Lessons from the Financial Crisis

January 26th, 2010

Regulation Winter 2009-2010

With the benefit of a year’s hindsight, we can now look on the financial crisis and determine what was really the central problem, as well as identify what are the most important policy changes needed to avoid

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Return Our Investment

January 20th, 2010

Douglas Diamond and Anil K Kashyap
The New York Times, Op-ed

WALL STREET is considering legal action to prevent President Obama from imposing a new tax on bailed-out financial institutions. Because the law that created the Troubled Asset Relief

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Faculty Panel on Ethics

Faculty Panel January 13th, 2010

Myron Scholes Forum, January 11, 2010

Professors Steven Kaplan, Tobias Moskowitz, and Luigi Zingales discuss the ethics and the role of ethics on Wall Street, in the past, the present, and going into the future.

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Should Executive Pay Be Regulated?

December 30th, 2009

Myron Scholes Forum, December 3, 2009

Professor Steven N. Kaplan discusses (1) whether CEO pay is out of control; (2) the role of pay at banks and financial firms in regard to the financial crisis; and (3) whether proposed new

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A Tax on Short-term Debt Would Stabilize the System

December 17th, 2009

FT.com, December 16th, 2009

The idea of imposing a tax on financial transactions, also called the Tobin tax after the economist who first proposed it, is back in vogue. It has strong political appeal, catering to demands to punish banks

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Should Banker Pay be Regulated?

December 1st, 2009

The Economists’ Voice

Pay structures weren’t the problem, argues Steven Kaplan, who suggests that contingent equity is a better way to avoid bailouts.

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Please note that guest registration may be necessary to download the article.

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Oil and the Macroeconomy: Lessons for Monetary Policy

Ethan Harris, et al. November 19th, 2009

This paper was prepared for the 2009 conference of the US Monetary Policy Forum (USMPF).

This report examines the role of oil in the macroeconomy with the aim of evaluating and guiding central bank responses to oil price movements.

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The Fed Is Already Transparent

November 10th, 2009

Anil K. Kashyap and Frederic S. Mishkin
Wall Street Journal, November 9, 2009

Anil Kashyap and Frederic Mishkin discuss the Federal Reserve’s independence and the impact of  the Congressman Ron Paul’s bill (H. R. 1207).  They also explore an

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Inflation or Deflation?

November 3rd, 2009

Myron Scholes Forum, October 28th, 2009

Chicago Booth Professor, John Cochrane, uses the money demand equation and valuation equation of government debt to understand fiscal and monetary policy in 2008-2009, to think about whether the US is headed for

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Did Fair Value Accounting Contribute to the Financial Crisis?

October 19th, 2009

Christian Laux and Christian Leuz

Fair-value accounting (FVA), also known as “mark-to-market” accounting, has been blamed for contributing significantly to the financial crisis. But Christian Leuz, of Chicago Booth, and his coauthor, Christian Laux, have analyzed the role of FVA

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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: 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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