Marshall Auerback

Director of Institutional Partnerships
Institute for New Economic Thinking

Auerback has 30 years of experience in the investment management business. He served as a director and global portfolio strategist for the Canada-based fund management group Pinetree Capital. He also was head of economic research for Madison Street Partners, a Denver-based investment management group, and he worked as an economic consultant to PIMCO, the world’s largest bond fund management group.  In addition, Auerback is a Research Associate at the Levy Economics Institute of Bard College and a Research Fellow for the Economists for Peace and Security. (http://www.epsusa.org)

Previously, Auerback managed the Prudent Global Fixed Income Fund for David W. Tice & Associates and assisted with the management of the Prudent Bear Fund. He also worked as an international economics strategist for Veneroso Associates, which provided macroeconomic strategy to a number of leading institutional investors. Prior to that, Auerback ran an emerging markets fund for Tiedemann Investment Group in New York. He began his finance career as an investment manager at GT Management, focusing on the markets of Japan, Australia, and the Pacific Rim, while based in Hong Kong and then Tokyo.

Auerback graduated magna cum laude from Queen’s University in Canada in 1981 and received a law degree from Corpus Christi College, Oxford University in 1983.

My Additional Content

A showdown has taken place within Italy’s governing coalition.

Events are still unfolding, but the center-left Democratic leadership has given an explicit thumbs-down to the current government, and former Prime Minister Enrico Letta has resigned.   Matteo Renzi, the leader...

Bubbles have become a major focus of discussion in today's financial markets. But very few people actually define what they mean when describing this financial phenomenon.  

In a recent...

The global financial crisis of 2008 created the worst recession in the developed world since the Great Depression. Governments had to respond decisively on a large scale to contain the destructive impact of a massive debt deflation. Still, large financial institutions such as American...

Persistent high unemployment has produced a crisis for virtually all Americans. Many have suggested that this may be “the new normal” and that there is little we can do about it. But they’re wrong.

We can resolve the crisis in unemployment by adopting a federal job...

My Video Content

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This episode features grantee D’Maris Coffman of the Centre for Financial History talking about her organization’s commitment to a New Financial History and what the fruits of their approach can tell us about modern debt crises and sustainable debt levels. She also discusses her research, funded by the Institute for New Economic Thinking, which explores fundamental questions about how Britain averted a Malthusian trap in the early nineteenth century and why the answers matter for global food security today.

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Everybody now knows the narrative of the Great Financial Recession of 2008, in particular, the impact that toxic derivatives had in terms of exacerbating the crisis.  And the usual defense of those who misdiagnosed the crisis is that the very nature of the so-called "shadow banking system" made it difficult to determine the systemic nature of the crisis and the corresponding extent of the banks' liabilities.  
 
In fact, that is a lame rationalization, as Jan Kregel notes in this interview. Kregel correctly points out that we've seen this show before in Asia during the financial crisis of 1997-98.  
 
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More than five years after the fall of Lehman Brothers we are still dealing with the problem of high unemployment, the worst kind of “waste” in economic theory.

Is there a better approach? A number of scholars, notably Professor Randy Wray of the University of Missouri-Kansas City, have long proposed a Job Guarantee program or the government as an “employer of last resort,” or ELR. 

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Whenever the question is raised about the appropriateness of the bailouts for our largest financial institutions during the most recent financial crisis, the usual response among people who defend the idea is to suggest that without those bailouts we would have had a meltdown of Great Depression-like standards. For example, former Treasury Secretary Timothy Geithner is a prominent proponent of this view.  
 
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In 2010, the 500 largest companies in the United States, otherwise known as The Fortune 500, generated $10.7 trillion in sales, reaped a whopping $702 billion in profits, and employed 24.9 million people around the world.

Historically this has been good news. After all, when these corporations have invested in the productive capabilities of their U.S. employees, Americans have typically enjoyed plentiful well paying and stable jobs. That was the case a half century ago.

Unfortunately, as Bill Lazonick points out in the interview below, it’s not the case today.