www.tipnews.info
February 23, 2017
Wyplosz Charles
Wyplosz Charles
Professor of International Economics at the Graduate Institute, Geneva; Director of the International Centre for Money and Banking Studies.
The IMF has now released its self-evaluation report on the programme for Greece between 2012 and 2016 (IMF 2017). This report admits most, if not all, of the glaring mistakes and calls for significant changes. Unfortunately, it does not always get to the bottom of why these mistakes were made. The requirement that the IMF self-assesses and publishes its interventions in the ...
Michael McMahon
Michael McMahon
Assistant Professor of the Department of Economics, University of Warwick
The UK government’s new Economy and Industrial Strategy Cabinet Committee met for the first time in August 2016. Charged with delivering ‘an economy that works for everyone, with a strong industrial strategy at its heart’, the committee is chaired by the prime minister and attended by the chancellor of the exchequer and the secretaries of state of ten other ministries.1
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
President Donald Trump said there has been a “tremendous” increase in autism in U.S. children. There has been a large increase in the reported cases of autism, but scientists don’t know if this is due to a broadening of the disorder’s definition and greater efforts in diagnosis or an actual increase in the number of individuals w...
Esteban Rossi-Hansberg
Esteban Rossi-Hansberg
Professor of Economics and International Affairs, Princeton University
The decline of manufacturing employment in industrialised countries has left behind an urban shadow: a number of cities with slowly declining populations and income per capita. There are many examples, but perhaps the most iconic is the city of Detroit, a city where Ford invented the automotive production line and which still hosts the headquarters of the main US car-manufactur...
Tessa Bold
Tessa Bold
Assistant Professor, Institute for International Economic Studies (IIES), Stockholm University
Every day, individuals face economic risks such as job loss, sickness, a death in the family, or simply the unexpected need to replace durables. Similarly, regions may experience failed harvests, natural disasters, or the unexpected economic decline of important sectors. Thankfully, we can reduce the welfare consequences of such risks by sharing them with other households, regi...
Yasuyuki Todo
Yasuyuki Todo
Professor and the Head of the Department of International Studies, Graduate School of Frontier Sciences, University of Tokyo
New US President Donald Trump has announced the country’s withdrawal from the Trans-Pacific Partnership (TPP), and his intention to impose a heavy tariff on imports from Mexico. A wave of protectionist policies is rising around the world, as evidenced by Britain's decision to leave the EU and Indonesia's imposition of export restrictions on raw mining resources. Against this ba...
David Weinstein
David Weinstein
Carl S. Shoup Professor of the Japanese Economy and Associate Director of Research at the Center for Japanese Economy and Business
Modern finance has increasingly been characterised by higher financial concentration. Federal Reserve data show that in 2010 the three largest US institutions – Bank of America, JP Morgan, and Citigroup – held 49% of all banking assets. In Japan, the three largest ‘megabanks’ (SMBC, Mizuho, and MUFG) account for just over half of all lending to listed corporations, and evidence...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
In a pre-Super Bowl interview on Fox, President Donald Trump claimed sanctuary cities “breed crime.” But limited research on the effect of such policies has found no evidence that they lead to overall increases in crime rates. U.S. Immigration and Customs Enforcement documented nearly 2,000 cases in which cities with sanctuary policies refused to honor ICE detainers, and una...
Jota Ishikawa
Jota Ishikawa
Professor of International Economics, Hitotsubashi University and Research Fellow, RIETI
In traditional models of international trade, such as the Ricardian model or the Heckscher-Ohlin model, transport costs are assumed away for simplicity. In the real world, however, we cannot ignore transport costs. As a rough estimate of representative trade costs for industrialised countries, Anderson and van Wincoop (2004) report that the ad valorem tax equivalent of transpor...
Gustavo A. Marrero
Gustavo A. Marrero
Professor of Economics and Director, Research Center of Social Inequality and Governance (CEDESOG), University of La Laguna
Much has been written about the relationship between inequality and economic growth, yet a consensus on (even) the sign of this relationship has yet to emerge: Is high inequality today good or bad for future income growth prospects? What makes this a hard question to answer is the fact that there are arguably a variety of different channels via which inequality may have an impa...
Thorvaldur Gylfason
Thorvaldur Gylfason
Professor of Economics, University of Iceland and CEPR Research Fellow
Gains from trade arise from specialising domestic production in those goods in which a country has a comparative advantage. There can, however, be too much of a good thing. Excessive specialisation creates risk. Should an over-dominant specialised sector be hurt, its problems may damage the rest of the national economy. Hence the need for eco...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Sen. Bernie Sanders claimed that “the cause of” the spike in earthquakes in Oklahoma “is fracking.” But it’s more complicated than that. The cause involves many factors — primarily increased wastewater disposal from all oil and gas operations, including from fracking. Other factors include Oklahoma’s geology and high oil prices. Sanders, a 2016 Democratic presidential can...
Ross Levine
Ross Levine
Willis H. Booth Chair in Banking and Finance, Haas School of Business, University of California, Berkeley
Editor's note: This column first appeared as a chapter in the Vox eBook, The Long Economic and Political Shadow of History, Volume 1, available to download here. Countries have followed divergent paths of economic development since European colonisation. Som...
Ufuk Akcigit
Ufuk Akcigit
Assistant Professor of Economics, University of Chicago
A pressing issue facing policymakers around the globe today is how to generate long-term economic growth through technological innovation. While breakthroughs of the past such as the railroad, electricity, and the automobile led to significant progress, growth may be slowing down in recent years as new innovations are becoming increasingly hard ...
William Kerr
William Kerr
Assistant Professor, Harvard Business School
High-skilled workers play a central and starring role in today’s knowledge economy. Workers with valuable and transferrable skills have a higher propensity to migrate both domestically and abroad. Yet, not all high-income destinations are equally attractive in the professional and social opportunities they present for immigrants. Countries differ in their geographic accessibili...
Christian Thimann
Christian Thimann
AXA Group, Paris, and Paris School of Economics
The insurance sector in the Eurozone manages €7.3 trillion in assets, employs about one million people directly, plus many outsourced employees and independent intermediaries, and it has virtually every household and firm as a client (ECB 2016). By managing risks across clients and investors, insurance companies enable individual and collective social, economic, and financial a...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
In an ABC News interview that aired Jan. 25, President Donald Trump doubled down on false and misleading claims about voter fraud. Trump falsely claimed that a Pew Charitable Trusts report supports his claim that millions of people voted illegally. The report documented millions of instances of voter registration inaccuracies. Told the Pew report found ...
Jakob de Haan
Jakob De Haan
Head of Research, De Nederlandsche Bank (DNB); Professor of Political Economy, University of Groningen
Central bank independence (CBI) means that monetary policy is delegated to unelected officials and that the government’s influence on monetary policy is restricted. According to Willem Buiter (2016), central bank independence is under threat. In his view, this threat “comes both from the wider political and social climate – the rise of populism and of anti-establishment, anti-e...
Biagio Bossone
Biagio Bossone
Chairman, Group of Lecce
The Committee on Payment and Market Infrastructures – the international standard setter for payment systems – defines electronic money (e-money) as “value stored electronically in a device such as a chip card or a hard drive in a personal computer” (CPSS 2003), and the GSM Association – the trade body that represents mobile money operators globally – further indicates that “the...
Lars E.O. Svensson
Lars E.O. Svensson
Visiting Professor, Stockholm School of Economics; Research Fellow, CEPR
‘Leaning against the wind’ refers to conducting, for financial-stability purposes, a tighter monetary policy (i.e. setting a higher policy interest rate) than would be justified by standard flexible inflation targeting if policymakers disregarded the possibility of a financial crisis. It has been promoted by the Bank for International Settlements (BIS 2014). Regarding the costs...
Rajiv Sethi
Rajiv Sethi
Professor of Economics, Barnard College, Columbia University, and External Professor, Santa Fe Institute.
At a time when economic theory was becoming virtually synonymous with applied mathematics, Thomas Schelling managed to generate deep insights into a broad range of phenomena using only close observation, precise reasoning, and simple models that were easily described but had complex and surprising properties. This much, I think, is widely app...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Two days before becoming president, Donald Trump tweeted that GM, Ford, Lockheed Martin and others announced investments and job creation in the U.S. “because of me!” But industry experts and company officials say the recent moves were largely market-driven and were in the works before Trump was elected. To be sure, CEOs at the companies Trump listed — all of whom have met p...
Glenn Loury
Glenn Loury
Merton P. Stoltz Professor of the Social Sciences and Professor of Economics, Brown University
The great economist Tom Schelling – winner of the 2005 Nobel Prize in Economic Sciences, past president of the American Economic Association, author of (among many other works) the prodigious and seminal tome, The Strategy of Conflict, which was first published in 1960, and which opened up new vistas in the then emergent field of game theory – died in late 2016 at the ...
Banu Demir Pakel
Banu Demir Pakel
Assistant Professor of Economics at Bilking University; CEPR Research Affiliate
A shortage of trade finance, driven by a surge in the cost of its provision, has been listed as one of factors that contributed to the Great Trade Collapse. For instance, in 2009, the president of the World Bank at the time, Robert Zoellick, argued that 10-15% of the decrease in global trade during the Great Recession might be due to lower provision of finance for exports and i...
Daniel Gros
Daniel Gros
Director of the Centre for European Policy Studies, Brussels
Does the Eurozone constitute an optimum currency area? Most of the literature on this issue has focused on co-movements in the cycle as a measure of synchronisation.1 But this can be misleading if the amplitudes of the cycle are very different, as illustrated in Figure 1, which shows two countries sharing the same (highly stylised) business cycle, but whose amplitude...
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