www.tipnews.info
September 05, 2015
Toshihiro Okubo
Toshihiro Okubo
Associate Professor of Economics, Faculty of Economics, Keio University
The old saying ‘no man is an island’ applies equally to firms. The productivity of individual firms depends on their interactions with their suppliers and customers. It is important for a firm to search for appropriate transaction partners and construct relationships. Moreover, the forms of these linkages matter. The linkages tend to occur within geographically limited areas...
Anton Cheremukhin
Anton Cheremukhin
Research Economist, Federal Reserve Bank of Dallas
The recent turmoil in the stock market and the ongoing growth slowdown does not lessen the importance of China’s economic growth as one of most remarkable episodes of economic history. The rise of China has received much less attention from macroeconomists than it deserves.1 Moreover, most academic studies of China’s success story start with the 1978 reforms. Mao’s e...
scar Jord
Òscar Jordà
Research Advisor, Federal Reserve Bank of San Francisco; Professor of Economics, UC Davis
Policy response to asset price bubbles Before the Global Crisis, the consensus among policymakers and economists alike was to largely ignore asset price bubbles. Justifications for this neglect differed. Some argued that asset price bubbles couldn’t be reliably detected. Others argued that nothing could or should be done about them since any intervention might be wors...
Thomas Philippon
Thomas Philippon
Assistant Professor of Finance, Stern School of Business, NYU and CEPR Research Affiliate
Unemployment in the US vs the Eurozone I first compare labour market dynamics inside the Eurozone with those inside the US (for a broader discussion of macro-financial stability, see Lane 2015). The US is a well-functioning currency area, but there is significant heterogeneity in credit and house price dynamics. This makes the US a relev...
Politics
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Sen. Ted Cruz set up a false bogeyman when he said the Supreme Court is “one justice away” from ordering that crosses on tombstones at Arlington National Cemetery be torn down. Nobody is even asking the court to do such a thing. And in fact, the group that sought removal of a cross from formerly federal land in the Mojave Desert — losing the 5-4 decision to which Cruz referr...
Kevin Lang
Kevin Lang
Professor of Economics, Boston University
Audit, correspondence and experimental studies provide abundant evidence of discriminatory behaviours by firms. But some economic models suggest that competition and/or providing the subjects of discrimination with sufficient choice will prevent those subjected to such discriminatory behaviours from being affected adversely. Our study of the pricing behaviour of street sex work...
Donato Masciandaro
Donato Masciandaro
Professor of Economics, and Chair in Economics of Financial Regulation, Bocconi University
The history of central banks is rich in modifications to their role and functions. Over the past three decades, up to the 2008 Global Crisis, the mandates of central banks around the world had been progressively narrowed to the goal of price stability. At the same time, this narrowing has been accompanied by changes in their governance arrangements such that the pillar of moder...
Ernesto Zedillo
Ernesto Zedillo
Director of the Yale Center for the Study of Globalization, ex-President of Mexico
Not long ago, some called Africa’s growth performance the worst economic disaster of the 20th century. Indeed, by any measure, African countries’ economic record since around the time of the 1973 oil shock was dismal. The secular malaise of Africa’s economy started to abate around the mid-1990s, becoming a new trend of growth revival by the early years of the present century. ...
Tatiana Didier
Tatiana Didier
Research Economist, Office of the Chief Economist for Latin America and the Caribbean, World Bank
Sergio Schmukler
Sergio Schmukler
Lead Economist at the World Bank
Stock and corporate bond markets have expanded rapidly since the early 1990s, but three basic, interrelated questions remain unanswered: How many and which firms issue equity and bonds in domestic and international markets? What happens to the assets, sales, and number of employees of firms that issue debt and equity relative to non-issuers? Ho...
William R. Cline
William R. Cline
Senior fellow, Peterson Institute for International Economics
In the first half of 2015 the populist and confrontational policies of the new Syriza government destabilised the Greek economy, climaxing in the closure of the banks and a referendum rejecting the terms of a financial rescue package offered by the Eurozone partners. But facing the alternative of Grexit, Tsipras, in July, tentatively agreed to a new support programme with condi...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Who’s responsible for withdrawing all U.S. combat troops from Iraq at the end of 2011? Jeb Bush says President Obama is to blame for the “premature withdrawal” of all U.S. troops. Hillary Clinton’s campaign reminded Bush that his brother, President George W. Bush, signed an agreement that set Dec. 31, 2011, as the withdrawal date. Both have a point, but there’s more to the s...
Paul Gaggl
Paul Gaggl
Assistant Professor of Economics in the Belk College of Business, University of North Carolina at Charlotte
What do computers do? In an influential paper, Autor et al. (2003) address the question of ‘what computers do’ by suggesting that computers complement work that involves the execution of complex, cognitive-intensive workplace tasks, while to an equal or greater extent substituting for work that is highly routine, or lacking in complexity. Since then, substantial long-...
Skipper Seabold
Skipper Seabold
Ph.D candidate in economics and econometrics, American University; Data Scientist, Civis Analytics
The use of social media and related technologies in the Arab Spring, Occupy Wall Street and the so-called ‘colour revolutions’ raise a number of questions. How much does the diffusion of radical ideas depend on technology itself? What role do openness and competition in media markets play? And how do the implications of new technologies and of competition depend on the initial ...
Economy
David Galenson
David Galenson
Professor of Economics, University of Chicago; Academic Director of the Center for Creativity Economics, Universidad del CEMA
Eight individual works of modern art have been sold at auction for more than $100 million since 2010. These startling prices have reinforced a long-standing belief of art experts that auction markets have no rational basis. So for example, Time magazine critic Robert Hughes (1992) declared that “[t]he price of a work of art is an index of pure, irrational desire”. Tobias Meyer,...
Andreas Beerli
Andreas Beerli
Post-doctoral researcher at the KOF Swiss Economic Institute, ETH Zurich
The case for immigration restrictions is periodically debated in the political arena. The refugee crisis in southern Europe in recent months and the increased number of asylum seekers, who may turn into undocumented economic immigrants, has spurred discussion for stricter border enforcement and controls. In the UK, David Cameron promised few years ago to bring annual net migrat...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Who’s responsible for withdrawing all U.S. combat troops from Iraq at the end of 2011? Jeb Bush says President Obama is to blame for the “premature withdrawal” of all U.S. troops. Hillary Clinton’s campaign reminded Bush that his brother, President George W. Bush, signed an agreement that set Dec. 31, 2011, as the withdrawal date. Both have a point, but there’s more to the s...
Timothy W. Guinnane
Timothy W. Guinnane
Philipp Golden Bartlett Professor of Economic History, Yale University
The Greek debt crisis has prompted a surprising number of references to an obscure agreement signed in London 60 years ago. The 1953 London Debt Agreement (LDA) marked the end of a long period of German default on external debt owed to both governments and private entities. The LDA cut the debt roughly in half, rescheduled what remained, and tied repayments to export revenues. ...
Jon Danielsson
Jon Danielsson
Director of the Systemic Risk Centre at the London School of Economics
In observing what has been happening in Greece, I am struck by many parallels with the Icelandic crisis (Buiter and Sibert 2008). The two crises demonstrate that the commonalities in crisis tend to be bigger than the differences. Leaving the economics aside, here I want to focus on the political and international relations aspects, and in particular how the Icelandic Icesave...
Stefan Gerlach
Stefan Gerlach
Deputy Governor, Central Bank of Ireland; and CEPR Research Fellow
The sterling-dollar exchange in the early 1920s It is well recognised that anticipation of future economic policy changes can have a large impact on the pricing of long-lived assets such as foreign exchange. What is less clear is that incorporating such effects in an analysis can influence our thinking about widely studied episodes in economic history. The behaviou...
Erik Feyen
Erik Feyen
Senior Financial Economist in the Financial Systems Global Practice, World Bank
In the wake of the Global Crisis, various developed economies pursued unprecedented, extraordinary monetary policies (EMPs) to rekindle domestic economic growth and battle disinflationary pressures. This was done mainly via (promises of future) ultra-low policy rates and large-scale asset purchasing programmes (LSAPs) designed to lower long-term interest rates. The spillover ef...
Giancarlo Corsetti
Giancarlo Corsetti
Professor of Macroeconomics, University of Cambridge; and Programme Director, CEPR
With Greece in the spotlight, little attention has been paid to the other Mediterranean country striving to get back on its feet after a painful bailout in 2013 (Buchheit and Gulati 2013, Wyplosz 2013). After gradual relaxations over the past two years, Cyprus abolished the last vestiges of its capital controls in April of this year. The news is that, so far, there is no sign o...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Senate Minority Leader Harry Reid claimed in a floor speech that 30 percent of U.S. women get their health care from Planned Parenthood. That’s false. By one measure, the number is less than 3 percent. Reid’s spokesman told the Washington Post Fact Checker that the senator misspoke and meant to say that 1 in 5 — or 20 percent — of all women have visited a Planned Pa...
Sebastian Edwards
Sebastian Edwards
Henry Ford II Professor of International Economics at the University of California, Los Angeles
A number of commentators continue to think that Greece’s best option is to exit the Eurozone and reintroduce the drachma at a depreciated level ((e.g. Brinded 2015). Those that favour this policy argue that with a currency of its own and exchange rate flexibility, Greece would gain competitiveness, increase exports, and move towards recovery. ...
Xavier Freixas
Xavier Freixas
Dean of the Undergraduate School of Economics and Business Administration and Professor at the Universitat Pompeu Fabra; CEPR Research Fellow
‘Macroprudential’ has been one of main buzzwords emerging from the Global Crisis. But it means different things to different people. For some, macroprudential policy is about managing the economic cycle. For others, it is about reining in the financial instability inherent to financial markets and institutions. For some sceptics, it is simply an empty term because the political...
Brian McCaig
Brian McCaig
Assistant Professor, Department of Economics, Wilfrid Laurier University
For many workers in low-income countries, obtaining a job in a factory in the formal sector is a significant improvement. For example, Dao Thi Sen works in a garment factory in Vietnam owned by a Korean company. “I was a freelance seamstress before. But the work wasn’t very stable. This is better”. The search for a better job is often associated...
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Police make arrest in US Open drone scareA drone sits in the stands after it crashed in Louis Armstrong Stadium during the US Open match between Flavia Pennetta and Monica Niculescu on September 3, 2015 in New York
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Oil falls as mixed US jobs data clouds Fed rate hikeA customer pumps gasoline into his car at an Arco gas station on March 3, 2015 in Mill Valley, California
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EU loses 168 bn euros in sales tax fraud, errorsEU Economic Affairs Commissioner Pierre Moscovici speaks to the media on July 29, 2015, at the Elysee palace in Paris
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US tells China at G20 to avoid 'competitive devaluation'US Secretary of the Treasury Jacob Lew speaks at the Brookings Institution July 8, 2015 in Washington
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European stocks hammered by mixed US jobs report London's FTSE 100 index dropped 1.49 percent in morning trading to 6,101.58 points
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Nadal vows to fight on despite US Open shockerRafael Nadal gestures to the crowd after being defeated by Fabio Fognini in their 2015 US Open third round men's singles match on September 4, 2015 in New York
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Kyrgios-Bouchard combo laugh off ban fearsNick Kyrgios faces a suspension from the ATP Tour that will be waived if he is on best behavior for a month
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Serena says she's not on edge but 'I'm not a robot'Serena Williams serves to Bethanie Mattek-Sands during their 2015 US Open third round women's singles match on September 4, 2015 in New York
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Messi, Aguero at the double in Bolivia routLionel Messi of Argentina scores a goal past Dainel Vaca of Bolivia during their international friendly match at BBVA Compass Stadium on September 4, 2015 in Houston, Texas
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US Open sidelinesEugenie Bouchard of Canada takes a break during her match against Dominika Cibulkova of Slovakia in the 2015 US Open September 4, 2015 in New York
US Open sidelines on the fifth day of the 2015 tournament at Flushing Meadows:Who's saying what"I really liked accounting."- Venus...
Altidore brace lifts US to 2-1 friendly win over PeruJozy Altidore of the United States takes the ball past Carlos Lobaton of Peru in the second half during an international friendly at RFK Stadium on September 4, 2015 in Washington, DC
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Australia's Giteau relishing World Cup swansongAustralia's team captain Stephen Moore (C), head coach Michael Cheika (L) and Matt Giteau (R) attend the Australian Rugby Union World Cup Squad's announcement event in Sydney on August 21, 2015
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Day in mix behind de Jonge as Spieth strugglesJason Day of Australia watches his tee shot on the ninth hole during round one of the Deutsche Bank Championship at TPC Boston on September 4, 2015 in Norton, Massachusetts
Red-hot Jason Day got his world number one chase at the Deutsche Bank Championship off to a solid start with a three-under-par 68 ...
Taylor takes Watson send-off as complimentBails fly as England's James Taylor is bowled out for 59 runs by Australia's Shane Watson during an one day international cricket match at The Ageas Bowl cricket ground in Southampton, England, on September 3, 2015
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NFL Owners could reconsider Goodell's role, newspaper saysNFL Commissioner Roger Goodell leaves the Federal District Courthouse on August 12, 2015, in New York, after being questioned by Judge Richard M. Berman about Tom Brady's four-game suspension for his role in the deflate-gate scandal
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Venus eases Serena's path, Djokovic rolls at US OpenVenus Williams reacts after defeating Belinda Bencic during their 2015 US Open Women's Singles match at the USTA Billie Jean King National Tennis Center, September 4, 2015, in New York
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Record-chasing Rooney accepts goal scrutinyEngland's Wayne Rooney celebrates after scoring a goal during their Euro 2016 qualifying football match against Slovenia at the Stadium Stozice in Ljubljana, on June 14, 2015
Wayne Rooney accepts that his return of goals will always be used to judge him even as he goes in pursuit of England history again...
Strike, weedy water slow Rio sprint canoe testCompetitors from Germany carry their boat before a Canoeing International Challenge Speed race at the Rodrigo de Freitas Lagoon in Rio de Janeiro on September 4, 2015 , one year before the start of the Rio 2016 Olympic Games
A Brazilian team strike and problems with floating weeds marred the start Friday of a canoe sprint test in Rio de Janeiro's pictur...