Economic Perspectives
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Redistributive Monetary Policy
Redistributive Monetary Policy Markus K. Brunnermeier and Yuliy Sannikov I. Introduction Short-term debt financing played an important role in the run-up to the financial crisis, as increases in leverage helped boost growth, but also made the economy more susceptible to a sharp downturn. Since the recession, private agents have reduced their debt level while many governments have increased borrowing. This deleveraging process appears to be holding back the recovery, and the Japanese experience suggests that such deleveraging can continue over an extended period. Economic activity depends on wealth distribution and the risk-bear- ing capacity of various sectors and actors in the economy. In a world with excessive debt financing, the amplification of adverse shocks can trigger large wealth redistributions across and within sectors, stifling growth. While in Japan, the nonfinancial business sector suffered most from liquidity and deflation spirals, currently in the United States, the household sector largely bears the costs of these spirals. This paper argues that monetary policy can mitigate the redis- tributive effects of the adverse amplification mechanisms and help rebalance wealth across various sectors and households. The wealth- redistributive monetary transmission channel works through changes in asset prices and income flows. Importantly, it is the heterogeneity 331 332 Markus K. Brunnermeier and Yuliy Sannikov in economic agents’ asset holdings that allows monetary policy to redistribute wealth. Appropriate monetary policy can mitigate debt overhang distortions. This stabilizes the economy, reduces endog- enous risk, and can spur growth, raising the overall wealth level in the economy. For specific scenarios, monetary policy can even lead to ex-post Pareto improvements, making all agents in the economy better off. -
The Econometric Society European Region Aide Mémoire
The Econometric Society European Region Aide M´emoire March 22, 2021 1 European Standing Committee 2 1.1 Responsibilities . .2 1.2 Membership . .2 1.3 Procedures . .4 2 Econometric Society European Meeting (ESEM) 5 2.1 Timing and Format . .5 2.2 Invited Sessions . .6 2.3 Contributed Sessions . .7 2.4 Other Events . .8 3 European Winter Meeting (EWMES) 9 3.1 Scope of the Meeting . .9 3.2 Timing and Format . 10 3.3 Selection Process . 10 4 Appendices 11 4.1 Appendix A: Members of the Standing Committee . 11 4.2 Appendix B: Winter Meetings (since 2014) and Regional Consultants (2009-2013) . 27 4.3 Appendix C: ESEM Locations . 37 4.4 Appendix D: Programme Chairs ESEM & EEA . 38 4.5 Appendix E: Invited Speakers ESEM . 39 4.6 Appendix F: Winners of the ESEM Awards . 43 4.7 Appendix G: Countries in the Region Europe and Other Areas ........... 44 This Aide M´emoire contains a detailed description of the organisation and procedures of the Econometric Society within the European Region. It complements the Rules and Procedures of the Econometric Society. It is maintained and regularly updated by the Secretary of the European Standing Committee in accordance with the policies and decisions of the Committee. The Econometric Society { European Region { Aide Memoire´ 1 European Standing Committee 1.1 Responsibilities 1. The European Standing Committee is responsible for the organisation of the activities of the Econometric Society within the Region Europe and Other Areas.1 It should undertake the consideration of any activities in the Region that promote interaction among those interested in the objectives of the Society, as they are stated in its Constitution. -
TWAS Fellowships Worldwide
CDC Round Table, ICTP April 2016 With science and engineering, countries can address challenges in agriculture, climate, health TWAS’s and energy. guiding principles 2 Food security Challenges Water quality for a Energy security new era Biodiversity loss Infectious diseases Climate change 3 A Globally, 81 nations fall troubling into the category of S&T- gap lagging countries. 48 are classified as Least Developed Countries. 4 The role of TWAS The day-to-day work of TWAS is focused in two critical areas: •Improving research infrastructure •Building a corps of PhD scholars 5 TWAS Research Grants 2,202 grants awarded to individuals and research groups (1986-2015) 6 TWAS’ AIM: to train 1000 PhD students by 2017 Training PhD-level scientists: •Researchers and university-level educators •Future leaders for science policy, business and international cooperation Rapidly growing opportunities P BRAZIL A K I N D I CA I RI A S AF TH T SOU A N M KENYA EX ICO C H I MALAYSIA N A IRAN THAILAND TWAS Fellowships Worldwide NRF, South Africa - newly on board 650+ fellowships per year PhD fellowships +460 Postdoctoral fellowships +150 Visiting researchers/professors + 45 17 Programme Partners BRAZIL: CNPq - National Council MALAYSIA: UPM – Universiti for Scientific and Technological Putra Malaysia WorldwideDevelopment CHINA: CAS - Chinese Academy of KENYA: icipe – International Sciences Centre for Insect Physiology and Ecology INDIA: CSIR - Council of Scientific MEXICO: CONACYT– National & Industrial Research Council on Science and Technology PAKISTAN: CEMB – National INDIA: DBT - Department of Centre of Excellence in Molecular Biotechnology Biology PAKISTAN: ICCBS – International Centre for Chemical and INDIA: IACS - Indian Association Biological Sciences for the Cultivation of Science PAKISTAN: CIIT – COMSATS Institute of Information INDIA: S.N. -
Millennium Prize for the Poincaré
FOR IMMEDIATE RELEASE • March 18, 2010 Press contact: James Carlson: [email protected]; 617-852-7490 See also the Clay Mathematics Institute website: • The Poincaré conjecture and Dr. Perelmanʼs work: http://www.claymath.org/poincare • The Millennium Prizes: http://www.claymath.org/millennium/ • Full text: http://www.claymath.org/poincare/millenniumprize.pdf First Clay Mathematics Institute Millennium Prize Announced Today Prize for Resolution of the Poincaré Conjecture a Awarded to Dr. Grigoriy Perelman The Clay Mathematics Institute (CMI) announces today that Dr. Grigoriy Perelman of St. Petersburg, Russia, is the recipient of the Millennium Prize for resolution of the Poincaré conjecture. The citation for the award reads: The Clay Mathematics Institute hereby awards the Millennium Prize for resolution of the Poincaré conjecture to Grigoriy Perelman. The Poincaré conjecture is one of the seven Millennium Prize Problems established by CMI in 2000. The Prizes were conceived to record some of the most difficult problems with which mathematicians were grappling at the turn of the second millennium; to elevate in the consciousness of the general public the fact that in mathematics, the frontier is still open and abounds in important unsolved problems; to emphasize the importance of working towards a solution of the deepest, most difficult problems; and to recognize achievement in mathematics of historical magnitude. The award of the Millennium Prize to Dr. Perelman was made in accord with their governing rules: recommendation first by a Special Advisory Committee (Simon Donaldson, David Gabai, Mikhail Gromov, Terence Tao, and Andrew Wiles), then by the CMI Scientific Advisory Board (James Carlson, Simon Donaldson, Gregory Margulis, Richard Melrose, Yum-Tong Siu, and Andrew Wiles), with final decision by the Board of Directors (Landon T. -
The Declining Worker Power Hypothesis
The Declining Worker Power Hypothesis: An explanation for the recent evolution of the American economy Anna Stansbury and Lawrence H. Summers Harvard University May 2020 Abstract: Rising profitability and market valuations of US businesses, sluggish wage growth and a declining labor share of income, and reduced unemployment and inflation, have defined the macroeconomic environment of the last generation. This paper offers a unified explanation for these phenomena based on reduced worker power. Using individual, industry, and state-level data, we demonstrate that measures of reduced worker power are associated with lower wage levels, higher profit shares, and reductions in measures of the NAIRU. We argue that the declining worker power hypothesis is more compelling as an explanation for observed changes than increases in firms’ market power, both because it can simultaneously explain a falling labor share and a reduced NAIRU, and because it is more directly supported by the data. Acknowledgements: We thank the editors Jan Eberly and Jim Stock, and discussants Steven Davis and Christina Patterson for their comments. For helpful discussions and/or comments we thank Pawel Bukowski, Gabriel Chodorow- Reich, Richard Freeman, Kathryn Holston, Larry Katz, Pat Kline, Larry Mishel, Peter Norlander, Valerie Ramey, Jake Rosenfeld, Bob Solow, and the participants of the Spring 2020 Brookings Papers on Economic Activity conference and the Spring 2020 Harvard macroeconomics workshop. We are very grateful to Germán Gutiérrez and Thomas Philippon, David Baqaee and Emmanuel Farhi, Nicholas Bloom and David Price, Matthias Kehrig, Christina Patterson, and Maria Voronina for providing us with data. Since the early 1980s in the U.S., the share of income going to labor has fallen, measures of corporate valuations like Tobin's Q have risen, average profitability has risen even as interest rates have declined, and measured markups have risen. -
Econ 281 Syllabus - Part 2
Econ 281 Syllabus - Part 2 Instructor: Johannes Wieland 1 Requirements See Ross Starr’s syllabus. I expect you to have read the starred papers on the reading list before class. 2 Class presentations Everyone attending class must present a non-starred paper from this syllabus or from Ross’s syllabus. This includes those auditing the class unless there are no more slots left. Papers must be picked by the end of week 6. 3 Preliminary outline 1. Lecture 1 (11/2/2015): Introduction. Firm credit frictions — amplification and propagation. ∗ Ben S Bernanke and Mark Gertler. Agency costs, net worth, and business fluctuations. American Economic Review, 79(1):14–31, 1989 ∗ Charles T Carlstrom and Timothy S Fuerst. Agency costs, net worth, and business fluctuations: A computable general equilibrium analysis. The American Economic Review, pages 893–910, 1997 2. Lecture 2 (11/4/2015): Firm credit frictions — dynamic amplification and empirical evidence. ∗ Ben S Bernanke, Mark Gertler, and Simon Gilchrist. The financial accelerator in a quantitative business cycle framework. Handbook of macroeconomics, 1:1341–1393, 1999 ∗ Ben S Bernanke. Nonmonetary effects of the financial crisis in the propagation of the great depression. The American Economic Review, 73(3):257–276, 1983 ∗ Mark Gertler and Simon Gilchrist. Monetary policy, business cycles, and the behavior of small manufacturing firms. The Quarterly Journal of Economics, pages 309–340, 1994 Markus K Brunnermeier and Yuliy Sannikov. A macroeconomic model with a financial sector. The American Economic Review, 104(2):379–421, 2014 1 Markus K Brunnermeier, Thomas M Eisenbach, and Yuliy Sannikov. Macroeconomics with fi- nancial frictions: A survey. -
NBER WORKING PAPER SERIES COMPETITION and INNOVATION: an INVERTED U RELATIONSHIP Philippe Aghion Nicholas Bloom Richard Blundell
NBER WORKING PAPER SERIES COMPETITION AND INNOVATION: AN INVERTED U RELATIONSHIP Philippe Aghion Nicholas Bloom Richard Blundell Rachel Griffith Peter Howitt Working Paper 9269 http://www.nber.org/papers/w9269 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2002 The authors would like to thank Daron Acemoglu, Tim Bresnahan, Wendy Carlin, Paul David, Janice Eberly, Dennis Ranque, Robert Solow, Manuel Trajtenberg, Alwyn Young, John Van Reenen and participants at CIAR, Harvard and MIT. Financial support for this project was provided by the ESRC Centre for the Microeconomic Analysis of Fiscal Policy at the IFS. The data was developed with funding from the Leverhulme Trust. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. © 2002 by Philippe Aghion, Nicholas Bloom, Richard Blundell, Rachel Griffith, and Peter Howitt. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Competition and Innovation: An Inverted U Relationship Philippe Aghion, Nicholas Bloom, Richard Blundell, Rachel Griffith, and Peter Howitt NBER Working Paper No. 9269 October 2002 JEL No. O0, L1 ABSTRACT This paper investigates the relationship between product market competition (PMC) and innovation. A growth model is developed in which competition may increase the incremental profit from innovating; on the other hand, competition may also reduce innovation incentives for laggards. There are four key predictions. First, the relationship between product market competition (PMC) and innovation is an inverted U-shape. Second, the equilibrium degree of technological ‘neck-and- neckness’ among firms should decrease with PMC. -
No. 42 Margene Lehman Brian Ortbal Faculty Editor: Robert J
Editors: James Burns Fall 2009, No. 42 Margene Lehman Brian Ortbal Faculty Editor: Robert J. Gordon This edition covers appointments, honors, grants, travels, and publications involving economists at Northwestern, both in the Department of Economics and the Kellogg School of Management, for the period of September 1, 2008 through August 31, 2009. Additional copies are available from the editors in Room 302, Andersen Hall. APPOINTMENTS, HONORS, AND GRANTS LORI BEAMAN received a grant from the Russell Sage Foundation’s Small Grants in Behavioral Economics program and Northwestern’s University Research Grants Committee for her project “How Job Networks Work: A Study Using Experimental and Behavioral Economics.” She was also appointed as an affiliate of the Bureau for Research and Economic Analysis of Development (BREAD). IVAN CANAY served on the program committee for the 2009 Latin American Meeting of the Econometrics Society. JANNET CHANG was awarded the Innovation in Teaching Grant by the Searle Center for Teaching Excellence. EDDIE DEKEL continues to serve on the council of the Game Theory Society and the Econometric Society, and as at-large member of the executive committee of the Econometric Society. He holds an NSF grant for work on uncertain temptations, and on polarization and biased information, which was renewed for 2008-2011. He serves as associate editor for Theoretical Economics. MATTHIAS DOEPKE was appointed as an editor of the Review of Economic Dynamics, an associate editor of the Journal of the European Economic Association, and an editorial board member of the American Economic Review. He continues to serve as an associate editor for the Journal of Economic Growth, Macroeconomic Dynamics, and the Journal of Human Capital, and serves as a Foreign Editor for the Review of Economic Studies. -
A View from the Bridge Natalie Paquette
INFERENCE / Vol. 3, No. 4 A View from the Bridge Natalie Paquette tring theory is a quantum theory of gravity.1 Albert example, supersymmetric theories require particles to Einstein’s theory of general relativity emerges natu- come in pairs. For every bosonic particle there is a fermi- rally from its equations.2 The result is consistent in onic superpartner. Sthe sense that its calculations do not diverge to infinity. Supersymmetric field theory has a disheartening String theory may well be the only consistent quantum impediment. Suppose that a supersymmetric quantum theory of gravity. If true, this would be a considerable field theory is defined on a generic curved manifold. The virtue. Whether it is true or not, string theory is indis- Euclidean metric of Newtonian physics and the Lorentz putably the source of profound ideas in mathematics.3 metric of special relativity are replaced by the manifold’s This is distinctly odd. A line of influence has always run own metric. Supercharges correspond to conserved Killing from mathematics to physics. When Einstein struggled spinors. Solutions to the Killing spinor equations are plen- to express general relativity, he found the tools that he tiful in a flat space, but the equations become extremely needed had been created sixty years before by Bernhard restrictive on curved manifolds. They are so restrictive Riemann. The example is typical. Mathematicians discov- that they have, in general, no solutions. Promoting a flat ered group theory long before physicists began using it. In supersymmetric field theory to a generic curved mani- the case of string theory, it is often the other way around. -
Stability of Tangent Bundles of Complete Intersections and Effective
STABILITY OF TANGENT BUNDLES OF COMPLETE INTERSECTIONS AND EFFECTIVE RESTRICTION JIE LIU ABSTRACT. For n ≥ 3, let M be an (n + r)-dimensional irreducible Hermitian symmetric space of compact type and let OM(1) be the ample generator of Pic(M). Let Y = H1 ∩···∩ Hr be a smooth complete intersection of dimension n where Hi ∈ |OM(di)| with di ≥ 2. We prove a vanishing theorem for twisted holomor- phic forms on Y. As an application, we show that the tangent bundle TY of Y is stable. Moreover, if X is a smooth hypersurface of degree d in Y such that the restriction Pic(Y) → Pic(X) is surjective, we establish some effective results for d to guarantee the stability of the restriction TY|X. In particular, if Y is a general n+1 hypersurface in P and X is general smooth divisor in Y, we show that TY|X is stable except for some well-known examples. We also address the cases where the Picard group increases by restriction. CONTENTS 1. Introduction 1 2. Hermitian symmetric spaces and Lefschetz properties 5 3. Twisted (n − 1)-forms and special cohomologies 7 4. Extension of twisted vector fields 10 5. Stability and effective restriction with invariant Picard group 14 6. Hyperplane of cubic threefolds 20 Reference 25 1. INTRODUCTION arXiv:1711.03413v3 [math.AG] 22 Oct 2018 It has been one of main problems in K¨ahler geometry to study which Fano manifolds with b2 = 1 admit a K¨ahler-Einstein metric. The celebrated Yau-Tian- Donaldson conjecture asserts that a Fano manifold admits a K¨ahler-Einstein met- ric if and only if it is K-polystable. -
Meetings & Conferences of The
Meetings & Conferences of the AMS IMPORTANT INFORMATION REGARDING MEETINGS PROGRAMS: AMS Sectional Meeting programs do not appear in the print version of the Notices. However, comprehensive and continually updated meeting and program information with links to the abstract for each talk can be found on the AMS website. See www.ams.org/meetings/. Final programs for Sectional Meetings will be archived on the AMS website accessible from the stated URL . Jill Pipher, Brown University, Harmonic analysis and New Brunswick, New elliptic boundary value problems. David Vogan, Department of Mathematics, MIT, Matri- Jersey ces almost of order two. Wei Zhang, Columbia University, The Euler product and Rutgers University the Taylor expansion of an L-function. November 14–15, 2015 Special Sessions Saturday – Sunday If you are volunteering to speak in a Special Session, you Meeting #1115 should send your abstract as early as possible via the ab- Eastern Section stract submission form found at www.ams.org/cgi-bin/ Associate secretary: Steven H. Weintraub abstracts/abstract.pl. Announcement issue of Notices: September 2015 Advances in Valuation Theory, Samar El Hitti, New York Program first available on AMS website: October 1, 2015 City College of Technology, City University of New York, Issue of Abstracts: Volume 36, Issue 4 Franz-Viktor Kuhlmann, University of Saskatchewan, and Deadlines Hans Schoutens, New York City College of Technology, For organizers: Expired City University of New York. For abstracts: Expired Algebraic Geometry and Combinatorics, Elizabeth Drel- lich, University of North Texas, Erik Insko, Florida Gulf The scientific information listed below may be dated. Coast University, Aba Mbirika, University of Wisconsin- For the latest information, see www.ams.org/amsmtgs/ Eau Claire, and Heather Russell, Washington College. -
Andrzej (Andy) Skrzypacz
Andrzej (Andy) Skrzypacz CV April 2021 Stanford Graduate School of Business 655 Knight Way Stanford, CA 94305-7298 [email protected] www.stanford.edu/~skrz Phone: (650) 736-0987 Education Ph.D. Economics, University of Rochester, 2000. M.A. Economics, University of Rochester, 2000. M.A. (magisterium) Economics, Warsaw School of Economics, Warsaw, Poland, 1997. B.S. (licencjat) Economics, Warsaw School of Economics, Warsaw, Poland, 1995. Employment: Stanford Graduate School of Business 2000-present: Theodore J. Kreps Professor of Economics, 2010- present. Professor of Economics, 2009-2010. Associate Professor of Economics, 2004-2009 (with tenure since 2007). Assistant Professor of Economics, 2000-2004. Stanford University: Professor, by courtesy, Department of Economics, Stanford, 2012- present Co-Director, Executive Program in Strategy and Organization 2014-present Yahoo! Research, 2011 – 2012. Academic Visitor Main Professional Service Co-Editor of the American Economic Review 2011-2014 Associate Editor for the American Economic Review: Insights 2017 - Associate Editor for the RAND Journal of Economics. 2008- Associate Editor for Theoretical Economics. 2009-2011 Associate Editor for the American Economic Review. 2006 -2011 Research Published and Accepted Papers 1. Gregory Rosston and Andrzej Skrzypacz (2021) “Reclaiming Spectrum from Incumbents in Inefficiently Allocated Bands: Transaction Costs, Competition, and Flexibility.” Forthcoming in Telecommunications Policy. 2. Felipe Varas, Ivan Marinovic and Andrzej Skrzypacz (2020) “Random Inspections and Annual Reviews: Optimal Dynamic Monitoring.” Review of Economic Studies 87(6): 2893–2937. 3. Dmitry Orlov, Andrzej Skrzypacz and Pavel Zryumov (2020) “Persuading the Principal to Wait.” Journal of Political Economy 128(7): 2542–2578. 4. William Fuchs and Andrzej Skrzypacz (2019) “Costs and Benefits of Dynamic Trading in a Lemons Market.” Review of Economic Dynamics 33 (July): 105-127.