Archive
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News
New Book: Inequality and Inclusive Growth in Rich Countries
Sep 12, 2018
INET Oxford’s Brian Nolan writes on his new book for VoxEU
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Video
The Economy’s Cuban Missile Crisis
Sep 12, 2018
In 2008 a global financial meltdown was just barely contained. But Adam Tooze says that the crisis of confidence has had long aftershocks
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Article
Macroeconomics Predicted the Wrong Crisis
Sep 10, 2018
Distracted by the perceived threat of a Chinese savings glut, mainstream macroeconomists missed the writing on the wall of the 2008 crisis
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News
Adair Turner on Bloomberg TV
Sep 10, 2018
INET Chairman Adair Turner reflects on the 2008 financial crisis on Bloomberg TV
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Collection
Summers vs. Stiglitz
Been following Larry Summers and Joe Stiglitz’s debate over secular stagnation? Check out their INET work on the topic here and decide for yourself who makes the better case.
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Article
Mortgage Fraud Fueled the Financial Crisis—and Could Again
Sep 7, 2018
Both before 2008 and today, there’s a disturbing tendency in Washington to not take mortgage fraud seriously
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Collection
2008: A Retrospective on the Financial Crisis
Before 2008, mainstream economics thought a global economic crisis on the scale of the Great Depression was impossible. Then Lehman Brothers declared bankruptcy. A decade later, INET looks back at the causes of the global financial crisis, and what policymakers—and economists—must change to prevent another one.
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Article
Mainstream Macroeconomics and Modern Monetary Theory: What Really Divides Them?
Sep 6, 2018
Despite disparate policy beliefs, MMT and orthodox macro rely on many of the same theoretical foundations
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YSI Event
Call for Papers: Inclusive or Exclusive Global Development? Scrutinizing ‘Financial Inclusion’
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Video
Why Economists Failed to Predict the Financial Crisis
Sep 5, 2018
10 years later, Nobel laureate George Akerlof says the walls within economics need to come down
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Article
The Problem with Paying Executives in Stock
Sep 4, 2018
In Europe and the United States, stock-based compensation discourages long-term corporate sustainability
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Article
When the Levee Broke
Sep 4, 2018
Ten years ago, the financial crisis washed away faith and trust in economics as a guide to social prosperity. Filling a void is difficult. We are still hard at work.
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Working Paper
Working Paper SeriesExecutive compensation in Europe: Realized gains from stock-based pay
Sep 2018
This paper adds to the empirical evidence on the extent to which stock-based pay incentivizes and rewards European corporate executives. It shows that the actual realized gains (that is, take-home compensation) from stock-based pay of CEOs in European publicly-listed firms may be underestimated by the use of “estimated fair value” measures. The paper also documents the heterogeneity among countries in terms of the levels and components of CEO take-home pay. We base our work on a sample of 301 large, publicly-traded companies listed in the S&P Europe 350 index from 11 EU countries: Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Spain, Sweden and United Kingdom for the fiscal year 2015. Through analyzing companies’ annual reports, we have hand-collected data on various elements of compensation of the company’s CEO in 2015, including the gains that executives realize from stock-based pay. We document that on average half of the total compensation of the European CEOs in our sample is stock-based, measured by actual realized gains, with large differences among countries. Although in some European countries the majority of total compensation is stock-based, the proportions are still well below those that prevail in the
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Article
Why We Should Worry About Monopsony
Sep 2, 2018
When a small group of companies can dominate a labor market, wages—and workers—suffer
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Video
Global Inequality is a Threat to Democracy
Aug 29, 2018
Winnie Byanyima shows how we all suffer when corporations evade taxes