June 2020 Ph.D., Columbia University, New York, 1988. Advisor
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A Study of Paul A. Samuelson's Economics
Copyright is owned by the Author of the thesis. Permission is given for a copy to be downloaded by an individual for the purpose of research and private study only. The thesis may not be reproduced elsewhere without the permission of the Author. A Study of Paul A. Samuelson's Econol11ics: Making Economics Accessible to Students A thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Economics at Massey University Palmerston North, New Zealand. Leanne Marie Smith July 2000 Abstract Paul A. Samuelson is the founder of the modem introductory economics textbook. His textbook Economics has become a classic, and the yardstick of introductory economics textbooks. What is said to distinguish economics from the other social sciences is the development of a textbook tradition. The textbook presents the fundamental paradigms of the discipline, these gradually evolve over time as puzzles emerge, and solutions are found or suggested. The textbook is central to the dissemination of the principles of a discipline. Economics has, and does contribute to the education of students, and advances economic literacy and understanding in society. It provided a common economic language for students. Systematic analysis and research into introductory textbooks is relatively recent. The contribution that textbooks play in portraying a discipline and its evolution has been undervalued and under-researched. Specifically, applying bibliographical and textual analysis to textbook writing in economics, examining a single introductory economics textbook and its successive editions through time is new. When it is considered that an economics textbook is more than a disseminator of information, but a physical object with specific content, presented in a particular way, it changes the way a researcher looks at that textbook. -
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. -
International Symposium Productivity Competitivity and Globalisation
Productivité Colloque Compétitivité international et Globalisation NOVEMBRE 2005 Productivity International Competitivity Symposium and Globalisation NOVEMBER 2005 CONTENTS (Participants titles are at the time of the Symposium) CONTRIBUTORS 163 INTRODUCTION 177 OPENING Christian NOYER, Governor, Banque de France 179 SPEECH SESSION 1 CHANGES IN PRODUCTIVITY AND COMPETITIVENESS: CONCEPTS AND STYLISED FACTS 183 Chairperson: Jean-Claude TRICHET, President, European Central Bank 185 Speaker: Bart van ARK, Professor, University of Groningen and the Conference Board Europe 187 “Europe’s productivity gap: Catching up or getting stuck?” Discussants: Christine CUMMING, First Vice President, Federal Reserve Bank of New York 204 Daniel COHEN, Professor, École normale supérieure-Ulm (Paris) 207 Marc-Olivier STRAUSS-KAHN, General Director of Economics and International Relations, Banque de France 208 SESSION 2 IMPACT ON THE INTERNATIONAL ALLOCATION OF CAPITAL AND GLOBAL IMBALANCES 213 Chairperson: Axel WEBER, President, Deutsche Bundesbank Speaker: William WHITE, Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements 215 “Changes in productivity and competitiveness: Impact on the international allocation of capital and global imbalances” Discussants: Patrick ARTUS, Chief economist, Ixis Corporate & Investment Bank 230 Leszek BALCEROWICZ, President, Narodowy Bank Polski 239 Guillermo ORTIZ, Governor, Banco de México 242 Banque de France • International Symposium: Productivity, competitiveness and globalisation -
Fed Thoughts: an Apt Place and an Awkward Time
September 2019 Fed Thoughts: An Apt Place and an Awkward Time Vincent Reinhart | Chief Economist & Macro Strategist The story holds that the Economic Symposium at Jackson Hole run by the Federal Reserve Bank of Kansas City (FRBKC) achieved its iconic status for a simple reason: former Federal Reserve (Fed) Chair Paul Volcker loved fly fishing. When the FRBKC chose the venue by happenstance, Volcker signed up immediately. But once he was on the agenda, other Fed governors and Reserve Bank presidents elbowed in. So many policymakers in one place attracted media, and the private sector viewed it as a hot and increasingly hard-to-get ticket. The rest followed. To be fair, FRBKC guidance on content helped but happenstance as history is always a winning narrative. Whatever the reason, central bankers should retreat to mountains once a year, as four lessons from backpacking apply to their jobs. First, a path through the mountains looks much clearer from a distance than up close on the ground. That is, viewed from the lobby of the Jackson Lake Lodge, most routes look obvious. In 2018, the Fed had a straightforward map to raise rates that turned out to be increasingly harder to follow as the year advanced. The reason, the second point, is that local conditions matter, including changeable weather and the volume of other foot traffic on the trail. The Fed’s turn-of-the-year redirection of policy owed to officials discovering that they were pushing against an opposing flow of investors. Third, gravity matters, which is why the way up the mountain is a slow slog compared to the way down. -
O Robert Mundell Και Το Βραβείο Nobel Στα Οικονομικά
SAE./No.178/April 2021 Studies in Applied Economics ROBERT MUNDELL, 1932-2021: AHEAD OF HIS TIME Miranda Xafa Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise Robert Mundell, 1932-2021: Ahead of his Time By Miranda Xafa About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Founder and Co-Director of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise ([email protected]). About the Author Miranda Xafa started her career at the International Monetary Fund in Washington in 1980 and moved on to senior positions in government and in the financial sector. In 1991-93 she served as chief economic advisor to Prime Minister Constantin Mitsotakis in Athens, and subsequently worked as a financial market strategist at Salomon Brothers and Citigroup in London. After serving as a member of the IMF’s Executive Board in 2004-09, she is now a senior scholar at the Centre for International Governance Innovation (CIGI). She holds a Ph.D. in Economics from the University of Pennsylvania and has taught economics at the University of Pennsylvania and Princeton University. 1 I met Bob Mundell in Washington in 1982, when I was already working at the International Monetary Fund, at a conference on the international monetary system. My first impression was the absolute confidence with which he expressed his views. When one of the participants in his panel claimed that the data did not confirm his views, he responded: "If the data do not confirm my views, then the data are wrong." I had the chance to follow his life and career, and to participate in the conferences he organized and chaired in the last two decades in his beloved Palazzo Mundell in Tuscany where he lived. -
Occasional Paper by Alastair Clark and Andrew
Macroprudential Policy: Addressing the Things We Don’t Know Alastair Clark Andrew Large Occasional Paper 83 30 Group of Thirty, Washington, DC About the Authors Alastair Clark, CBE, formerly Executive Director and Adviser to the Governor of the Bank of England, has since 2009 been Senior Adviser to HM Treasury on Financial Stability and is a member of the UK’s new interim Financial Policy Committee. He has also acted as an independent adviser to overseas public authorities in relation to financial stability and crisis prevention issues. He has been at various times a member of many international groups linked to the G20, the Financial Stability Board, and the Bank for International Settlements. In 2005 he co-chaired, with Walter Kielholz, a G30 Study Group looking at the systemic impact of reinsurance. He holds degrees from Cambridge University and the London School of Economics. Sir Andrew Large retired in 2006 as Deputy Governor of the Bank of England where he had served since 2002. He now acts independently for central banks and governments in relation to financial stability and crisis prevention issues. Andrew Large’s career has covered a wide range of senior positions in the world of global finance, within both the private and public sectors. He is in addition Chairman of the Senior Advisory Board of Oliver Wyman, Senior Adviser to the Hedge Fund Standards Board, Chairman of the Advisory Committee of Marshall Wace, and Chairman of the Board Risk Committee of Axis, Bermuda. ISBN 1-56708-154-1 Copies of this paper are available for $10 from: The Group of Thirty 1726 M Street, N.W., Suite 200 Washington, D.C. -
Kieler Studien
Institut für Weltwirtschaft The Kiel Institute for World Economics Annual Report 2003 Contents I. The Institute in 2003: An Overview 3 II. Research and Advisory Activities 6 1. Main Areas of Research 6 2. President’s Department 7 3. Growth, Structural Change, and the International Division of Labor (Research Department I) 10 4. Environmental and Resource Economics (Research Department II) 21 5. Regional Economics (Research Department III) 27 6. Development Economics and Global Integration (Research Department IV) 35 7. Business Cycles (Research Department V) 43 8. Interdepartmental Research 53 9. Cooperation with Researchers and Research Organizations 53 10. Advisory Activities and Participation in Organizations 61 11. Commissioned Expert Reports and Research Projects 64 III. Documentation Services 72 1. The Library 72 2. The Economic Archives 75 IV. Teaching and Lecturing 77 1. Universities and Colleges 77 2. Advanced Studies Program 77 3. Guest Lectures and Seminars at Universities 79 V. Conferences 80 1. Conferences Organized by the Institute 80 2. External Conferences 84 VI. Publications 96 1. In-House Publications 96 2. Out-of-House Publications 103 VII. Appendix 114 1. Recipients of the Bernhard Harms Prize, the Bernhard Harms Medal, and the Bernhard Harms Prize for Young Economists 114 2. Staff (as of January 1, 2004) 116 3. Organization Chart 121 I. The Institute in 2003: An Overview The Kiel Institute for World Economics at the University of Kiel (IfW) is one of the world’s major centers for international economic policy research and documentation. The Institute’s main activities are economic research, economic policy consulting, and the documentation and provision of information about international economic relations. -
Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*
MONETARY POLICY RULES AND MACROECONOMIC STABILITY: EVIDENCE AND SOME THEORY* RICHARD CLARIDA JORDI GALI´ MARK GERTLER We estimate a forward-looking monetary policy reaction function for the postwar United States economy, before and after Volcker’s appointment as Fed Chairman in 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker-Greenspan period appears to have been much more sensitive to changes in expected ination than in the pre-Volcker period. We then compare some of the implications of the estimated rules for the equilibrium properties of ination and output, using a simple macroeconomic model, and show that the Volcker-Greenspan rule is stabilizing. I. INTRODUCTION From the late 1960s through the early 1980s, the United States economy experienced high and volatile ination along with several severe recessions. Since the early 1980s, however, ina- tion has remained steadily low, while output growth has been relatively stable. Many economists cite supply shocks—and oil price shocks, in particular—as the main force underlying the instability of the earlier period. It is unlikely, however, that supply shocks alone could account for the observed differences between the two eras. For example, while jumps in the price of oil might help explain transitory periods of sharp increases in the general price level, it is not clear how they alone could explain persistent high ination in the absence of an accommodating monetary policy.1 Furthermore, as De Long {1997} argues, the onset of sustained high ination occurred prior to the oil crisis episodes. * We thank seminar participants at Universitat Pompeu Fabra, New York University, the Board of Governors of the Federal Reserve System, University of Maryland, NBER Summer Institute, Universite´ de Toulouse, Bank of Spain, Harvard University, Bank of Mexico, Universitat de Girona, and the Federal Reserve Banks of Atlanta, New York, Richmond, Dallas, and Philadelphia, as well as two anonymous referees and two editors for useful comments. -
International Economic and Financial Cooperation: New Issues, New Actors, New Responses
International Economic and Financial Cooperation: New Issues, New Actors, New Responses Geneva Reports on the World Economy 6 International Center for Monetary and Banking Studies (ICMB) International Center for Monetary and Banking Studies 11 A Avenue de la Paix 1202 Geneva Switzerland Tel (41 22) 734 9548 Fax (41 22) 733 3853 Website: www.icmb.ch © 2004 International Center for Monetary and Banking Studies Centre for Economic Policy Research (CEPR) Centre for Economic Policy Research 90-98 Goswell Road London EC1V 7RR UK Tel: +44 (0)20 7878 2900 Fax: +44 (0)20 7878 2999 Email: [email protected] Website: www.cepr.org British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN: 1 898128 84 7 International Economic and Financial Cooperation: New Issues, New Actors, New Responses Geneva Reports on the World Economy 6 Peter B Kenen Council on Foreign Relations and Princeton University Jeffrey R Shafer Citigroup and former US Under Secretary of the Treasury Nigel L Wicks CRESTCo and former Head of HM Treasury Charles Wyplosz Graduate Institute of International Studies, Geneva and CEPR ICMB INTERNATIONAL CENTER FOR MONETARY AND BANKING STUDIES CIMB CENTRE INTERNATIONAL DETUDES MONETAIRES ET BANCAIRES International Center for Monetary and Banking Studies (ICMB) The International Center for Monetary and Banking Studies was created in 1973 as an inde- pendent, non-profit foundation. It is associated with Geneva’s Graduate Institute of International Studies. Its aim is to foster exchange of views between the financial sector, cen- tral banks and academics on issues of common interest. -
Trend Inflation, Indexation, and Inflation Persistence in The
Trend Inflation, Indexation, and Inflation Persistence in the New Keynesian Phillips Curve∗ Timothy Cogley University of California, Davis Argia M. Sbordone Federal Reserve Bank of New York Abstract A number of empirical studies conclude that purely forward-looking versions of the New Keynesian Phillips curve (NKPC ) generate too little inflation per- sistence. Some authors add ad hoc backward-looking terms to address this shortcoming. In this paper, we hypothesize that inflation persistence results mainly from variation in the long-run trend component of inflation, attributable to shifts in monetary policy, and that the apparent need for lagged inflation in the NKPC comes from neglecting the interaction between drift in trend in- flation and non-linearities in a more exact version of the model. We derive a version of the NKPC as a log-linear approximation around a time-varying inflation trend and examine whether such a model explains the dynamics of in- flation around that trend. When drift in trend inflation is taken into account, there is no need for a backward-looking indexation component, and a purely forward-looking version of the model fits the data well. JEL Classification: E31. Keywords:Trendinflation; Inflation persistence; Phillips curve; time-varying VAR. ∗For comments and suggestions, we are grateful to two anonymous referees. We also wish to thank Jean Boivin, Mark Gertler, Peter Ireland, Sharon Kozicki, Jim Nason, Luca Sala, Dan Waggoner, Michael Woodford, Tao Zha and seminar participants at the Banque de France, the November 2005 NBER Monetary Economics meeting, the October 2005 Conference on Quantitative Models at the Federal Reserve Bank of Cleveland, the 2004 Society for Computational Economics Meeting in Amsterdam, the Federal Reserve Banks of New York, Richmond, and Kansas City, Duke University, and the Fall 2004 Macro System Committe Meeting in Baltimore. -
1 Ingo Walter Cv
INGO WALTER C.V. (January 2020) Seymour Milstein Professor of Finance 44 West 4th Street (09-70) Corporate Governance anD Ethics Emeritus New York, N.Y. 10012 Stern School of Business Tel +1 212 009-0707 New York University Fax +1 212 995-4233 URL http://www.stern.nyu.edu/faculty/ E-mail – [email protected] EDUCATION A.B. Economics (summa cum laude) Lehigh University, 1962 M.S. Business Economics Lehigh University, 1963 Ph.D. Economics New York University, 1966 ACADEMIC EXPERIENCE Assistant Professor of Economics, University of Missouri-St. Louis, 1965-1968 Associate Professor of Economics, University of Missouri-St. Louis, 1968-1970 Chairman, Department of Economics, University of Missouri-St. Louis, 1967-1970 Senior Fellow, Center for International StuDies, New York University, 1970-1973 Stern School of Business, New York University: Professor of Economics and Finance, 1970 - present HolDer of the Dean Abraham L. Gitlow Chair, 1987-90 HolDer of the Charles Simon Chair, 1990-2003 HolDer of the Seymour Milstein Chair, 2003 - present Associate Dean, Doctoral anD Research Programs, 1971-1976 Vice Dean for AcaDemic Affairs anD Research, 1976-1979 Chairman, International Business, 1980-1983 and 1988-1990 Chairman, Finance, 1983-1985 The SiDney Homer Director, New York University Salomon Center, 1990-2003 Director, Stern Global Business Institute, 2003-2006 AcaDemic Director, Master of Science in Risk Management, 2007-2019 Dean of Faculty, 2008 - 2012 1 INSEAD, Fontainebleau, France Swiss Bank Corporation Professor of International Management 1986-1996 (joint appointment with New York University) Professor of International Management, 1996-2005 (joint appointment with New York University) Visiting Professor of International Management, Fontainebleau & Singapore, 2005 - present PROFESSIONAL AFFILIATIONS American Economic Association American Finance Association AcaDemy of International Business Association for Environmental anD Resource Economics Financial Management Association Royal Economic Society HONORS, AWARDS, GRANTS A.B. -
Maurice Obstfeld
February 1, 2019 CURRICULUM VITAE OF MAURICE OBSTFELD PERSONAL DATA Address: Department of Economics University of California, Berkeley 549 Evans Hall #3880 Berkeley, CA 94720-3880 Telephone: 510-643-9646 Fax: 510-642-6615 E-mail: [email protected] Homepage: http://elsa.berkeley.edu/~obstfeld EDUCATION 1975-79: Massachusetts Institute of Technology (Cambridge, MA) Ph.D., September 1979. Dissertation: Capital Mobility and Monetary Policy under Fixed and Flexible Exchange Rates. Adviser: Rudiger Dornbusch. 1973-75: King's College, Cambridge University (Cambridge, U.K.) M.A., June 1975 (Mathematical Tripos, Parts II and III). 1969-73: University of Pennsylvania (Philadelphia, PA) B.A., Summa Cum Laude with Distinction in Mathematics, May 1973. 1 PRINCIPAL EMPLOYMENT EXPERIENCE Class of 1958 Professor of Economics, University of California, Berkeley, from July 1, 1995. Chair, Department of Economics, University of California, Berkeley, July 1, 1998-June 30, 2001. Professor of Economics, University of California, Berkeley, July 1, 1989-June 30, 1995. Visiting Professor of Economics, Harvard University, July 1, 1989—January 31, 1991. Professor of Economics, University of Pennsylvania, July 1, 1986—June 30, 1989. Professor of Economics, Columbia University, July 1, 1985—June 30, 1986. Associate Professor of Economics, Columbia University, July 1, 1981—June 30, 1985. Assistant Professor of Economics, Columbia University, July 1, 1979—June 30, 1981. OTHER EXPERIENCE Senior Nonresident Fellow, Peterson Institute of International Economics, Washington, DC, from February 2019. Economic Counselor and Director of the Research Department, International Monetary Fund, September 2015-December 2018. Member, President’s Council of Economic Advisers, Washington, DC, July 2014 – August 2015. One-Week Training Course, Bank of Korea Academy, August 2011, August 2013.