Data, Discretion, and Dodd-Frank

Troy Paredes October 1st, 2012

Myron Scholes Forum, September 24, 2012

Troy Paredes, commissioner, U.S. Securities and Exchange Commission.

The Dodd-Frank Act seeks to mitigate the prospect of a future financial crisis, but the Act is just the beginning. The SEC faces tough policy

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A Capitalism for the People: Recapturing the Lost Genius of American Prosperity

June 4th, 2012

Myron Scholes Forum, May 30th, 2012

Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance, Chicago Booth.

In 1997 the U.S. government lectured the East Asian governments about the dangers of crony capitalism. Fifteen years later the disease

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The Challenge of Stabilizing Federal Debt

Douglas Elmendorf May 8th, 2012

Myron Scholes Forum, May 2nd, 2012

Douglas Elmendorf, director of the Congressional Budget Office.

Achieving a sustainable federal budget will require the United States to deviate from the policies of the past several decades in at least one of

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The Fed’s Mission Impossible

December 29th, 2011

The Federal Reserve last week announced its new “Enhanced Prudential Standards and Early Remediation Requirements” for big banks, as required by the Dodd-Frank law. You have to pity the poor Fed because it faces an impossible task.

The Fed’s proposal

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Circling the Drain: Can the Euro Be Save, Or Is It Doomed?

and November 30th, 2011

Freakonomics Blog
November 30, 2011

Professors Christian Leuz, Anil Kashyap, and Randall Kroszner participated in a Freakanomics Quorum, in which they offered their thoughts on the following questions: “In light of the recent European debt crisis, what do

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What’s Holding Back the US Economy?

November 10th, 2011

Myron Scholes Forum, November 9, 2011

Professors Steven Davis, Erik Hurst, and Amir Sufi described their research that leads to alternative explanations for the slow growth in the United States. Luigi Zingales moderated their discussion.

View video >

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The China-Hong Kong Nexus Again: Another Look at the Twelfth Five-Year Plan

Yue Chim Richard Wong October 24th, 2011

Myron Scholes Forum, October 24, 2011

After 30 years of hyper growth, China’s 12th Five-Year Plan (2011-2015) outlined new economic targets for growth and reform to face slower global economic growth and structural imbalances within its own economy. It calls

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Lars Hansen on the Sargent and Sims Nobel Prize

October 10th, 2011

The University of Chicago faculty congratulate our former colleague Tom Sargent and our good friend Chris Sims for their well-deserved Nobel Prize “for their empirical research on cause and effect in the macroeconomy”. Nobody is better positioned than Lars Hansen

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Last Chance to Save the Euro

September 30th, 2011

The European debt discussions always paint the alternatives as either bail out countries (really, bail out their bondholders) or break up the euro. In fact, the euro and the European economic union would be stronger if countries can default. For

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Global Imbalances: Current Accounts and Financial Flows

Stephen Cecchetti September 28th, 2011

Myron Scholes Forum, September 27, 2011

It is difficult to find anyone who would protest the increase in international trade. The benefits we all reap from this are so easy to see that virtually no one seriously suggests reversing the

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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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