effects and changes in efficiency, it is a good idea to let companies that send video or other content to consumers pay more to Internet service providers for the right to send that traffic using faster or higher quality service.

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House of Debt

Amir Sufi April 24th, 2014
Myron Scholes Forum, April 21, 2014 Amir Sufi, Chicago Board of Trade Professor of Finance, Chicago Booth The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost … Continue reading Go to Item ›

European Debt

April 22nd, 2014

This week’s IGM Economic Experts Panel statement:

The recent oversubscribed debt issues of Greece and Portugal suggest that sovereign default by any euro area country is unlikely in the foreseeable future.

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Matthew Gentzkow awarded the 2014 John Bates Clark Medal

April 17th, 2014
The American Economic Association has awarded Chicago Booth’s Matthew Gentzkow the 2014 John Bates Clark Medal. The prestigious Clark Medal is awarded annually to the “American economist under the age of forty who is judged to have made the most … Continue reading Go to Item ›

College Athletes

April 7th, 2014

This week’s IGM Economic Experts Panel statement:

If the NCAA let colleges pay athletes with more than scholarships (which currently may cover tuition, books, room and board), then top colleges in men’s basketball and football would pay most athletes substantial sums beyond full scholarships.

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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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