DOCSLIB.ORG

Editors' Summary of the Brookings Papers On

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Editors' Summary of the Brookings Papers On David H. Romer and Justin Wolfers, Editors Br ooki ng s Brookings Papers Pape ON ECONOMIC ACTIVITY rs F ALL 2015 ON ECONOMI LOONEY and YANNELIS C AC on Student Loan Defaults TI ELMENDORF VI on Dynamic Scoring TY KUMAR, AFROUZI, COIBION, and GORODNICHENKO on Inflation Targeting and Inflation Expectations BPEA F ALL in New Zealand 2 015 BOLDIN and WRIGHT on Weather-Adjusting Economic Data SYMPOSIUM on the Greek Debt Crisis HAUSMAN and WIELAND on Abenomics in Its Third Year REIS www.brookings.edu on Portugal and the Euro Crisis Adjustment Programs Brookings Papers ON ECONOMIC ACTIVITY FALL 2015 DAVID H. ROMER JUSTIN WOLFERS Editors BROOKINGS INSTITUTION PRESS Washington, D.C. Copyright © 2016 by THE BROOKINGS INSTITUTION 1775 Massachusetts Avenue, N.W., Washington, D.C. 20036 ISSN 0007-2303 ISBN: Print 978-0-8157-2870-2; epub: 978-0-8157-2871-9 Authorization to photocopy items for internal or personal use or the internal or personal use of specific clients is granted by the Brookings Institution for libraries and other users registered with the Copyright Clearance Center Transactional Reporting Service, provided that the basic fee is paid to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923. For more information, please contact CCC at (508) 750-8400. This authorization does not extend to other kinds of copying, such as copying for general distribution, for creating new collective works, or for sale. Specific written permission for such copying must be obtained from the Per- missions Department, Brookings Institution Press, 1775 Massachusetts Avenue, N.W., Washington, DC 20036; FAX (202) 536-3623; E-mail [email protected]. Brookings Papers ON ECONOMIC ACTIVITY FALL 2015 Editors’ Introduction vii ADAM LOONEY and CONSTANTINE YANNELIS A Crisis in Student Loans? How Changes in the Characteristics of Borrowers and in the Institutions They Attended Contributed to Rising Loan Defaults 1 Comments by Caroline Hoxby and Karen Pence 69 General Discussion 86 DOUGLAS W. ELMENDORF “Dynamic Scoring”: Why and How to Include Macroeconomic Effects in Budget Estimates for Legislative Proposals 91 Comments by Glenn Hubbard and Donald Marron 134 General Discussion 143 SATEN KUMAR, HASSAN AFROUZI, OLIVIER COIBION, and YURIY GORODNICHENKO Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand 151 Comments by Alan S. Blinder and Lars E. O. Svensson 209 General Discussion 219 MICHAEL BOLDIN and JONATHAN H. WRIGHT Weather-Adjusting Economic Data 227 Comments by Katharine Abraham and Claudia Sahm 261 General Discussion 274 SYMPOSIUM on the GREEK DEBT CRISIS JULIAN SCHUMACHER and BEATRICE WEDER DI MAURO Greek Debt Sustainability and Official Crisis Lending 279 CARMEN M. REINHART and CHRISTOPH TREBESCH The Pitfalls of External Dependence: Greece, 1829–2015 307 CHRISTOPHER L. HOUSE and LINDA L. TESAR Greek Budget Realities: No Easy Option 329 YANNIS M. IOANNIDES and CHRISTOPHER A. PISSARIDES Is the Greek Crisis One of Supply or Demand? 349 General Discussion 374 JOSHUA K. HAUSMAN and JOHANNES F. WIELAND Overcoming the Lost Decades? Abenomics after Three Years 385 Comment by Adam Posen 414 General Discussion 426 RICARDO REIS Looking for a Success in the Euro Crisis Adjustment Programs: The Case of Portugal 433 Comment by Kevin H. O’Rourke 448 General Discussion 455 PURPOSE The Brookings Papers on Economic Activity publishes research on current issues in macroeconomics, broadly defined. The journal emphasizes innovative analysis that has an empirical orientation, takes real-world institutions seriously, and is relevant to economic policy. Papers are presented and discussed at conferences held twice each year, and the papers and discussant remarks from each conference are published in the journal several months later. Research findings are described in a clear and accessible style to maximize their impact on economic understanding and economic policymak- ing; the intended audience includes analysts from universities, governments, and businesses. Topics covered by the journal include fiscal and monetary pol- icy, consumption and saving behavior, business investment, housing, asset pric- ing, labor markets, wage- and price-setting, business cycles, long-run economic growth, the distribution of income and wealth, international capital flows and exchange rates, international trade and development, and the macroeconomic implications of health costs, energy supply and demand, environmental issues, and the education system. The conference and the journal are based upon the work partially supported by the National Science Foundation under Grant No. 1459089. The papers and discussant remarks reflect the views of the authors and not necessarily the views of the funding organizations or the staff members, officers, or trustees of the Brookings Institution. CALL FOR Most papers that appear in the Brookings Papers on Economic PAPERS Activity are solicited by the editors, but the editors also con- sider submitted proposals. Editorial decisions are generally made about a year in advance of each conference. Therefore, proposals should be received by September 1 for the following fall conference and by April 1 for the follow- ing spring conference. Proposals should be no more than three double-spaced pages and should be sent to [email protected] or to Sarah Holmes, Brook- ings Institution, 1775 Massachusetts Ave., NW, Washington, D.C. 20036. ACCESSING For information about previous issues of the journal, partici- THE JOURNAL pants in this conference, and agendas for upcoming confer- ences, visit www.brookings.edu/about/projects/bpea. To purchase subscriptions or single copies, visit www.brookings.edu/press, or contact the Brookings Institution Press at 866-698-0010 or P.O. Box 465, Hanover, PA 17331-0465. Brookings periodicals are available online through both the Online Computer Library Center (contact OCLC subscription department at 800-848-5878) and Project Muse (http://muse.jhu.edu). Archived issues of the Brookings Papers on Economic Activity are available through JSTOR (www.jstor.org). v EDITORS, Henry Aaron Brookings Institution Andrew Abel University of Pennsylvania AUTHORS, Katharine Abraham University of Maryland DISCUSSANTS, Hassan Afrouzi University of Texas, Austin PANEL ADVISERS, Elizabeth Akers Brookings Institution AND STAFF Martin Baily Brookings Institution FOR THE Sandra Black Council of Economic Advisers Alan S. Blinder Princeton University ONE-HUNDREDTH Michael Boldin Federal Reserve Bank of Philadelphia CONFERENCE William Brainard Yale University Christopher Carroll Consumer Financial Protection Bureau Gerald Cohen U.S. Department of the Treasury Olivier Coibion University of Texas, Austin Richard Cooper Harvard University Steven Davis University of Chicago J. Bradford DeLong University of California, Berkeley Jane Dokko Brookings Institution Jennifer Doleac Brookings Institution John C. Driscoll Board of Governors of the Federal Reserve System Karen Dynan U.S. Department of the Treasury Janice Eberly Northwestern University Wendy Edelberg Congressional Budget Office Douglas J. Elliott Brookings Institution Douglas W. Elmendorf Brookings Institution William B. English Board of Governors of the Federal Reserve System Bruce Fallick Federal Reserve Bank of Cleveland Martin Feldstein Harvard University Jason Furman Council of Economic Advisers Joseph E. Gagnon Peterson Institute for International Economics William G. Gale Brookings Institution Ted Gayer Brookings Institution Sarena F. Goodman Board of Governors of the Federal Reserve System Robert Gordon Northwestern University Tracy Gordon Urban Institute Yuriy Gorodnichenko University of California, Berkeley Joshua Gotbaum Brookings Institution Carol Graham Brookings Institution Mark Griffiths International Monetary Fund Erica Groshen U.S. Bureau of Labor Statistics Simona M. Hannon Board of Governors of the Federal Reserve System Joshua K. Hausman University of Michigan Christopher L. House University of Michigan Caroline Hoxby Stanford University Glenn Hubbard Columbia University Yannis Ioannides Tufts University Michael Kiley Board of Governors of the Federal Reserve System Jeffrey R. Kling Congressional Budget Office Donald Kohn Brookings Institution Saten Kumar Auckland University of Technology John Lipsky Johns Hopkins University Adam Looney U.S. Department of the Treasury Annamaria Lusardi George Washington University N. Gregory Mankiw Harvard University Donald Marron Urban Institute Alvaro A. Mezza Board of Governors of the Federal Reserve System Frederic Mishkin Columbia University Adele Morris Brookings Institution Christopher J. Nekarda U.S. Department of the Treasury Kevin H. O’Rourke University of Oxford Maurice Obstfeld International Monetary Fund Peter Orszag Brookings Institution Karen Pence Board of Governors of the Federal Reserve System George Perry Brookings Institution Christopher Pissarides London School of Economics Adam Posen Peterson Institute for International Economics Valerie Ramey University of California, San Diego Carmen Reinhart Harvard University Ricardo Reis London School of Economics Alice Rivlin Brookings Institution Liliana Rojas-Suarez Center for Global Development David H. Romer University of California, Berkeley John Sabelhaus Board of Governors of the Federal Reserve System Claudia Sahm Council of Economic Advisers Diane Schanzenbach Brookings Institution Julian Schumacher Johannes Gutenberg University Mainz Brian M. Scholl Senate Budget Committee Jay Shambaugh Council of Economic Advisers Louise
Load more

Recommended publications
  • MICHECON NEWS Winter 2007/2008 for University of Michigan Economics Department Alumni and Friends
    MICHECON NEWS Winter 2007/2008 for University of Michigan Economics Department alumni and friends Celebrating With Pomp and Circumstance he 2007 Undergraduate Commencement Celebration in- sity of Michigan has meant to him and encouraged them to stay Tcluded all the pomp due the circumstance of the event. For involved with the Department, sharing both his own experience the first time in Department history, the celebration began with as an alumnus, as well recent contacts he had with international academic-gowned faculty, graduates, and guest speaker Ralph C. alumni in India, France, and Italy. Heid, ’70 econ, marching into Rackham Auditorium as a Univer- sity-student string quartet played Elgar’s celebrated piece. Heid told the graduates that, “I use what I learned at Michigan every day,” adding that whatever vocation they pursue, they will Following welcoming remarks by Department Chair Matthew find that, “Michigan has prepared you very well in the fundamen- Shapiro, and Director of Undergraduate Studies Jim Adams, tals. Heid, senior vice-president of international finance, Comerica Bank, and a member of the Department’s Economics Leadership “You will find that you carry with you a hard-earned degree from Council, gave the first commencement address ever presented at one of the most prestigious economic programs in the world. the Department’s undergraduate commencement celebration. In You will find that you will get job interviews where others might his speech, titled “Terms of Engagement” Heid spoke to gradu- not and that you may have an edge when applying to graduate ates about what his own degree in economics from the Univer- school.” continued on page 4 Michigan take at least one economics course during their studies.
    [Show full text]
  • Institutional Design: Deliberations, Decisions, and Committee Dynamics Kevin M
    CHAPTER FOUR Institutional Design: Deliberations, Decisions, and Committee Dynamics Kevin M. Warsh Monetary policy is conducted by individuals acting by legislative remit in an institutional setting. Great attention is paid to the individuals atop the largest cen- tral banks. Central bankers today are decidedly recognizable pub- lic fi gures. Some might even be called famous. Th eir newfound status, however, would make them thoroughly unrecognizable to their predecessors. Th e central banks’ responsibilities—the legislative remits with which they are charged—are also subject to considerable scru- tiny. Monetary policymakers are tasked with keeping fi delity to their legislated mandates. Some, like the European Central Bank (ECB), are granted a single mandate, namely to ensure price sta- bility. Others, like the Federal Reserve, are tasked with a so-called dual mandate, which includes ensuring price stability and maxi- mum sustainable employment. Th e fi nancial crisis resurrected yet another objective: ensuring fi nancial stability. Considerably less attention, however, is paid to the institutional setting in which the policymakers meet, deliberate, and ultimately decide on policy. Th ese institutional dynamics alone are not deter- minative of the policy outcome. But I posit that the institutional dynamics infl uence policy decisions more than is commonly appreciated. In business, academia, and government, people and policy con- verge in institutional settings. Th ese settings matter considerably to H6930.indb 173 3/28/16 2:00:44 PM 174 Kevin M. Warsh the ultimate success—or failure—of an endeavor. An institution’s set- ting is a function, in part, of its institutional design; that is, the way in which the entity is originally composed and comprised.
    [Show full text]
  • Principles of Finance © Wikibooks
    Principles of Finance © Wikibooks This work is licensed under a Creative Commons-ShareAlike 4.0 International License Original source: Principles of Finance, Wikibooks http://en.wikibooks.org/wiki/Principles_of_Finance Contents Chapter 1 Introduction ..................................................................................................1 1.1 What is Finance? ................................................................................................................1 1.2 History .................................................................................................................................1 1.2.1 Introduction to Finance ..........................................................................................1 1.2.1.1 Return on Investments ...............................................................................2 1.2.1.2 Debt Finance and Equity Finance - The Two Pillars of Modern Finance ....................................................................................................................................3 1.2.1.2.1 Debt Financing .................................................................................3 1.2.1.2.2 Equity Financing ...............................................................................3 1.2.1.3 Ratio Analysis ...............................................................................................4 1.2.1.3.1 Liquidity Ratios .................................................................................4 Chapter 2 The Basics ......................................................................................................6
    [Show full text]
  • Event Transcript: the Shift and the Shocks: What We've Learned
    Unedited Rush Transcript Event The Shift and the Shocks: What We've Learned--and Have Still to Learn--from the Financial Crisis Martin Wolf, Financial Times Athanasios Orphanides, MIT Sloan School of Management Kevin Warsh, Hoover Institution, Stanford University Peterson Institute for International Economics, Washington, DC October 9, 2014 Adam Posen: Great man comes and that’s not me. Welcome everyone back to the Peterson Institute for International Economics. It’s a very pleasant evening. We’ve got some people here who are rarely here. We’ve got some people here who’ve been living here all week so it’s a good blend. We have one of the more festive occasions on our pre-meetings calendar, a good friend and a role model of communication Martin Wolf has agreed to premiere his Washington book and premiere his book, excuse me, do the Washington premiere for his book. It’s been a long week, I’m sorry. Do the Washington premiere for his book here at the Peterson Institute and we’re delighted to have him back on our stage. We had a great discussion with him about the Euro area with Jacob Kirkegaard and others a few months ago and tonight, we’re blessed to have two terrific policymakers who will now be able to discuss some of the implications of Martin’s book. But of course the main purpose of all this being economists is to sell. This is the book. The Shifts and the Shocks by Martin Wolf. This book is for sale outside. This book is not coming money to us; it’s money to Martin.
    [Show full text]
  • Quantitative Easing: the Fed’S Tough Decision Around the World, Financial Markets Have Been Talking of Little Else for Weeks
    FOMC PREVIEW QUANTITATIVE EASING: THE FED’s tOUGH DECISION Around the world, financial markets have been talking of little else for weeks. On Wednesday, the waiting game finally comes to an end. REUTERS/ KEVIN LAMARQUE BY PEDRO NICOLACI DA COstA Treasury bond buying from the Federal that, like its promise to keeping interest WASHINGTON, OCT 21 Reserve could ultimately rival the hefty first rates low, the second round of so-called round of asset purchases. quantitative easing will be around for an NE HUNDRED BILLION here, one With expectations of at least $500 billion “extended period” if needed. hundred billion there. Pretty soon already built into financial markets, the Fed The rationale for further monetary we’reO talking real money. may try to counter possible disappointment accommodation has been laid out by It may not be “shock and awe” at first by making its commitment open ended. Chairman Ben Bernanke, whose views on blush, but the ultimate sums involved in It will likely do so by setting parameters policy carry the day at the Federal Open a second, widely anticipated program of vague enough to convince the markets Market Committee. OCTOBER 2010 FOMC PREVIEW OCTOBER 2010 ”DepenDING ON EVOLVING ECONOMIC AND FINANCIAL CONDITIONS, QE2 HAS THE POTENTIAL TO GROW QUITE LARGE.” He has made clear that, with the 9.6 percent unemployment rate far above what might be seen as normal even in a post- recession context and inflation dangling at uncomfortably low levels, policymakers deem the risk of an outright deflationary rut significant enough to justify action. An incremental, flexible approach serves two purposes.
    [Show full text]
  • The Federal Funds Rate in Extraordinary Times
    For release on delivery 1:00 p.m. EDT May 21, 2008 The Federal Funds Rate in Extraordinary Times Remarks by Kevin Warsh Member Board of Governors of the Federal Reserve System at the Exchequer Club Washington, D.C. May 21, 2008 This may be the most pronounced time of testing for central banks in a generation.1 Let me recount just a few of our challenges: significant market turmoil, unsatisfactory economic growth, historic housing price declines, dramatic commodity price run-ups, risk of a secular reversal of global inflation trends, sharp changes in exchange rates, uneven and unprecedented contours of economic growth—and policy responses—across major trading partners, and significant domestic debate regarding optimal economic and regulatory policies. Mind you, my intention is not to declare, oh, woe is us. Thanks in no small measure to the scores of professionals long found in the four walls of the Federal Reserve System—and ample access to information—the Fed possesses both the commitment and resources to tackle these policy challenges. And, by virtue of the Fed's institutional credibility, bequeathed to today's Federal Open Market Committee by its predecessors, the policy response tends to be as highly anticipated as it is consequential. But in affirming our formidable assets, it is similarly not my intention to suggest that we have devised error-free policies to painlessly and smoothly achieve agreed-upon objectives. On Monetary Policy...Today The Fed is not omniscient. Neither are our tools uniquely and perfectly suited to ensure that the ills of yesterday do not recur.
    [Show full text]
  • US Treasury Markets: Steps Toward Increased Resilience
    U.S. Treasury Markets Steps Toward Increased Resilience DISCLAIMER This report is the product of the Group of Thirty’s Working Group on Treasury Market Liquidity and reflects broad agreement among its participants. This does not imply agreement with every specific observation or nuance. Members participated in their personal capacity, and their participation does not imply the support or agreement of their respective public or private institutions. The report does not represent the views of the membership of the Group of Thirty as a whole. ISBN 1-56708-184-3 How to cite this report: Group of Thirty Working Group on Treasury Market Liquidity. (2021). U.S. Treasury Markets: Steps Toward Increased Resilience. Group of Thirty. https://group30.org/publications/detail/4950. Copies of this paper are available for US$25 from: The Group of Thirty 1701 K Street, N.W., Suite 950 Washington, D.C. 20006 Telephone: (202) 331-2472 E-mail: [email protected] Website: www.group30.org Twitter: @GroupofThirty U.S. Treasury Markets Steps Toward Increased Resilience Published by Group of Thirty Washington, D.C. July 2021 G30 Working Group on Treasury Market Liquidity CHAIR Timothy F. Geithner President, Warburg Pincus Former Secretary of the Treasury, United States PROJECT DIRECTOR Patrick Parkinson Senior Fellow, Bank Policy Institute PROJECT ADVISORS Darrell Duffie Jeremy Stein Adams Distinguished Professor of Management and Moise Y. Safra Professor of Economics, Professor of Finance, Stanford Graduate School of Harvard University Business WORKING GROUP MEMBERS William C. Dudley Masaaki Shirakawa Senior Research Scholar, Griswold Center for Economic Distinguished Guest Professor, Aoyama-Gakuin University Policy Studies at Princeton University Former Governor, Bank of Japan Former President, Federal Reserve Bank of New York Lawrence H.
    [Show full text]
  • Model Explain the Relation Between Trade and Comovement?
    WORKING PAPER NO. 05-3 CAN THE STANDARD INTERNATIONAL BUSINESS CYCLE MODEL EXPLAIN THE RELATION BETWEEN TRADE AND COMOVEMENT? M. Ayhan Kose International Monetary Fund and Kei-Mu Yi* Federal Reserve Bank of Philadelphia November 2002 This version: January 2005 Can the Standard International Business Cycle Model Explain the Relation Between Trade and Comovement? M. Ayhan Kose and Kei-Mu Yi1 November 2002 This version: January 2005 1 The previous version of this paper circulated under the title “The Trade-Comovement Problem in Inter- national Macroeconomics.” We thank two anonymous referees for extremely helpful comments that greatly improved the paper. We also thank Julian de Giovanni, Tim Kehoe, Narayana Kocherlakota, Michael Kouparitsas, Paolo Mauro, Fabrizio Perri, Linda Tesar, Eric van Wincoop, Christian Zimmermann, and participants at the 2002 Growth and Business Cycle Theory Conference, the Spring 2002 Midwest Interna- tional Economics Meetings, and at the IMF Research Department brown bag for useful comments. Mychal Campos, Matthew Kondratowicz, Edith Ostapik, and Kulaya Tantitemit provided excellent research assis- tance. The views expressed in this paper are those of the authors and do not necessarily reflect views of the International Monetary Fund, the Federal Reserve Bank of Philadelphia, or the Federal Reserve System. Kose: International Monetary Fund, 700 19th St., N.W., Washington, D.C., 20431; [email protected]. Yi: Re- search Department, Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, PA, 19106; [email protected]. Abstract Recent empirical research finds that pairs of countries with stronger trade linkages tend to have more highly correlated business cycles. We assess whether the standard international business cycle framework can replicate this intuitive result.
    [Show full text]
  • Download Full Issue
    FIRST QUARTER 2018 FEDERALFEDERAL RESERVE RESERVE BANK BANK OF OF RICHMOND RICHMOND Are Markets Too Concentrated? Industries are increasingly concentrated in the hands of fewer firms. But is that a bad thing? Do Entrepreneurs Pay Private Currency Interview with Jesús to be Entrepreneurs? Before Cryptocurrency Fernández-Villaverde VOLUME 23 NUMBER 1 FIRST QUARTER 2018 Econ Focus is the economics magazine of the Federal Reserve Bank of Richmond. It covers economic issues affecting the Fifth Federal Reserve District and the nation and is published on a quarterly basis by the Bank’s Research Department. The Fifth District consists of the District of Columbia, Maryland, North Carolina, COVER STORY South Carolina, Virginia, 10 and most of West Virginia. Are Markets Too Concentrated? DIRECTOR OF RESEARCH Industries are increasingly concentrated in the hands Kartik Athreya of fewer firms. But is that a bad thing? EDITORIAL ADVISER Aaron Steelman EDITOR Renee Haltom FEATURES 14 SENIOR EDITOR David A. Price Paying for Success MANAGING EDITOR/DESIGN LEAD State and local governments are trying a new financing Kathy Constant model for social programs STAFF WRITERS Helen Fessenden Jessie Romero 17 Tim Sablik EDITORIAL ASSOCIATE Do Entrepreneurs Pay to Be Entrepreneurs? Lisa Kenney Some small-business owners are motivated more by CONTRIBUTORS Selena Carr values than financial gain Santiago Pinto Michael Stanley DESIGN Janin/Cliff Design, Inc. DEPARTMENTS 1 President’s Message/Taxes and the Fed Published quarterly by 2 Upfront/Regional News at a Glance
    [Show full text]
  • Fighting the Coronavirus Recession and the Path Forward
    equitablegrowth.org Webinar: Fighting the coronavirus recession and the path forward The Washington Center for Equitable Growth will host a virtual lecture on Claudia Sahm Wednesday, May 13 led by Claudia Sahm, director of macroeconomic policy at Director of Equitable Growth, who will discuss promising research ideas that support a robust Macroeconomic response to fight the coronavirus recession, as well as longer-term efforts to ensure Policy a more resilient U.S. economy in the years to come. Sahm will build upon evidence Washington Center in Recession Ready, with a focus on policies that stabilize the economy through for Equitable Growth supporting families, small businesses, and communities. Her presentation will be followed by a conversation with Heather Boushey, president & CEO of Equitable Growth, on various themes, including the role of fiscal and monetary policy to protect workers and their families, as well as the importance of diversity, equity, and inclusion within the field of macroeconomics. This event will be part of a new series that seeks a deeper understanding of cutting-edge research and analysis on economic inequality and growth. Our lectures will bring together leading scholars to explore how new research is shifting important conversations in academia and economic policy. Agenda Heather Boushey President and CEO 2:00 p.m. – 2:05 p.m. Introduction by Heather Boushey, president & CEO, Washington Center Washington Center for Equitable Growth for Equitable Growth 2:05 p.m. – 2:25 p.m. Presentation by Claudia Sahm 2:25 p.m.– 2:45 p.m. Conversation with Claudia Sahm and Heather Boushey 2:45 p.m.
    [Show full text]
  • 1 Fixing the Leaky Pipeline: Strategies for Making Economics Work For
    Fixing the Leaky Pipeline: Strategies for Making Economics Work for Women at Every Stage Kasey Buckles† University of Notre Dame, NBER, and IZA Abstract While women comprise over half of all undergraduate students in the United States, they account for less than one-third of economics majors. From there, the proportion of women at each stage of the academic tenure track continues to decrease, creating a “leaky pipeline.” In this paper, I provide a toolkit of interventions that could be implemented by individuals, organizations, or academic units who are working to attract and retain women students and faculty at each stage of this pipeline. I focus on smaller-scale, targeted interventions that have been evaluated in a way that allows for the credible estimation of causal effects. † [email protected]. I would like to thank Lisa Argyle, Mary Flannery, Claudia Goldin, Nora Gordon, Gary Hoover, Laura Kramer, Elira Kuka, Stephanie Rennane, Claudia Sahm, Rhonda Sharpe, and Abigail Wozniak for helpful comments and conversations. I am also grateful to Alison Doxey for her superb research assistance. 1 It is often said that the first step to solving a problem is to admit that you have one, and with regard to the representation of women in the economics profession, many economists now seem to have taken this step. Awareness of the gender gap in economics and interest in addressing it have been building slowly over recent years, but the issue was moved to the forefront by Alice Wu’s (2018) study describing biased language on a widely-read web forum for economists.
    [Show full text]
  • Exploring Careers in Economics Transcript April 9, 2019
    April 9, 2019 Federal Reserve Board of Governors Exploring Careers in Economics Transcript QUENTIN JOHNSON. Good morning everyone. And on behalf of the Board of Governors of the Federal Reserve System, welcome to our second Exploring Careers in Economics. My name is Quentin Johnson. I am the economics outreach specialist. STEVE RAMOS. And I am Steve Ramos, a senior research assistant. As Quentin mentioned, some of you may remember us from our previous Exploring Careers in Economics event back in October, and we just want to thank you for your support and feedback. We're extremely excited to have you guys back, and we hope that this even will be just as informative as the last one. QUENTIN JOHNSON. And before we proceed, I wanted to take a moment and let you all know just how deeply personal this entire experience has been for me. Expanding the diversity and inclusion and representation of the people who contribute to the Fed and its mission of public service has been gratifying to me to no end. I'm proud to engage with students, educate them on the work of the Fed, and expose them to career opportunities that can change their lives and impact their communities. My circuitous path to the Fed started with an undergraduate economics class visit from a Board economist. I did not take the economist up on his offer at the time to consider employment with the Board, but that was due in part to my math senior thesis giving me a little bit of PTSD, and so econ reminded me too much of that.
    [Show full text]