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Laudatio Für Tony Atkinson
1998 - Stanley Fischer, IMF Washington D.C. Laudation for Rudiger Dornbusch Minister Wiesheu, Rector Heldrich, Professor Sinn, Ladies and Gentlemen: It is a great honor for me to introduce this year's Distinguished CES Fellow who is to deliver the Munich Lectures in Economics, Professor Rudiger Dornbusch; it is an enormous pleasure for me to introduce to you a superb economist, an outstanding speaker, a remarkable human being, my co-author, and my friend for nearly thirty years, Rudi Dornbusch. I would like to tell you about four aspects of Rudi: the young scholar; the policy economist and polemicist; the teacher; and the human being. The young scholar I first met Rudi Dornbusch at the University of Chicago in the autumn of 1969. I was a freshly minted Ph.D. from MIT, and he was one of an outstanding group of graduate students, among them Jacob Frenkel and Michael Mussa. They were students of Harry Johnson and Robert Mundell, in Milton Friedman's Chicago. Some, among them especially Rudi and Jacob Frenkel, honored the great Lloyd Metzler, who was still at Chicago. This was the pre-Lucas Chicago. In one critical respect, that of taking economics with the utmost seriousness, as a full-time academic profession, Chicago has not changed; in others, including that of seeking real-world relevance -- which it did then -- it has changed. It must have been a wonderful place and time to be a graduate student in international macroeconomics, not only because of the world-famous faculty, even more because of the synergy among outstanding students. -
Karl Brunner and UK Monetary Debate
Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Karl Brunner and U.K. Monetary Debate Edward Nelson 2019-004 Please cite this paper as: Nelson, Edward (2019). \Karl Brunner and U.K. Monetary Debate," Finance and Economics Discussion Series 2019-004. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2019.004. NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Karl Brunner and U.K. Monetary Debate Edward Nelson* Federal Reserve Board November 19, 2018 Abstract Although he was based in the United States, leading monetarist Karl Brunner participated in debates in the United Kingdom on monetary analysis and policy from the 1960s to the 1980s. During the 1960s, his participation in the debates was limited to research papers, but in the 1970s, as monetarism attracted national attention, Brunner made contributions to U.K. media discussions. In the pre-1979 period, he was highly critical of the U.K. authorities’ nonmonetary approach to the analysis and control of inflation—an approach supported by leading U.K. Keynesians. In the early 1980s, Brunner had direct interaction with Prime Minister Margaret Thatcher on issues relating to monetary control and monetary strategy. -
Freedom, Democracy and Economic Welfare
copyright The Fraser Institute copyright The Fraser Institute LORD BAUER RAMON DIAZ MILTON FRIEDMAN RAYMOND D GASTIL TIBOR R MACHAN DOUGLASS NORTH SVETOZAR PEJOVICH ALVIN RABUSHKA INGEMAR STAHL LINDSAY M WRIGHT PROCEEDINGS OF AN INTERNATIONAL EDITED BY MICHAEL A WALKER SYMPOSIUM copyright The Fraser Institute Proceedings of an International Symposium on Economic, Political, and Civil Freedom, held October 5-8, 1986 in Napa Valley, California. This event is part of the programme of Liberty Fund Inc., under the direction of its President, Dr W. W. Hill. This Symposium was managed by The Fraser Institute and organized by its Director, Dr. Michael A. Walker. Canadian Cataloguing in Publication Data Main entry under title: Freedom, democracy and economic welfare Symposium held Oct 5-8, 1986 in Napa Valley, Calif. Includes bibliographical references. ISBN 0-88975-116-1 1.Capitalism – Congresses. 2. Liberty – Congresses. 3. Economics – Political aspects – Congresses. 4. Economics – Philosophy – Congresses. I. Walker, Michael 1945 – II.Fraser Institute (Vancouver, BC.) HB501.F74 1988 330.12’2 C88-091102-6 Copyright 1988 by the Fraser Institute. All rights reserved. No part of this book may be reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical arti- cles and reviews. Printed in Canada copyright The Fraser Institute CONTENTS Participants / vii Preface, Michael A. Walker / ix PART ONE POLITICAL, ECONOMIC AND CIVIL FREEDOMS: A CONCEPTUAL, HISTORICAL AND STATISTICAL OVERVIEW 1 INSTITUTIONS, ECONOMIC GROWTH AND FREEDOM: AN HISTORICAL INTRODUCTION, Douglass C. North / 3 Discussion / 26 2 CAPITALISM AND FREEDOM, Milton Friedman / 47 Discussion / 59 3 THE STATE OF THE WORLD POLITICAL AND ECONOMIC FREEDOM, Raymond D. -
How Far Is Vienna from Chicago? an Essay on the Methodology of Two Schools of Dogmatic Liberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Paqué, Karl-Heinz Working Paper — Digitized Version How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism Kiel Working Paper, No. 209 Provided in Cooperation with: Kiel Institute for the World Economy (IfW) Suggested Citation: Paqué, Karl-Heinz (1984) : How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism, Kiel Working Paper, No. 209, Kiel Institute of World Economics (IfW), Kiel This Version is available at: http://hdl.handle.net/10419/46781 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Kieler Arbeitspapiere Kiel Working Papers Working Paper No. -
Spending and the Exchange Rate in the Keynesian Model
CAVE.6607.cp18.p327-352 6/6/06 12:09 PM Page 327 CHAPTER 18 Spending and the Exchange Rate in the Keynesian Model hapter 17 developed the Keynesian model for determining income and the trade balance in an open economy. In this chapter we consider some further applica- Ctions of the same model, including how governments can change spending in pursuit of two of their fondest objectives—income and the trade balance. We begin with the question of how changes in spending are transmitted from one country to another. Throughout, we focus particularly on the role that changes in the exchange rate play in the process. We bring together the analysis of flexible exchange rates from Chapter 16 with the analysis of changes in expenditure from Chapter 17. 18.1 Transmission of Disturbances Section 17.5 showed how income in one country depends on income in the rest of the world, through the trade balance. The effect varies considerably, depending on what is assumed about the exchange rate. This section compares the two exchange rate regimes, fixed and floating, with respect to the international transmission of economic disturbances.This comparison is one of the criteria that a country might use in deciding which of the regimes it prefers. Transmission Under Fixed Exchange Rates Our starting point will be the regime of fixed exchange rates. For simplicity, return to the small-country model of Section 17.1. In other words, ignore any repercussion effects via changes in foreign income. As Equation 17.9 implies, an internal distur- bance, such as a fall in investment demand DI, changes domestic income by DY 1 5 (18.1) DI s 1 m in the small-country model. -
America's Economic Way Of
|America’s Economic Way of War How did economic and financial factors determine how America waged war in the twentieth century? This important new book exposes the influence of economics and finance on the questions of whether the nation should go to war, how wars would be fought, how resources would be mobilized, and the long-term consequences for the American economy. Ranging from the Spanish–American War to the Gulf War, Hugh Rockoff explores the ways in which war can provide unique opportunities for understanding the basic principles of economics as wars produce immense changes in monetary and fiscal policy and so provide a wealth of infor- mation about how these policies actually work. He shows that wars have been more costly to the United States than most Americans realize as a substantial reliance on borrowing from the public, money creation, and other strategies to finance America’s war efforts have hidden the true cost of war. hugh rockoff is a professor of Economics at Rutgers, the State University of New Jersey, and a research associate of the National Bureau of Economic Research. His publications include numerous papers in professional journals, The Free Banking Era: A Re-examination (1975), Drastic Measures: A History of Wage and Price Controls in the United States (1984), and a textbook, History of the American Economy (2010, with Gary Walton). NEW APPROACHES TO ECONOMIC AND SOCIAL HISTORY series editors Nigel Goose, University of Hertfordshire Larry Neal, University of Illinois, Urbana-Champaign New Approaches to Economic and Social History is an important new textbook series published in association with the Economic History Society. -
Deirdre Mccloskey Bio Ziliak Chicago Econ 2010
25 Deirdre N. McCloskey Stephen T. Ziliak ‘I try to show that you don’t have to be a barbarian to be a Chicago School economist.’ That, in her own words, is Deirdre McCloskey’s main – though she thinks ‘failed’ – con- tribution to Chicago School economics (McCloskey 2002). Donald Nansen McCloskey (1942–) was born in Ann Arbor, Michigan and raised in Cambridge, Massachusetts. Donald changed gender in 1995, from male to female, becoming Deirdre (McCloskey 1999). She is the oldest of three children born to Helen Stueland McCloskey and the late Robert G. McCloskey. Her father, whose life was cut short by a heart attack, was in Deirdre’s youth a tenured professor of government at Harvard University. He was fl uent in the humanities as much as in law and social science; Joseph Schumpeter and the writer W.H. Auden were his personal friends and coff ee break mates. Helen’s passion was in poetry and opera. She did not deny the chil- dren the values and joys of intellectual and artistic life pursuits – ’burn always with a gem- like fl ame’, she told Deirdre and the others. (Books were all over the McCloskey household: each child was supplied with a personal library.) Cambridge and family con- spired to make Deirdre into a professor by, Deirdre fi gures, ‘about age fi ve’ (McCloskey 2002). She read widely, but especially in history and literature. Yet like most professors, she stumbled in her early years. At age 10, for example, she understood that her father was the author of a fi ne new book but she was not sure if his book was Make Way for Ducklings or Blueberries for Sal; actually, the book was American Conservatism in the Age of Enterprise, by the other Robert McCloskey (1951). -
Uncertainty, Evolution, and Behavioral Economic Theory
UNCERTAINTY, EVOLUTION, AND BEHAVIORAL ECONOMIC THEORY Geoffrey A. Manne, International Center for Law & Economics Todd J. Zywicki, George Mason University School of Law Journal of Law, Economics & Policy, Forthcoming 2014 George Mason University Law and Economics Research Paper Series 14-04 Uncertainty, Evolution, and Behavioral Economic Theory Geoffrey A. Manne Executive Director, International Center for Law & Economics Todd J. Zywicki George Mason University Foundation Professor of Law George Mason University School of Law Abstract: Armen Alchian was one of the great economists of the twentieth century, and his 1950 paper, Uncertainty, Evolution, and Economic Theory, one of the most important contributions to the economic literature. Anticipating modern behavioral economics, Alchian explains that firms most decidedly do not – cannot – actually operate as rational profit maximizers. Nevertheless, economists can make useful predictions even in a world of uncertainty and incomplete information because market environments “adopt” those firms that best fit their environments, permitting them to be modeled as if they behave rationally. This insight has important and under-appreciated implications for the debate today over the usefulness of behavioral economics. Alchian’s explanation of the role of market forces in shaping outcomes poses a serious challenge to behavioralists’ claims. While Alchian’s (and our) conclusions are born out of the same realization that uncertainty pervades economic decision making that preoccupies the behavioralists, his work suggests a very different conclusion: The evolutionary pressures identified by Alchian may have led to seemingly inefficient firms and other institutions that, in actuality, constrain the effects of bias by market participants. In other words, the very “defects” of profitable firms — from conservatism to excessive bureaucracy to agency costs — may actually support their relative efficiency and effectiveness, even if they appear problematic, costly or inefficient. -
Inventory Investment, Internal-Finance Fluctuations, and the Business Cycle
ROBERT E. CARPENTER Emory University STEVEN M. FAZZARI Washington University in St. Louis BRUCE C. PETERSEN Washington University in St. Lou is Inventory Investment, Internal-Finance Fluctuations, and the Business Cycle IT IS A well-known fact that inventory disinvestment can account for much of the movement in output during recessions. Almost one-half of the shortfall in output, averaged over the five interwar business cycles, can be accounted for by inventory disinvestment, and the proportion has been even larger for postwar recessions.' A lesser-known fact is that corporate profits, and therefore internal-finance flows, are also ex- tremely procyclical and tend to lead the cycle. Wesley Mitchell finds that the percentage change in corporate income over the business cycle is several times greater than that in any other macroeconomic series in his study.2 Robert Lucas lists the high conformity and large variation of corporate income as one of the seven main qualitative features of the business cycle.3 The volatility of internal finance, which is also com- We thank Lee Benham, Robert Chirinko, Mark Gertler, Simon Gilchrist, Edward Greenberg, Charles Himmelberg, Anil Kashyap, Louis Maccini, Dorothy Petersen, and Toni Whited for helpful comments, and Andrew Meyer, Bruce Rayton, and James Mom- tazee for excellent research assistance. Robert Parks and Daniel Levy provided technical assistance. We acknowledge financial support from the Jerome Levy Economics Institute, the University Research Committee of Emory University, and Washington University. 1. See Abramovitz (1950, p. 5) and Blinder and Maccini (199la). 2. Mitchell (1951, p. 286). These series include the rate of bankruptcy, employment, and pig iron production, among others. -
Galb2001.Pdf
the essential Galbraith k John Kenneth Galbraith selected and edited by Andrea D. Williams A Mariner Original houghton mifflin company boston • new york 2001 books by john kenneth galbraith [a partial listing] American Capitalism: The Concept of Countervailing Power The Great Crash, 1929 The Affluent Society The Scotch The New Industrial State The Triumph Ambassador’s Journal Economics, Peace and Laughter Economics and the Public Purpose Money: Whence It Came, Where It Went The Age of Uncertainty Annals of an Abiding Liberal A Life in Our Times The Anatomy of Power A View from the Stands Economics in Perspective: A Critical History A Tenured Professor The Culture of Contentment A Journey Through Economic Time: A Firsthand View A Short History of Financial Euphoria The Good Society: The Humane Agenda Name-Dropping: From F.D.R. On The Essential Galbraith contents Preface vii Introduction ix Countervailing Power 1 from American Capitalism The Concept of the Conventional Wisdom 18 from The Affluent Society The Myth of Consumer Sovereignty 31 from The Affluent Society The Case for Social Balance 40 from The Affluent Society The Imperatives of Technology 55 from The New Industrial State The Technostructure 66 from The New Industrial State The General Theory of Motivation 79 from The New Industrial State Economics and the Quality of Life 90 from Economics, Peace and Laughter vi C0ntents The Proper Purpose of Economic Development 109 from Economics, Peace and Laughter The Valid Image of the Modern Economy 118 from Annals of an Abiding Liberal Power -
Undergraduate Programme
Undergraduate programme Compulsory Courses Bachelor´s Thesis Seminar* Econometrics I* Bachelor´s Thesis Seminar* Econometrics II* Economics I* Economic Transformation I* Economics II* Economic Policy I Mathematics I* Economic Policy II Mathematics II* Institutional Economics* Mathematics III* Foundations of Law* Mathematics IV* Commercial Law* Microeconomics I* Public Finance Microeconomics II* European Economic Integration Macroeconomics I Financial Economics* Macroeconomics II Economics English I Probability Theory and Statistics I* Economics English Probability Theory and Statistics II* Introduction into the Politology* History of Economic Thought Introduction into the Sociology* Elective Courses Economic Transformation II* Individual Decision-Making: Theory and Reality Probability Theory and Statistics III* Labour Economics Theory of Regulation and Competition Policy* Selected Topics in Macroeconomics International Trade I. Microeconomics and Behaviour I* Financial Management Microeconomics and Behaviour II* Financial Management – tutorials Mathematics V* Accounting I* Current Affairs* Accounting II* Political economics World Economic History* The human factor and personnel managament* Czech Economic History* Economic Policy of the Czech Republic International Finance *course is taught in Czech 1 Graduate programme Compulsory Core Courses (core units –common to all programmes) Master´s Thesis Seminar I* Master´s Thesis Seminar II* Advanced Microeconomics I Advanced Macroeconomics Advanced Econometrics Contemporary Economic Theories -
Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy
NBER WORKING PAPER SERIES FEDERAL RESERVE STRUCTURE, ECONOMIC IDEAS, AND MONETARY AND FINANCIAL POLICY Michael D. Bordo Edward S. Prescott Working Paper 26098 http://www.nber.org/papers/w26098 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2019 We would like to thank Al Broaddus, Doug Evanoff, Owen Humpage, Tom Humphrey, Loretta Mester, Ed Prescott, Ellis Tallman, and David Wheelock for helpful comments. The views expressed in this essay are those of the authors and not necessarily those of the Federal Reserve Bank of Cleveland, the Federal Reserve System, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2019 by Michael D. Bordo and Edward S. Prescott. 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. Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy Michael D. Bordo and Edward S. Prescott NBER Working Paper No. 26098 July 2019 JEL No. B0,E58,G28,H1 ABSTRACT The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks starting in the 1960s is emphasized. The introduction of monetarism in the 1960s, rational expectations in the 1970s, credibility in the 1980s, transparency, and other monetary policy ideas by Reserve Banks into the Federal Reserve System is documented.