What does the Canton Fair tell about Chinese economy?

I'd like to do an advertisement at the beginning of this post. Our Shadow PBOC seminar has set up a website: It will not only include long analysis on certain topics of Chinese economy as I have been posting on this blog, but also have shorter but more frequent pieces on interbank market and some smaller events. We are also thinking about filming part of the seminar and the videos will be uploaded on the website as well when we finish doing that. Thank all readers for following this blog and please keep following us at in the future. 

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Economic theory declassified?

So, most Nobel Prize exegetes went a long way, this week, toward explaining that asset pricing is not primarily born out of theoretical reflection but out of prize-deserving empirical work.John Cochrane, for instance, writes about efficient markets that: Read more

Live Stream of "Economics and Theology" Tonight!

A Lecture Series Hosted by The Institute for New Economic Thinking and 
Union Theological Seminary

Tonight, Institute President Robert Johnson and Union President Serene Jones are hosting a conversation with john a. powell.

The conversation will be live streamed. We invite those unable to attend in person to tune in online here. The live-stream will begin at 6:00 pm ET. Read more

What You Can Do to Protect Yourself Against a Totally Unnecessary U.S. Government Default

By Robert Engle and Andrew W. Lo

If Congress and the White House fail to raise the debt ceiling this week and the United States defaults on its debt, what can we expect and how can we protect ourselves against these events? Read more

Lars Peter Hansen of the Institute's HCEO Research Group Wins 2013 Nobel Prize in Economics

The Institute for New Economic Thinking congratulates the winners of the 2013 Nobel Prize in Economics, Eugene Fama, Lars Peter Hansen, and Robert Shiller. Read more

The Political Economy of the Nobel Prize, 45th edition

This morning, when I woke up a few hours before the Nobel announcement, I felt seriously dissatisfied. I had meant to write a post on Thomson Reuters's prediction that Card, Angrist and Krueger may win the Nobel for their work on empirical microeconomics. I thought that such prediction would come true, sooner or later, because of the irresistible development of empirical economics in the past 50 years, one illustrated by the list of John Bates Clark medalists. Such expansion, fostered by the increasing availability of data and computing resources, could itself be recast as part of an even larger move toward making economics an applied science. Read more

What is Economic Success?

By Jeff Althouse, Frederick Heussner, and Nils Rochowicz

“You are now leaving the world as you know it.” Read more

IEA 2014 World Congress Calls for Submissions

The International Economic Assocation has sent out a call for submissions for its 17th World Congress. The event will take take place on June 6-10, 2014, and is supported by the Centre for International Governance Innovation (CIGI) and the Institute for New Economic Thinking. The text of the call for submissions is quoted below. You can also download it as a PDF at the bottom of the page.  Read more

Guy Numa "The Financial Crisis Five Years Later: The Role of Banking"

Present day puzzlements shed their complexity when Guy Numa in this essay draws on some age old distinctions borrowed from Jean-Baptiste Say. Numa is a INET Research Fellow who specializes in the History of Economic Thought and Industrial Organization.

Five years ago Lehman Brothers filed for bankruptcy marking the unofficial start of the latest financial crisis. Several commentators argued that the key to understanding the root cause of the crisis lies in the partial repeal of the Glass–Steagall provisions that occurred in the late 1990s. The provisions restricted commercial banks from participating in the investment banking business and therefore institutionalized a de facto separation of the two types of institutions. Read more

Pay-For-Success Social Impact Finance: Theory and Practice

ReadyNation and the Institute for New Economic Thinking's Human Capital and Economic Opportunity (HCEO) initiative invite you to a conference call on October 7 on pay-for-success (PFS) social impact finance theory and econometrics. Read more