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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. -
Structural Reform and Economic Policy
Structural Reform and Economic Policy Edited by Robert M. Solow Structural Reform and Economic Policy This is IEA conference volume no. 139 This page intentionally left blank Structural Reform and Economic Policy Edited by Robert M. Solow Massachusetts Institute of Technology Cambridge, MA, USA in association with the INTERNATIONAL ECONOMIC ASSOCIATION © International Economic Association 2004 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2004 by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N.Y. 10010 Companies and representatives throughout the world PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin’s Press, LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries. ISBN 1–4039–3646–3 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. -
Per La Filosofia, L'epistemologia, Le Scienze Cogn
Università degli Studi dell’Insubria «Centro Internazionale Insubrico “Carlo Cattaneo” e “Giulio Preti” per la Filosofia, l’Epistemologia, le Scienze cognitive e la Storia della scienza e delle tecniche» Direttore scientifico: prof. Fabio Minazzi Biblioteca Aurelia (Lella) Monti Elenco con numerazione dei 1039 voll. Sezioni LM = logica matematica, filosofia della scienza, epistemologia (206 voll.); C = classici di filosofia (175 voll.); F = filosofia, storia della filosofia (87 voll.); P = pedagogia, psicologia (14 voll.); S = storia, economia, sociologia, diritto (265 voll.); L = letteratura, critica letteraria, teatro (140 voll.); LG = linguistica (14 voll.); A = arte, musica, cinema (17 voll.); E = enciclopedie, dizionari (30 voll.); R = riviste (17 voll.); AT = atti di convegni (6 voll.); Msc = manuali scolastici, testi per la scuola (63 voll.); Misc = miscellanea (5 voll.); Ms = manoscritti, documenti e carte varie. Collocazione Sede del Centro Insubrico “C.Cattaneo e G.Preti” di Villa Toeplitz, II piano. Armadi (1-4) con 5 scaffali l’uno, per es.: 2.4 significa armadio n. 2 scaffale n. 4. LM sta in 2. 2., 2.3, 2.4., 2.5.; P, R, A, AT, Misc in 2.5; C in 3.1, 3.2.; F in 3.3.; Msc in 3.4., E in 3.5; S in 4.1, 4.2, 4.3.; L in 4.4, 4.5; LG in 4.5. LM (logica matematica, filosofia della scienza, epistemologia) 56 1. Aa. Vv., La scienza in tasca. Proposta per una bibliografia di informazione scientifica, a cura della Provincia di Milano, Assessorato alla cultura, Bibliografica, Milano 1982, pp. 306 [a cura di Felice Mondella la sezione: Conoscenza comune, conoscenza scientifica e immagine della natura, pp. -
Whither Latin American Capital Markets?
WhitherWhither LatinLatin AmericanAmerican CapitalCapital Markets?Markets? Regional study led by Augusto de la Torre and Sergio Schmukler October 2004 Office of the Chief Economist Latin America and the Caribbean Region The World Bank Whither Latin American Capital Markets? Augusto de la Torre and Sergio Schmukler With Norbert Fiess, Juan Carlos Gozzi Valdez, and Marina Halac Acknowledgements This LAC regional study was led by Augusto de la Torre and Sergio Schmukler. The main report contains four chapters. Norbert Fiess, Juan Carlos Gozzi Valdez, and Marina Halac are the leading authors of Chapters 2 and 3. Jurgen Janssens and Leonor Coutinho also participated in Chapters 2 and 3. Many authors wrote the background papers, used as input for the chapters and listed in the project’s website, which can be found at www.worldbank.org/laceconomist. We are grateful to Arturo Galindo, Tom Glaessner, and Anjali Kumar (the study’s peer reviewers), who provided detailed and very useful comments, and Guillermo Perry, who has supported this study from the beginning. We would also like to thank Jerry Caprio, Yambeon Kim, Leora Klapper, Jeppe Ladekarl, Danny Leipziger, Giovanni Majnoni, Micheal Pomerleano, Luis Serven, Dimitri Vittas, and Sara Zervos for their useful comments and suggestions. We have also benefited from feedback received at presentations held at the Banco de Mexico (Mexico), the Capital Markets Symposium (Medellin), the GDN Annual Conference (New Delhi), the European Science Foundation Exploratory Workshop (Oxford), Séptimo Congreso de Tesorería (Cartagena de Indias), the UBS Roundtable (Lima), and the World Bank Finance Forum (Washington, DC ). 1 Chapter 1 Summary of the Regional Study 1. -
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. -
The American Economist Martin Bronfenbrenner (1914-1997) and the Reconstruction of the Japanese Economy (1947-1952): (A Version for Presentation in East Asia)
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Ikeo, Aiko Working Paper The American economist Martin Bronfenbrenner (1914-1997) and the reconstruction of the Japanese economy (1947-1952): (a version for presentation in East Asia) CHOPE Working Paper, No. 2011-11 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Ikeo, Aiko (2011) : The American economist Martin Bronfenbrenner (1914-1997) and the reconstruction of the Japanese economy (1947-1952): (a version for presentation in East Asia), CHOPE Working Paper, No. 2011-11, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/155446 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. -
The International Economic Association, Delhi, India
THE BALANCE BETWEEN INDUSTRY AND AGRICULTURE IN ECONOMIC DEVELOPMENT Volume 1: BASIC ISSUES This volume is lEA conference volume no. 86 THE BALANCE BETWEEN INDUSTRY AND AGRICULTURE IN ECONOMIC DEVELOPMENT Volume 1 BASIC ISSUES Kenneth J. Arrow (editor) Volume 2 SECTOR PROPORTIONS Jeffrey G. Williamson and Vadiraj R. Panchamukhi (editors) Volume 3 MANPOWER AND TRANSFERS Sukhamoy Chakravarty (editor) Volume 4 SOCIAL EFFECTS Irma Adelman and Sylvia Lane (editors) Volume 5 FACTORS INFLUENCING CHANGE Nurul Islam (editor) These volume are, respectively, nos. 86-90 in the lEA/Macmillan series lEA conference volume series Series Standing Order If you would like to receive future titles in this series as they are published, you can make use of our standing order facility. To place a standing order please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address and the name of the series. Please state with which title you wish to begin your standing order. (If you live outside the United. Kingdom we may not have the rights for your area, in which case we will forward your order to the publisher concerned.) Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire, RG21 2XS, England. The Balance between Industry and Agriculture in Econo01ic Development Proceedings of the Eighth World Congress of the International Economic Association, Delhi, India Volume 1 BASIC ISSUES Edited by Kenneth J. Arrow M in association with the MACMILLAN PALGRAVE MACMILLAN PRESS © International Economic Association 1988 Softcover reprint of the hardcover 1st edition 1988 978-0-333-46713-8 All rights reserved. -
Texte Intégral
Working Paper History as heresy: unlearning the lessons of economic orthodoxy O'SULLIVAN, Mary Abstract In spring 2020, in the face of the covid-19 pandemic, central bankers in rich countries made unprecedented liquidity injections to stave off an economic crisis. Such radical action by central banks gained legitimacy during the 2008-2009 global financial crisis and enjoys strong support from prominent economists and economic historians. Their certainty reflects a remarkable agreement on a specific interpretation of the Great Depression of the 1930s in the United States, an interpretation developed by Milton Friedman and Anna Schwartz in A Monetary History of the United States (1963). In this article, I explore the origins, the influence and the limits of A Monetary History’s interpretation for the insights it offers on the relationship between theory and history in the study of economic life. I show how historical research has been mobilised to show the value of heretical ideas in order to challenge economic orthodoxies. Friedman and Schwartz understood the heretical potential of historical research and exploited it in A Monetary History to question dominant interpretations of the Great Depression in their time. Now that [...] Reference O'SULLIVAN, Mary. History as heresy: unlearning the lessons of economic orthodoxy. Geneva : Paul Bairoch Institute of Economic History, 2021, 38 p. Available at: http://archive-ouverte.unige.ch/unige:150852 Disclaimer: layout of this document may differ from the published version. 1 / 1 FACULTÉ DES SCIENCES DE LA SOCIÉTÉ Paul Bairoch Institute of Economic History Economic History Working Papers | No. 3/2021 History as Heresy: Unlearning the Lessons of Economic Orthodoxy The Tawney Memorial Lecture 2021 Mary O’Sullivan Paul Bairoch Institute of Economic History, University of Geneva, UniMail, bd du Pont-d'Arve 40, CH- 1211 Genève 4. -
The Bretton Woods Debates : a Memoir / Raymond F
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 submission of manuscripts for publication in this and its other series. Please see the Notice to Contributors at the back of this Essay. The author of this Essay, Raymond F. Mikesell, is Profes- sor of Economics at the University of Oregon. He was an economic advisor at the Bretton Woods conference in 1944 and a member of the staff of the President’s Council of Economic Advisors from 1955 to 1957. He was a senior research associate at the National Bureau of Economic Research from 1970 to 1974 and a consultant to the World Bank in 1968-69 and 1991-92. He has published a number of books and articles on international finance. This is his seventh contribution to the Section’s publications. PETER B. KENEN, Director International Finance Section INTERNATIONAL FINANCE SECTION EDITORIAL STAFF Peter B. Kenen, Director Margaret B. Riccardi, Editor Lillian Spais, Editorial Aide Lalitha H. Chandra, Subscriptions and Orders Library of Congress Cataloging-in-Publication Data Mikesell, Raymond Frech. The Bretton Woods debates : a memoir / Raymond F. Mikesell. p. cm. — (Essays in international finance, ISSN 0071-142X ; no. 192) Includes bibliographical references. ISBN 0-88165-099-4 (pbk.) : $8.00 1. United Nations Monetary and Financial Conference (1944: Bretton Woods, N.H.)—History 2. International Monetary Fund—History. 3. World Bank—History. I. -
Breaking the Mould: an Institutionalist Political Economy Alternative to the Neoliberal Theory of the Market and the State Ha-Joon Chang, May 2001
Breaking the Mould An Institutionalist Political Economy Alternative to the Neoliberal Theory of the Market and the State Ha-Joon Chang Social Policy and Development United Nations Programme Paper Number 6 Research Institute May 2001 for Social Development The United Nations Research Institute for Social Development (UNRISD) thanks the governments of Denmark, Finland, Mexico, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom for their core funding. Copyright © UNRISD. Short extracts from this publication may be reproduced unaltered without authorization on condition that the source is indicated. For rights of reproduction or translation, application should be made to UNRISD, Palais des Nations, 1211 Geneva 10, Switzerland. UNRISD welcomes such applications. The designations employed in UNRISD publications, which are in conformity with United Nations practice, and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of UNRISD con- cerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. The responsibility for opinions expressed rests solely with the author(s), and publication does not constitute endorse- ment by UNRISD. ISSN 1020-8208 Contents Acronyms ii Acknowledgements ii Summary/Résumé/Resumen iii Summary iii Résumé iv Resumen v 1. Introduction 1 2. The Evolution of the Debate: From “Golden Age Economics” to Neoliberalism 1 3. The Limits of Neoliberal Analysis of the Role of the State 3 3.1 Defining the free market (and state intervention) 4 3.2 Defining market failure 6 3.3 The market primacy assumption 8 3.4 Market, state and politics 11 4. -
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.