O Robert Mundell Και Το Βραβείο Nobel Στα Οικονομικά
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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. -
The Euro As a Stabilizer in the International Economic System the Euro As a Stabilizer in Theinternational Economic System
THE EURO AS A STABILIZER IN THE INTERNATIONAL ECONOMIC SYSTEM THE EURO AS A STABILIZER IN THEINTERNATIONAL ECONOMIC SYSTEM Edited by Robert Mundell and Armand Clesse SPRINGER SCIENCE+BUSINESS MEDIA, LLC Library of Congress Cataioging-in-Publication Data The Euro as a stabilizer in the international economic systemledited by Robert Mundell and Armand Clesse. p.cm. Includes bibliographical references. ISBN 978-1-4613-7007-9 ISBN 978-1-4615-4457-9 (eBook) DOI 10.1007/978-1-4615-4457-9 .I.Euro. 2.Monetary poIicy--European Union countries. 3.Intemational finance.1. Mundell, Robert A. II. Clesse, Armand. HG925 .E8678 2000 332.4'94--dc21 00-020396 Copyright © 2000 Springer Science+Business Media New York. Second Printing 2001. Originally published by K1uwer Academic Publishers, New York in 2000 Softcover reprint of the hardcover 1st edition 2000 Ali rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photo copying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC. Printed on acid-free paper. To Charles P. Kindleberger and Pierre Werner, pioneers in the theory and practice ofthe European and international economic and monetary system Contents Contributors XI Preface xv Acknowledgments XVll Introduction XIX PART I: THE VIABILITY OF THE EURO 1. ANew Bi-Polarity? 3 Charles P. Kindleberger 2. The Theoretical and Historical Perspectives on 21 the Emergence of the Euro Robert Skidelsky and Kalin Nikolov 3. External Relations of the Euro Area 35 C. Randall Henning 4. -
The Role of the IMF in the Global Financial Crisis
The Role of the IMF in the Global Financial Crisis Miranda Xafa Hellenic Bank Association June 2009 1 I.I. EconomicEconomic andand financialfinancial developmentsdevelopments GlobalGlobal economyeconomy facesfaces itsits mostmost severesevere recessionrecession 2 sincesince WWIIWWII Real GDP Growth (Annual percent change) 10 Emerging and Developing economies 8 World 6 4 2 Advanced economies 0 -2 -4 1970 80 90 2000 10 3 Global outlook deteriorated sharply since October 08; modest turnaround expected with policy stimulus WEO Real GDP Growth Projections (In percent change from a year earlier) U.S. Euro Japan China India World 2009 (Apr. 09) -2.8 -4.2 -6.2 6.5 4.5 -1.3 2009 (Oct. 08) -0.7 -0.5 -0.2 8.5 6.3 2.2 Change -2.1 -1.5 -6.0 -2.0 -1.8 -3.5 2010 (Apr. 09) 0.0 -0.4 0.5 7.5 5.6 1.9 2010 (Oct. 08) 1.5 0.9 1.1 9.5 6.8 3.8 Change -1.5 -1.5 -0.6 -2.0 -1.2 -1.9 Source: IMF, World Economic Outlook, April 2009 Update. 4 Heightened uncertainty a defining feature of the crisis VIX and Standard Deviation of Forecasts (in percent) 1.2 70 VIX Index 60 1.0 (RHS) 50 0.8 U.S. Consensus Forecasts (STDEV; following 40 year; LHS) 0.6 30 0.4 20 0.2 10 Gulf Asian Crisis LTCM 9/11 War I Apr. 09 0.0 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 TentativeTentative signssigns ofof stabilizationstabilization emergedemerged 5 inin AprilApril--MayMay 2009...2009.. -
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. -
Monetary Policy and Open Market Operations in 1983
Monetary Policy And Open Market Operations In 1983 Monetary policy in 1983 sought to provide for a sus- and the continued decline in inflation contributed to tained expansion in economic activity within a framework greater interest rate stability than in other recent years. of continuing progress against inflation. Given the The Committee in 1983 had to deal with institutional background of substantial economic and institutional changes that affected the monetary aggregatesand their change, this involved careful balancing of the need for relationships to ultimate economic variables to an sufficient liquidity to foster the moderate recovery which uncertaindegree. Already during 1982, income velocities appearedto be emerging at the year's outset, along with had deviated substantially from past patterns. Ongoing the continuing need to maintain monetary discipline. The financial innovation, deregulation, and economic change measurement of liquidity itself was difficult in the light suggested that velocity patterns in 1983 were likely to of marked changes in the composition of M-1 and M-2 continue to diverge significantly from past experience. and uncertainty about their relationships to economic The Committee concluded that the relation between activity. money and credit and the economy would have to As the year progressed, the economic recovery sur- remain under review in 1983. The Committee continued passed expectationswhile the pace of inflation remained to specify growth ranges for money and credit as subdued. Wage increases continued to moderate, required by the Full Employment and Balanced Growth reducing cost pressures appreciably, while productivity (Humphrey-Hawkins) Act. But it sought to achieve its continued the rebound that had begun in 1982. -
The Capitalist Advisor Prescience Backed by Science
T HE CAPITALIST ADVISOR MAY 14, 2021 THE CAPITALIST ADVISOR PRESCIENCE BACKED BY SCIENCE In Memoriam: Robert Mundell (1932-2021), Father of Supply-Side Economics Richard M. Salsman, Ph.D., CFA President & Chief Market Strategist May 14, 2021 upply-side economics—which rehabilitated Saysian Most academic and business economists despised supply-side S economics and discredited demand-side Keynesian and economics (and still do) because it was pro-capitalist and Monetarist models in the 1980s and 1990s—helped a handful for so long proved them (and their long careers) so wrong. of prescient political leaders establish sound money, reduce The humiliated haters nonetheless clung to their dogmas, marginal tax rates, revive prosperity, boost investment returns, persisted in preaching them, and eventually got their revenge dissolve the U.S.S.R., end the Cold War, and liberalize China.1 by reintroducing crisis-generating policies in this century. 1 See “The Supply-Side Revolution,” in “The Secrets of Reagan’s Success (Part II): Economic Policy,” The Capitalist Advisor, June 21, 2004, pp. 8-25. Copyright © 2021 * INTERMARKET FORECASTING INC. * All Rights Reserved 4004 LINDEN TERRACE ▪ DURHAM, NORTH CAROLINA 27715 PHONE 919-942-2419 ▪ FAX 919-338-2652 ▪ [email protected] I NTERMARKET FORECASTING, INC. PAGE T HE CAPITALIST ADVISOR MAY 14, 2021 Professor Robert Mundell, who died on April 5th, is Table One depicts the superior economic-investment worth remembering and honoring because he was the performance delivered by predominantly supply-side poli- father of supply-side economics.2 As such, he did more cies (1980-2000) versus the inferior subsequent results good for the political-economic world than any political (2000-2020) caused by predominantly demand-side poli- economist since J.B. -
School of Economics
School of Economics School of Economics Celebrating research and teaching excellence A new School of Economics pp. 3-7 Research highlights pp. 8-13 Education spotlight pp. 14-19 Celebrating our alumni pp. 20-27 1 ‘I am absolutely delighted to hear about the birth of the Bristol School of Economics, giving a formal title to a long distinguished line of economists in Bristol.’ A new School Professor Sir Angus Deaton Former Professor of Econometrics at the University of Bristol and winner of the Nobel Prize in Economics in 2015 of Economics We are home to more than 1,400 students from 60+ countries around the world, and have 65 permanent academic faculty members. Professor Sarah Smith, Head of Economics We are among the top economics departments in the UK. In the THE analysis of the Research Excellence Framework 2014, we ranked sixth overall for economics and first for research impact. We also It is hugely exciting to announce the birth, or rather re-birth, of the rank in the top 100 in the 2020 QS and Shanghai Rankings. School of Economics at Bristol. Economics has a strong tradition here dating back to Alfred Marshall, and we look forward to building on our excellent academic reputation and creating a School of Economics that delivers real-world relevant research and education In 2019 we secured ESRC Legacy Centre Status for the Centre with a firm commitment to outreach and engagement. for Evidence-based Public Services. This new centre reflects the research and impact agenda of our current staff covering health, education, welfare reform and the environment, with an emphasis on data-intensive research and prioritising policy impact. -
A Century of Central Banking: What Have We Learned? Jerry L
A Century of Central Banking: What Have We Learned? Jerry L. Jordan All of us who are interested in the century-long experience of cen- tral banking in the United States owe a great debt to Allan Meltzer. His several-years-long efforts gave us over 2,000 pages of careful doc- umentation of decisionmaking in the Federal Reserve for the first 75 years (Meltzer 2003, 2010a, 2010b). The first score of years trans- formed a lender-of-last-resort, payments processor, and issuer of uni- form national currency into a full-fledged central bank with discretionary authority to manage a fiat currency. Even in the mid-1930s, then Senator Carter Glass declared that we did not have a central bank in the United States. However, legis- lation in 1933 and 1935 had institutionalized the Federal Open Market Committee (FOMC), which had previously been an informal coordinating committee. In an interview several years before his death, Milton Friedman was asked about any regrets in his long career. He replied that he wished he had paid more attention early on to what Jim Buchanan had been saying about the behavior of politicians and bureaucrats (Friedman 2003). Any discussion about any institution of govern- ment can be fruitful only in the context of the public-choice ele- ments of decisionmaking by individuals who occupy policymaking positions. For the past century, the economic theories of Cato Journal, Vol. 34, No. 2 (Spring/Summer 2014). Copyright © Cato Institute. All rights reserved. Jerry L. Jordan is former President of the Federal Reserve Bank of Cleveland. -
Economic Ideas for the New Millennium
Nothing Is Sacred This page intentionally left blank Nothing Is Sacred Economic Ideas for the New Millennium Robert J. Barro The MIT Press Cambridge, Massachusetts London, England ©2002 Massachusetts Institute of Technology All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher. This book was set in Palatino by Achorn Graphic Services Inc. in QuarkXPress and was printed and bound in the United States of America. Library of Congress Cataloging-in-Publication Data Barro, Robert J. Nothing is sacred: economic ideas for the new millennium/Robert J. Barro. p. cm. Includes bibliographical references and index. ISBN 0-262-02526-4 (hc.: alk. paper) 1. Economics—History—20th century. 2. Economists—History— 20th century. 3. United States—Economic policy—1993–2001. 4. United States—Economic policy—2001– I. Title. HB87 .B293 2002 330—dc21 2002024435 For Rachel, to whom I owe the title of this book and many other things This page intentionally left blank Contents Introduction xi 1 Thoughts on Friends and Other Noteworthy Persons 1 Milton Friedman and His Memoirs 1 Adam Smith, Including Thoughts on Ken Galbraith and David Ricardo 6 George Stigler and the Chicago School of Economics 12 Gary Becker, the Great Economic Imperialist 17 Robert Mundell, the Father of International Macroeconomics 22 Bob Lucas and Rational Expectations 26 Larry Summers, the Economist as Treasury Secretary and Harvard President 32 Bono, the Rock Star as Amateur Economist 36 Domingo Cavallo—The Second Coming of the Argentine Savior? 44 Al Gore in the Balance 53 George W. -
Hellenic Link–Midwest a Scientific and Cultural Link with Greece Ελληνικοσ Επιστημονικοσ Και Πολιτιστικοσ Συνδεσμοσ P.O
HELLENIC LINK–MIDWEST A SCIENTIFIC AND CULTURAL LINK WITH GREECE ΕΛΛΗΝΙΚΟΣ ΕΠΙΣΤΗΜΟΝΙΚΟΣ ΚΑΙ ΠΟΛΙΤΙΣΤΙΚΟΣ ΣΥΝΔΕΣΜΟΣ P.O. Box 3, Park Ridge, IL 60068-0003 Phone 630-790-2939 www.helleniclinkmidwest.org Hellenic Link Midwest on FaceBook Greece: Recovering from Two Debt Crises and a Pandemic On Sunday, November 15, Hellenic Link–Midwest presents Dr. Miranda Xafa in an online lecture titled "Greece: Recovering from Two Debt Crises and a Pandemic”. Please note that this lecture will start at 2:00 pm U.S. Central Time. This lecture is supported by the Hellenic Foundation, Chicago. The support of the Foundation is greatly appreciated. Please click Savvas Koktzoglou the link below to join the webinar: President Constantine Tzanos https://us02web.zoom.us/j/84171967132 Vice President Angelo Dalageorgas The Webinar ID is 841 7196 7132. Further Information on how to join this Treasurer lecture is shown on page 2. Thomas Mantzakides Recording Secretary The crisis that hit Greece in the aftermath of the 2008-2009 Global Financial Crisis Stefanos Sakellarides Corresponding Secretary ended a debt-financed consumer boom and triggered a deep recession. After two EU/IMF-funded adjustment programs and a massive debt restructuring in 2012, the Greek economy returned to growth and re-accessed capital markets in 2014. The disastrous negotiations with creditors conducted by the SYRIZA government in 2015 Committees set back the adjustment effort and resulted in a third bailout agreement. With Greece Membership Committee and its creditors aligned in their desire to avoid a fourth bailout, Greece achieved a Program Committee Dinner Dance Committee smooth exit from the program in August 2018, even though growth-enhancing reforms Scholarship Committee were not fully implemented. -
Study on the Financial Sector in Greece During the Economic Adjustment Programmes: 2010-2018 Final Report
Study on the financial sector in Greece during the economic adjustment programmes: 2010-2018 Final Report Written by Oskar Andruszkiewicz and Juliette Mathis (ICF), Charu Wilkinson (ICF Associate), Michalis Vassiliadis, Peppas Konstantinos and George Gatopoulos (IOBE) June 2020 EUROPEAN COMMISSION Directorate-General for Economic and Financial Affairs Directorate L — Treasury and financial operations Unit L.2 — Treasury and Asset Management Contact: Ludmila Nola E-mail: [email protected] European Commission Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE The information and views set out in this study are those of the authors and do not necessarily reflect the official opinion of the European Commission. The European Commission does not guarantee the accuracy of the data included in this study. Neither the European Commission nor any person acting on the European Commission’s behalf may be held responsible for the use which may be made of the information contained therein. More information on the European Union is available on the Internet (http://www.europa.eu). Luxembourg: Publications Office of the European Union, 2020. PDF ISBN 978-92-76-22204-0 doi: 10.2765/403158 KC-02-20-737-EN-N © European Union, 2020 Reproduction is authorised provided the source is acknowledged. For any use or reproduction of material that is not under the EU copyright, permission must be sought directly from the copyright holders. -
Greece: Recovering from Two Debt Crises and by the Hellenic Foundation, Chicago
HELLENIC LINK–MIDWEST Newsletter A CULTURAL AND SCIENTIFIC LINK WITH GREECE No. 112 October–November 2020 EDITORS: Constantine Tzanos, S. Sakellarides http://www.helleniclinkmidwest.org P.O. Box 3, Park Ridge, IL 60068-0003 Upcoming Events Iliou as historical advisor in several documentaries including “The Journey: the Greek Dream in America” and “Smyrna The Contributions of Greeks of Egypt to 1922–the Destruction of a Cosmopolitan City.” Their most Homeland and Adopted Country recent film, “Athens Between East and West, 1821-1896” On Sunday, October 18, 2020, at 3:00 pm, Hellenic Link– which is the first of a five-part series, premiered in February Midwest presents professor Alexander Kitroeff in an online 2020 at the Benaki Museum in Athens. lecture titled "The Contributions of Greeks of Egypt to Homeland and Adopted Country”. This lecture is supported Greece: Recovering from Two Debt Crises and by the Hellenic Foundation, Chicago. The support of the a Pandemic Foundation is greatly appreciated. Because of the pandemic, On Sunday, November 15, Hellenic Link–Midwest presents this lecture will be delivered online. Information on how to Dr. Miranda Xafa in an online lecture titled "Greece: join the lecture will be provided separately by email and Recovering from Two Debt Crises and a Pandemic”. Please regular mail. note that this lecture will start at 2:00 pm U.S. Central From the early nineteenth century through to the 1960s, the Time. This lecture is supported by the Hellenic Foundation, Greeks formed the largest, most economically powerful, and Chicago. The support of the Foundation is greatly geographically and socially diverse of all European appreciated.