Winter 2019 Mag Of Economical Perspectives Available Online
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Symposium on Women inward Economics
"Women inward Economics: Stalled Progress," by Shelly Lundberg as well as Jenna Stearns
Women are soundless a minority inward the economic science profession. By the mid-2000s, merely nether 35 per centum of PhD students as well as xxx per centum of assistant professors were female, as well as these numbers remove hold remained roughly constant always since. Over the past times 2 decades, women's progress inward academic economic science has slowed, alongside virtually no improvement inward the woman somebody portion of junior faculty or graduate students inward decades. Little consensus has emerged every bit to why, though at that spot has been a renewal of widespread involvement inward the status as well as hereafter of women inward economic science as well as of the barriers they confront to professional person success. In this paper, nosotros start document trends inward the sex composition of academic economists over the past times 25 years, the extent to which these trends comprehend the most elite departments, as well as how women's representation across fields of study inside economic science has changed. We so review the recent literature on other dimensions of women's relative seat inward the discipline, including inquiry productivity as well as income, as well as assess evidence on the barriers that woman somebody economists confront inward publishing, promotion, as well as tenure. While differences inward preferences as well as constraints may straight impact the relative productivity of men as well as women, productivity gaps hit non fully explicate the sex disparity inward advertisement rates inward economics. Furthermore, the progress of women has stalled relative to that inward other disciplines inward the past times 2 decades. We suggest that differential assessment of men as well as women is i of import element inward explaining this stalled progress, reflected inward gendered institutional policies as well as apparent implicit bias inward advertisement as well as tenure processes.
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"Variation inward Women's Success across PhD Programs inward Economics," by Leah Boustan as well as Andrew Langan
We document broad as well as persistent variation inward women's representation as well as success across graduate programs inward economics. Using novel information on early on career outcomes for recent graduates, including start chore placement, publications, as well as promotion, nosotros rank (anonymized) departments on outcomes for women relative to men graduating from the same program. We so bear interviews alongside faculty as well as old students from 5 programs alongside improve as well as worse relative outcomes. We notice that departments alongside improve outcomes for women also hire to a greater extent than women faculty, facilitate advisor-student contact, render collegial inquiry seminars, as well as are notable for senior faculty alongside awareness of sex issues. We offering our qualitative evidence every bit the start footstep inward learning most "what works" inward expanding women's representation inward economics.
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"Fixing the Leaky Pipeline: Strategies for Making Economics Work for Women at Every Stage," by
Kasey Buckles
While women incorporate over one-half of all undergraduate students inward the United States, they trace concern human relationship for less than one-third of economic science majors. From there, the proportion of women at each phase of the academic tenure rails continues to decrease, creating a "leaky pipeline." In this paper, I render a toolkit of interventions that could hold upward implemented past times individuals, organizations, or academic units who are working to attract as well as retain women students as well as faculty at each phase of this pipeline. I focus on smaller-scale, targeted interventions that remove hold been evaluated inward a agency that allows for the credible estimation of causal effects.
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Symposium on Financial Stability Regulation
"Financial Regulation: Still Unsettled a Decade afterwards the Crisis," by Daniel K. Tarullo
Influenza A virus subtype H5N1 decade afterwards the darkest moments of the fiscal crisis, both the US fiscal scheme as well as the legal framework for its regulation are soundless inward flux. The post-crisis regulatory framework has made systemically of import banks much to a greater extent than resilient. They are substantially improve capitalized as well as less subject on runnable short-term funding. But the electrical flow regulatory framework does non bargain effectively alongside threats to fiscal stability exterior the perimeter of regulated banking organizations, notably from forms of shadow banking. Moreover, alongside the political tide having for the instant turned decisively toward deregulation, at that spot is some query whether the resiliency improvements of the largest banks volition hold upward preserved. This article assesses the accomplishments, unfinished business, as well as outstanding issues inward the post-crisis approach to prudential regulation.
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"Prone to Fail: The Pre-crisis Financial System," by Darrell Duffie
The fiscal crisis that began inward 2007 was triggered past times over-leveraged homeowners as well as a severe downturn inward US housing markets. However, a reasonably well-supervised fiscal scheme would remove hold been much to a greater extent than resilient to this as well as other types of severe shocks. Instead, the center of the fiscal scheme became a key channel of propagation as well as magnification of losses suffered inward the housing market. Critical fiscal intermediaries failed, or were bailed out, or dramatically reduced their provision of liquidity as well as credit to the economy. In short, the center fiscal scheme ceased to perform its intended functions for the existent economic scheme at a reasonable degree of effectiveness. As a result, the impact of the housing-market daze on the ease of the economic scheme was much larger than necessary. In this essay, I volition review the key sources of fragility inward the center fiscal system. I hash out the weakly supervised ease sheets of the largest banks as well as investment banks; the run-prone designs as well as weak regulation of the markets for securities financing as well as over-the-counter derivatives; the undue reliance of regulators on marketplace discipline; as well as the interplay of too-big-to-fail as well as the failure of marketplace discipline. Finally, I request to some meaning positive strides that remove hold been made since the crisis: improvements inward the capitalization of the largest fiscal institutions, a reduction of dangerous practices as well as infrastructure inward the markets for securities financing as well as derivatives, as well as a significantly reduced presumption that the largest fiscal firms volition hold upward bailed out past times taxpayer coin inward the future. But I volition also shout out some remaining challenges to fiscal stability that could hold upward addressed alongside improve regulation as well as marketplace infrastructure.
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"Would Macroprudential Regulation Have Prevented the Last Crisis?" by David Aikman, Jonathan Bridges, Anil Kashyap as well as Caspar Siegert
How good equipped are today's macroprudential regimes to bargain alongside a rerun of the factors that led to the global fiscal crisis? To address the factors that made the concluding crisis so severe, a macroprudential regulator would shout out for to implement policies to tackle vulnerabilities from fiscal scheme leverage, delicate funding structures, as well as the build-up inward family indebtedness. We specify as well as calibrate a bundle of policy interventions to address these vulnerabilities-policies that include implementing the countercyclical working capital missive of the alphabet buffer, requiring that banks extend the maturity of their funding, as well as restricting mortgage lending at high loan-to-income multiples. We so assess how good placed are 2 prominent macroprudential regulators, prepare since the crisis, to implement such a package. The US Financial Stability Oversight Council has non been designed to implement such measures as well as would so brand piddling deviation were nosotros to sense a rerun of the factors that preceded the concluding crisis. Influenza A virus subtype H5N1 macroprudential regulator modeled on the UK's Financial Policy Committee stands a improve run a endangerment because it has many of the necessary powers. But it likewise would confront challenges associated alongside spotting build-ups inward endangerment alongside sufficient prescience, acting sufficiently aggressively, as well as maintaining political backing for its actions.
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Symposium on Public Provision of Economic Data
"The Value of US Government Data to US Business Decisions," by Ellen Hughes-Cromwick as well as Julia Coronado
The US authorities is a major producer of economical as well as fiscal data, statistics, analysis, as well as forecasts that are gathered, compiled, as well as published every bit populace goods for occupation past times citizens, authorities agencies, researchers, nonprofits, as well as the trace concern community. There is no marketplace transaction inward the publication as well as dissemination of these authorities information as well as so no market-determined value. The purpose of this newspaper is to outline as well as augment our understanding of the value of authorities information for trace concern decision-making. We render an overview of the topic, including results from authorities reports as well as a private sector survey. We so render concrete examples of how these authorities information are used to brand trace concern decisions focusing on iii sectors: automotive, energy, as well as fiscal services. Examples of novel initiatives past times the federal authorities to opened upward access to to a greater extent than data, exploiting technology scientific discipline advances associated alongside the internet, cloud storage, as well as software applications, are discussed. With the meaning growth inward the digital economy, nosotros also include intelligence as well as insights roughly how digital platform companies utilize authorities information inward conjunction alongside their privately generated information (or "big data") to foster to a greater extent than informed trace concern decisions.
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"On the Controversies behind the Origins of the Federal Economic Statistics," by Hugh Rockoff
Our federal economical statistics originated inward the economical as well as political divisions inward the US as well as the bitter debates over economical policy they engendered at the destination of the 19th century as well as during the globe wars as well as Great Depression. Workers were angry because they believed that they were beingness exploited past times robber barons who were capturing all of the benefits of economical growth, piece employers were merely every bit certain that the 2nd industrial revolution had brought workers an unparalleled increase inward existent wages. Other debates centered on the effects of unrestricted immigration on payoff as well as occupation opportunities of native-born Americans, on the effects of tariffs on prices paid past times consumers, on the effects of frequent fiscal panics on employment, and, during the globe wars, on the effects of wage as well as cost controls on the living standards of workers. Participants on all sides of these debates believed that nonpolitical as well as accurate statistics constructed past times experts would aid to win back upward for the policies they favored. In most cases, the evolution of these statistics was led past times individuals, private organizations, as well as province governments, although the federal authorities eventually took over the role of producing these statistics on a regular basis. Here I render brief histories of the origins of US statistics on prices, national income as well as product, as well as unemployment to illustrate this story.
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"Evolving Measurement for an Evolving Economy: Thoughts on 21st Century US Economic Statistics," by Ron S. Jarmin
The scheme of federal economical statistics developed inward the 20th century has served the dry ground well, but the electrical flow methods for collecting as well as disseminating these information products are unsustainable. These statistics are heavily reliant on sample surveys. Recently, however, reply rates for both family as well as trace concern surveys remove hold declined, increasing costs as well as threatening quality. Existing statistical measures, many developed decades ago, may also immature lady of import aspects of our speedily evolving economy; moreover, they may non hold upward sufficiently accurate, timely, or granular to run across the increasingly complex needs of information users. Meanwhile, the rapid proliferation of online information as well as to a greater extent than powerful computation brand privacy as well as confidentiality protections to a greater extent than challenging. There is broad understanding on the shout out for to transform authorities statistical agencies from the 20th century survey-centric model to a 21st century model that blends structured survey information alongside administrative as well as unstructured alternative digital information sources. In this essay, I depict some piece of work underway that hints at what 21st century official economical measure volition hold off similar as well as offering some preliminary comments on what is needed to acquire there.
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Articles
"Environmental Justice: The Economics of Race, Place, as well as Pollution," by Spencer Banzhaf, Lala Ma as well as Christopher Timmins
The grassroots motion that placed environmental jurist issues on the national phase roughly 1980 was presently followed upward past times inquiry documenting the correlation betwixt pollution as well as race as well as poverty. This piece of work has established inequitable exposure to nuisances every bit a stylized fact of social science. In this paper, nosotros review the environmental jurist literature, especially where it intersects alongside piece of work past times economists. First nosotros consider the literature documenting evidence of disproportionate exposure. We especially consider the implications of modeling choices most spatial relationships betwixt polluters as well as residents, as well as most conditioning variables. Next, nosotros evaluate the theory as well as evidence for 4 possible mechanisms that may prevarication behind the patterns seen: disproportionate siting on the theater side, "coming to the nuisance" on the family side, market-like coordination of the two, as well as discriminatory politics and/or enforcement. We fighting that farther inquiry is needed to empathize how much weight to plough over each mechanism. Finally, nosotros hash out some policy options.
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"Economists (and Economics) inward Tech Companies." by Susan Athey as well as Michael Luca
As technology scientific discipline platforms remove hold created novel markets as well as novel ways of acquiring information, economists remove hold come upward to play an increasingly fundamental role inward tech companies-tackling problems such every bit platform design, strategy, pricing, as well as policy. Over the past times 5 years, hundreds of PhD economists remove hold accepted positions inward the technology scientific discipline sector. In this paper, nosotros explore the skills that PhD economists apply inward tech companies, the companies that hire them, the types of problems that economists are currently working on, as well as the areas of academic inquiry that remove hold emerged inward relation to these problems.
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"Parag Pathak: Winner of the 2018 Clark Medal." past times Ariel Pakes as well as Joel Sobel
The American Economic Association awarded Parag Pathak the 2018 John Bates Clark Medal for his inquiry on the impacts of educational policies. Both the theory as well as the empirical inquiry convey the constraints facing administrators seriously. As a result, Parag's inquiry led straight to educational reforms inward many large US cities as well as abroad. The leading illustration is Parag (and co-authors') inquiry on schoolhouse assignment mechanisms that led many schoolhouse districts to institute fairer as well as to a greater extent than efficient procedures for allocating students to schools. The institutional item Parag learned inward working on the assignment job led to innovative empirical piece of work on the impacts of dissimilar types of schools, most notably of charters, which was suggestive of the characteristics of both successful schools as well as of the types of students who gained from beingness enrolled inward them. Using the information generated past times the novel assignment rules, his recent piece of work provides consummate frameworks for the quantitative analysis of the benefits of dissimilar assignment mechanisms as well as has measured those benefits inward New York high schools.
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"Recommendations for Further Reading," by Timothy Taylor
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