5810 Results for “ https://www.galaxus.ch/en/sector/showdiscussion/snap-hack-online-visit-kunghaccom-d2d1mo9k-226342”

Ben Bernanke, Douglas Diamond, and Philip Dybvig were honored for their work on financial instability

So, how hard is it to write the history of exceptional figures? Shall we buy film cameras?

A minimum wage is a small minnow in an ocean of deficient aggregate demand

Learning How to Swap

Does the technology revolution require a new social policy?

The following text was sent to us by Roger Backhouse and Bradley Bateman, we reproduce it in its entirety.

We show how every stock-flow consistent model of the macroeconomy can be represented as a directed acyclic graph.

Last weekend, I was in Tübingen - very close to my home town: the same smell, the same surreal Swabian idyll that makes you think of Hölderlin and Hesse rather than DSGE.

Jan Kregel on the Continuing Risk of Derivatives

In what sense are central banks really independent? From whom are they independent? For whom in society do they deliver?

How must the European institutional structure be modified to fortify the euro zone?

“There is a lot to like about with this infrastructure plan from what we already know and there seems to be a historical opportunity to get things right. Before answering your question, let me bring us to three trends just for context. Firstly, for decades we’ve had an economic model that benefited a small number of people tremendously and left behind the majority of Americans, resulting in widening inequality and decline in the middle class. The fact that a zip code could predict a lot of things; your health outcome, your lifespan, your success in life is an extremely telling example. Secondly, we’ve had the digital revolution which spanned a good part of the last 15 years that further demonstrated a lot of displacing and polarizing tendencies. If you’re in the wrong parts of the economy so to speak, it really didn’t work that much for you. Thirdly of course, we had the Covid crisis which turbocharged a lot of these trends. A lot of this is to say that sure there’s a lot of roads and bridges to fix and as well as fiscal infrastructure, but how to productively engage more Americans in the economic process through like you said job training and education, through better child care, invest in green recovery, and climate resilience these are paramount tasks.” — Jack Gao, Institute for New Economic Thinking

This research project creates a systematic and publically available database of macroeconomic and structural conditions in all IMF loan agreements signed after 1987.

What can be done to repair economics so economists can play a productive role in helping society?

Is raising required bank capital the answer?

Rob Johnson kicks off INET’s “Reawakening” conference with his take on how economists can win back the trust of a world that has rejected experts

Climate change policy is caught in a stalemate between those who fear the environmental consequences of not doing enough and those who fear the economic consequences of overreacting. But controversy over the extent and sources of climate change need not stand in the way of a positive economic policy response.

This research project focuses mainly on whether the wealth of the United States middle class recovered and whether wealth inequality continued to rise or moderated over the years 2010 to 2013 following the financial crisis of 2008.

Yesterday, I had my first introductory economics seminar with my new students.

How representation of data can contribute to, or dispel the false certainty of statistical and econometric technique.

This paper analyzes the early stages of the formation of the Common Market.

In modern economies, individuals and companies engage in innovative activities, discovering new ways to use existing physical and human capital, and new technologies in which to invest. The institutional and broader social context within which these activities take place also changes in novel ways.

Antitrust econometrics relies on often-implausible assumptions

It’s no secret that wealth inequality has grown, both in the US and abroad over the past several decades. What has been particularly notable about the work of Emmanuel Saez is the quantification of that inequality.

Pari passu clauses were deliberately crafted to gain an upper hand in sovereign bankruptcy disputes brought to the London stock exchange’s jurisdiction

Anyone watching the stock market has seen this: a post hits Twitter containing old news, and investors react as if it were new.

Strong enforcement of property rights is good for economic growth, says the conventional wisdom. The link may not be as clear cut, says Suresh Naidu

The recently observed surge in wealth doesn’t equate to growth of productive capital. Joseph E. Stiglitz, Branko Milanovic, Paul Krugman and Duncan Foley discuss these issues and more.

Has the Dodd-Frank Act had its intended effect?

YSI Philosophy of Economics working group is organising a workshop preceding the INEM conference.

Axiomatic bargaining is presented in MWG in the context of welfare economics (Ch. 22), the aim being the formulation of reasonable criteria for dividing gains resulting from cooperative endeavors (the “joint surplus”). It is further presented as an application of cooperative game theory, in which an arbitrator distributes the joint surplus in a manner that reflects “fairly” the bargaining strength of the different agents (although we could conceive of a situation where the parties are bargaining without an external party). If bargaining fails, the outcome is the parties’ own fallback positions (the threat point, or status quo).

“Governments propose, markets dispose,” as Charles Kindleberger liked to say.

In this “New Economic Thinking” interview, EBRD Chief Economist and Special Adviser to the President Erik Berglof, who also is a member of the Institute for New Economic Thinking’s Governing Board, discusses the report’s findings with Institute President Rob Johnson.

There are a lot of universities represented here, but who are the most likely candidates for participation and who might one expect INET to be interested in?

Yanis Varoufakis and Joseph Stiglitz discuss Greece’s financial challenges and the associated Eurozone politics in this exclusive conversation.

A structural transformation is investing labour in Europe, accelerated by the crisis started in 2008. Job destruction is dominating employment trends in most EU countries and deep changes are taking place in labour relations, labour market institutions and wage regimes.

There is widespread and growing concern about the availability of good jobs in the U.S. economy. Inequality has been growing for thirty years and is now at levels not seen since the 1920s. Stable and remunerative employment has become harder for U.S. workers to find.

The concentration of innovation in a handful of urban centers engenders large and persistent regional disparities in economic opportunity.

Institute for New Economic Thinking-backed research into inequality explores how taxes and government policy have contributed to deepening economic inequality   

Last Friday, philosophers from the University of Leiden hosted the symposium ‘Between Science and History,’ in an attempt to figure out what the differences are between practicing scientists’ use of history and historians use of history.

A Seminar of the Institute for New Economic Thinking, by Maria Cristina Marcuzo

In a show of good faith between two rising economic powers, China and Brazil have agreed to a bilateral currency swap.

Note: As of March 2019, the Imperfect Knowledge Economics(IKE) Program has been re-launched as the INET Program on Knightian Uncertainty Economics (KUE). Please see the KUE page for updates on this body of work.

Should the government regulate personal behavior, or are the irrational choices of people actually reasonable?

Presented at the inaugural Conference at King’s College

This paper analyzes regional contributions to the US payroll share from 1977 to 2017 and the four major business cycles throughout this period.

Some Fundamental Keynesian and Post-Keynesian Insights, with an Analysis of Possible Mechanisms to Achieve a Sustained Recovery

From a money view perspective, the central issue is settlement of TARGET balances between national central banks within the Eurozone, and the key is to understand TARGET balances as a kind of interbank correspondent balance.

A presentation from The Economics of Post-Factual Democracy, the first annual conference of The Center for Information and Bubble Studies (CIBS) at The University of Copenhagen

This research project develops a model of foreign exchange markets in which agents’ expectations are explicitly modeled and evolve over time and examines how these models perform in terms of capturing the behavior observed in the experiments with human subjects.

This research project focuses on the effect of the technological changes that led to the British Industrial Revolution in the eighteenth century on the market for skilled workers.

Given that this is a panel on that quintessential Enlightenment thinker Adam Smith, I can think of no better way to begin my remarks than to invoke that most enlightened of modern economists, Kenneth Boulding, who in 1971 penned the delightful essay, “After Samuelson, Who Needs Adam Smith?” 

Ten years ago when Bear Stearns crashed, the Fed decided to bail out first, ask questions later. It was a mistake that set a bad precedent.

The popular discontent and rise of ‘populist’ political parties is closely related to the failure of New Labor to navigate social democracy’s dilemma.

This paper considers the ambition, scale, substance and strategy of the European Union’s Green Deal

Can finance stop hindering and start helping the green transition?

This paper presents an experiment investigating the effect of social identity on hiring decisions. The question is whether people discriminate between own and other group candidate

This chapter surveys experimental research on networks in economics.

Today’s Financial Times article: Report to highlight alleged conflicts of interest in Goldman’s dealings (Jan 12, 2011), Goldman’s pieties insult our intelligence (Jan 13, 2011)

Liquidity versus Solvency

Ed Pavlić discusses the role of music in communicating suffering and resistance in the African-American experience

The Implications of Xi’s Belt and Road Initiative for China and the World Economy

This research project studies the drivers of technology adoption as well as the consequences of the dynamics of technology adoption for economic growth.

We propose several multivariate variance ratio statistics. We derive the asymptotic distribution of the statistics and scalar functions thereof under the null hypothesis that returns are unpredictable after a constant mean adjustment (i.e., under the weak form Efficient Market Hypothesis). We do not impose the no leverage assumption of Lo and MacKinlay (1988) but our asymptotic standard errors are relatively simple and in particular do not require the selection of a bandwidth parameter. We extend the framework to allow for a time varying risk premium through common systematic factors.

This essay deals with the contradictory dynamics that engulfed Europe from 1959 to 1979, the year of the launching of the European Monetary System.

Rising inequality has focused attention on the benefits of new technologies. Do these accrue primarily to inventors, early investors, and highly skilled users, or to society more widely as their adoption generates employment growth?

Riots, lynchings and other forms of violence dramatically disproportionate impact on the lives and prospects of African inventors. That’s just one indicator, says Professor Lisa Cook, of the profound impact of racial violence on the economic structure

In “The Ambivalence of Scarcity” which is my contribution to L’Enfer des choses. René Girard et la logique de l’économie, written by Jean-Pierre Dupuy and originally published in French in 1978, I attempt to apply mimetic theory to modern economics and to economicphenomena, and also to explain why economic issues and economics as a discipline occupy such an important place in the modern world.

Theoretical dogmas that are literally blind to the causes of the racism that determines the economic fates of most African-Americans leaves the economics profession unable to comprehend or recognize remedies for a key driver of America’s crippling inequality. Instead, conventional economic models unmindfully shape policies that actually exacerbate racial conflict.

Tony Atkinson’s new book points the way forward.

Cecilia Nahon, Argentina’s Ambassador to Washington, DC., discusses the issues plaguing the Argentine government in it’s attempts to conclude debt restructuring.

As the financial economy has expanded beginning in the mid-1980s, it has done so in part by selling more products to individuals and households.

This paper presents a theory of pseudo-wealth in a model that displays aggregate demand externalities.

We analyse the link between income distribution and the current account for the period 1972-2007. We find that rising (top-end) personal inequality leads to a decrease of the current account, ceteris paribus.

There’s more to the census than demographics.

Entangling alliances or entangling leagues are nothing to the entanglements of cash owing—Keynes

I was just amused with two projects by Shaun Usher: to “gather and sort fascinating letters, postcards, telegrams, faxes, and memos” in his blog Letters of Note, and to present interesting letterheads in his Letterheadyblog.

On my way back home from the Brandenburger Tor, I recalled that I already have been there, it must have been in 1988.

Who’s afraid of finance?

How will climate change influence economic sustainability?

The YSI Africa Working Group is convening in Bologna, Italy in conjunction with the 13th Annual Meeting of the African Economic History Network. Our meeting in Bologna follows what promises to be a successful convention in August 2018 at the YSI Africa Convening in Harare, Zimbabwe. The YSI Africa Working Group is committed to continuing important conversations about how economic history can contribute to the study of development of Africa. We are particularly interested in thinking about the types of new approaches to the study of economics and economic history.

Rather than continue to narrow the field, economists need to ask what they’re missing

The financial system no longer funds new ideas and projects — only about 15 percent of the money coming out of financial institutions goes into business investment; the rest is spent buying and selling existing financial instruments.

How do economists make their models work? By assuming that investors have rational expectations and that every market participant is alike. However, things quickly get messy once economists start to acknowledge that people are different, interact with each other, and change heuristic forecasting strategies based on recent performance.

This research project re-examines the debates around the time of the Great Depression and compares them with those before and since the start of the Long Recession in 2007/8, focusing on Keynes, Hayek, and their followers.

This research project develops tools that allow social scientists to understand how and when social factors, such as peer influences, role models, or norms, affect individual choices.

This research project documents long-run trends in personal bankruptcy, with special emphasis on the use of the bankruptcy law at the local level and among women.

The president of INET, Johnson(2013) emphasized the importance of Asian tradition for building up the New Economic Thinking. “It ismy sense that the Asian tradition of thought and philosophical perspective are better suited to embracing this radical uncertainty and living in the experimentation of the adaptive complex system that our world appears to resemble than are the Western mindsets that are the product of the Cartesian Enlightenment.” In the summary he argues that “As the Asian societies continue to evolve the architects will be better served by an new economics for Asia and from Asia that is based on the notions of radical uncertainty, complex adaptive systems, mimetic desire, the inseparability of politics and economics, and a vision of a world where policy makers are themselves less knowing and less capable of control than we often yearn to believe is within their power.”

This research project provides us with a greater understanding of why the Coase theorem came to captivate the minds of economics and legal scholars and how its impact on economics and law reshaped both the theoretical landscape and legal-economic policymaking.

Dr. Vamsi Vakulabharanam, an associate professor of economics at the University of Hyderabad and a grantee of the Institute for New Economic Thinking, has won the prestigious Amartya Sen Award, a newly instituted honor given by the Indian Council for Social Sciences Research (ICSSR).

A tractable formalization of the Knightian uncertainty faced by an economist and market participants in an intertemporal asset-price model.

Despite his opposition to South Africa’s apartheid, Hutt embraced notions of black inferiority

The assumptions economists make in their models have implications not only for policymaking and choosing what data we collect, but also for the very definition of work, says Professor Maria Floro of American University. 

What is at stake : Increasing doubt over the virtue of democracy. One cannot doubt the ubiquitous lack of confidence and hope in the so-called democratic institutions by a large majority of the people. The fundamental cause is the blatant contradiction between the principle of democracy, promoting the rule and thereby the welfare of the people, and the indomitable tendency of rising and unsustainable inequality in terms of income, standard of living and wealth.

By 1812 the U.S. already had more business corporations than any other country, and possibly more than all other countries put together, securing its role as the world’s first “corporation nation.”

A major factor in the decline of inflation is the simple fact that America’s workers were, in general, unable to raise their nominal wages in line with the rise in the cost of living