IUM-MBA is ranked number 42 worldwide in 2009!! See THE ECONOMIST's "WHICH MBA" ranking:

 

http://www.economist.com/business-education/whichmba/

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2009  Nobel Prize in Economics

 

Oliver Willamson and Elinor Ostrom will share the sum of 1.4 million dollars or 10 million Swedish kronor as they have been jointly honored as the recipient of 2009 Nobel Prize in the field of Economics. The Nobel Prize Committee has honored the two economists of the United States for their outstanding achievement in their respective fields.

In a speech, the Royal Swedish Academy of Sciences in Stockholm, stated that Elinor Ostrom has given the demonstration on the ways by which the associations can make use of the common property. Referring to Oliver Willamson’s works, the Academy stated he has, “developed a theory where business firms serve as structures for conflict resolution.” Nobel laureate Elinor Ostrom and Oliver E. Williamson will now share the stand with other world famous economists who had received the Nobel Prize in the past years. Oliver E. Williamson was a professor at California Berkley University. The other recipient of the same award Elinor Ostrom is a professor of Indiana University.

 

 

The 2007-Nobel Prize  in Economics went to:

Leonid Hurwicz , Eric S. Maskin , and Roger B. Myerson

CONGRATULATIONS!!

 

 

 

 

 

 

 

I strongly recommend to regularly read The Economist and The Financial Times: www.ft.com and http://www.economist.com/index.html

 

 

An excellent - if not the best - comprehensive EU-related website:  European Union: External links to macroeconomic reports and data

 http://www.oecd.org/dataoecd/28/14/18640945.htm

 

 

You find an online edition of J. M. Keynes' "General Theory" here:

The General Theory of Employment, Interest and Money by John Maynard Keynes.mht

 

 

 

 

 

 

A. W. Phillips' original article "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957", Economica 25 (100), 283–299 (which laid the foundation for the Phillips curve) can be read here:

http://www.blackwell-synergy.com/doi/full/10.1111/j.1468-0335.1958.tb00003.x

 

The New Keynesian Phillips Curve: http://www.frbsf.org/publications/economics/letter/2007/el2007-35.html

 

See this 2007-article on the Phillips-Curve: Inflation and Unemployment: A Layperson's Guide to the Phillips Curve

 

Here is a topical case of HYPERINFLATION!! (hard to believe - but true) See: http://allafrica.com/stories/200708020796.html

 

For a recent BigMac-Index see: http://www.economist.com/finance/displaystory.cfm?story_id=9448015

 

 

HERE IS THE US FEDERAL RESERVE SYSTEM ONLINE!

 

 Links to the Board of Governors, all 12 districts, and National Fed Resources.

 

 

 

 

LECTURES

(Readings and Links related to our course can be found here):

 

 

 

Course Syllabus: 

ECON 612 - Syllabus.doc 

 

 

Additional TEXTBOOK and Readings information:

 

Lombard Street, http://www.econlib.org/library/Bagehot/bagLom.html

 

Articles:

 

• "Banking on Basel: An Alternative for Capital Requirements", by Kory Killgo and Kenneth J. Robinson. Southwest Economy, Federal Reserve Bank of Dallas, Issue 4, July/August 2006.
• "Gold Standard", by Michael Bordo. Concise Encyclopedia of Economics.
• "Savings and Loan Crisis", by Bert Ely. Concise Encyclopedia of Economics.
• "Money Supply", by Anna J. Schwartz. Concise Encyclopedia of Economics.
• "Monetary Policy", by James Tobin. Concise Encyclopedia of Economics.
• "What Would Bagehot Have Thought of the Fed's Policy after September 11, 2001?", by Antoine Martin. Sept. 2003. On Econlib.
• "Does It Matter How You Pay for a State Dinner? A Lesson on Ricardian Equivalence", by Morgan Rose. What happens when the government increases or reduces taxes? Discussion of whether there is a contractionary or stimulative effect on the economy. On Econlib.
• "Irving Fisher". Biography. Concise Encyclopedia of Economics.
• "Alfred Marshall". Biography. Concise Encyclopedia of Economics.
• "John Maynard Keynes". Biography. Concise Encyclopedia of Economics.
• "Milton Friedman". Biography. Concise Encyclopedia of Economics.

Web Pages:

• What is Taylor's rule and what does it say about Federal Reserve monetary policy? Federal Reserve Bank of San Francisco. Mar. 1998.
• Reform of the IMF and World Bank, by Allan Meltzer. MSWord .doc file. Testimony by Allan Meltzer before the Joint Economic Committee, April 12, 2000.

Podcasts and Blogs:

• Milton Friedman on Money. EconTalk podcast. August 28, 2006.

 

---

Additional textbook information on J. Ellis "Ahead of the Curve" see: http://www.maxvalue.com/tip111.htm

---

 

Addtional information on the Marthinsen textbook "MANAGING IN A GLOBAL ECONOMY: DEMYSTIFYING INTERNATIONAL MACROECONOMICS":

 

A good introduction to open-economy macroeconomics can be found in the following textbook:

Macroeconomics (4th Edition) by Olivier Blanchard

Topics include: National income determination, aggregate supply and demand, economic growth, productivity and unemployment, inflation, monetary and fiscal policy, interest rates and foreign exchange rates. 

---

Still one of the best macroeconomics books (for graduate courses) is: http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=8122

 

  

 

ad. Lecture on "The Great Depression" (History of Macro) (Friday, Sept. 14):

Required reading:

“Study of Great Depression shapes Bernanke’s views “ by Greg Ip, Wall Street Journal at

http://www.post-gazette.com/pg/05341/618606.stm

 

Browse through M. Friedman and Anna Schwartz, A Monetary History of the United States, 1867-1960, Part II

http://www.futurecasts.com/Default.htm

 

Ch. 4 in the J. Marthinsen textbook!

 

Suggested additional reading:

 

Here is an interesting new primer on Adam Smith by E. Butler (A. Smith Institute):  http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1003359

 

Are deep recessions always harmful? Read: https://www.economist.com/finance/displaystory.cfm?story_id=9687245

 

An interesting new book on the Great Depression (how Keynes had to overcome the ideas of "classical economics"): http://www.amazon.com/Forgotten-Man-History-Great-Depression/dp/0066211700/ref=cm_rss_rev_title0

 

For those interested:  Here is a comprehensive list of books on the Great Depression: http://www.amazon.com/gp/richpub/listmania/fullview/2ZQURHFG3QP34/ref=tag_tdp_rb_elst/103-9546808-1751046

 

The NBER site on business cycles: http://www.nber.org/cycles/cyclesmain.html

 

Interview with B. Bernanke on the "Lessons from the Great Depression": http://minneapolisfed.org/pubs/region/04-06/bernanke.cfm

 

Homework:

Answer "Discussion Question" 13 in Marthinsen, p. 143 (try to use information from Ellis (Ahead...) to answer the question). We discuss the question on Tuesday, Sept. 18

 

 

  

 

 

ad. Lecture on "Economic Growth and Productivity" (Tuesday, Sept. 18): 

 

Required reading:

 “Slouching Towards Utopia?: The Economic History of the Twentieth Century, Part II: Wealth”, (here especially the Economic Growth and the Montgomery Ward Catalog of 1895) by Brad DeLong

 

A classic! Brad DeLong on "The Meaning of Economic Growth": http://econ161.berkeley.edu/TCEH/Slouch_causes3.html

 

 

Additional material:

 

Most interesting! The latest on the EU-KLEMS Report: http://www.euklems.net/

 

Interesting paper on differences in productivity between Europe and the US by R. J. Gordon:

http://faculty-web.at.northwestern.edu/economics/gordon/2Cent-CEPR.pdf

 

Latest data on US Productivity and Costs (revised second quarter 2007 figures):  http://www.bls.gov/news.release/prod2.nr0.htm

 

If you like to read more on "Economic History" then go to: http://eh.net/project2000/

 

Robert J. Barro,  Determinants of Economic Growth: A Cross-Country Empirical Study: http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=7087

 

  

 

ad. Lecture on "Monetary Economics" (Tuesday, Sept. 25): 

Required reading:

 

Case study: "US liquidity crunch-the slow motion crisis ", Lombart Street Research, Aug. 2007, Monthly Review 219 (will be handed out by Dr. Sola)

 

 

 

Additional readings stuff:

 

When you read Martin Wolf's article on "Bank Runs" (http://www.ft.com/cms/s/0/02658970-65ec-11dc-9fbb-0000779fd2ac.html), remember what we discussed in class on Sept. 14! (Hint: The lagacies of the Great Depression). An excellent, complementary article is John Kay's piece: http://www.ft.com/cms/s/0/3bc21486-65ec-11dc-9fbb-0000779fd2ac.html

 

 

"What goes around"-article from the Economist: http://www.economist.com/finance/displaystory.cfm?story_id=9301949

 

"Paper Losses"-article from the Economist: https://www.economist.com/finance/displaystory.cfm?story_id=9687811

 

"The mandarins of money"-article from the Economist: https://www.economist.com/finance/displaystory.cfm?story_id=9621595

 

 

 

ad. Lecture on Fiscal Policy (Thursday, Oct. 4):

 

Required reading:

 

An excellent paper on the fundamentals of  "Monetary and Fiscal Policy"  (still) is: http://research.stlouisfed.org/publications/review/68/11/Monetary_Nov1968.pdf

 

Read the short "Opinion" from the NYT on "Supply-Side Economics": http://www.nytimes.com/2007/04/06/opinion/06bartlett.html

 

Here you find first-hand information (from the "horse's mouth")  on the original "Laffer Curve": http://www.heritage.org/Research/Taxes/bg1765.cfm#pgfId-1118367

 

Read ch. 14 in Ellis and ch. 11 in Marthinsen.

 

Additional sources:

 

There are two HBS-papers on "Fiscal Policy" that I find quite interesting:

 

HBS 9-797-076 "Fiscal Policy: Managing Aggregate Demand"

HBS 9-383-087 "Note on Fiscal Policy 1937-1961"

 

Interesting! Ben Bernanke's speech (July 10, 2007) on inflation expectations at the NBER Summer Institute: http://www.federalreserve.gov/boarddocs/speeches/2007/20070710/default.htm

(read before Greg's lecture on "Inflation Expectations"!)

 

For Bernanke's most recent speech (Oct. 15): http://www.federalreserve.gov/newsevents/speech/bernanke20071015a.htm

 

Read this on John Taylor's impact on monetary policy (Taylor rule): http://www.federalreserve.gov/newsevents/speech/kohn20071012a.htm

 

 

B. BERNANKE'S  SPEECH ON "MONETARY POLICY" (Nov. 14, 2007):

http://www.federalreserve.gov/newsevents/speech/bernanke20071114a.htm

 

Dec. 07: Recent criticism: http://www.usnews.com/blogs/capital-commerce/2007/12/13/anti-bernanke-sentiment-builds-on-wall-street.html

 

Interesting! A recent interview with Eugene Fama: http://www.minneapolisfed.org/pubs/region/07-12/fama.cfm

 

---

The Best 100 Economics Blogs

 

 

 

1. Economics Help: Economics Help offers assistance with simplifying economics.
2. EconLog: The Library of Economics and Liberty offers issues and insights in economics.
3. Cafe Hayek: Learn about globalization, choice, financial markets, randomness, and more on Cafe Hayek.
4. The Economic Populist: The Economic Populist allows readers to speak their mind about economics.
5. Economic Logic: Economic Logic shares the economics in everything.
6. Alpha Sources: Alpha Sources is interested in new ideas.
7. Economists Do It With Models: This blog takes a lighthearted look at economics.
8. Manarin on Money: Roland Manarin is an author offering his perspective on economics.
9. The Big Picture: The Big Picture offers a macro perspective on economics.
10. Citizen Economists: Citizen Economists highlights economic thought from the common man and woman.
11. The Economics Roundtable: On the Economics Roundtable, you’ll find an aggregation of some of the best economics blogs out there.
12. Jeff Matthews Is Not Making This Up: Get an insider’s look into economics from Jeff Matthews.
13. DataPoints: DataPoints offers a free and open exchange on the economy.
14. The Undercover Economist: Check out this blog to learn about the economics of everyday life from Tim Harford.
15. Dollars & Sense: Dollars & Sense presents news about real world economics.
16. Economix: Read Economix to learn about economics in everyday life.
17. Visualizing Economics: Visualizing Economics makes the invisible hand visible with graphs and charts.
18. Cato Unbound: Cato Unbound offers regular essays on big-picture topics from some of the world’s leading thinkers.
19. EconoSpeak: EconoSpeak shares the annals of the economically correct.
20. Overcoming Bias: Economist Robin Hanson writes this blog about honesty, signaling, disagreement, forecasting, and the far future.
21. Economists’ Forum: On this blog, leading economists discuss important topics in economics.
22. Freakonomics: The Freakonomics blog reveals the hidden side of everything.
23. Angry Bear: Angry Bear offers economic commentary on news, politics, and more.

News

Make use of these blogs to stay on top of economics news.

24. Real Time Economics: Find economic insight and analysis from The Wall Street Journal on Real Time Economics.
25. Beat the Press: Dean Baker comments on economics reporting on this blog.
26. EconoMonitor: Find economic and financial intelligence that matters on EconoMonitor.
27. macroblog: Find commentary on economic politics from macroblog, written by the Atlanta Fed.
28. EconoPundit: Read EconoPundit to find economic news and views.
29. Free Exchange: Check out Free Exchange to learn about economics from The Economist.

Business

These blogs focus on business in economics.

30. Economics Unbound: Michael Mandel provides his perspective on economic issues in business today.
31. footnoted: Michelle Leder will help you find out what’s being hidden in SEC filings.
32. Businomics: Businomics will help you make better decisions by better understanding the economy.
33. Dealbreaker: Dealbreaker offers business news, headlines, and financial gossip.
34. Megan McArdle: Megan McArdle writes this blog about economics, business, and more.
35. The Atlantic Business: This blog covers bankruptcy reform, cutting spending, and beyond.
36. SEC Data Guy: Check out this blog about SEC EDGAR data.
37. The Deal Professor: Steven M. Davidoff writes about the world of mergers and acquisitions.
38. I Will Teach You To Be Rich: Ramit Sethi’s blog offers the best of personal finance and entrepreneurship.
39. 10Q Detective: David Phillips digs through businesses’ SEC filings.
40. Calculated Risk: Bill McBride is a retired senior executive with a background in management, finance, and economics.

Educators

Learn from researchers, professors and more on these economics blogs.

41. Greg Mankiw’s Blog: This professor of economics offers random observations for students of economics.
42. Econbrowser: Econbrowser offers economics analysis from James D. Hamilton and Menzie Chinn.
43. Knowledge Problem: Lynne Kiesling and Michael Giberson offer their view on economics on Knowledge Problem.
44. The Everyday Economist: Josh Henderson of The Everyday Economists is a professor of microeconomics and econometrics at Wayne State University.
45. The Epicurean Dealmaker: The Epicurean Dealmaker discusses the world of mergers and acquisitions.
46. Grasping Reality with Both Hands: Brad DeLong is an economist at Berkeley that offers a reality based look at economics.
47. Ideas: David Friedman is a self-taught academic economist at a law school.
48. Economist’s View: Mark Thoma of University of Oregon offers his view on economics on this blog.
49. EclectEcon: EclectEcon delivers on the eclectic side of economics.
50. Robert Reich: Rober Reich is a former Secretary of Labor and professor at the University of California at Berkeley.
51. The Becker-Posner Blog: These two University of Chicago professors offer authorative learning in economics.
52. The Conscience of a Liberal: Paul Krugman discusses economics and politics in this blog.
53. Mises Economics Blog: This blog advances the scholarship of Ludwig von Mises.
54. MV=PQ: This blog offers a resource for economics educators concerned with economic and financial literacy issues.
55. The Seven Scholars: The Seven Scholars share a macro perspective on economics.
56. Aspiring Economist: The Aspiring Economist is a second year graduate student of economics.
57. Adam Smith’s Lost Legacy: This blog is a study on Adam Smith.
58. Aplia Econ Blog: The Aplia Econ Blog offers news that relates to your economics classes.
59. Economics Revealed!: Economics Revealed! will help you understand economic fundamentals by examining them in the real world.
60. Fly Bottle: Will Wilkinson is a research fellow at the Cato Institute.
61. Welker’s Wikinomics: Welker’s Wikinomics offers a collaborative platform for teaching and learning economics.

Markets

These blogs focus on markets and investment.

62. Winter Economic and Market Watch: Keep an eye on Wall Street on this blog.
63. American Association of Wine Economists: Here you’ll find a blog on the economics of wine and food.
64. The Health Economics Blog: With this blog, you’ll get insight into trends, politics, opinions, and more in biotech and pharmacy.
65. Curious Cat: Curious Cat discusses investing and economics on this blog.
66. Seeking Alpha: Seeking Alpha offers stock market news, investing ideas, and lots more.
67. A Dash of Insight: A Dash of Insight takes an eclectic approach to trading and investing.
68. Bronte Capitalism: This blog explores investment ideas from the position of learning what’s wrong.
69. Abnormal Returns: Abnormal Returns offers an investment blog that’s wide ranging and without forecasts.
70. Crossing Wall Street: Crossing Wall Street offers a guide to financial success.
71. naked capitalism: Get a stripped down look at capitalism on this blog.
72. Capital Gains and Games: Capital Gains and Games discusses Washington, Wall Street, and everything in between.
73. MarketBeat: Get an inside look at the markets from Wall Street Journal’s MarketBeat.

Hard Times

Learn about the recession and reform from these blogs.

74. Bankruptcy Beat: This blog offers a look at companies that are in trouble.
75. Dr. Housing Bubble: On Dr. Housing Bubble, you’ll get a look at the current real estate market.
76. TheMoneyIllusion: Check out this blog to learn about the problem of monetary policy.
77. Global Economics Watch: In this blog, you’ll find a global economic crisis resource center.
78. BailoutSleuth: Check out BailoutSleuth to get the lowdown on the latest bailouts.
79. Crisis Talk: Crisis Talk discusses emerging markets and the financial crisis.
80. Economy Watch: Frank Ahrens discusses the financial crisis.
81. Financial Armageddon: Financial Armageddon shares information about the coming economic unraveling.
82. Boom2Bust: Boom2Bust warns and educates its readers about the coming US financial crash.
83. The Baseline Scenario: This blog attempts to explain what happened to the global economy, and what we can do about it.
84. Infectious Greed: Learn about finance and the money culture from Paul Kedrosky.
85. The Big Do-Over: The Big Do-Over discusses fixing financial regulation.
86. Marginal Revolution: Marginal Revolution offers small steps toward a better world.

Policy

In these blogs, you’ll learn about the politics of economics.

87. The Hearing: The Hearing offers a decoding of economic policy debate.
88. Vox: Vox shares research-based policy analysis and commentary from leading economists.
89. Economic Policy Institute: The Economic Policy Institute offers research and ideas for shared prosperity.
90. Money & Policy: The New York Times examines money and policy on this blog.

Global Economy

Learn about economics around the world on these blogs.

91. Planet Money: Planet Money offers a discussion on the global economy.
92. A Fistful of Euros: Check out A Fistful of Euros to learn about European economic opinion.
93. Japan Economy Watch: Japan Economy Watch keeps an eye on Japan’s ongoing economic crisis.
94. Global Economy Matters: Edward Hugh examines the global economy on this blog.
95. Mish’s Global Economic Trend Analysis: Mike Shedlock shares analysis for global economic trends.
96. China Economics Blog: Read the China Economics Blog to learn about observations, statistics, and news related to China’s economy.

Sustainability

These blogs are concerned with economy that can continue to grow.

97. Oikos: Oikos focuses on environmental policy and its connection with the economy.
98. Block’s Indicator of Sustainable Growth: Find out how the economy can continue to grow from this blog.
99. Ecological Economics: Ecological Economics offers a cross-disciplinary conversation about economics and ecology.
100. Environmental Economics: Read this blog from economists about environmental and natural resources.