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The Future of Central Banking and Closing Remarks - INET Hong Kong
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The Euro Zone Currency System: Catalyst or Wrecking Ball? - INET Hong Kong
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Time and Expectations in Economic Analysis - INET Hong Kong
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Economics and the Powerful - INET Hong Kong
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Inequality in China, India, and America: Causes and Consequences - INET Hong Kong
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Inequality in China - INET Hong Kong
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Featured Content

Suresh Naidu - Property Rights and Growth: Lessons from Slavery

Strong enforcement of property rights is good for economic growth, says the conventional wisdom. The link may not be as clear cut, says Suresh Naidu. He and co-investigator Jeremiah Dittmar are digging through court records and newspaper ads on runaway slaves to come up with a measure of property rights enforcement.

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Moritz Schularick: Credit Booms Gone Bust

Financial crises are credit booms gone bust. Schularick and his collaborators compile a long-run data set of disaggregated credit flows, separating loans for productive investment from loans for the purchase of existing assets. A marriage of economic history and modern statistical methods to investigate the role of finance in the macroeconomy -- this is new economic thinking.

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Sanjay Reddy - Facts and Values Are Entangled: Deal with It

Are there more poor people on our planet today than there were last year? Many economists would approach this question as mainly a technical problem, a matter of counting. Sanjay Reddy did, too, but soon recognized that a sound answer required making normative criteria explicit. Much confusion and many technical muddles in poverty measurement can be avoided, Reddy says, only if we become conscious and deliberate about how values enter the analysis.

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Stephen Kinsella - Irish Crisis Demands New Economic Thinking

Most "state of the art" macro models trivialize financial flows and largely neglect the interaction between finance and industry. Stephen Kinsella sets out to provide a remedy: starting from a web of balance sheets, stock-flow-consistent models make it possible to trace the financial flows connecting firms and banks, households and government. Kinsella calibrates a stock-flow consistent model of the Irish economy with the goal to inform policy.

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Cosma Shalizi - Why Economics Needs Data Mining

Cosma Shalizi urges economists to stop doing what they are doing: Fitting large complex models to a small set of highly correlated time series data. Once you add enough variables, parameters, bells and whistles, your model can fit past data very well, and yet fail miserably in the future. Shalizi tells us how to separate the wheat from the chaff.

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Ed Kane - Measuring Systemic Risk To Empower the Taxpayer

Banks take on excessive risk since they know, in case of failure, the taxpayer will step in to rescue them. That is a form of free insurance, and Ed Kane wants to end it. To do so, he says, we need to put a number on systemic risk, the amount for which the taxpayer is on the hook.

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Additional Content

A New Growth Strategy for Europe

The Austrian Institute for Economic Research in collaboration with several other major European research centers has just released two policy briefs on a new growth strategy for Europe. Both are of interest to anyone concerned with the European crisis. Links to the English language versions are available below. The first paper is concerned with general strategies for reviving Europe as a unit. It outlines the road taken by European leaders against the backdrop of possible alternatives. The second paper deals with the problems of the peripheral countries, mostly in southern Europe that are now deep in recession. Read more

Young Scholars at the EBRD

Young scholars at the EBRD meeting in Turkey

Erik Berglöf, chief economist of the European Bank for Reconstruction and Development (EBRD) and governing board member of the Institute for New Economic Thinking, knows a good thing when he sees it. Read more

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