Found 1323 article(s) in category 'Economic Growth'

Mihir Desai on “The Wisdom of Finance”

Mihir Desai on “The Wisdom of Finance”. Mihir Desai, September 12, 2017, Video, “In 1688, essayist Josef de la Vega described finance as both “the fairest and most deceitful business…the noblest and the most infamous in the world, the finest and most vulgar on earth.” The characterization of finance as deceitful, infamous and vulgar still rings true today – particularly in the wake of the 2008 financial crisis. But, what happened to the fairest noblest, and finest profession that de la Vega saw? De la Vega hit on an essential truth that has been forgotten: finance can be just as principled, life-affirming and worthy as it can be fraught with questionable practices. Today, finance is shrouded in mystery for outsiders, while many insiders are uneasy with the disrepute of their profession. How can finance become more accessible and also recover its nobility?Link

Tags: , , ,

Donald Trump’s 3% growth plan is only for the 1%

Donald Trump’s 3% growth plan is only for the 1%. Kenneth Rogoff, September 11, 2017, Opinion, “Donald Trump has boasted that his policies will produce sustained 3%-4% growth for many years to come. His prediction flies in the face of the judgment of many professional forecasters, including on Wall Street and at the Federal Reserve, who expect that the US will be lucky to achieve even 2% growth.Link

Tags: , , , ,

We’re Richer Than We Realize

We’re Richer Than We Realize. Martin Feldstein, September 8, 2017, Opinion, “Government statistics paint an excessively grim picture of what is happening to real wages and the growth of real national income. Although most households’ take-home cash has been rising very slowly for decades, their standard of living is increasing more..Link

Tags: , , ,

Managing Our Hub Economy

Managing Our Hub Economy. Marco Iansiti, Karim Lakhani, September/October 2017, Opinion, “The global economy is coalescing around a few digital superpowers. We see unmistakable evidence that a winner-take-all world is emerging in which a small number of “hub firms”—including Alibaba, Alphabet/Google, Amazon, Apple, Baidu, Facebook, Microsoft, and Tencent—occupy central positions. While creating real value for users, these companies are also capturing a disproportionate and expanding share of the value, and that’s shaping our collective economic future. The very same technologies that promised to democratize business are now threatening to make it more monopolistic.Link

Tags: , , , , , ,

An Empirical Analysis of Investment Return Dispersion in Emerging Market Private Equity

An Empirical Analysis of Investment Return Dispersion in Emerging Market Private Equity. Josh Lerner, Fall 2017, Paper, “The authors use transaction-level data to compare the dispersion of private equity (PE) returns in emerging markets (EMs) to the same in developed markets (DMs). They regress within-market absolute deviation from the mean on an EM indicator and controls. They find evidence suggesting that the distribution of transaction-level TVPI has lower variance within EMs than within DMs, although with some caveats. The results suggest opportunities for further research exploring the relative riskiness of EM PE.Link

Tags: , , , ,

Corporate Social Responsibility and the Global Compact

Corporate Social Responsibility and the Global Compact. John Ruggie, 2017, Book Chapter, “Under the leadership of Secretary-General Kofi Annan, the United Nations has played an active role in promoting corporate social responsibility as one means to respond to the challenges of globalisation.’You do not need to wait for governments to pass…Link

Tags: , , , , ,

The Slow Recovery in Output after 2009

The Slow Recovery in Output after 2009. James Stock, 2017, Paper, “The U.S. economy has been expanding slowly since the recession trough in 2009. Though unemployment has declined at about the same rate as in previous recoveries, output has grown much more slowly than in the past. We explore explanations for the shortfall in output growth, using a quantitative decomposition based on growth economics. Two components of the decomposition stand out: slow growth in productivity, and a growing shortfall of labor-force participation relative to its demographic determinants. The slow growth in both components predated the recession. Our analysis gives a full treatment to cyclical effects.Link

Tags: , , , , ,

Nowcasting the Local Economy: Using Yelp Data to Measure Economic Activity at Scale

Nowcasting the Local Economy: Using Yelp Data to Measure Economic Activity at Scale. Edward Glaeser, Michael Luca, 2017, Paper, “Can new data sources from online platforms help to measure local economic activity at scale? Government datasets from agencies such as the U.S. Census Bureau have long been the gold standard for measuring economic activity at the local level. However, these statistics typically appear only after multi-year lags, and the public-facing versions are aggregated to the county or ZIP code level. In contrast, crowdsourced data from online platforms such as Yelp are often contemporaneous and geographically finer than official government statistics. In this paper, we present evidence that Yelp data can complement government surveys by measuring economic activity in close to real time, at a granular level.Link

Tags: , , , , ,

Venture Capital Data: Opportunities and Challenges

Venture Capital Data: Opportunities and Challenges. Josh Lerner, 2017, Book Chapter, “Start-ups and other entrepreneurial ventures make a significant contribution to the US economy, particularly in the tech sector, where they comprise some of the largest and most influential companies. Yet for every high-profile, high-growth company like Apple, Facebook, Microsoft, and Google, many more fail. This enormous heterogeneity poses conceptual and measurement challenges for economists concerned with understanding their precise impact on economic growth.Link

Tags: , , ,

The Fed’s Next Big Set of Challenges

The Fed’s Next Big Set of Challenges. Lawrence Summers, August 25, 2017, Opinion, “I will not be attending Jackson Hole this year but I will be thinking about some of the issues under discussion. As I have written recently, I think the period going forward will be more challenging for central banks than the preceding few years. I will sleep best at night if Janet Yellen is reappointed.Link

Tags: , , , , ,