Blogs

What should every non-econ student know about economics?

When they told me I was expected to teach “Introduction à l'économie” this year, I thought, OK, this is straight. Every economist knows how to do that. If not, he will be wisened up after swallowing 50 pounds of Mankiw/Stiglitz-Walsh textbooks, where he will learn everything about how economics has evolved, from the science of how wealth is produced to the science of rational choice under scarcity. Read more

A Conversation on the Economy: Stiglitz and Krugman on the Financial Crisis and the Future of Economics

What do you get when you put two of the most well known and most widely cited economists in the world, both Nobel laureates, on stage together? A healthy dose of economic reality.

That’s what happened Tuesday night at the Fashion Institute of Technology’s Haft Auditorium in New York City at an INET-sponsored event featuring Paul Krugman and Joseph Stiglitz in a “Conversation on the State of the Economy,” moderated by INET Executive Director Rob Johnson. Read more

Rigor Mortis?

Mathematics and the ‘Whiz Kids’

Krugman and Stiglitz: Crazy Austerity Policies Inflict Untold Damage on Economy

Two Nobel laureates, an election, and a shaky economy. The message? We can do a whole lot better.

How does China’s Monetary Policy Committee influence monetary policies? - A brief history (2)

In April 2003, the State Council decided to restructure the Monetary Policy Committee and the new committee was composed of 13 people: the PBC's Governor and two Deputy Governors, a Deputy Secretary-General of the State Council, a Vice Minister of the NDRC, a Vice Finance Minister, the Administrator of the SAFE, the Chairman of China Banking Regulatory Commission (CBRC), the Chairman of China Securities Regulatory Commission, the Chairman of China Insurance Regulatory Commission (CIRC), the Commissioner of National Bureau of Statistics (NBS), the President of the China Banking Association (CBA) and an expert from the academia. Read more

Liquidity, Down the Drain

China released quarterly GDP figures this week. Wen Jiabao emphasized the parts of the release that pointed toward stabilization, and one can certainly find some logic to that view. Stabilized or not, China's target of 7.5% growth marks a steep slowdown over recent growth rates. Read more

What caused the fall of discounting bills in September?

Yesterday the FT Alphaville had an interesting blog post on China’s banking system. Among the major financial media it was probably the first who noticed the very detailed changes in China’s loan structure. If we look at the year-to-date number, the outstanding amount of discounted bills, short-term loans and medium &long term loans rose by RMB 831.3B, 3.33T and 2.36T, respectively. However, in September, the outstanding amount of discounted bills dropped by more than 200B while short-term loans and medium and long-term loans continued to rise from the previous month.

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Is The Weak Axiom of Revealed Preference Falsifiable?

 

MWG introduces the theory of consumer behavior by presenting two distinct approaches to modeling consumer behavior, the preference-based approach (based upon unobservable preferences generating a utility function) and the choice-based approach (based upon observable choice behavior), and attempting to establish connections between the two. Read more

Andy Haldane asks: What have the economists ever done for us?

What makes a good model?

This question is at the heart of Andy Haldane’s recent article for VoxEU titled “What have the economists ever done for us?” (posted below). Read more