Richard Edward Baldwin
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CURRICULUM VITAE: PHILIP RICHARD LANE, April 2015 Address: Economics Department, Trinity College Dublin, Dublin 2, Ireland Tel.: 353-1-8962259 Email: plane at tcd.ie Home Page: http://www.philiplane.org Personal Information Date of Birth: 27th August 1969 Citizenship: Ireland Education PhD, Economics, Harvard University, 1995. Thesis Title: “Essays in International Macroeco- nomics.” A.M., Economics, Harvard University, 1993. B.A. (Mod.) (Econ.), First Class Honours and Gold Medal, Trinity College Dublin, 1991. Professional Positions Whately Professor of Political Economy, Trinity College Dublin, 2012- Professor of International Macroeconomics, Trinity College Dublin, 2004-2012 Director, Institute for International Integration Studies (IIIS), Trinity College Dublin, 2002-2008 Associate Professor of Economics, Trinity College Dublin, 2000-2004 Lecturer in Economics, Trinity College Dublin, 1997-2000 Assistant Professor of Economics and International A¤airs , Columbia University, 1995-1997 Other A¢ liations Research Fellow, Centre for Economic Policy Research, 2002-. (Research A¢ liate, 1997- 2001). International Research Fellow, Kiel Institute of World Economics, 2005-. Member, Royal Irish Academy, 2007-. Selected Honours, Awards and Grants Irish Research Council Research Project Grant, “External Imbalances and External Adjustment: Lessons from the European Crisis,”2013-2016. Institute for New Economic Thinking Grant, “Financial Globalisation and Macroeco- nomic Policy,”2012-2015. Bhagwati Prize 2010 (best paper in Journal of International Economics; joint with Gian Maria Milesi-Ferretti). Fondation Banque de France Grant, “International Leverage,”2009-2010. NoeG Lecture, Austrian Economics Association, Vienna, May 2008. 1 Keynote Speaker, European Economics and Finance Society, Prague, May 2008. Scienti…c Leader, NORFACE Seminar Series Grant “Economic Globalisation and Eu- rope”, 2007-2009. -
Europe After 1992: Three Essays
ESSAYS IN INTERNATIONAL FINANCE ESSAYS IN INTERNATIONAL FINANCE are published by the International Finance Section of the Department of Economics of Princeton University. The Section sponsors this series of publications, but the opinions expressed are those of the authors. The Section welcomes the submis- sion of manuscripts for publication in this and its other series. Please see the Notice to Contributors at the back of this Essay. The three papers contained in this Essay were present- ed in August 1990 at the Fifth Annual Congress of the European Economic Association at a panel organized by Tommaso Padoa-Schioppa, Deputy Director General of the Bank of Italy and former Director General for Eco- nomic and Financial Affairs at the Commission of the European Communities. His Introduction precedes the three papers. Michael Emerson, author of the first paper, is Ambassador of the Commission of the European Com- munities in Moscow and former Director for the Evalua- tion of Community Policies at the Commission in Brus- sels. Kumiharu Shigehara, author of the second, is Direc- tor of the Institute for Monetary and Economic Studies at the Bank of Japan, and former Director of the Policy Studies Branch at the Organisation for Economic Co- operation and Development. Richard Portes, whose paper completes the set, is Director of the Centre for Economic Policy Research, Professor of Economics at Birkbeck College in the University of London, and Directeur d’Etudes, Ecole des Hautes Etudes en Sciences Sociales (at DELTA), Paris. We are grateful to Tommaso Padoa- Schioppa for giving us the opportunity to publish these papers and for his assistance in preparing them for publi- cation. -
SIMULATING an OIL SHOCK with STICKY PRICES by Francesco Giavalli Mehmet ODEKON and Charles WYPLOSZ N° 81/26
SIMULATING AN OIL SHOCK WITH STICKY PRICES by Francesco GIAVAllI Mehmet ODEKON and Charles WYPLOSZ N° 81/26 Directeur de la Publication : Jean-Claude THOENIG Associate Dean: Research and Development INSEAD Imprimé par l'INSEP), Fontainebleau France SIMULATING AN OIL SHOCK WITH STICKY PRICES Francesco Giavazzi University of Essex and Università di Venezia Mehmet Odekon INSEAD, France Charles Wyplosz INSEAD, France Revised Version: November 1981 Abstract: This paper extends recent work by J. Sachs about the response of a two country plus OPEC neo-classical model to an oil shock with full inter-temporal optimization and perfect foresight. Here, the role of imperfectly flexible prices is studied under the assumption that firms are output constrained. The presence of expected inflation is shown to be pervasive. It affects the real interest rate term structure and therefore the valuation of all components of wealth, as well as the exchange rate and the attending distribution of world expenditures. Inflation also enters the wage adjustment mechanism and therefore the path of unemployment and capital accumulation. Address: Charles Wyplosz, INSEAD, Boulevard de Constance, 77305 Fontainebleau, France I - INTRODUCTION As recently pointed out by Krugman (1980), the proper study of the effects of an oil shock on the exchange rate requires two essentiel fea- tures. First, because the exchange rates which are interesting are those linking the non-OPEC countries, the minimal set up consists of a model including two such countries and OPEC. The exchange rate then reflects how differently the two countries react to the shock. Second, there are two aspects in which the countries reactions may differ: trade and finance. -
Richard Portes
RICHARD PORTES Department of Economics, London Business School, Sussex Place, Regent’s Park, London NW1 4SA. Tel. (44 20) 7706 6886, fax 7724 1598, [email protected] Centre for Economic Policy Research,90-98 Goswell Road, London EC1V 7DB. Tel. (44 20) 7878 2915, fax 7878 2999, [email protected] DELTA/ENS, 48 Blvd Jourdan, 75014 Paris. Tel. (33) [0]1 4313 6336. Personal Born Chicago, IL,10 December 1941. UK and US citizen, UK resident. Education and Degrees B.A., Yale University, 1962 - summa cum laude, mathematics (1959-1962) summa cum laude, philosophy D.Phil., Oxford University, 1969 [M.A.(Oxon.), 1965] Balliol College 1962-63, Nuffield College 1963-64 D.Sc. (h.c.), Université Libre de Bruxelles, 2000 D. Phil. (h.c.), London Guildhall University, 2000. Fellowships, Awards and Honours CBE (Commander of the British Empire), 2003 Rhodes Scholarship, 1962-65 Woodrow Wilson Fellowship, 1962 Bicentennial Preceptorship, Princeton University, 1969-72 British Academy Overseas Visiting Fellowship, 1977-78 Guggenheim Fellowship, 1977-78 Positions held 1965-1969: Official Fellow and Tutor in Economics, Balliol College, Oxford 1969-1972: Assistant Professor of Economics and International Affairs, Princeton University 1972-1994: Professor of Economics in the University of London (Head of Birkbeck College Dept. of Economics, 1975-77, 1980-83) 1995- : Professor of Economics, London Business School 1983- : President, Centre for Economic Policy Research 1998- : Directeur d'Etudes, Ecole des Hautes Etudes en Sciences Sociales, Paris Visiting Academic Appointments 1971-72: Honorary Research Fellow, University College, London. 1973-78: Visiting Scholar, Institute for International Economic Studies, University of Stockholm. 1977-78: Visiting Professor of Economics, Harvard University. -
Reforming the International Monetary System Centre for Economic Policy Research (CEPR)
This report presents a set of concrete proposals of increasing ambition for the reform of the international monetary system. The proposals aim at improving the international provision of liquidity in order to limit the effects of individual and systemic crises and decrease their frequency. The recommendations outlined in this Reforming the report include: • Develop alternatives to US Treasuries as the dominant reserve asset, including the issuance of mutually guaranteed European bonds and (in the more distant future) the development of a ISBN 978-1-907142-41-3 International yuan bond market. • Make permanent the temporary swap agreements that were put in place between central banks during the crisis. Establish a star- shaped structure of swap lines centred on the IMF. Monetary System • Strengthen and expand existing IMF liquidity facilities. On the funding side, expand the IMF’s existing financing mechanisms and allow the IMF to borrow directly on the markets. • Establish a foreign exchange reserve pooling mechanism with the IMF, providing participating countries with access to additional liquidity and, incidentally, allowing reserves to be recycled into productive investments. To limit moral hazard, the report proposes to set up specific surveillance indicators to monitor “international funding risks” associated with increased insurance provision. The report discusses the role of the special drawing rights (SDR) and the prospects for turning this unit of account into a true international currency, arguing that it would not solve the fundamental problems of the international monetary system. The report also reviews the conditions under which emerging market economies may use temporary capital controls to counteract excessive and volatile capital flows. -
CURRICULUM VITAE Career
17 January 2019 CURRICULUM VITAE Name: Charles Richard Bean Birth Date: 16 September 1953 Nationality: British Career 1965-71 Brentwood School, Brentwood, Essex. 1972-75 Emmanuel College, Cambridge University. BA, 1975 (First in Economics and Mathematics; MT Dodds prize). MA, 1979. 1975-79 HM Treasury Economic Assistant, Short-Term Forecasting Division. 1979-81 Massachusetts Institute of Technology. PhD, 1981 (Essays in Unemployment & Economic Activity); Harkness Fellow. 1981-82 HM Treasury Economic Adviser, Monetary Policy Division. 1982-2000 London School of Economics Department of Economics: Lecturer (1982-86); Reader (1986-90); Professor (1990-2000); Chair of Department (1999-2000). Centre for Economic Performance: Deputy Director (1990-94). Academic Planning and Resources Committee (1995-98). 1990 Stanford University, Visiting Professor. 1999 Reserve Bank of Australia, Visiting Professor. 2000-14 Bank of England Executive Director for Monetary Analysis & Statistics (2000-08); Deputy Governor for Monetary Policy (2008-14). Monetary Policy Committee (2000-14, Vice-Chair, 2008-14); Financial Policy Committee (2011-14) G7 Deputies (2008-14; Co-Chair, 2013); G20 Deputies (2008-14; Co-Chair, 2009); OECD Working Party 3 (2002-14; Chair, 2010-12). 2014- London School of Economics Professor of Economics (part-time). 2017- Office for Budget Responsibility Member, Budget Responsibility Committee (part-time) Honours President, Royal Economic Society (2013-15) Knight Bachelor (Queen’s Birthday Honours, 2014) Journal Responsibilities Assistant Editor, Economic Policy (1985-86). Editor, special issue of Economica on Unemployment (1986). Managing Editor, Review of Economic Studies (1986-90). Assistant Editor, Economic Journal (1996-2000) Editorial Boards: Review of Economic Studies (1984-96, Chairman 1992-96); Moneda e Credito (1987-97); Journal of Applied Econometrics (1991-2003); Economica (1996-2000); World Economics (1999-2000); International Journal of Central Banking (2004-10, Chairman). -
By Michael C. Burda* Assistant Professor of Economics
"THE CONSEQUENCES OF GERMAN ECONOMYC AND MONETARY UNSON" by Michael C. Burda N° 90/53/EP Assistant Professor of Economics, INSEAD, Boulevard de Constance Fontainebleau 77305 Cedex, France Printed at INSEAD, Fontainebleau, France Preliminary The Consequences of German Economic and Monetary Union Michael C. Burda INSEAD, OFCE (Paris) and the Centre for Economic Policy Research June 1990 Abstract This paper analyzes some of the consequences of the pending economic and monetary union of the two Germanies. Particular emphasis is given to the real implications for the supply side of the German Democratic Republic and for resource flows between the two economic regions. Presented at the Kieler Woche Conference, 19-22 June 1990. This paper is a working paper for a forthcoming special issue of the Revue de lOFCE on Eastern Europe. I am grateful to B. Gorzig and R. Filip-Kohn of the Deutsches Institut filr Wirtschaftsforschung, U.Ludwig of the Akademie der Wissenschaf ten der DDR, and especially 0. Passet of the OFCE for discussions and data. The recent turn of events in Eastern Europe has provided economists with a laboratory experiment never imagined possible: the introduction of a market economy where none had previously existed. All the more extraordinary is the "experiment" posed by the economic monetary and social union (GEMU) between the Federal Republic of Germany (FRG) and the German Democratic Republic (GDR), by which the latter will drop its centrally planned economy and take the plunge into a free market system. In this peculiar setting, differences in tastes, language, and institutions will be largely marginalized, leaving only the market to answer the question: Can Ludwig Erhards postwar Wirtschaftswunder be repeated in a country that has not known capitalism for almost a half-century? This paper analyzes the German Economic and Monetary Union ( GEMU) and its implications for both Germanies from several perspectives. -
Rescuing Our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis
Rescuing our jobs and The unfolding financial market meltdown could trigger a massive and prolonged recession that would destroy hundreds of millions of jobs worldwide and wipe out the savings our countless households; as usual, the most savings: What G7/8 vulnerable would be hit hardest. If economic policymakers continue with their business-as- usual behaviour, they risk becoming the authors of the next leaders can do to solve Great Depression. The time for forceful coordinated action has arrived. Leaders should agree to a plan back it forcefully. Any global plan must have options as the crisis in Iceland is not the same crisis as in the US or Germany, but coordination is essential to restore confidence. Coordination the global credit crisis and dialog is also important to avoid the downward spiral of international cooperation that followed the last great crisis in the 1930s. Edited by Barry Eichengreen This E-book collects essays from some of the world’s leading and Richard Baldwin economists on what governments can do to rescue our jobs and savings. While they differ on many points, a clear consensus emerges on need to act, the need to act cooperatively and on the basic options for action. The authors are: Alberto Alesina, Michael Burda, Charles Calomiris, Roger Craine, Stijn Claessens, J Bradford DeLong, Douglas Diamond, Barry Eichengreen, Daniel Gros, Luigi Guiso, Anil K Kashyap, Marco Pagano, Avinash Persaud, Richard Portes, Raghuram G Rajan, Guido Tabellini, Angel Ubide, Charles Wyplosz and Klaus Zimmermann. Centre for Economic -
Covid Economics 50, 25 September 2020: 1-2 50, 25 September Covid Economics 7 6 5 4 3 2 1 0
COVID ECONOMICS VETTED AND REAL-TIME PAPERS EDITOR’S FOREWORD ISSUE 50 Charles Wyplosz 25 SEPTEMBER 2020 CORONA POLITICS Helios Herrera, Maximilian Konradt, Guillermo Ordoñez and Christoph Trebesch BOND MARKETS Andrea Zaghini US HOUSING MARKET INCOME AND MORTALITY Yunhui Zhao André Decoster, Thomas Minten and Johannes Spinnewijn VOTER TURNOUT 1 INTEGRATING HEALTH AND Tania Fernández-Navia, Eduardo Polo-Muro ECONOMICS and David Tercero-Lucas Alik Sokolov, Yichao Chen, VOTER TURNOUT 2 Jonathan Mostovoy, Andrew Roberts, Miguel Vázquez-Carrero, Joaquín Artés, Luis Seco and V. Kumar Murty Carmen García and Juan Luis Jiménez Covid Economics Vetted and Real-Time Papers Covid Economics, Vetted and Real-Time Papers, from CEPR, brings together formal investigations on the economic issues emanating from the Covid outbreak, based on explicit theory and/or empirical evidence, to improve the knowledge base. Founder: Beatrice Weder di Mauro, President of CEPR Editor: Charles Wyplosz, Graduate Institute Geneva and CEPR Contact: Submissions should be made at https://portal.cepr.org/call-papers- covid-economics. Other queries should be sent to [email protected]. Copyright for the papers appearing in this issue of Covid Economics: Vetted and Real-Time Papers is held by the individual authors. The Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research (CEPR) is a network of over 1,500 research economists based mostly in European universities. The Centre’s goal is twofold: to promote world-class research, and to get the policy-relevant results into the hands of key decision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’. A registered charity since it was founded in 1983, CEPR is independent of all public and private interest groups. -
Publications and Papers
Publications and Papers ITO Takatoshi, Faculty Fellow, RIETI (1a) Books Economic Analysis of Disequilibrium: Theory and Empirical Analysis [written in Japanese, original title, "Fukinko no Keizai Bunseki"], Toyo Keizai Shimposha: Tokyo, August 1985, viii + 278 pages, [awarded the 29th Nikkei Economics Book Award, November 1986] The Japanese Economy MIT Press, January 1992. 455 pages. Economics of Consumer-Oriented Policy in Japan [written in Japanese, original title, "Shohisha Jushi no Keizaigaku"] Nihon Keizai Shinbunsha: Tokyo, July 1992. A Vision for the World Economy (with Robert Z. Lawrence and Albert Bressand), xii+124 pages, Washington DC: Brookings Institution, 1996. The Political Economy of Japanese Monetary Policy (with Thomas F. Cargill and Michael M. Hutchison), 236 pages, MIT Press, 1997. An Independent and Accountable IMF (with Jose De Gregorio, Barry Eichengreen, and Charles Wyplosz), Geneva Report on the World Economy No. 1, September 1999, Geneva: International Center for Monetary and Banking Studies. Financial policy and Central Banking in Japan (with Thomas F. Cargill and Michael M. Hutchison), MIT Press, 273 pages, January 2001. No More Bashing: Building a New Japan-United States Economic Relationship (with Fred Bergsten and Marcus Noland), Institute for International Economics, October 2001. Inflation Targeting [written in Japanese], Nihon Keizai Shinbunsha, November 2001 Inflation Targeting in Asia (Authors: Takatoshi Ito and Tomoko Hayashi), Hong Kong Institute for Monetary Research, Occasional Paper, No. 1, March 2004, 62pages (1b) Edited Volumes Political Economy of Tax Reform NBER-East Asia Seminar on Economics, volume 1. (co-edited by Anne O. Krueger), Chicago University Press, x+348 pages, 1992. Trade and Protectionism NBER-East Asia Seminar on Economics, volume 2. -
US Monetary Policy and the Global Financial Cycle
US Monetary Policy and the Global Financial Cycle Silvia Miranda-Agrippino∗ H´el`eneReyy Bank of England London Business School CEPR and CfM(LSE) CEPR and NBER Revised March 28, 2020 Abstract US monetary policy shocks induce comovements in the international financial variables that characterize the `Global Financial Cycle.' A single global factor that explains an important share of the variation of risky asset prices around the world decreases significantly after a US monetary tightening. Monetary contractions in the US lead to significant deleveraging of global financial intermediaries, a decline in the provision of domestic credit globally, strong retrenchments of international credit flows, and tightening of foreign financial conditions. Countries with floating exchange rate regimes are subject to similar financial spillovers. Keywords: Monetary Policy; Global Financial Cycle; International spillovers; Identifica- tion with External Instruments JEL Classification: E44, E52, F33, F42 ∗Monetary Analysis, Bank of England, Threadneedle Street, London EC2R 8AH, UK. E: [email protected] W: www.silviamirandaagrippino.com yDepartment of Economics, London Business School, Regent's Park, London NW1 4SA, UK. E: [email protected] W: www.helenerey.eu A former version of this paper was circulated under the title \World Asset Markets and the Global Financial Cy- cle". We are very grateful to the Editor Veronica Guerrieri and to four anonymous referees for helpful suggestions that greatly helped improve the paper. We also thank our -
Richard Portes
RICHARD PORTES Department of Economics, London Business School, Sussex Place, Regent’s Park, London NW1 4SA. Tel. (44 20) 7706 6886, fax 7724 1598, [email protected] Centre for Economic Policy Research,90-98 Goswell Road, London EC1V 7DB. Tel. (44 20) 7878 2915, fax 7878 2999, [email protected] UK and US citizen, UK resident. Education and Degrees B.A., Yale University, 1962 - summa cum laude, mathematics (1959-1962) summa cum laude, philosophy D.Phil., Oxford University, 1969 [M.A.(Oxon.), 1965] Balliol College 1962-63, Nuffield College 1963-64 D.Sc. (h.c.), Université Libre de Bruxelles, 2000 D. Phil. (h.c.), London Metropolitan University, 2000. Awards and Honours Fellow of the Econometric Society, 1983- Fellow of the British Academy (FBA), 2004- CBE (Commander of the British Empire), 2003- Fellow of the European Economic Association, 2004- British Academy Overseas Visiting Fellowship, 1977-78 Guggenheim Fellowship, 1977-78 Bicentennial Preceptorship, Princeton University, 1969-72 Rhodes Scholarship, 1962-65 Woodrow Wilson Fellowship, 1962 Positions held 1965-1969: Official Fellow and Tutor in Economics, Balliol College, Oxford 1969-1972: Assistant Professor of Economics and International Affairs, Princeton University 1972-1994: Professor of Economics in the University of London (Head of Birkbeck College Dept. of Economics, 1975-77, 1980-83) 1995- : Professor of Economics, London Business School 1983- : President, Centre for Economic Policy Research 1998- : Directeur d'études, Ecole des Hautes Etudes en Sciences Sociales, Paris Visiting Academic Appointments 1971-72: Honorary Research Fellow, University College, London. 1973-78: Visiting Scholar, Institute for International Economic Studies, University of Stockholm. 1977-78: Visiting Professor of Economics, Harvard University.