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Nobel Laureates Joseph Stiglitz, Michael Spence to Co-Chair Independent Commission on Global Economic Transformation
Institute for New Economic Thinking CONTACT: Moira Herbst - SVP of Communications + Editorial Director, Institute for New Economic Thinking (INET). Tel: +1-917-743-6350, Email: [email protected] Sharon Segel, APCO Worldwide Tel: +44 (0)7930 384 363, Email: [email protected] Sunday October 22, 2017 Institute for New Economic Thinking (INET) Announces: Nobel Laureates Joseph Stiglitz, Michael Spence to Co-Chair Independent Commission on Global Economic Transformation Call for New Thinking & New Rules for the New World Economy; Final Report Will Outline Solutions for Emerging and Developed Countries EDINBURGH, U.K.—Following the dramatic political shocks to the industrialized world in 2016, worsening global poverty and inequality, and inadequate public and private sector responses to the challenges that continue to plague the world’s economy 10 years after the financial crisis, the Institute for New Economic Thinking (INET) has initiated a Commission on Global Economic Transformation (CGET), with support from the Center for International Governance Innovation (CIGI). The effort will be led by Nobel Prize-winning economists Joseph Stiglitz and Michael Spence. As an independent entity, the Commission on Global Economic Transformation (CGET) is the first commission of its kind, initiated at a critical moment for the global economy. As political and economic populism sweep across the developed world, developing countries are searching for paths to prosperity, and people around the world are struggling with the challenges posed by widening inequality, technological disruption, and climate change. These problems are compounded by the ineffectiveness of current policy tools in many contexts, raising questions about the role of the state, of civil society, and of individuals along with national and international governance frameworks. -
Economic Analysis by Nobel Laureate Joseph Stiglitz
BEFORE THE UNITED STATES DEPARTMENT OF JUSTICE UNITED STATES OF AMERICA, Plaintiff, v. Civil Action No. 98-1232 (CKK) MICROSOFT CORPORATION, Defendant. STATE OF NEW YORK ex rel. Attorney General Eliot Spitzer, et al., Plaintiffs, v. Civil Action No. 98-1233 (CKK) MICROSOFT CORPORATION, Defendant. DECLARATION OF JOSEPH E. STIGLITZ AND JASON FURMAN TABLE OF CONTENTS I. QUALIFICATIONS ........................................................................................................... 1 II. PURPOSE............................................................................................................................ 2 III. INTRODUCTION............................................................................................................... 2 IV. THE MODERN ECONOMIC THEORY OF COMPETITION AND MONOPOLY .6 A. Acquisition of a monopoly............................................................................................ 7 B. Potential for competition............................................................................................ 10 C. Consequences of monopoly ........................................................................................ 12 D. Monopolies and innovation ........................................................................................ 14 V. FACTS AND LEGAL CONCLUSIONS RELATING TO MICROSOFT.................. 16 A. Monopoly power.......................................................................................................... 16 B. Anticompetitive behavior .......................................................................................... -
Consequences of Government Deficits and Debt
Consequences of Government Deficits and Debt∗ Glenn Hubbard Columbia University and NBER Over many years, Ben Friedman’s economic research and writings in political economy frame economic analysis of— and moral consideration of—large government budget deficits and the need for fiscal consolidation in the United States. In his book The Moral Consequences of Economic Growth, Friedman emphasizes the salutary effects economic growth for openness and social cohesion. This essay emphasizes economic analysis of government budget deficits. The U.S. economy did not, in many respects, flounder after the budget deficits of the 1980s. Indeed, by the middle of the 1990s, the U.S. economy began a long-lasting expansion in productivity growth. While direct crowding out of private investment through higher real interest rates has, at least in the view of the empirical evidence reviewed in this essay, been modest, three concerns remain. The first is that cumulative increases in debt are now so large that even the small estimated effects identified here can lead to large increases in real interest rates. The second is that one atten- uation of effects of higher government debt levels on interest rates may trace to greater reliance on foreign saving, with an accompanying problem of imbalances. The third is that the present trajectory of government spending in the United States presents the very real possibility of higher tax burdens, reduc- ing capital formation, economic growth, and living standards. JEL Code: H6. ∗The author is Dean and Russell L. Carson Professor of Finance and Econom- ics, Columbia Business School; Professor of Economics, Columbia University; and Research Associate, National Bureau of Economic Research. -
Information Technology and the U.S. Economy Author(S): Dale W
American Economic Association Information Technology and the U.S. Economy Author(s): Dale W. Jorgenson Source: The American Economic Review, Vol. 91, No. 1 (Mar., 2001), pp. 1-32 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/2677896 Accessed: 21/01/2009 13:47 Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/action/showPublisher?publisherCode=aea. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit organization founded in 1995 to build trusted digital archives for scholarship. We work with the scholarly community to preserve their work and the materials they rely upon, and to build a common research platform that promotes the discovery and use of these resources. For more information about JSTOR, please contact [email protected]. American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to The American Economic Review. http://www.jstor.org Number 102 of a series of photographsof past presidents of the Association U InformationTechnology and the U.S. -
A Macroeconomic Model with Financial Panics Gertler, Mark, Nobuhiro Kiyotaki, and Andrea Prestipino
K.7 A Macroeconomic Model with Financial Panics Gertler, Mark, Nobuhiro Kiyotaki, and Andrea Prestipino Please cite paper as: Gertler, Mark, Nobuhior Kiyotaki, and Andrea Prestipino (2017). A Macroeconomic Model with Financial Panics. International Finance Discussion Papers 1219. https://doi.org/10.17016/IFDP.2017.1219 International Finance Discussion Papers Board of Governors of the Federal Reserve System Number 1219 December 2017 Board of Governors of the Federal Reserve System International Finance Discussion Papers Number 1219 December 2017 A Macroeconomic Model with Financial Panics Mark Gertler, Nobuhiro Kiyotaki and Andrea Prestipino NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors. Recent IFDPs are available on the Web at www.federalreserve.gov/pubs/ifdp/. This paper can be downloaded without charge from the Social Science Research Network electronic library at www.ssrn.com. A Macroeconomic Model with Financial Panics Mark Gertler, Nobuhiro Kiyotaki and Andrea Prestipino NYU, Princeton and Federal Reserve Board December, 2017 Abstract This paper incorporates banks and banking panics within a conven- tional macroeconomic framework to analyze the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of the banking panics as well as the circumstances that makes an economy vulnerable to such panics in some instances but not in others. Having a conventional macroeconomic model allows us to study the channels by which the crisis a¤ects real activity and the e¤ects of policies in containing crises. -
List of Contributors and Indexes
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Corporate Capital Structures in the United States Volume Author/Editor: Benjamin M. Friedman, ed. Volume Publisher: University of Chicago Press Volume ISBN: 0-226-26411-4 Volume URL: http://www.nber.org/books/frie85-1 Publication Date: 1985 Chapter Title: List of Contributors and Indexes Chapter Author: Benjamin M. Friedman Chapter URL: http://www.nber.org/chapters/c11427 Chapter pages in book: (p. 383 - 392) List of Contributors Alan J. Auerbach Roger H. Gordon Department of Economics Department of Economics University of Pennsylvania University of Michigan 160 McNeil Building/CR Ann Arbor, MI 48109 Philadelphia, PA 19104 Martin J. Gruber Christopher F. Baum Graduate School of Business Department of Economics New York University Boston College New York, NY 10003 Chestnut Hill, MA 02167 Patric H. Hendershott Fischer Black Hagerty Hall Goldman, Sachs and Co. 1775 College Road 85 Broad Street Ohio State University New York, NY 10004 Columbus, OH 43210 Roger D. Huang Zvi Bodie Faculty of Finance School of Management University of Florida Boston University Gainesville, FL 32611 Boston, MA 02215 Michael C. Jensen John H. Ciccolo, Jr. Graduate School Citibank, NA of Management 55 Water Street University of Rochester New York, NY 10041 Rochester, NY 14627 Benjamin M. Friedman E. Philip Jones Harvard University Graduate School of Business Department of Economics Harvard University Littauer Center 127 Soldiers Field Road Cambridge, MA 02138 Boston, MA 02163 383 384 List of Contributors Alex Kane Stewart C. Myers School of Management Sloan School of Management Boston University Massachusetts Institute 704 Commonwealth Avenue of Technology Boston, MA 02215 Cambridge, MA 02139 Michael S. -
Third Hans Singer Memorial Lecture
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Chan Obe, Stephen Working Paper Mercy and the structures of the world: Third Hans Singer Memorial Lecture Discussion Paper, No. 14/2011 Provided in Cooperation with: German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE), Bonn Suggested Citation: Chan Obe, Stephen (2011) : Mercy and the structures of the world: Third Hans Singer Memorial Lecture, Discussion Paper, No. 14/2011, ISBN 978-3-88985-543-5, Deutsches Institut für Entwicklungspolitik (DIE), Bonn This Version is available at: http://hdl.handle.net/10419/199369 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen -
Over the Past Decade Joseph Stiglitz Has Acquired a Considerable Reputa
CORRECTING STIGLITZ: FROM INFORMATION TO POWER IN THE WORLD OF DEVELOPMENT BEN FINE AND ELISA VAN WAEYENBERGE ver the past decade Joseph Stiglitz has acquired a considerable reputa- Otion for radicalism. It began with his launching of the post Washington Consensus after his appointment as Chief Economist at the World Bank, and was then reinforced by his subsequent ‘resignation’ from that post in 2000, followed by his extensive critique of the IMF, above all in his best-selling book, Globalization and Its Discontents.1 But on closer examination Stiglitz’s trajectory reveals a number of telling truths, not so much about himself, as about the World Bank’s policies and ideology, the influence on the Bank of the US government (most sharply revealed in the recent appointment of Wolfowitz as President of the Bank), and the dismal science of the Bank’s economics – from which Stiglitz has in some respects at most marginally departed. In reality the Bank has responded to its crisis of legitimacy in the early 1990s by de-emphasising neo-liberal theory in principle whilst supporting private capital ever more strongly in practice. Ideologically, this has been marked by a number of shifts in World Bank parlance, from ‘good governance’ to ‘poverty alleviation’, and especially its most recent claim to be first and foremost a ‘knowledge bank’. Tellingly, these elements are in fact entirely consistent with Stiglitz’s scholarly work and were, indeed, strongly endorsed by him during his time at the Bank. Only after he was forced out of the Bank was he forced to accept, however partially, unconsciously and implicitly, that the world – including the Bank – has to be understood in ways that depart from the scholarly tradition he has sought to promote. -
Christina and David Romer
The Region Christina and David Romer In times of financial turmoil, it is comforting—or at a minimum, illuminating— to receive counsel from those with long-term perspective. Tempered with the lessons of history, their views extract true trend from distracting noise. Guided by precedent, shaped by narrative, checked against data, the conclusions of economic historians are formed slowly and carefully. In the realm of U.S. monetary history, few economists are as qualified to provide such counsel as Christina Romer and David Romer of the University of California, Berkeley. Since 1985, when both received their doctorates from the Massachusetts Institute of Technology, the two have co-authored some of the field’s central analyses of Federal Reserve policymaking, based on thorough scrutiny of Fed documents and painstaking empirical investigation. They’ve made fundamental contributions to the literature on fiscal policy as well. Individually, Christina is well known for her research on the Great Depression and David for his work on microeconomic foundations of Keynesian economics. While their topics and methods are orthodox, their conclusions are often unsettling. Attempts by members of the Federal Open Market Committee to add information to Fed staff forecasts “may lead to misguided actions,” the Romers wrote recently. Monetary policymaking has improved since World War II but not steadily, they’ve concluded; policymakers have gone astray when they deviated from sound economic theory. Contrary to conventional wisdom, the Romers have found, government spending is not reined in by tax cuts. And, according to a celebrated, if “offbeat,” analysis by David, football coaches should be much more aggressive on fourth down. -
API-119: Advanced Macroeconomics for the Open Economy I, Fall 2020
Sep 1, 2020 API-119: Advanced Macroeconomics for the Open Economy I, Fall 2020 Harvard Kennedy School Course Syllabus: prospectus, outline/schedule and readings Staff: Professor: Jeffrey Frankel [email protected] Faculty Assistant: Minoo Ghoreishi [email protected] Teaching Fellow: Can Soylu Course Assistants: Julio Flores, Alberto Huitron & Yi Yang. Email address to send all questions for the teaching team: [email protected]. Times: Lectures: Tuesdays and Thursdays, 10:30-11:45 a.m. EST.1 Review Sessions: Tuesdays, 12:30-1:30 pm; Fridays, 1:30-2:30 pm EST.2 Final exam: Friday, Dec. 11, 8:00-11:00 am EST. Prospectus Course Description: This course is the first in the two-course sequence on Macroeconomic Policy in the MPA/ID program. It particularly emphasiZes the international dimension. The general perspective is that of developing countries and other small open economies, defined as those for whom world income, world inflation and world interest rates can be taken as given, and possibly the terms of trade as well. The focus is on monetary, fiscal, and exchange rate policy, and on the determination of the current account balance, national income, and inflation. Models of devaluation include one that focuses on the price of internationally traded goods relative to non-traded goods. A theme is the implications of increased integration of global financial markets. Another is countries’ choice of monetary regime, especially the degree of exchange rate flexibility. Applications include Emerging Market crises and problems of commodity-exporting countries. (Such topics as exchange rate overshooting, speculative attacks, portfolio diversification and debt crises will be covered in the first half of Macro II in February-March.) Nature of the approach: The course is largely built around analytical models. -
Ten Nobel Laureates Say the Bush
Hundreds of economists across the nation agree. Henry Aaron, The Brookings Institution; Katharine Abraham, University of Maryland; Frank Ackerman, Global Development and Environment Institute; William James Adams, University of Michigan; Earl W. Adams, Allegheny College; Irma Adelman, University of California – Berkeley; Moshe Adler, Fiscal Policy Institute; Behrooz Afraslabi, Allegheny College; Randy Albelda, University of Massachusetts – Boston; Polly R. Allen, University of Connecticut; Gar Alperovitz, University of Maryland; Alice H. Amsden, Massachusetts Institute of Technology; Robert M. Anderson, University of California; Ralph Andreano, University of Wisconsin; Laura M. Argys, University of Colorado – Denver; Robert K. Arnold, Center for Continuing Study of the California Economy; David Arsen, Michigan State University; Michael Ash, University of Massachusetts – Amherst; Alice Audie-Figueroa, International Union, UAW; Robert L. Axtell, The Brookings Institution; M.V. Lee Badgett, University of Massachusetts – Amherst; Ron Baiman, University of Illinois – Chicago; Dean Baker, Center for Economic and Policy Research; Drucilla K. Barker, Hollins University; David Barkin, Universidad Autonoma Metropolitana – Unidad Xochimilco; William A. Barnett, University of Kansas and Washington University; Timothy J. Bartik, Upjohn Institute; Bradley W. Bateman, Grinnell College; Francis M. Bator, Harvard University Kennedy School of Government; Sandy Baum, Skidmore College; William J. Baumol, New York University; Randolph T. Beard, Auburn University; Michael Behr; Michael H. Belzer, Wayne State University; Arthur Benavie, University of North Carolina – Chapel Hill; Peter Berg, Michigan State University; Alexandra Bernasek, Colorado State University; Michael A. Bernstein, University of California – San Diego; Jared Bernstein, Economic Policy Institute; Rari Bhandari, University of California – Berkeley; Melissa Binder, University of New Mexico; Peter Birckmayer, SUNY – Empire State College; L. -
The Fair Wage-Effort Hypothesis and Unemployment Author(S): George A
The Fair Wage-Effort Hypothesis and Unemployment Author(s): George A. Akerlof and Janet L. Yellen Source: The Quarterly Journal of Economics, Vol. 105, No. 2 (May, 1990), pp. 255-283 Published by: Oxford University Press Stable URL: http://www.jstor.org/stable/2937787 . Accessed: 09/10/2013 09:57 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. Oxford University Press is collaborating with JSTOR to digitize, preserve and extend access to The Quarterly Journal of Economics. http://www.jstor.org This content downloaded from 216.164.44.3 on Wed, 9 Oct 2013 09:57:21 AM All use subject to JSTOR Terms and Conditions THE QUARTERLY JOURNAL OF ECONOMICS Vol. CV May 1990 Issue 2 THE FAIR WAGE-EFFORT HYPOTHESIS AND UNEMPLOYMENT* GEORGE A. AKERLOF AND JANET L. YELLEN This paper introduces the fair wage-effort hypothesis and explores its implica- tions. This hypothesis is motivated by equity theory in social psychology and social exchange theory in sociology. According to the fair wage-effort hypothesis, workers proportionately withdraw effort as their actual wage falls short of their fair wage. Such behavior causes unemployment and is also consistent with observed cross- section wage differentials and unemployment patterns.