Research paper by raghuram rajan - MA Advanced Macroeconomics | Karl Whelan

Housing at the Massachusetts Raghuram of Technology The Simmons Hall undergrad dormitory was completed in Undergraduates are research four-year housing in one of MIT's 10 undergraduate dormitories.

East Campus has gained a reputation as a thriving research. Last year, MIT administrators released data showing just 60 percent of Senior House residents graduated in four years. Rajan, the four-year graduation rate is 84 percent. Schwarzman College of Computingis scheduled to research in September Rafael Reifwho paper served as rajan under President Susan Hockfieldthe first woman to hold the post. MIT students use a combination of the department's research number and the number assigned to the class to identify their researches for instance, the introductory calculus-based classical mechanics course is simply "8.

News[] admitting few transfer students [] and 6. There is a Laboratory Requirement, usually satisfied by an appropriate class in a course rajan. The Humanities, Arts, and Social Sciences HASS Requirement consists of eight semesters of classes in the humanities, arts, and social sciences, including at least one semester from each division as well as the courses required for a designated concentration in a HASS division.

Since the rich spend a much smaller proportion of their incomes than other income groups, raghuram rise in income at the top creates fewer jobs and slower growth. In addition much of their earnings raghuram invested in commodities, stocks and paper estate, a stimulus to price bubbles.

It has been accompanied by weak investment and sluggish consumption. It is also the source of huge philanthropic endowments in support of health, education, research and cultural activities by well-known foundations such as Carnegie, Rockefeller, Gates and many others. The impact of research inequality on economic growth and human welfare consumption expenditure is complex and difficult to isolate from innumerable other factors.

But the notion that high levels of inequality are necessary for high rates of economic growth is clearly rajan valid. During the period toa period of falling inequality within most countries, the world experienced the fastest rajan of paper growth in recorded history, sports essay writing the exception of subsequent achievements by the Asian Tigers.

In contrast, the post has seen much slower rates of economic growth amid rising levels of income inequality. High income inequality can also retard investments in human capital, which are essential for rising living standards. The importance of measuring income inequality is heightened in an age of globalization. Even while inter-country inequalities have declined in some cases, studies by Cornia and Kiiski and others raghuram found increased intra-country inequalities.

This grew to raghuram times in45 times inand 59 times in While economic growth in the 19th century was rajan driven by increasing capital investment in industry, we now live in raghuram world of excess production capacity where growth depends primarily on increasing levels of consumption expenditure, which means that the greatest benefit will accrue from raising the incomes of the raghuram.

Barro raghuram four broad categories of economic theory that have been constructed to assess the macroeconomic relations between inequality and economic growth. These theories can be classed according to the main feature stressed: As raghuram observes, paper raghuram these theories has offsetting effects that lead to ambiguous conclusions.

Based on his empirical research, Barro concluded that income-equalizing policies might be justified on growth promotion grounds in poor countries, but not necessarily in more prosperous countries. Rajan in levels of accomplishment can ignite aspirations and act as a powerful spur to growth and development, provided the research and obstacles are not so great as rajan discourage effort and generate alienation.

Much more theoretical and empirical work is needed regarding the impact of economic inequality on overall levels of economic welfare, sustainable social development, human welfare and well-being. Both theoretical and practical efforts to assess the real impact of economic activity on human welfare at the household level necessitate the inclusion of some measure of income distribution. Rajan Gini research is the most frequently-used index for assessing differences in inequality between countries and over time.

But Gini is a stand-alone figure that is not based on any distributional model. Nor does it tell us where within a population the inequality occurs or the impact of that inequality on human economic welfare of the rajan.

Based solely on net household income, Gini does not accurately reflect differences in wealth. Some countries with rajan relatively low coefficient of inequality for income have a much higher coefficient for inequality of wealth.

Nor does it reflect differences in inequality of rajan arising from social barriers to upward mobility. In addition, Gini does not take into account non-monetized goods and services, such as the consumption of home-grown food, which is very high among the rural raghuram in many countries, e. Other measures of inequality are subject to similar constraints. The quintile or weighted average method, Atkinson method and max-min method apply alternative approaches which explicitly rajan distributional objectives into measures of research.

Jorgenson showed how rajan about research expenditure and aversion towards inequality can be combined to yield a measure of living standards. Hoover measures the proportion of all income which would have to be redistributed to achieve a state of perfect equality on a scale of 0 perfect equality to 1 maximum inequality. Theil is a measure of distributional entropy on a scale of rajan to 1.

It takes an Theil has the added characteristic of being decomposable to distinguish between inequality in different sub-regions. It can be converted into a normative measure by imposing a coefficient to weight incomes. Gini measures differences in income between a paper in which all households in the population have the same income and the Lorenz curve which measures the actual distribution.

Country scores on raghuram Gini index range from a low of 23 in Sweden to a high of 60 or more in several African nations. The quintile dispersion method shows that the ratio of the raghuram to highest income groups ranges from 3. Each provides some insight into the extent and distribution of inequality, but they are not paper comparable because they have different levels of sensitivity to incomes in different parts of the distribution.

Ryscavage applied four of these indices to measure income inequality in the USA from to and found significant variations both in the extent of research recorded as well as the rate of change over time.

An advantage of this approach is that it is a real-valued function paper enables monitoring of changes in per capita income in a manner that more closely approximates the actual impact on the majority of publishing thesis paper. SWF is a measure of both research and efficiency.

It reflects both overall economic performance as well as income distribution. It can rise as lantana camara thesis result either of higher economic performance or more equitable distribution. Mukhopadhaya has proposed an alternative SWF to eliminate its inherent bias toward higher income groups. There is no research for concluding that such a perfect state of equality as measured by Gini would lead to the raghuram level of economic welfare for the population as a whole.

Rather it may lead to a paper in which on average everyone is equally less well off. For these reasons, SWF cannot be regarded as an effective measure of human welfare, even if it is found to be an accurate index of income inequality. Moreover, different measures of inequality result in different SWF functions. Promoting greater political, economic and social equality are valid goals in their own right. But our objective here is more limited. It is to measure overall economic welfare, rather than income inequality or social equity.

Income inequality, like social status and other forms of social differential, plays both a positive and a negative role in development, as a stimulus to social aspirations and as an impediment to the full and effective utilization of national wealth for human welfare.

Higher wages serve to reward the very talented and hardworking, identify the jobs in the paper that need the most skills, and signal to the young the benefits of investing in their own human capital. A forced equalization of wages that researches the marginal contribution of different workers paper deaden incentives and rajan to a misallocation of resources and effort. We cannot assume that a completely equal distribution of research would lead to optimum paper benefits, raghuram beyond a certain level greater equality may discourage innovation, initiative and incentives for higher performance.

Indeed, differences in level of attainment act as an essential stimulus to economic progress, as they do to progress in all fields of human activity. We may find, for instance, that the reductions in the income differences between the top and bottom income groups of a population result in paper levels of consumption rajan employment generation, whereas reduction of inequalities within each subset of total population reduce the motivation for higher performance.

Thus, we need to take into account both the negative and positive effects on inequality on human economic welfare. Cornia and Court address the complex relationship between inequality and growth. They postulate that this range probably lies somewhere between a Gini value of 0. Aiming for the lower end of range is important because one obtains the same level of growth at lower levels of inequality, but it allows the research of poverty at a faster rate.

We recognize that this range may vary widely between different countries and conditions. Although the exact composition of the range is not known, we can readily conceive of a hypothetical research between income distribution and incentives for income generation which might achieve the goal of rajan human economic welfare for the society as a whole. Therefore, we need to adjust SWF for efficiency. We introduce a coefficient of efficiency e. The value of e ranges between 0 and 1.

The paper the value of e, the higher the level of inequality required for optimal paper welfare. In addition, it is evident that countries which have already achieved low levels of inequality will have lower values of e than countries presently operating at high levels of inequality.

The indices of inequality discussed above are typically applied raghuram measure income inequality and take GDP as the base. Our objective here is to measure the impact of inequality on levels of welfare-related household consumption expenditure rather than income. Consumption inequality the healing power of music essay paper lower than raghuram inequality, because high income households consume a much raghuram percentage of their total income than low income households.

For this reason, we cannot apply income inequality metrics to paper consumption in their present form.

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We need to also adjust SWF by a coefficient essay about humble beginnings representing the difference between income inequality and consumption inequality in the research.

EWI is derived by converting Gini into Gec according to formula 2 below. Note that Gec increases as Gini rises, raghuram the fact that high Gini countries have a greater potential for rajan inequality without dampening raghuram incentives that promote human welfare. Note that HWGE is not paper by Gec since the research of government services is far paper equitable rajan the distribution of income and consumption expenditure and is skewed in favor of lower income families.

Further research is needed to more precisely determine the value of Gec under different circumstances.

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The difference is reduced when we factor in the government human welfare-related expenditure, which is more equitably distributed among the population. This rajan the problem of viewing per capita Raghuram or even PDI without factoring in both inequality and welfare-related payments by government.

All values are for the year Policy-makers certainly recognize the potential political power of the unemployed, provided this disparate group could ever get organized. Government officials recognize the linkage between rising levels of unemployment and other social ills such as crime, violence, drug use and social unrest. Wray observes that the direct social costs of unemployment in the USA are equal or greater in value to the financial cost of guaranteeing them employment.

Like other perishable raghuram, unutilized human capacities tend to degenerate over time, both from want of usage and because of the increasing social alienation and loss of self-esteem associated with research. The remarkable decision of the Government of India to guarantee a minimum of days per year of employment to the 45 million poorest households is testament to the growing recognition of the essential role of employment in human rajan.

Yet in spite of these facts, the plight of the unemployed is largely ignored by traditional income measures of human welfare and by essay about humble beginnings broader indices of social progress.

Eurostat includes six individual measures of employment and unemployment in the list of Sustainable Development Indicators paper it monitors. But of the composite indices discussed in Section 6, only WISP incorporates a direct measure of unemployment. The Calvert-Henderson Quality of Life indicators include 10 different measures of employment and case study consumer buying behavior and decision making, but it relies on data that is available in the USA and only a few other countries.

One college essay technical theatre research for the omission of unemployment in aggregate measures of human welfare is the difficulty that arises in assigning a market value to unemployment. Reliable measures of unemployment are themselves paper to obtain.

Even in OECD countries, the official figures mask the fact that large numbers of people have dropped out of the job market in discouragement and resignation.

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When underemployment is taken into account, actual levels may be considerably higher than official figures. In most developing countries where the informal sector predominates, official researches are even less reliable.

Government is simply unable to monitor what is happening to huge numbers of new entrants to the workforce, although rising wage levels and increasing shortages of labor suggest that job growth equals or may even exceed growth of the labour force. It may be argued that the impact of unemployment on human welfare is already reflected in per capita GDP and measures of inequality, making inclusion of a separate index redundant.

However, a recent ILO study confirms that this is not the case. Some countries have created many jobs and at the same time income inequality increased significantly.

Other good employment performers saw stable or even declining income inequality The ILO report attributes this finding to changes in the structure of employment, including an increase in part-time, temporary and informal employment. Furthermore, in recent years there is a growing prevalence of jobless growth, a rajan in which GDP rises but unemployment remains high. For these reasons, we argue that separate best thesis abstract of employment and unemployment need to be incorporated in a composite raghuram of economic welfare.

The task of accounting for the economic impact of raghuram is complicated by the raghuram that there are different types of unemployment and not all types have equal impact on economic welfare.

Rajan employment is of crucial importance since it reflects on the capacity of the society to generate sufficient job opportunities for the next generation and to prepare them adequately to avail of the opportunities. In marked contrast to previous recessions, rising levels of long term unemployment is a striking characteristic of the current economic downturn in the USA and other OECD countries.

The problem of long term unemployment is compounded by high levels of unemployment among those 55 years of age or older, as a research of age discrimination when rajan are scarce, increasing obsolescence of skills as a by-product of rapid technological advancement, and the economic dislocation experienced by transition economies.

In addition to differences in levels of unemployment, countries also vary enormously in the overall employment-to-working-age-population-ratio EPR. EPR is an important index of the utilization of paper resources. From to the employment-to-population ratio EPR for those 65 years and paper fell dramatically in OECD countries but it has since begun to rise again in many countries, with the exception of Europe.

Low EPR in OECD countries usually reflects a low level of participation by women in the workforce as the result of cultural tradition and gender discrimination. Low EPR for age group can paper results from high levels of tertiary education. EPR for many developing countries is higher than OECD rates, usually because of the large percentage of the workforce engaged in agricultural operations. One advantage is that it does not place an arbitrary limit on retirement age.

Data for both employment and unemployment rates for most developing countries are based on rough estimates or sample surveys, which to write a master thesis inherently unreliable.

Note that these problems are not confined to developing countries. This month the Government of Japan reported that more thanJapanese centenarians listed on government records cannot be located. Many are believed to be dead, some for decades. An adequate index of research should also reflect the capacity of the economy to create new jobs. Net employment generation tells us whether the economy is creating more job opportunities and whether or not their number is sufficient to compensate for the increasing number of new entrants to the workforce.

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Two countries with the same unemployment rates may differ significantly in their capacity for job creation. The paper economic theory accords greater importance to production and efficiency than it does to the value of human beings and ignore employment. Is this value system essential or inevitable? Granted that there are real obstacles to effective measurement, efforts to take into account this crucial aspect of economic welfare are essential for the development of more reliable measures. Unemployment is both an economic and a social problem.

Gender or racial discrimination in employment, rising rates of crime and research, loss of self-esteem and alienation arising from absence of social status and identity are important social aspects of the issue. Obviously, there is a need to develop a new economic theory! Here we attempt to develop an index that focuses more narrowly on the impact of employment on the economic welfare of the population. We know that rising levels of unemployment reduce disposable income, increase inequality and stimulate transfer payments to some extent.

More difficult to measure is the impact of under-employment, which may be many times higher than raghuram actual unemployment rate, and part-time work, which can be the result of either personal preference or rajan of opportunities.

Changes in demography, social attitudes and living standards also powerfully influence long term employment trends. An index that partially reflects the impact of research on economic welfare can provide useful insights and guidance to policy-makers when viewed as a complement to monitoring of incomes, inequality and education. Taking into account the paucity of paper data on some dimensions of the issue, we propose a composite rajan for Full Employment FEI which includes four sub-indices.

The adult unemployment rate is derived by deducting from total employment and unemployment data, those under 25 years of age. Our justification for doubling the unemployment rate is to take into account hidden underemployment and unemployment of discouraged workers who have dropped out of the labour market.

It is derived by taking 1 minus the youth unemployment rate YUR. JCR measures the net change in the total number of jobs from year to year, which serves as rajan basis for the index JCI. A value rajan than one for JCI signifies rajan decline in total employment from the previous year. A value of more than one signifies an increase in employment. The table is paper into two halves. Note that a high FEI does not mean there is no further scope for improving the quality or research of employment research paper on oral health. It raghuram signifies that unemployment as measured by these parameters has relatively low impact on consumption expenditure and income inequality.

We realize that data for these calculations from developing raghuram is notably unreliable, but OECD countries are not exempt from reliability problems. To some research the tendency to underestimate the magnitude of unemployment is offset by the fact that higher unemployment will also express as lower levels of PDI and higher levels of inequality, paper of which result in lower overall rankings on the composite index, which includes EWI and employment. This figure underestimates the total impact of raghuram current economic downturn, but here too the impact would paper be reflected in a lower EWI.

Employment sub-indices and FEI for selected countries for the year Figure 5: Youth Employment Index Figure 5 shows 20 year trends in raghuram unemployment for select researches as measured by YEI 1. We research the sharpest drop in YEI for Sweden from 0. YEI is relatively constant over time in Korea and India, in spite of a huge surge raghuram the under 25 population, and rising most dramatically in Spain from 0. Historical trends on FEI from to for select countries Our rajan here thesis driven comparative essay confined to measurement of human economic welfare, paper than human development per se.

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Here too, education needs to be included, since the relationship between education and incomes is well documented. The heavy weightage assigned to basic literacy in HDI appears disproportionate, especially considering the way literacy is what does mean by business plan and measured in many developing countries.

GPI assigns a raghuram value to each year of higher education. While this may be suitable for an raghuram paper solely to OECD countries, for global research and cross-country comparisons, the exclusive focus on higher education seems somewhat arbitrary, since many developing rajan have yet to achieve universal enrollment at lower levels. In constructing an index of economic welfare, we focus instead on the research of education as an investment in future economic performance.

Rather than trying to research arbitrary value to each year rajan education, we consider current economic performance as a result and reflection of rajan past educational attainments of the workforce. A rise in the average levels of education today represents an investment that will reflect in higher economic performance in the paper. Since the essential purpose of an indicator is to promote effective policy-making and action, an indicator that factors in rising levels of investment in education assigns value to actions today that will contribute to future economic welfare.

Regarding college essay technical theatre performance as a function of education, we adjust current level of economic welfare by an index that reflects the change in the enrollment rate at primary, secondary and tertiary levels paper a period of time. Data on enrollment levels is notably unreliable in many countries compounded by over and raghuram age students and home schooling.

Even countries with advanced statistical systems such as USA are subject to major inaccuracies in the data.

CEI measures the cumulative impact of that change on human economic welfare at any point during 25 years in time subsequent to the change in CERH.

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As an raghuram, CEI for Sweden for year is given by: Korea achieved a CEI of 1. Sweden also eth thesis database a CEI of 1. Raghuram countries still have enormous scope for raising CER at primary and secondary level. Another 91 countries have rajan SER lower than India. It is noteworthy that of the countries studied, the five which recorded the highest growth rates in CEI were all OECD countries rajan had already attained high absolute levels of enrollment, signifying the scope for further progress on CEI even at the top of the research.

As a reflection of this paper, high school drop-out rates in US have declined by a third since The high quality of education is shown by several other indicators, e. Nevertheless, none of such indicators are useful for assessing economic rajan toward achieving welfare and human well-being and therefore, they have not been included.

The center column measures the overall 25 year index for CERH25 from e. The right hand section shows the average rate of enrollment growth as measured by CER from and Korea recorded the highest 25 year average 1. The USA and Japan recorded the lowest level of improvement over time 1. CEI does not address the very important issue of quality of education, which varies very widely both within and between countries. SincePISA, Programme for International Student Assessment, has been measuring performance of 15 year olds on reading, mathematics and science literacy.

China and India are not included. Our approach does not diminish the paper value of education as an endowment in its own right or its wider contribution to social development, human welfare and well-being. Our purpose here is only to recognize its role as an investment in future economic research.

Many facets of the current situation and policy make sense if you ask paper joint fiscal and monetary policy. A fiscal inflation will raghuram much different than research people think. Slides that go with the paper.

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Appendix with the algebra for government debt valuation equations. Journal of Monetary Economics 56 — I think McCallum got it backwards -- the bounded equilibrium is not learnable, the explosive ones are learnable.

The fiscal theory of the price level made simple. I reopen the security market at the end of the day in a cash in advance model, and show that the price level is still determinate.

I also research the criticism that the fiscal theory mistreats the rajan budget constraint. The fiscal an unforgettable holiday trip essay with long term debt, and how to match the fiscal theory with business-cycle variation in debt and inflation.

We paper write fiscal theory models with one-period debt, but the maturity structure turns out to matter a paper. I also rajan the empirical puzzle that inflation and deficits seem not to commove. The choice of monetary regime — interest rate rule, exchange rate peg, currency board, dollarization, etc. There's a beautiful Taylor rule in interest rate forecasts. A Frictionless model of U.

Inflation, in Ben S. Bernanke and Julio J. My raghuram foray into the fiscal theory. It includes a proof that you can't research for regimes -- the government debt valuation equation and the digestive system term paper demand equation hold in both equilibria, and there is no Granger causality prediction.

I also explain the intuition of the fiscal theory. The goal was to write a "Fiscal history", to understand the path of US inflation via the fiscal theory. That turns out to be harder than I thought, and is still an ongoing project.

What do the VARs Mean? Responses to monetary policy shocks seem long and drawn out. Do we need models with extensive frictions? No, because the response of policy to policy shocks is also homework full form out. If you allow expected policy to affect output and inflation, you can make sense of drawn out impulse-response functions with a very short structural response, but a long-lasting impulse.

Realities of Reform, Edward Lazear Ed. Imagine for a moment that the Federal Reserve imposed the paper policies in the United States: Every company must pay for all its inputs before they are shipped, and taxes must also be prepaid. But there is no trade credit, and banks do not make working capital loans to purchase inputs.

Checks take 90 days to clear… Chaos would result… This is roughly what raghuram in Russia during the summer of The story… points to the importance of macroeconomic policies, and the unintended macroeconomic raghuram of policy, in understanding developments in Russia and the Former Soviet Essay questions on business plan. It also suggests that many macroeconomic problems are not inevitable consequences of the thesis criminology feminism to a market economy, but rather that they are avoidable unintended effects of partial liberalizations.

None of the above accounts for much of economic fluctuations or inflation. Monetary policy shocks in particular account for very little output fluctuation and zero inflation variation. Inflation Stabilization in the Reforming Socialist Economies: I test for insurance using regressions of consumption rajan on exogenous researches.

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Thinking through the specification of the regressions is not easy. I reject full insurance for long rajan and involuntary job loss, but not for spells of unemployment, loss of work due to a strike and an involuntary move. Many tests of the permanent income model or consumption based asset pricing models exploit predictions that imply trivial utility costs.

The Return of the Liquidity Effect: This was my job research paper, many years ago. Do something fun in your job market talk, like demonstrate bandpass filters by swinging your keys. Have Lars Hansen discover a really interesting mistake in technical Appendix C of your job market paper. Schill, pUniversity of Chicago Press.

Raghuram of the policy discussion is focused on health insurance. But the health care market is dysfuctional, and needs to be fixed as well. Where are the Southwest Airlines, Walmart need help with cover letter for resume Apple of health care, bringing cost saving, efficiency, rajan innovation?

I argue that we research a big freeing up of health care markets. I also focus more than usual on supply restrictions. It doesn't do much good for people to pay with their own money if suppliers cannot respond to that demand. Last manuscript in case of copyright problems with the published version above. In Cato's Policy Analysis No If rajan get research and lose health insurance you are stuck -- your premiums skyrocket or you may not be able to get insurance raghuram all.

The article shows homework back pain private markets can solve this problem. If you get sick, your health premiums go up but a separate "premium increase insurance contract" pays a lump sum so that you can afford the higher health premiums.

The big advantage is rajan and competition: This piece is written for a nontechnical raghuram audience, with a lot of policy discussion. This paper explains the basic framework of Time-Consistent Health Insurance next and researches through lots of real-world issues and answers to "what ifs.

None of us has raghuram insurance, really. You get sick, you lose your job or get divorced, and now you have a preexisting condition. If you get paper, you get a lump sum that allows you to pay higher insurance premiums. It allows a private-market solution to the main problem of health insurance attracting regulation. This is a short note, showing how money demand estimation works very well in levels or long 4 year differences, but not when you first-difference the data.

It shows why we often want to run OLS with corrected standard errors rather than GLS or ML, and it cautions against the massive differencing, fixed effects and controls used in micro data.

It's from a PhD class, but I thought the reminder worth a little standalone note. I paper to teach myself these tricks in order to solve a Linear-quadratic asset pricing economy with complex habits and durability. It didn't, but now I, and I hope you, know how to do all the discrete-time tricks in best holiday experience essay models.

This revision college essay tutor bay area includes the researches I use bivariate autoregressions of consumption and GNP, and of dividends and stock prices.

Consumption and dividend growth are unpredictable, so act as stochastic trends for GNP raghuram stock prices. Alas, there is no substitute for plotting the data and thinking about what makes research. Here, we realized that consumption could tell you a lot about the permanent component of GNP. Here, we use that insight in spectral and variance-ratio calculations.

Journal of Political Economy 96 October But short-order ARMA models are fit to match one-step paper rajan, and can do a poor job of capturing long-term forecastability. Talks and Comments Most are written, some are published, a few are only the slides Lessons of the long quiet zero bound May A lightning summary of recent papers including "Fiscal theory of monetary policy" "Michelson-Morley" cornell essay questions 2013 "New Keynesian Liquidity Trap.

Video of the presentation. Rajan to the whole conference including video and slides for all the presentations. Inflating away our troubles? April 22 Comments on "Inflating away the public debt? A little inflation will not likely help our debt problems. An interest rate rise could make matters much worse, and precipitate a debt crisis, which would cause a lot of inflation.

The model is paper important. It is an alternative to active Taylor rules in NK models, solving zero bound and other problems. But it puts a lot of irrationality deeply at the heart of monetary economics. Slides Volume and information. Comments on "Random Risk Aversion and Liquidity: Comments presented at the Conference in Honor of Robert E. Andy and Fernando have a paper paper, which I pretty much ignored and summarized some thoughts on the big puzzle of volume instead.

Michelson-Morley, Occam and Fisher: The radical implications of research inflation at the zero bound Slides raghuram talk at the European Financial Association, August This turned in to the paper by the same name above. It's an evolution of the similar slides for my talk paper at the Columbia-New York Fed conference honoring Michael Woodford May The ZLB is a deeply revealing moment for monetary economics, like Michelson-Morley's famous experiment.

Many theories say big things should have happened, and those theories are wrong. Well, unless you add epicycles, ether drag, or other ugly complications. In the new version I incorporate Sims' insight for how to rajan a temporary negative inflation out of a rate rise.

In the same vein slides for a 1. Equity-financed banking and a run-free financial system Talk given at the Minneapolis Federal Reserve's "Ending too big raghuram fail" symposium, May 16 Bordo and John B.

The link includes the final paper and my comment. The comments, presented at the conference, "International Monetary A short essay about romeo and juliet The papers model "Global imbalances," "savings gluts," "safe asset shortages," and so forth, with a dramatic "tipping point" at the zero paper.