www.tipnews.info
October 31, 2014
Stephan Seiler
Assistant Professor of Marketing at Stanford Graduate School of Business
Aleksi Aaltonen
Assistant Professor of Information Systems, Warwick Business School
Facebook, YouTube, Twitter, and Wikipedia are among the world’s most popular websites – and all of them are based on user-generated content. While some platforms of this kind are primarily used to share individually produced content, others are based on a more direct interaction between users in the production of content. Wikipedia is the leading example of this type of join...
Lawrence Summers
Professor at Harvard University
Just seven years ago all seemed well in the field of macroeconomics. The phrase 'great moderation' captured the reality that business cycle volatility seemed way down from levels of the first part of the post war period. A broad methodological consensus supported the use of DSGE (dynamic stochastic general equilibrium) models to understand macroeconomic fluctuations and to eval...
Viral Acharya
Professor of Finance, Stern School of Business, New York University and Director of the CEPR Financial Economics Programme
Sascha Steffen
Assistant Professor of Finance, University of Mannheim
Motivation The ECB has finalised its assessment of the largest banks in the Eurozone before it commences their regulatory oversight in November 2014. It has now disclosed its own assessment about the solvency of the banking sector (ECB 2014). In an earlier piece (Acharya and Steffen 2014), we have estimated capital shortfalls of European banks that are going to be ...
Emmanuel Saez
Professor of Economics and Director, Center for Equitable Growth, University of California, Berkeley
Gabriel Zucman
Assistant professor of economics, London School of Economics
There is no dispute that income inequality has been on the rise in the US for the past four decades. The share of total income earned by the top 1% of families was less than 10% in the late 1970s, but now exceeds 20% as of the end of 2012 (Piketty and Saez 2003). A large portion of this increase is due to an upsurge in the labour incomes earned by senior company executives and ...
David F. Hendry
Director, Program in Economic Modeling, Institute for New Economic Thinking at the Oxford Martin School; Professor of Economics and Fellow of Nuffield College, Oxford University
Life on Earth has survived great changes – there are many species alive today, some of which thrived in global temperatures much higher than now, so many stable levels of climate can support abundant life. Buthuge numbers of species went extinct from climate change. The Earth today is about 4–5°C warmer than in the last ice age, when Manhattan was under a mile of ice, ...
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Thought you’d seen it all this political season? An ad from Democrat Alison Lundergan Grimes criticizes Sen. Mitch McConnell for his vote on a bill that President Obama praised, and even thanked McConnell by name for supporting. The Grimes ad says McConnell “even voted to end the payroll tax credit” and refers in small print to McConnell’s vote in favor of the fiscal cliff d...
Moreno Bertoldi
Head of the Unit responsible for Countries of the G-20 - IMF and G-Groups
The reason why the macroeconomic policy mix has been different on the two sides of the Atlantic in recent years remains a hotly debated issue. Was it due to a different reading of the root causes of the Global Crisis and, therefore, of the type of policy response considered most appropriate? Or was it instead the result of incomplete economic and financial integration in the Eu...
Dirk Schoenmaker
Dean of the Duisenberg School of Finance and Professor of Finance, Banking and Insurance at the VU University Amsterdam
Charles A.E. Goodhart
Emeritus Professor in the Financial Markets Group, London School of Economics
Introduction A guiding principle for decision-making in crisis management is “he who pays the piper calls the tune” (Goodhart and Schoenmaker 2009). So long as resolution is organised on a national basis, the national governments will normally want to oversee and undertake the function of supervision. That has been the current setup for financial supervision and crisi...
David Miles
Monetary Policy Committee Member, Bank of England
“Mensch tracht, und Gott lacht” is a Yiddish proverb – men plan and God laughs. Woody Allen puts the same thought this way: “If you want to make God laugh tell him about your plans”. Some people might see these words as a fitting epitaph for forward guidance on monetary policy. The Bank of England has certainly faced a good deal of criticism for the guidance that it has recentl...
Carmen M Reinhart
Dennis Weatherstone Senior Fellow, Peterson Institute for International Economics
Since 2008 Europe has been mired in a combination of economic depression, financial crisis, and public and private debt overhangs. Greece was the first advanced economy to restructure its debt in more than a generation, and the ongoing depression in Europe’s periphery has already surpassed the economic collapse of the 1930s by some markers. In most advanced economies record pri...
David Chambers
University Lecturer in Finance at Judge Business School, Cambridge University
Elroy Dimson
Emeritus Professor of Finance, London Business School
In recent years much attention has been given to the so-called ‘Yale model’, an approach to investing practised by the Yale University Investments Office in managing its $24 billion endowment. The core of this model is an emphasis on diversification and on active management of equity-orientated, illiquid assets (Yale 2014). Yale has generated returns of 13.9% per annum over the...
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Two highly misleading ads from Republican Evan Jenkins leave the false impression that Rep. Nick Rahall is responsible for higher electric rates and personally profited from his votes in Congress: Both ads imply that West Virginia’s electricity rates skyrocketed after Rahall voted for a budget resolution that called for a carbon tax. But the budget plan failed; no t...
Lucian Cernat
Chief Trade Economist of the European Commission
In 2010, the European Commission launched its Trade, Growth and World Affairs strategy, the political manifesto for the incoming Trade Commissioner at the time. That strategy also benefited from useful ideas generated by a voxEU debate (“The future of EU trade policy”). Four years later, some of the bold objectives set out have already been achieved. One overall objective on wh...
Christian Thimann
AXA Group, Paris, and Paris School of Economics
Regulation of the insurance industry is entering a new era. The global regulatory community under the auspices of the Financial Stability Board (FSB) is contemplating regulatory standards for insurance groups that it deems to be of systemic importance. Nine insurance groups received this FSB classification in 2013, and the design of systemic regulation for these groups is now i...
Philipp Strack
Assistant Professor at the Department of Economics, University of California at Berkeley
Paul Viefers
PhD student, Humboldt-University Berlin
The leading normative theory in economics – expected utility theory – postulates that individuals should evaluate the options they face based only on these choices’ qualities. The decision to sell a stock, for example, should be based only on the stock’s current price and expectations about the future – not on its historical prices. For many, however, selling a stock for €1,800...
Edward Glaeser
Professor of Economics, Harvard University
Joshua Gottlieb
Assistant Professor in the Vancouver School of Economics, University of British Columbia
Recent interest in the psychology and economics of happiness has had pronounced influence on public policy. The high-profile report by Stiglitz et al. (2009) epitomises a push for policies to explicitly promote increases in survey measures of wellbeing as a major social objective. Places ranging from the country of Bhutan to the city of Somerville, Massachusetts explicitly meas...
Jean Tirole
Director of the Toulouse School of Economics and of the Jean-Jacques Laffont Foundation. CEPR Research Fellow
High quality public services, infrastructure that facilitates “economic dynamism”, a reduction in the debt left to our children. These expectations of the French people cannot be met unless the state becomes effective. Reforms are urgent, but difficult. To achieve them, a four-pronged approach is required: restructuring, competition, evaluation and accountability. Restruct...
Sandra Poncet
Professor at the University of Paris I and scientific advisor at CEPII.
Florian Mayneris
Assistant Professor, Université catholique de Louvain
Can higher minimum wages ensure that economic development benefits the poorest without hindering growth? The question is controversial in both academic and policy circles. The recent riots in Bangladesh and Cambodia show that the social demand for a more equal distribution of the benefits of growth is high in developing countries. In China, polls reveal that concerns about ineq...
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
A TV ad from Democrat Jim Mowrer claims Iowa Rep. Steve King “did vote to raise his own pay by $20,000 a year and take perks like free health care for life.” That’s a double whopper. There was no vote to raise congressional pay by “$20,000 a year,” as the ad’s narrator says. That’s about how much salaries for members of Congress have automatically increased since Ki...
Matthias Doepke
Professor of Economics, Northwestern University; Research Affiliate, CEPR
Fabrizio Zilibotti
Professor and Chair for Macroeconomics and Political Economics, University of Zurich; Scientific Director of the Center of Economics in Society, UBS; and CEPR Research Fellow
Since time immemorial, parents have struggled with the question of how best to raise their children. For most of history, the experts of the day strongly advised a firm hand. The Bible states that “he who spares the rod hates his son, but he who loves him is careful to discipline him”, Proverbs 13:24), and Plumb (1975) notes that of “two hundred counsels of advice on child-rear...
Christian Thimann
AXA Group, Paris, and Paris School of Economics
The Financial Stability Board (FSB) has completed its framework for the regulation of systemically important banks (FSB 2013a), and is now turning to the insurance industry. Its approach is inspired by the banking framework, under which 29 banking groups have been classified as systemically important. These banks are subject to a three-pronged framework consisting of enhanced s...
Susan Schadler
Senior Fellow, CIGI
The IMF will shortly go back to the drawing board with Ukraine. As it prepares to revise the economic programme on which the third tranche of its funding will be based, the IMF faces three interconnected problems: How to salvage the credibility of the programme; How to maximise pressure on the government and vested interests to deliver long-elusive struct...
Andrew L. Stoler
Independent Consultant on International Trade and Investment Policy
For many countries, agricultural-trade reform is politically sensitive. But that sensitivity did not prevent a groundbreaking multilateral trade agreement in the Uruguay Round of multilateral trade negotiations. Why is it that in the current Doha Round of talks no progress has been made since 2008? The structure of the Doha Round The origins of the current impasse ca...
Paolo Mauro
Division Chief, Fiscal Affairs Department, IMF
Nikoloz Gigineishvili
Senior Economist, IMF
Ke Wang
Economist in the Caribbean I Division of the Western Hemisphere Department, IMF
Sustained rapid growth in many African economies has generated a debate on the sources and likely persistence of a so-called “African growth miracle” (see McMillan, 2014). The East African Community (EAC) countries’ have been an especially vibrant part of the continent. Its economic growth performance during the past decade has been impressive. At 6.2%, the EAC’s average growth...
Andrew K Rose
Professor of International Business, in the Economic Analysis and Policy Group, Haas School of Business, University of California, Berkeley; and Research Fellow, CEPR
“I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody.” James Carville, Wall Street Journal (25 February, 1993, p. A1) Introduction The government benefits when inflation is high; inflation is a tax on money-hol...
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