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Participants Moses Abramovitz Stanford University Alan J. Auerbach University of Pennsylvania Martin J. Bailey University of Maryland Martin N. Baily The Brookings Institution Robert J. Barro University of Rochester Ben S. Bernanke Stanford University Stanley W. Black University of North Carolina Olivier J. Blanchard Massachusetts Institute of Technology Alan S. Blinder Princeton University Phillip Cagan Columbia University Lindley Clark Wall Street Journal Rosanne Cole IBM Corporation Angus Deaton Princeton University J. Bradford DeLong Harvard University Rudiger Dornbusch Massachusetts Institute of Technology Robert Eisner Northwestern University Solomon Fabricant National Bureau of Economic Research Stanley Fischer Massachusetts Institute of Technology Benjamin M. Friedman Harvard University John Geweke Duke University Stephen M. Goldfeld Princeton University Robert J. Gordon Northwestern University Herschel I. Grossman Brown University Robert E. Hall Stanford University James W. Hanson Exxon Corporation David Hartman National Bureau of Economic Research Douglas Holtz-Eakin Columbia University Robert G. King University of Rochester Stephen R. King Stanford University Edward P. Lazear University of Chicago Michael C. Lovell Wesleyan University Bennett T. McCallum Carnegie-Mellon University Allan H. Meltzer Carnegie-Mellon University 855 856 Participants Kenneth Militzer American Telephone and Telegraph Geoffrey H. Moore Columbia University Joel Popkin Joel Popkin and Company James L. Powell Massachusetts Institute of Technology Joan Robinson Northwestern University Anna J. Schwartz National Bureau of Economic Research Eli Shapiro National Bureau of Economic Research Robert J. Shiller Yale University John B. Shoven Stanford University Christopher A. Sims University of Minnesota Allen Sinai Shearson Lehman/American Express, Incorporated Kenneth J. Singleton Carnegie-Mellon University Lawrence H. Summers Harvard University John B. Taylor Stanford University Peter Temin Massachusetts Institute of Technology John M. Veitch University of Southern California Mark W. Watson Harvard University Victor Zarnowitz University of Chicago Seymour Zucker Business Week.

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Curriculum Vitae
Angus Deaton, CV, June 2018, Page - 1 - CURRICULUM VITAE Name: Sir Angus Stewart Deaton Date and Place of Birth: 19th October 1945 in Edinburgh, U.K. Nationality: British Children: 2 children, born 1970, 1971. Degrees: B.A. 1967, M.A. 1971, Ph.D. 1974 (Cambridge) Present Positions: Senior Scholar, Woodrow Wilson School, Princeton University Dwight D Eisenhower Professor of Economics and International Affairs, Emeritus Presidential Professor of Economics, University of Southern California Senior Scientist, Gallup Organization Research Associate, National Bureau of Economic Research E-mail: [email protected] Chronology of Education and Appointments 1959-64 Foundation Scholar, Fettes College, Edinburgh. 1964 Exhibition in Mathematics, Fitzwilliam College, Cambridge. 1964-67 Fitzwilliam College, Cambridge, Mathematics, Parts 1a and 1b, and Economics, Part 2. 1967-68 Economic Intelligence Department, Bank of England. 1969 Junior Research Officer, Department of Applied Economics, Cambridge. 1972 Fellow and Director of Studies in Economics, Fitzwilliam College and Research Officer, Department of Applied Economics. 1976-83 Professor of Econometrics, University of Bristol. 1979-80 Visiting Professor, Princeton University. 1983- Dwight D. Eisenhower Professor of International Affairs, and Professor of Economics 2016 and International Affairs, Woodrow Wilson School and Department of Economics 1990-91 Overseas Fellow, Churchill College, Cambridge. Honors and Awards, Invited Lectures, most recent first 2017 Franklin Founder Award, joint with Anne
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Letter in Le Monde
Letter in Le Monde Some of us ‐ laureates of the Nobel Prize in economics ‐ have been cited by French presidential candidates, most notably by Marine le Pen and her staff, in support of their presidential program with regards to Europe. This letter’s signatories hold a variety of views on complex issues such as monetary unions and stimulus spending. But they converge on condemning such manipulation of economic thinking in the French presidential campaign. 1) The European construction is central not only to peace on the continent, but also to the member states’ economic progress and political power in the global environment. 2) The developments proposed in the Europhobe platforms not only would destabilize France, but also would undermine cooperation among European countries, which plays a key role in ensuring economic and political stability in Europe. 3) Isolationism, protectionism, and beggar‐thy‐neighbor policies are dangerous ways of trying to restore growth. They call for retaliatory measures and trade wars. In the end, they will be bad both for France and for its trading partners. 4) When they are well integrated into the labor force, migrants can constitute an economic opportunity for the host country. Around the world, some of the countries that have been most successful economically have been built with migrants. 5) There is a huge difference between choosing not to join the euro in the first place and leaving it once in. 6) There needs to be a renewed commitment to social justice, maintaining and extending equality and social protection, consistent with France’s longstanding values of liberty, equality, and fraternity.
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1 Nobel Autobiography Angus Deaton, Princeton, February 2016 Scotland
Nobel Autobiography Angus Deaton, Princeton, February 2016 Scotland I was born in Edinburgh, in Scotland, a few days after the end of the Second World War. Both my parents had left school at a very young age, unwillingly in my father’s case. Yet both had deep effects on my education, my father influencing me toward measurement and mathematics, and my mother toward writing and history. The school in the Yorkshire mining village in which my father grew up in the 1920s and 1930s allowed only a few children to go to high school, and my father was not one of them. He spent much of his time as a young man repairing this deprivation, mostly at night school. In his village, teenagers could go to evening classes to learn basic surveying and measurement techniques that were useful in the mine. In Edinburgh, later, he went to technical school in the evening, caught up on high school, and after many years and much difficulty, qualified as a civil engineer. He was determined that I would have the advantages that he had been denied. My mother was the daughter of William Wood, who owned a small woodworking business in the town of Galashiels in the Scottish Borders. Although not well-educated, and less of an advocate for education than my father, she was a great story-teller (though it was sometimes hard to tell the stories from gossip), and a prodigious letter- writer. She was proud of being Scottish (I could make her angry by saying that I was British, and apoplectic by saying that I was English), and she loved the Borders, where her family had been builders and carpenters for many generations.
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ΒΙΒΛΙΟΓ ΡΑΦΙΑ Bibliography
Τεύχος 53, Οκτώβριος-Δεκέμβριος 2019 | Issue 53, October-December 2019 ΒΙΒΛΙΟΓ ΡΑΦΙΑ Bibliography Βραβείο Νόμπελ στην Οικονομική Επιστήμη Nobel Prize in Economics Τα τεύχη δημοσιεύονται στον ιστοχώρο της All issues are published online at the Bank’s website Τράπεζας: address: https://www.bankofgreece.gr/trapeza/kepoe https://www.bankofgreece.gr/en/the- t/h-vivliothhkh-ths-tte/e-ekdoseis-kai- bank/culture/library/e-publications-and- anakoinwseis announcements Τράπεζα της Ελλάδος. Κέντρο Πολιτισμού, Bank of Greece. Centre for Culture, Research and Έρευνας και Τεκμηρίωσης, Τμήμα Documentation, Library Section Βιβλιοθήκης Ελ. Βενιζέλου 21, 102 50 Αθήνα, 21 El. Venizelos Ave., 102 50 Athens, [email protected] Τηλ. 210-3202446, [email protected], Tel. +30-210-3202446, 3202396, 3203129 3202396, 3203129 Βιβλιογραφία, τεύχος 53, Οκτ.-Δεκ. 2019, Bibliography, issue 53, Oct.-Dec. 2019, Nobel Prize Βραβείο Νόμπελ στην Οικονομική Επιστήμη in Economics Συντελεστές: Α. Ναδάλη, Ε. Σεμερτζάκη, Γ. Contributors: A. Nadali, E. Semertzaki, G. Tsouri Τσούρη Βιβλιογραφία, αρ.53 (Οκτ.-Δεκ. 2019), Βραβείο Nobel στην Οικονομική Επιστήμη 1 Bibliography, no. 53, (Oct.-Dec. 2019), Nobel Prize in Economics Πίνακας περιεχομένων Εισαγωγή / Introduction 6 2019: Abhijit Banerjee, Esther Duflo and Michael Kremer 7 Μονογραφίες / Monographs ................................................................................................... 7 Δοκίμια Εργασίας / Working papers ......................................................................................
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Alpha Sources
ALPHA SOURCES NOVEMBER, 2018 ALPHA SOURCES THE LIFE CYCLE HYPOTHESIS How individuals and economies bargain with the future Depending on the wording, a search on Google If aggregated to the economy as a whole, this Scholar for papers and research on the link between implies that the wealth of a nation is passed down macroeconomics and demographics yields anywhere through generations. The young and middle-aged between 20,000 and 100,000 results. This is an have relatively little wealth, and will save to buy the unhelpful start for someone looking to explore and assets that the elderly need to sell in order to fi- understand the field. This essay aims to rectify this nance consumption in old age. In an economy with a issue by tracing the origins of the life cycle hypoth- growing (working-age) population, the savings of the esis (LCH)—ground zero for linking macroeconomics young will be higher than the dissavings of the old; and demographics—through a close inspection of growth will be positive and wealth will rise. But what the 1950s literature that gave birth to the theory. It happens if the working-age population doesn’t grow? is motivated by the idea that anyone who wishes to Furthermore, what is the consequence of long-term explore this topic needs to have a firm grasp of the growth falling or even reaching zero, as would appear original material. A lot can be said for getting the to be the case in rising number of economies? The basics right, and this essay is an ode to that idea.
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Exploring Inequality
SMU McLane/Armentrout/Bridwell Scholars Reading Groups Fall 2020 Syllabus Exploring Inequality Tues./Wed.: Dean Stansel, Ph.D., Senior Research Fellow [email protected], office: 214-768-3492 Mon./Fri.: Meg Tuszynski, Ph.D., Research Fellow & Assistant Director [email protected], office: 214-768-3170 O’Neil Center for Global Markets & Freedom (www.oneilcenter.org) Cox School of Business, Crow 282 Meeting Times. Our meetings will be held on Mondays (Bridwell), Tuesdays (McLane), and Wednesdays (Armentrout) at 6-7 pm (Central time), and Fridays (Armentrout) at 11am-noon (Central time) online via Zoom. All four groups have the same readings. Attendance is required. Your attendance and active participation are required. We will have 10 regular meetings plus a joint reading group summit with the students from similar reading groups at Baylor, Texas Tech, Angelo State, and University of Central Arkansas. That event will be held online via Zoom on the morning of Sat. Oct. 17 and is a required part of the program. You will not be paid the $1000 stipend if you do not attend. You are required to attend all 10 weekly meetings. However, if you have an unavoidable conflict, we do have limited flexibility, with advance notice, for you to switch nights if you cannot attend on your regular reading group night (i.e., if you can’t make one of your regular Monday night meetings, you can instead attend on Tuesday, Wednesday, or Friday that week and vice-versa). In addition, the O’Neil Center hosts several guest speakers throughout the semester. Those will all be online this semester.
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The Time Series Consumption Function Revisited
ALAN S. BLINDER Brookings Institution and Princeton University ANGUS DEATON Princeton University The Time Series Consumption Function Revisited THERELATIONSHIP between consumer spending and income is one of the oldest statistical regularitiesof macroeconomics-and one of the stur- diest. Like the aging movie star, it needs a little touching up now and again, but always seems to come bouncingback. A dozen yearsago, boththe theoreticalderivation and the econometric form of the aggregateconsumption function were considered settled. Most economists adheredto one of two ways of puttingFisher's theory of intertemporaloptimization into operation: Milton Friedman's per- manent income hypothesis (henceforth, PIH) or Franco Modigliani's life-cycle hypothesis (henceforth,LCH). ' Since each variantseemed to have sound theoretical underpinnings,and since the two had similar econometricforms that explainedthe data well and had similarimplica- tions for policy, there was not a greatdeal to quarrelabout. Perhapsthe most contentious empirical issue was the apparently large marginal This paperhas benefitedfrom the commentsand suggestionsof AlbertAndo, Whitney Newey, and members of the Brookings Panel and from seminar presentationsat the Universityof Warwick,Princeton University, and Johns Hopkins University.We thank Peter Rathjensand Lori Gruninfor researchassistance and the National Science Foun- dationfor financialsupport. 1. Milton Friedman, A Theory of the Consumption Function (Princeton University Press, 1957); Franco Modigliani and Richard Brumberg,
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Investigations in the Economics of Aging
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Investigations in the Economics of Aging Volume Author/Editor: David A. Wise, editor Volume Publisher: University of Chicago Press Volume ISBN: 0-226-90313-3; 978-226-90313-2 (cloth) Volume URL: http://www.nber.org/books/wise11-2 Conference Date: May 5-8, 2011 Publication Date: May 2012 Chapter Title: Comment on "The Financial Crisis and the Well-Being of America" Chapter Authors: Daniel McFadden Chapter URL: http://www.nber.org/chapters/c12448 Chapter pages in book: (p. 368 - 375) 368 Angus Deaton Schwarz, Norbert, and Frtiz Strack. 1999. “Reports of Subjective Well- Being: Judg- mental Processes and Their Methodological Implications.” In Well- Being: The Foundations of Hedonic Psychology, edited by Daniel Kahneman, Ed Diener, and Norbert Schwarz, 61– 84. New York: Russell Sage. Sen, Amartya K. 1985. Commodities and Capabilities. Amsterdam: Elsevier. ———. 1987. On Ethics and Economics. Oxford, UK: Blackwell. Shapiro, Matthew. 2010. “The Eﬀects of the Financial Crisis on the Well- Being of Older Americans: Evidence from the Cognitive Economics Study.” University of Michigan. http:/ / www- personal.umich.edu/ ~shapiro/ papers/ CogFinCrisis.pdf. Stevenson, Betsey, and Justin Wolfers. 2008. “Economic Growth and Subjective Well- Being: Reassessing the Easterlin Paradox.” Brookings Papers on Economic Activity Spring:1– 87. Stiglitz, Joseph, Amartya Sen, and Jean- Paul Fitoussi. 2009. Report of the Commis- sion on the Measurement of Economic Performance and Social Progress. http:/ / www .stiglitz- sen- ﬁ toussi.fr/ en/ index.htm. Stone, Arthur A., Joseph E. Schwartz, Joan E. Broderick, and Angus Deaton.
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Intertemporal Choice and Inequality
Intertemporal Choice and Inequality Angus Deaton and ChristinaPaxson Princeton University The permanent income hypothesis implies that, for any cohort of people born at the same time, inequality in both consumption and income should grow with age. We investigate this prediction using cohort data constructed from 11 years of household survey data from the United States, 22 years from Great Britain, and 14 years from Taiwan. The data show that within-cohort consumption and income inequality measures do indeed increase with age in the three economies and that the rate of increase is similar in all three. Ac- cording to the permanent income hypothesis, the increase in in- equality reflects cumulative differences in the effects of luck on con- sumption. Other models of intertemporal choice-such as those with strong precautionary motives or liquidity constraints-can limit or even prevent the spread of inequality, as can insurance arrange- ments that share risk across individuals. The evidence on the spread of inequality can therefore be used to help quantify the extent to which private and social arrangements moderate the impact of risk on the distribution of individual welfare. I. Introduction Suppose that the permanent income hypothesis (PIH) is true, so that the consumption of each person in the economy follows a random We are grateful to James Banks and Richard Blundell for the cohort data for Great Britain and to Orazio Attanasio for the U.S. data that were used in an earlier version of this paper. We also thank Tim Besley, Anne Case, Ben Eden, Steve Davis, Marjorie Flavin, Robert Hall, Alan Krueger, Robert Lucas, Thierry Magnac, Jean-Marc Robin, Joe Stiglitz, participants in the National Bureau of Economic Research's February 1993 Economic Fluctuations Research meeting, and an anonymous referee for helpful suggestions.
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Health, Inequality, and Economic Development Angus Deaton Research Program in Development Studies and Center for Health and Well
Health, inequality, and economic development Angus Deaton Research Program in Development Studies and Center for Health and Wellbeing Princeton University May 2001 Prepared for Working Group 1 of the WHO Commission on Macroeconomics and Health. I am grateful to Anne Case for many helpful discussions during the preparation of this paper and to Sir George Alleyne, David Cutler and Duncan Thomas for comments on a preliminary draft. I am grateful for financial support from the John D. and Catherine T. MacArthur Foundation and from the National Institute of Aging through a grant to the National Bureau of Economic Research. Health, inequality, and economic development Angus Deaton JEL No. I12 ABSTRACT I explore the connection between income inequality and health in both poor and rich countries. I discuss a range of mechanisms, including nonlinear income effects, credit restrictions, nutritional traps, public goods provision, and relative deprivation. I review the evidence on the effects of income inequality on the rate of decline of mortality over time, on geographical pattens of mortality, and on individual-level mortality. Much of the literature needs to be treated skeptically, if only because of the low quality of much of the data on income inequality. Although there are many puzzles that remain, I conclude that there is no direct link from income inequality to ill-health; individuals are no more likely to die if they live in more unequal places. The raw correlations that are sometimes found are likely the result of factors other than income inequality, some of which are intimately linked to broader notions of inequality and unfairness.
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Nobel Prize Winners a Look Through Five Years…
Nobel Prize Winners A look through five years… Lucy O'Callaghan (L6JED) and Libby Almeyda (L6RJB) In order to understand the challenges facing the world we live in, it is crucial to comprehend the models that propel advances in modern economic thinking. In our macroeconomics class, we broadened our insights of applied economics by diving into the recent work of several economists who have significantly contributed to radical changes in economic theory. We researched and discussed the Economics Nobel Prizes from 2015 to the most recent one in 2020. This gave us a real insight into current economic debates and how economics is trying to tackle issues ranging from poverty to climate change. 2015 Angus Deaton 2 2016 Oliver Hart and Bengt Holmstrom 3 2017 Richard H. Thaler 4 2018 William D Nordhaus and Paul M Romer 5 2019 Abhijit Banerjee, Esther Duflo and Michael Kremer 6 2020 Paul Milgrom and Robert Wilson 7 1 2015 Angus Deaton Sir Angus Deaton is a British-American Economist and academic, born in Edinburgh 1945. Awarded his Noble Prize in 2015 on his ‘Analysis of consumption, poverty and welfare’. Aiming to transform the fields of microeconomics, macroeconomics and developing economies by linking detailed individual choices and aggregate outcomes. Angus Deaton’s work is truly fascinating as he explores the variety of different incomes throughout all households in an economy, weighing up how consumers distribute their spending among different goods. He focuses his work around the idea of fluctuating incomes, and in relation to that, how policy reforms affect the welfare of different groups.
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1 the Nobel Prize in Economics Turns 50 Allen R. Sanderson1 and John
The Nobel Prize in Economics Turns 50 Allen R. Sanderson1 and John J. Siegfried2 Abstract The first Sveriges Riksbank Prizes in Economic Sciences in Memory of Alfred Nobel, were awarded in 1969, 50 years ago. In this essay we provide the historical origins of this sixth “Nobel” field, background information on the recipients, their nationalities, educational backgrounds, institutional affiliations, and collaborations with their esteemed colleagues. We describe the contributions of a sample of laureates to economics and the social and political world around them. We also address – and speculate – on both some of their could-have-been contemporaries who were not chosen, as well as directions the field of economics and its practitioners are possibly headed in the years ahead, and thus where future laureates may be found. JEL Codes: A1, B3 1 University of Chicago, Chicago, IL, USA 2Vanderbilt University, Nashville, TN, USA Corresponding Author: Allen Sanderson, Department of Economics, University of Chicago, 1126 East 59th Street, Chicago, IL 60637, USA Email: [email protected] 1 Introduction: The 1895 will of Swedish scientist Alfred Nobel specified that his estate be used to create annual awards in five categories – physics, chemistry, physiology or medicine, literature, and peace – to recognize individuals whose contributions have conferred “the greatest benefit on mankind.” Nobel Prizes in these five fields were first awarded in 1901.1 In 1968, Sweden’s central bank, to celebrate its 300th anniversary and also to champion its independence from the Swedish government and tout the scientific nature of its work, made a donation to the Nobel Foundation to establish a sixth Prize, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.2 The first “economics Nobel” Prizes, selected by the Royal Swedish Academy of Sciences were awarded in 1969 (to Ragnar Frisch and Jan Tinbergen, from Norway and the Netherlands, respectively).
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