Found 1241 article(s) in category 'Economic Growth'

How The Great Recession Changed Economic Thought

How The Great Recession Changed Economic Thought. Edward Glaeser, 2017, Book, “The past three decades have been characterized by vast change and crises in global financial markets—and not in politically unstable countries but in the heart of the developed world, from the Great Recession in the United States to the banking crises in Japan and the Eurozone. As we try to make sense of what caused these crises and how we might reduce risk factors and prevent recurrence, the fields of finance and economics have also seen vast change, as scholars and researchers have advanced their thinking to better respond to the recent crises.Link

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Conclusion: Time for Participatory Budgeting to Grow Up

Conclusion: Time for Participatory Budgeting to Grow Up. Josh Lerner, February 13, 2017, Paper, “Only a few years ago, participatory budgeting (PB) in the US was in its infancy, a tiny experiment in democracy. After a five-year growth spurt, PB has entered its awkward adolescence, full of bold achievements, flashes of potential, and some stumbles. PBNYC’s innovation has raised new questions for participatory democracy, as the contributors to this special issue highlight. In this article, I lift up the key impacts and challenges that they discuss, and their practical implications. I argue that for PBNYC and other PB processes to grow up, city leaders need to invest in equity, expand project eligibility and funding, and scale PB up to the city level.” Link

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The Country Chronologies to Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold?

The Country Chronologies to Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold? Carmen Reinhart, Kenneth Rogoff, February 2017, Paper, “Detailed country-by-country chronologies are an informative companion piece to our paper “Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?,” which provides a comprehensive history of anchor or reference currencies, exchange rate arrangements, and a new measure of foreign exchange restrictions for 194 countries and territories over 1946-2016. The individual country chronologies are also a central component of our approach to classifying regimes. These country histories date dual or multiple exchange rate episodes, as well as to differentiate between pre-announced pegs, crawling pegs, and bands from their de facto counterparts. We think it is important to distinguish between say, de facto pegs or bands from announced pegs or bands, because their properties are potentially different. The chronologies also flag the dates for important turning points, such as when the exchange rate first floated, or when the anchor currency was changed. We extend our chronologies as far back as possible, even though we only classify regimes from 1946 onwards.Link

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Global Citizens, National Shirkers

Global Citizens, National Shirkers. Dani Rodrik, February 10, 2017, Opinion, “Last October, British Prime Minister Theresa May shocked many when she disparaged the idea of global citizenship. “If you believe you’re a citizen of the world,” she said, “you’re a citizen of nowhere.” Her statement was met with derision and alarm in the financial media and among liberal commentators. “The most useful form of citizenship these days,” one analyst lectured her, “is one dedicated not only to the well-being of a Berkshire parish, say, but to the planet.” The Economist called it an “illiberal” turn. A scholar accused her of repudiating Enlightenment values and warned of “echoes of 1933” in her speech.Link

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How Should Companies Navigate Polarized Politics in the Trump Era?

How Should Companies Navigate Polarized Politics in the Trump Era? Nancy Koehn, Leonard Schlesinger, February 9, 2017, Video, “How should companies navigate the new political climate under President Trump? From political Super Bowl ads to Trump-brand boycotts, we seem to be seeing the rise of a new partisan consumerism. Economics correspondent Paul Solman reports.Link

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Why Trump Can’t Bully China

Why Trump Can’t Bully China. Kenneth Rogoff, February 9, 2017, Opinion, “As US President Donald Trump proceeds to destabilize the post-war global economic order, much of the world is collectively holding its breath. Commentators search for words to describe his assault on conventional norms of leadership and tolerance in a modern liberal democracy. The mainstream media, faced with a president who might sometimes be badly uninformed and yet really believes what he is saying, hesitate to label conspicuously false statements as lies.Link

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A Conservative Case for Climate Action

A Conservative Case for Climate Action. Martin Feldstein, February 8, 2017, Opinion, “Crazy as it may sound, this is the perfect time to enact a sensible policy to address the dangerous threat of climate change. Before you call us nuts, hear us out. During his eight years in office, President Obama regularly warned of the very real dangers of global warming, but he did not sign any meaningful domestic legislation to address the problem, largely because he and Congress did not see eye to eye. Instead, Mr. Obama left us with a grab bag of regulations aimed at reducing carbon emissions, often established by executive order.Link

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Anticipation, Tax Avoidance, and the Price Elasticity of Gasoline Demand

Anticipation, Tax Avoidance, and the Price Elasticity of Gasoline Demand. John Coglianese, James Stock, February 2017, Paper, “Traditional least squares estimates of the responsiveness of gasoline consumption to changes in gasoline prices are biased toward zero, given the endogeneity of gasoline prices. A seemingly natural solution to this problem is to instrument for gasoline prices using gasoline taxes, but this approach tends to yield implausibly large price elasticities. We demonstrate that anticipatory behavior provides an important explanation for this result. We provide evidence that gasoline buyers increase gasoline purchases before tax increases and delay gasoline purchases before tax decreases.Link

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Immigration and the Rise of American Ingenuity

Immigration and the Rise of American Ingenuity. Tom Nicholas, February 2017, Paper, “This paper builds on the analysis in Akcigit, Grigsby, and Nicholas (2017) by using US patent and Census data to examine macro and micro-level aspects of the relationship between immigration and innovation. We construct a measure of “foreign born expertise” and show that technology areas where immigrant inventors were prevalent between 1880 and 1940 experienced more patenting and citations between 1940 and 2000. We also show that immigrant inventors were more productive during their life cycle than native born inventors, although they received significantly lower levels of labor income than their native born counterparts. Overall, the contribution of foreign born inventors to US innovation was substantial, but we also find evidence of an immigrant inventor wage-gap that cannot be explained by differentials in productivity.Link

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