Regulators now have an opportunity to redeem themselves.
Bob Hodrick says it’s a myth that oil prices are being driven up by the coordinated efforts of an influential group of speculators.
Yesterday, AIG CEO Edward Liddy called for employees making more than $100,000 a year to return at least half of their bonuses. Should the employees give the money back, and was the outrage over the initial payouts justified?
Drawing lessons from recent and historical financial crises, Charles Calomiris offers policy recommendations for managing risk in global financial markets.
Progressive Personal Accounts — a new plan for reforming the U.S. public pension system — could satisfy Democrats and Republicans.
Dean Glenn Hubbard talks about why progressive tax rates tend to deter new entrepreneurs and how far governments should go to create a favorable environment for entrepreneurship.
The U.S. government has made it clear that Fannie Mae and Freddie Mac, the two big mortgage guarantors, are not going to run out of cash. Yet the stocks of both are still tumbling; what is going on?
The Treasury has appointed a new overseer for executive compensation. How does this affect the debate on CEO pay? Accounting professor Sudhakar V. Balachandran shares his thoughts.
Using smoking as a proxy for time preference may help explain why some workers invest more in career development than others.
The U.S. is a leader in the global economy, but it needs to be careful not to violate trade obligations with protectionism in the stimulus bill.
To keep self-interested politicians from squandering public funds, governments should consider carrying more debt, more often.
During a classroom simulation, students were able to witness the failure of a market due to asymmetric information between sellers and buyers.
Professor Joseph Stiglitz explains how he would spend a $500 billion economic stimulus package.
How can credit markets in developed countries help low-income families break the cycle of poverty?
A provision in the stimulus package calls for limits on the hiring of H-1B visa holders. How will the provision affect students, and how is Columbia Business School responding?
“Adam Smith wrote that there are three things that could derail capitalism,” said Professor Horton one recent Friday morning.
New research reveals that bond investors extract a premium not only for risk but also for uncertainty.
I recently studied how formal mentoring affects public school teachers in New York City, and found some interesting results.
Will President Obama's cap on executive pay hinder leadership at top firms? Professors Nahum Melumad and Sudhakar Balachandran share their views.
Maurice Lam '78 has played a key role in turning Mauritius into an African success story for private-sector development. What can be learned from his experience?
Congestion pricing aims to cut urban traffic congestion and pollution by charging drivers entering downtown cores an access fee. Nicolas Stier, Nachum Sicherman and Eric Johnson weigh in on the process.
Why have organizations shifted from bare-minimum standards of corporate social responsibility to overcompliance?
Innovative, upstart ventures have a crucial role to play in economic recovery, says Michael A. M. Keehner, who suggests it may be time to give entrepreneurs a stimulus package of their own.
Heightened disclosure requirements and increased corporate scrutiny are making it less likely for senior executives of poorly performing companies to receive handsome compensation packages.
For better or worse, to grab people’s attention, you need more than interesting economics — it helps to have some drug smugglers, mafia characters, warlords or Sex and the City thrown in.
A game reveals what lies beneath our most charitable impulse.
At Friday's community forum, Professors Paul Glasserman, Trevor Harris and Hitendra Wadhwa discussed how the crisis should shape future policy measures and how a positive outlook can allow us to make better decisions.
Charles Jones offers some simple advice for appraising the state of the ongoing credit crisis.
The idea that an ethical business must simply follow the law and provide the highest returns to their shareholders while doing so is dying a long-overdue death.
Paraguay is selling energy to Brazil at the same price as cup of coffee in Uris Deli — $2.67. We need to renegotiate a fair price.
Smaller entities will have an advantage as leverage changes, Thomas Russo, the former vice chairman of Lehman Brothers, told students in a Community Forum last night. Read more of his remarks.
Antitrust laws aim to protect consumers and spur innovation by fostering competition, but in some industries ingenuity thrives under monopolists.
The core leaders that I have at many levels in the system are not people who came from the education schools — they’re people who came from the business schools, and from the business sector. That causes me a lot of political heat, but that’s just fine.
As Washington weighs action to stabilize the housing market, a new proposal for stemming the tide of foreclosures from Professors Chris Mayer and Tomasz Piskorski of the Business School and Edward Morrison of Columbia Law School is gaining currency. The key, they argue, is to align the financial incentives of all stakeholders to modify loans that homeowners cannot afford and remove legal barriers that deter servicers from seeking loan modifications.
Nachum Sicherman, who has researched cost-benefit analysis in medical decision making, delves into the economic angles of the city’s controversial public health regulation.
Will oil prices stay at current levels, and how will they affect consumer confidence and the economy as a whole?
We need nimble, innovative risk takers like Goldman and Morgan in the system. What will we do without them?
Though Americans’ perceptions of the economy are very negative, two key measures show that the economy is not as bad as it may seem.
Short sellers are often targets in a down market, but without them, argues Charles Jones, prices are off the mark.
Cliff Cramer, who directs the School’s new Program in Healthcare and Pharmaceutical Management, explains how a multidisciplinary business education can help mend an increasingly convoluted and flawed industry.
Charles Calomiris discusses India’s adaptation to participating in global markets, its challenges in sustaining growth and its rivalry with China.
More than $7 billion of the stimulus package has been allocated to expanding the nation's broadband networks. But will the program create as many jobs as its proponents suggest?
How time preference influences the decision to participate in financial-literacy programs.
Alan Greenspan’s implicit policy of low and stable inflation needs explicit adoption after he leaves the Fed.
Geoffrey Heal is a cofounder of the Coalition for Rainforest Nations, which is seeking financial incentives for forest conservation.
How can we prepare for the possibility of future financial meltdowns? Professors Bruce Kogut, Patrick Bolton and Tano Santos suggest that a new entity could be the "regulator of regulators." How would it work?
Firms in developed countries can compete with those in emerging economies by specializing at the high end of the quality scale.
Networking, perseverance and a willingness to live in relatively less-desirable locations can help you find a job with the prestigious organization. What else do you need?
Economists consider ways the Treasury might price mortgage-related bank assets as part of the government's bailout plan.
The test of the bailout will be whether the government plans to buy banks' assets at a price resembling fair market value.
Exploiting information from a large set of economic indicators gives a better picture of monetary policy and how it affects the economy.
Nearly 500 alumni and guests gathered in Hong Kong for a series of faculty panels and networking events as part of the Pan-Asian Reunion.
In an interview with Bloomberg TV on November 4, Professor Charles Calomiris discussed the economic challenges facing Barack Obama as incoming president.
What was once a small desert city along the gulf coast is quickly becoming a large metropolis with miles of skyline and hundreds of man-made islands emerging from the Arabian Gulf.
By bringing transparency into the underlying fundamentals and risk characteristics of a business, regulators will be able to provide a more accurate and complete assessment of the related fundamentals and risks, says Professor Trevor Harris.
When testing competitors' products results in greener products -- and a better bottom line.
The decline in housing prices remains the elephant in the room in the discussion of the credit market deterioration. Let’s start there.
"The two largest developing countries, India and China, are the least dark spots in this gloomy economic picture," Professor Joseph Stiglitz told audience members at the South Asian Business Association conference on Friday.
New drugs and medical procedures account for much of the increase in the longevity of Americans — and haven’t increased the cost of care.
How much should countries spend to avoid the uncertain risk of climate change?
What (if any) is business’s responsibility in humanitarian disasters such as the one we’re witnessing in Zimbabwe?
New research using Megan’s Laws data confirms that property values decline when sex offenders move into a neighborhood — and points to how much it's worth spending on policies that prevent violent crime.
How will turmoil in global money markets affect the world economy? And what can central banks do to prevent a future credit crunch?
Professor Andrew Schmidt discusses the impact of Obama's proposed tax code changes. What industries will be affected?
In a new book, Raymond Fisman discusses how using the tools of economics to confront corruption can help alleviate poverty and promote stability in the developing world.
Dean Glenn Hubbard explains five reforms to the U.S. health care system that may save as much as $60 billion a year while extending coverage and increasing consumer choice.
During spring break we traveled to Ghana with the mission of developing a marketing strategy that would increase tourism and investment in Kumasi, Ghana’s second largest city.
When I was asked to write about procrastination, I walked down a flight of stairs to consult Eric Johnson, one of our local experts on such topics.
A mathematical model helps doctors offer every patient a same-day appointment.
Without financial globalization, says Frederic Mishkin, poor nations can't reach the next stage of development.
Who caused the global economic collapse? We all did.
Professor Linda Green clarifies a common misconception about emergency room delays.
Ray Horton, who was for 15 years president of the Citizens Budget Commission, a nonprofit organization that promotes good government in New York City and New York State, discusses the recent nostalgia for Robert Moses, the master builder.
New computer and information technologies not only increase productivity, they can transform entire organizations and industries.
Oil prices will continue to fall in the short term, but recovering demand and a limited supply will keep prices moving higher in the long term.
“The real heart of this crisis is that traditional means for recapitalizing these institutions have gone away,” says Prof. Greenwald.
In a WNYC interview, Professor Jones remembers the market manipulation of the Hunt Brothers in the 1970s.
The move of business schools to America’s elite universities reflected the assumption that business and management should be based on a common body of knowledge and a sense of higher social purpose.
With the right product differentiation strategy, you can steal customers from your competition without provoking a price war.
Why does the world out there have such a dismal view of the so-called dismal science? We, as economists, have been terrible ambassadors of the profession in two critical ways.
Turkey is currently undergoing a significant social, economical and political transition. And somewhere in these winds of change lie several interesting opportunities.
We can't predict the next crisis, say Patrick Bolton, Bruce Kogut and Tano Santos, but we can be prepared for it.
Many foreclosures are not preventable. However, if a foreclosure is preventable, and the borrower wants to stay in the home, the economic case for trying to avoid foreclosure is strong.
At Columbia Business School's 5th Annual Healthcare Conference, industry leaders said they are looking for ways to drive innovation.
Many of the propellants that have fueled national healthcare expenditures are deeply entrenched (“core”) aspects of either the healthcare system or our society’s values.
Contrary to a long-held assumption, prosperity does not always lead nations down the path to democracy.
Is microfinance the key to ending poverty in the developing world? New research findings could help microfinance institutions lower their interest rates and reach more borrowers.
In the face of strenuous physical demands, many dancers smoke cigarettes — to the detriment of their health. Why do they do it? The answer may surprise you.
Low mortgage rates would substantially reduce the risk of further house price declines.
In March, Lukas Bauer ’09 and I worked with the First MicroFinanceBank of Tajikistan to assess the viability of providing commercial loans to small and medium enterprises.
Does teacher certification affect student performance?
In doing background research on my most recent Slate article, I tried to find political reasons why California set up its three-strikes law in a way that seems crazy to economists.
Two books by Columbia Business School faculty were selected as the Economist's picks of the pile for 2008.
Sidney Taurel '71, chairman of Eli Lilly & Co., spoke about how he would spend $10 billion to solve a world problem. How would you spend it?
Will suspending mark-to-market save the banks? The debate, which has been raging in the financial press for months, may finally be moving toward a resolution. What do you think about changing the rules?
Are risk models to blame for the financial crisis? Professor Eric Schoenberg says they are and makes a case for what we need to do to fix the system.
Unless GM feels a compelling need to change, it is highly likely to stay pretty much the same, as it has done for decades, in spite of clear evidence that things are not working well from an economic perspective.
We need to engage businesspeople at the prime of their careers and have them give some time in the social sector.
The "stress tests" revealed that several banks still need more capital. Dean Glenn Hubbard, writing with Hal Scott and Luigi Zingales in the Wall Street Journal, argues that it's time for the Treasury to start using more stick and less carrot to get banks in order.
One of the reasons that Modern Political Economy is such an enjoyable course to teach is that every term a real-life issue emerges that underscores the course’s contemporary relevance. What to do about the credit crisis that cascaded from the home mortgage debacle is the latest case in point.
Analyzing the river as an inventory control system yields a solution to an ecological problem.
Dragging out the march toward what is looking like almost certain bankruptcy for General Motors is chewing up resources that could be used to help employees down the road.
The Fed has said it will use everything in its policy toolkit to protect falling asset prices. Where was this policy when prices were spiraling out of control?
For President-elect Obama's plan to expand the nation's broadband Internet to effectively stimulate the economy, it must address the issue of net neutrality, says Professor Eli Noam.
Why has Africa been left out of the business revolution? William Duggan discusses an alternative to aid for the world's poorest countries.
Investors can look to a firm's effective tax rate to yield clues to future earnings.
The accounting scandal of Satyam, one of India's largest outsourcing companies, seriously hurts investor confidence, not only for India but worldwide, says Professor Sudhakar V. Balachandran.
The government takeover of Fannie and Freddie marks a stunning event in the historical legacy of these financial institutions.
The trade organization doesn’t treat rich and poor nations the same, but all members can gain from collective negotiations.
Shocked by the size and scope of modern-day slavery, I put aside my corporate aspirations and worked for eight years to find a way to attack the economic forces perpetuating this industry.
Jonah Rockoff examines data from New York City’s public schools to assess whether mentor programs — increasingly used in the private as well as the public sector — reduce employee turnover and improve productivity.
Columbia University celebrated the inauguration of Barack Obama '83 CC. View a photo slideshow of the events.
From the moment we exited the airport, we knew we’d have to throw all preconceived notions about Lagos out the window.
A new report from the Aspen Institute shows a significant shift in MBA students attitudes on corporate social responsibility.
Columbia Business School's economists respond to the Treasury's plan to recapitalize banks.
The expansion of the Fed’s lending has been extraordinary in scale and scope. But it is not the best response to the present credit crunch and may bring unwelcome side effects.
There has been a lot of emotionally charged rhetoric surrounding sovereign wealth funds. I just don’t buy it. Calls from politicians and the media for sovereign wealth fund regulation miss the larger point.
Joseph Stiglitz, a prominent critic of globalization's shortcomings, offers practical ideas for extending its benefits.
Despite all the fuss about offshoring to Bangalore, Amar Bhide claims it can't transform India's economy. Here, he explains the reforms needed to spur business growth and put India on the fast track.
This was my eighth consecutive year attending the World Economic Forum’s annual meeting at Davos. My first year there, I found myself guiding the late Yasser Arafat to the men’s room and having a tête-à-tête with Oprah Winfrey.
Should the U.S. join the Kyoto Protocol, or at least play a positive role in the search for a successor? Or is this too costly, or otherwise “fatally flawed,” as our president has suggested?
We asked faculty members to look back at the year and give us their pick for the best idea or book of 2008.
As Keynes wrote more than seven decades ago, strengthening credit is a necessary, but not sufficient, condition for recovery.
When market shocks occur, firms that have the financial resources to repurchase their own shares experience less volatility.
My trip began with a good omen — cherry blossoms in full bloom — and continued with frank discussions on the current state of the world’s financial markets.
Dean Glenn Hubbard met with students in a town hall meeting on December 2 for a discussion on the state of the U.S. economy and career prospects for MBA students.
Privatization is not the only way to improve the performance of public-sector enterprises. A study of Indonesian firms shows that less drastic changes can lead to similar gains in productivity.
Do laws or the marketplace motivate firms to release information about their behavior?
Faculty members react to the Treasury Secretary's bailout plan. What do you think of it?
For investors to feel confident that borrowers will pay what they owe, a trust support must be developed.
How municipal governments can use incentive programs to create a shorter commute and improve welfare for all.
Over the past 14 years, Larry Perelman ’08 played piano for his friend Bill Buckley many times. He also dined at his house on Tuesday, February 26 — the night before he died.
Professor Frank Lichtenberg explains how expanded health insurance coverage is an economic value proposition.
David Beim discusses why America has little to fear from opening its markets and much to gain from moderating its appetite for deficits.
Dean Glenn Hubbard responds to Ben Bernanke's speech, and calls for more action in order to stop falling house prices.
Yesterday I asked Public Offering visitors the same question I asked my Modern Political Economy students: should the federal government intervene in the current crisis or simply let the market work its painful way out? Here are a couple student responses.
Professor Bruce Kogut discusses whether or not protectionism will ultimately hurt the American automotive industry.
Faculty members share their thoughts on the top issues for the incoming Obama administration. What do you think is most important?
In the late 1990s, Argentina adopted world-class bank regulation and welcomed the arrival of several large foreign banks. Did these changes make it easier for small firms to obtain funding?
Professor Frank Lichtenberg was quoted in an Associated Press article on whether or not the recent economic downturn warrants using the word recession.
What questions about the economy would you like the presidential candidates to answer?
A new book by Professor Bruce C. Greenwald and Judd Kahn challenges the predominant view of globalization.
Transparency in credit markets may have unintended consequences.
Are there enough resources to meet growing demand? That is one of the many questions energy experts discussed at the 2009 Energy Symposium. Read more.
Paul Tierney, chairman of TechnoServe, an organization that provides technical assistance to entrepreneurs in developing countries, explains what works and what doesn't.
Standard models for tracking bond yields have limited predictive power, but a new model based on macroeconomic variables forecasts yields with a high degree of accuracy.
The combination of financial innovation and a liquidity burst is a classic element of an asset bubble, Professor Frederic Mishkin told students at a recent economic forum.
The Treasury and Fed should not ignore systemic risk just to limit moral hazard. But we cannot and should not try to protect every institution.
Business leaders are the ones best suited to manage the risk of climate change that we find ourselves subject to as a global community.
In his new book The Venturesome Economy, Amar Bhidé argues that the willingness and ability of Americans to develop and use innovations derived from the scientific research of other nations is a crucial driver of U.S. prosperity.
The SEC has issued an emergency order prohibiting naked short selling in 19 financial stocks, but at most, this really just adds more hoops for brokers to jump through.
Foreclosure estimates are high, but Professor Eric Johnson says that fewer people will walk away from their homes than we might think. Why?
Professor Charles Jones says that while the resurrection of the uptick rule will likely reverse the increase in shorting activity that occurred when it was repealed in 2007, its long-term impact will be limited.
If climate change is caused by human behavior, can decision science be used to stop it? Professor Elke Weber explains.
Geoffrey Heal, coauthor of a National Academy of Sciences report that is helping government agencies assess the costs and benefits of ecosystem services, talks about environmental conservation.
There are two ways the crisis will have an effect: through the trading route and through the asset route.
Assessing the work of the Federal Reserve, Frederic Mishkin contends that communication and transparency must counterbalance the necessary independence of a strong central bank.
Prof. Amar Bhide argues that midlevel innovation is of greater competitive value than high-level research to companies.
What can be done to overhaul financial regulation? A new report from the Committee on Capital Markets Regulation outlines 57 specific recommendations, including the creation of new financial oversight agency.
The government has confused saving the banks with saving the bankers and shareholders, Professor Joseph Stiglitz told students at Thursday's community forum on the economy.
Frederic Mishkin explains that while emerging market countries face special macroeconomic challenges, inflation targeting can work well in those countries if it's done right.
Columbia Business School faculty members responded to the House defeat of the Treasury’s rescue plan this week.
A combination of an incentive fee program with a legislative initiative to modify servicing agreements can help reduce the number of foreclosures.
Corruption — a major barrier to growth and development in poor countries — is difficult to define and even more difficult to measure. Creative research methods are shedding new light on its effects.
Stocks protected by the October shorting ban experienced only a temporary price bump and had their market liquidity degraded, says Professor Charles Jones.
Regulation reform, house prices and bankruptcy are some of the issues that may shape the economy in the coming year.
Senior Vice Dean Chris Mayer talks about the Treasury's proposal to lower mortgage rates.
"Professor Chris Mayer points out that some $750 billion of annual mortgage lending has dried up as the securitization of subprime and jumbo loans has collapsed." Read more...
Columbia Business School’s Institute for Not-for-Profit Management’s (INM) 8th Annual Middle Management Program for Youth Service Organizations will begin April 21, 2005. Read more...
jes322@columbia.edu 212-854-0671
cc374@columbia.edu 212-854-8748
frl1@columbia.edu 212-854-4408
tp2252@columbia.edu 212-854-4655
rk35@columbia.edu 212-854-4361
212-854-7903
rk2377@columbia.edu 845-868-1653
dp2239@columbia.edu 212-854-4489
jr2331@columbia.edu 212-854-9799
cj88@columbia.edu 212-854-4109
fsm3@columbia.edu 212-854-3488
rdh3@columbia.edu 212-854-4425
gmh1@columbia.edu 212-854-6459
ejs2011@columbia.edu 212-854-4804
cm310@columbia.edu 212-854-4221
rf250@columbia.edu 212-854-9157
rf2327@columbia.edu 212-854-7903
pyared@columbia.edu 212-854-9670
jd34@columbia.edu 212-854-4436
spz1@columbia.edu 212-854-2492
rgh1@columbia.edu 212-854-2888
apb2@columbia.edu 212-854-4419
lrg2@columbia.edu 212-854-2476
rr2535@columbia.edu 212-851-0467
euw2@columbia.edu 212-854-4427
bruce.kogut@columbia.edu 212-854-9050
pb2208@columbia.edu 212-854-9245
In an op-ed, Prof. Frederic Mishkin calls on the Fed to pursue an expansionist monetary policy. Read more...
In an interview with CNBC, Dean Glenn Hubbard shares his thoughts on the pros and cons of the Obama administration’s plan for financial market regulation. Read more...
Prof. David Beim comments on how the the financial crisis has reshaped banking, and what that means for those who teach it. Read more...
“We are optimistic that in the wake of the worst financial crisis in our lifetime, policymakers will embrace bold reform,” Dean Glenn Hubbard said, speaking on behalf of the committee. Read more...
In an interview with Bloomberg, Dean Glenn Hubbard discusses financial market regulation. Read more...
This study quantifies the macroeconomic impact of investment in broadband technology on employment and output of Germany�??�?�¢??s economy. Building on the �??�?�¢??National Broadband Strategy�??�?�¢?�??�?� announced by the German government, two sequential investment scenarios (2014 and 2020) are defined. The economic impact of broadband development over a ten year period in Germany amounts to 968,000 additional jobs and EUR 170.9 billion in incremental output. Read more...
The Center on Japanese Economy and Business Working Paper Series has recently published the two installments below. These papers and all Center on Japanese Economy and Business research and publications, are available at www.gsb.columbia.edu/cjeb/research/ac. Read more...
Video available for the symposium "Two Behemoths in a Troubled Industry: Toyota and GM" held on April 6 in New York Read more...
Dean Glenn Hubbard and co-authors suggest a new approach to recapitalizing the banking system: the FDIC should take over insolvent banks. Read more...
This presentation was made to the West Virginia High Technology Consortium. It looks at some of the practical issues raised by the implementation of the Obama Administration's Broadband Stimulus plan. Read more...
Prof. Elke Weber, co-founder of Columbia's Center for Research on Environmental Decisions (CRED), is shedding light on how humans think about climate change, and how these tendencies might inform potential solutions. Prof. Eric Johnson is also mentioned in this article. Read more...
On April 6, 2009, the Center on Japanese Economy and Business organized a symposium titled "Two Behemoths in a Troubled Industry: Toyota and GM." The speakers were Steven Sturm, Group Vice President of Americas Strategic Research and Planning and Corporate Communications at Toyota Motor North America, and William Holstein, author of Why GM Matters: Inside the Race to Transform an American Icon. The discussion was moderated by David Weinstein, Carl S Shoup Professor of the Japanese Economy at Columbia University, and Professor Hugh Patrick, director of the Center on Japanese Economy and Business, served as commentator. The symposium was cosponsored by Columbia Business School's Asian Business Association, General Management Association, and Japan Business Association. Read more...
Based on some of his recent research, Prof. Charles Jones questions the necessity of regulating short-selling. Read more...
The Japan Table at the Federal Reserve Bank of New York on March 26 hosted an informal panel discussion on the Japanese economy, focusing on macroeconomic and monetary policy in Japan, and lessons for the United States. The panelists in order of appearance were Richard Katz, editor of The Oriental Economist; David Weinstein, Shoup Professor of the Japanese Economy and Associate Director for Research of the Center on Japanese Economy and Business at Columbia University; Nami Numoto, Deputy General Manager of the Chief Representative Office for the Americas, Bank of Japan; Hugh Patrick, Director of the Center on Japanese Economy and Business, Columbia University; and Alicia Ogawa, Adjunct Professor at the School of International and Public Affairs and Senior Advisor to the Center on Japanese Economy and Business, Columbia University. Read more...
Read more...
CITI Director Raul Katz, quoted in Fortune.com Read more...
Video available for the symposium "Japan's Solar and Wind Ambitions: How Promising is the U.S. Market?" held on February 5 in New York Read more...
In an op-ed Prof. Amar Bhidé says America’s “venturesome consumers” will continue to add value to the economy even during the current crisis. Read more...
On February 19, 2009, The Columbia Institute for Tele-Information (CITI) and The Georgetown Center for Business & Public Policy hosted "Implementing the Broadband Stimulus: Maximizing Benefits and Monitoring Performance" at the National Press Club in Washington, D.C. Read more...
Prof. Chris Mayer comments on the Obama administration's housing plan. Read more...
Widespread lending risks in the financial sector paved the way for a national credit crisis, Prof. Chris Mayer says. Read more...
CJEB Associate Director David Weinstein was quoted in a Feb. 27 Bloomberg article, titled "Obama Must Defeat Spite on Bailouts to Beat Recession (Update1)". Read more...
On March 2, 2009, the Center on Japanese Economy and Business (CJEB) and the Japan Business Association of Columbia Business School hosted a zadankai (informal discussion) titled "Current Economic Conditions in Japan and Asia." Naoyuki Yoshino, professor of economics at Keio University in Tokyo and a member of Japan's Ministry of Finance, led the conversation; Professor Hugh Patrick, director of CJEB, served as the moderator. Read more...
In an op-ed, Prof. Joseph Stiglitz lays out a bailout plan that would include temporary nationalization of banks. Read more...
In an op-ed Prof. Ray Fisman writes that corporate corruption is more widespread than meets the eye. Read more...
Prof. Chris Mayer says the Obama administration's housing rescue plan doesn't provide enough assistance to those who need it most. Read more...
Citing a dramatic rise in the consumer debt level as a percentage of GDP, Prof. David Beim says that our economic woes stem from the fact that U.S. prosperity has been financed largely with borrowed money. Read more...
New Submission to the CJEB Working Paper Series by David Weinstein and Christain Broda, "Exporting Deflation? Chinese Exports and Japanese Prices" Read more...
Dean Glenn Hubbard comments on the decision by the Federal Reserve not to buy Lehman Brothers' troubled assets. Read more...
Jane Trombley, Director of Public Relations, Marketing and Communications, interviewed Hugh Patrick, Director of Center on Japanese Economy and Business. Read more...
The government's housing-relief plan may send the wrong signal to some homeowners, warns Prof. Chris Mayer. Read more...
Hugh Patrick, Director of Center on Japanese Economy and Business, was featured on the Anderson Cooper 360 blog in a post titled "Three lessons from Japan's economic meltdown." Read more...
Prof. Raul Katz considered the effect that wiring rural areas for broadband Internet service will have on job creation, at a seminar in Washington co-sponsored by Columbia Business School. Read more...
In an op-ed Profs. Patrick Bolton, Bruce Kogut and Tano Santos call for the creation of a "crisis resolution board" designed to mitigate future financial crises. Read more...
Gerry Curtis, Burgess Professor of Political Science at Columbia University and CJEB core faculty member, writes an op-ed article in the Financial Times titled "Japan's politicians lose their way at a bad time." Read more...
Prof. Hugh Patrick says Japan's response to its financial crisis in the 1990s was too slow, and that the U.S. should learn from this mistake and act aggressively to shore up its own ailing banking sector. Read more...
Hugh Patrick, Director for the Center on Japanese Economy and Business, was quoted in a Feb. 18th CNNMoney.com article, "Dawn of the dead banks." Read more...
In an op-ed Prof. Amar Bhidé advocates for a more cautious approach to economic policy. Read more...
An impressive group of speakers gathered at Columbia Business School last Thursday, February 5 for a symposium titled "Japan's Solar and Wind Ambitions: How Promising is the U.S. Market?" The event, organized by the Center on Japanese Economy and Business with the support of the Mitsui USA Foundation, marked the 10th anniversary of the Mitsui USA Foundation's sponsored symposia at Columbia Business School and was the first-ever to include a remote audience of Columbia Business School's alumni association in Tokyo via live webcast. Columbia Business School's Energy Club, Green Business Club, and Japan Business Association also cosponsored the event. Read more...
Prof. Trevor Harris weighs in on the rules governing how banks value securities. Read more...
Prof. Geoffrey Heal comments on the feasibility of corporate social responsibility during a recession. Read more...
In the midst of a global economic crisis, it seems more relevant than ever to study factors that contribute to capital market strength and long-term economic growth in emerging economies around the world. On Tuesday, January 27, the Weatherhead East Asian Institute cosponsored a brown bag lecture with the Center on Japanese Economy and Business and the Harriman Institute titled "A New Approach to Law and Economic Development, with Reference to East Asia." The discussion focused on the findings presented in the recently released book, Law and Capitalism, which was coauthored by Columbia Law School Professors Curtis Milhaupt and Katharina Pistor. Read more...
Prof. Chris Mayer sees a potential shortfall in the Obama administration's financial rescue plan. Read more...
In an op-ed Prof. Ray Fisman explores Venezuela's relationship to Big Oil. Read more...
In an interview Prof. Frederic Mishkin says monetary policy is headed in the right direction but can only go so far. Read more...
Prof. David Beim discusses the need for a market for toxic assets and warns against the political allocation of capital. Read more...
The Japan Society, Nomura Holding America Inc., The Women's Bond Club of New York, and the Center on Japanese Economy and Business (CJEB) of Columbia Business School cosponsored the symposium, "America Has Voted: Impact of New U.S. President on Asian Markets" on January 29, 2009. Sitting on the panel were three distinguished speakers: Alicia Ogawa, Director of the Program on Alternative Investments at CJEB; David Resler, Managing Director and Chief Economist at Nomura Securities International, Inc.; and Jeffrey Young, Chief Economist at Platinum Grove Asset Management. Leslie Norton, Foreign Editor, Asia at Barron's moderated the discussion. Read more...
Dean Glenn Hubbard co-authors an op-ed detailing the complexities of the "toxic" asset problem. Read more...
David Weinstein, Associate Director for the Center on Japanese Economy and Business, was quoted in a February 5th New York Times article, "Japan's Big-Works Stimulus Is Lesson." Read more...
In this article Prof. Amar Bhidé proposes a simpler regulatory regime for the financial system. Read more...
The plan aims to facilitate mortgage modifications, and thus reduce foreclosures, by compensating servicers and removing some legal constraints. Read more...
Leading academics and experts gathered to examine the origins of the financial crisis and discuss what actions policymakers might take to prevent it from happening again. Read more...
In an op-ed, Dean Glenn Hubbard and Prof. Chris Mayer explain why the Treasury's plan to offer a 4.5 percent mortgage for home buyers is a good idea. Read more...
Monetary policy has been effective during the financial crisis—even more so than during normal times, argues Prof. Frederic Mishkin in an op-ed. Read more...
The Center on Japanese Economy and Business (CJEB) and the Weatherhead East Asian Institute (WEAI) of Columbia University held a brown bag lecture titled "Financial Crisis: Impact on Japan and Lessons from Japan" on December 4 featuring Shijuro Ogata, former Deputy Governor of International Relations at the Bank of Japan. Read more...
As the Treasury and the Fed consider subsidizing cheaper mortgages for homeowners, Prof. Chris Mayer advocates extending lower rates to prospective home buyers as well. Read more...
Video available for the symposium "Lessons From the Japanese Bubble For the U.S." held on November 19 in New York Read more...
In an op-ed, Prof. Bruce Kogut urges the government to focus on restoring consumer credit rather than bailing out auto industry managers. Read more...
The Venturesome Economy, a new book by Prof. Amar Bhidé, prompts an examination of the nature of America's competitive advantage. Read more...
The Program on Alternative Investments of the Center on Japanese Economy and Business and the Weatherhead East Asian Institute of Columbia University cosponsored the symposium "Lessons From the Japanese Bubble For the U.S." on November 19, 2008. Two hundred and sixty people attended to hear from three distinguished speakers on how the United States can learn from Japan's bubble experience and avoid its own "lost decade." Read more...
The Program on Alternative Investments of the Center on Japanese Economy and Business organized this conference to examine a variety of issues underlying the debate on sovereign wealth funds in Japan. Speakers consided individual pension account reform, investment by SWFs into Japan, governance of pension funds, management of foreign exchange reserves, and the relationship of these and other issues to building Tokyo as an international financial center. Read more...
Alicia Ogawa, Director of the Program on Alternative Investments and Associate Director, Advising of the Center on Japanese Economy and Business will speak at the panel discussion entitled, " Japan's financial and economic problems of the 1990s and the current crisis in the United States: A Comparison" in room 11-75 Cantor Board Room at New York University's Leonard N. Stern School of Business from 6:30 to 8:30 pm on Tuesday, November 25, 2008. This event is organized by the Center for Japan-U.S. Business and Economic Studies and the Undergraduate International Business Association at New York University's Leonard N. Stern School of Business. Read more...
In an op-ed Dean Glenn Hubbard offers four action steps President-Elect Obama should take to reinvigorate the US economy. Read more...
On Friday evening, November 7, approximately 50 members of the Japanese Business Association (JBA) at Columbia Business School gathered at the official residence of Ambassador Motoatsu Sakurai, consul general of Japan in New York City. Read more...
In this op-ed, Prof. Seth Freeman offers tips for working out “trust supports” to rebuild investor confidence. Read more...
Prof. Shang-Jin Wei discusses the international impact of China’s own stimulus plan, worth four trillion yuan. Read more...
Prof. Charles Calomiris discusses economic priorities for the next president, including taking continued action to deal with the financial crisis, bolstering the mortgage market and ensuring pathways to free trade. Read more...
Monetary policy is not the best way to address a bubble, says Prof. Frederic Mishkin. Read more...
A plan by Dean Glenn Hubbard and Prof. Chris Mayer to provide more affordable mortgages through Fannie Mae and Freddie Mac is discussed as one possible approach to keeping homeowners in their homes. Read more...
Faculty opinion piece on "How To Prevent War And Famine" in Forbes.com Read more...
Columnist Joe Nocera considers the proposal put forward by Dean Glenn Hubbard and Prof. Chris Mayer for the government to refinance all residential mortgages at a lower rate, with the aim of stabilizing the housing market. Read more...
Dean Glenn Hubbard and Prof. Joseph Stiglitz pose questions on the economy for the second presidential debate. Read more...
Among the keys to solving the current economic crisis are promoting bank recapitalization and stabilizing housing prices, speakers said. Read more...
Dean R. Glenn Hubbard and Prof. Chris Mayer discuss their plan for fixing falling housing prices. Read more...
In this op-ed, Dean R. Glenn Hubbard and Professor Chris Mayer propose a plan that would stimulate the housing market by pushing down the mortgage rate, an important step toward shoring up the broader economy. Read more...
Professor Frederic Mishkin warns against the potential consequences of the financial crisis if nothing is done to avert it. Read more...
Professor Andrew Ang says Congress should take enough time to work out a sensible solution to the financial crisis. Read more...
Professor Suresh Sundaresan expresses concern over the stock market's recent precipitous drop . Read more...
In this op-ed Professor Chris Mayer calls on the government to target the heart of the financial crisis through direct assistance to home buyers and homeowners. Read more...
Dean R. Glenn Hubbard and Professor Frederic Mishkin comment on the financial crisis. Read more...
Dean R. Glenn Hubbard co-authors this op-ed urging Congress to act quickly, but carefully, in passing legislation to stabilize the market. Read more...
In this op-ed, Prof. Amar Bhide points out the pitfalls of diversification. Read more...
In this op-ed, Professor Charles Calomiris writes that the restructuring of the financial system will challenge the industry's inherent capacity for innovation. Read more...
The presidential candidates should call for a structural solution to contain the financial crisis, and regulatory improvements to prevent it from happening again, Dean R. Glenn Hubbard writes in this op-ed. Read more...
MBA students report on their social enterprise summer internships Read more...
In a candid discussion, Pandit attributed the recent economic turmoil to severe global imbalances and outlined the strategy for Citigroup’s recovery. Read more...
Economics is an important tool in the global fight against corruption, Professor Ray Fisman writes. Read more...
The Program on Alternative Investments of the Center on Japanese Economy and Business at Columbia Business School will hold a conference titled, "The Japanese Government as a Portfolio Manager: Managing the Nation's Wealth," from 1:30pm to 5:45pm on Tuesday, October 21 at the Grand Prince Hotel Akasaka in Tokyo. Read more...
CJEB held a symposium titled, "Perspectives on Japan's Political Economy - A Symposium with Columbia University Professors Curtis, Ogawa, Patrick, and Weinstein," on Wednesday, May 21 at Palace Hotel Tokyo. Read more...
Professor Geoffrey Heal says that as we use oil faster than we discover it, prices will climb steadily, forcing changes in the way we live and do business. Read more...
In this op-ed, Dean R. Glenn Hubbard cautions against relying too heavily on monetary policy to limit the credit crunch. Read more...
With the SEC’s new short-selling rule in effect, Professor Charles Jones recalls a 1932 example of market regulation gone wrong. Read more...
Professor Shang-Jin Wei says China can ease the burden on its exporters even as the Chinese yuan continues to appreciate. Read more...
With the US electoral campaign heating up, one of the main high-tech issues will be the state of high-speed internet in America. A campaign discussion on this subject could be much deeper and more meaningful. It should be about Americaâ??s future information economy, about the interplay of private and public initiatives, about a diverse media landscape and about its role as an exporter of information and media products. Read more...
Christopher J. Mayer, the Paul Milstein Professor of Real Estate and director of the Paul Milstein Center for Real Estate since 2003, has been named the School’s next senior vice dean. Read more...
Professor Robert Hodrick says the market doesn't allow speculators to conspire to drive up the price of oil. Read more...
