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.
New research reveals that bond investors extract a premium not only for risk but also for uncertainty.
To keep self-interested politicians from squandering public funds, governments should consider carrying more debt, more often.
Professor Frank Lichtenberg was quoted in an Associated Press article on whether or not the recent economic downturn warrants using the word recession.
How much should countries spend to avoid the uncertain risk of climate change?
Will President Obama's cap on executive pay hinder leadership at top firms? Professors Nahum Melumad and Sudhakar Balachandran share their views.
Does teacher certification affect student performance?
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.
How can credit markets in developed countries help low-income families break the cycle of poverty?
Regulation reform, house prices and bankruptcy are some of the issues that may shape the economy in the coming year.
"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.
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.
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?
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.
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.
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.
For investors to feel confident that borrowers will pay what they owe, a trust support must be developed.
Professor Joseph Stiglitz explains how he would spend a $500 billion economic stimulus package.
A new report from the Aspen Institute shows a significant shift in MBA students attitudes on corporate social responsibility.
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.
A new book by Professor Bruce C. Greenwald and Judd Kahn challenges the predominant view of globalization.
How will turmoil in global money markets affect the world economy? And what can central banks do to prevent a future credit crunch?
Senior Vice Dean Chris Mayer talks about the Treasury's proposal to lower mortgage rates.
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.
Paul Tierney, chairman of TechnoServe, an organization that provides technical assistance to entrepreneurs in developing countries, explains what works and what doesn't.
In a Community Forum on October 29, Dean Glenn Hubbard, professors Bill Duggan and Gita Johar, and Eric Tienou '03 of Burkina Faso discussed economic development in Africa. Learn more about the School's partnership with the University of Dar Es Salaam in Tanzania.
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.
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.
In a WNYC interview, Professor Jones remembers the market manipulation of the Hunt Brothers in the 1970s.
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?
Short sellers are often targets in a down market, but without them, argues Charles Jones, prices are off the mark.
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 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.
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?
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.
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.
The prices of imported goods may be responding to changes in the exchange rate more than it seems, according to new research from Emi Nakamura and Jon Steinsson. How does this affect the GDP?
Why has Africa been left out of the business revolution? William Duggan discusses an alternative to aid for the world's poorest countries.
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.
Professor Frank Lichtenberg explains how expanded health insurance coverage is an economic value proposition.
Alan Greenspan’s implicit policy of low and stable inflation needs explicit adoption after he leaves the Fed.
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.
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.
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.
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.
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.
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.
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.
Charles Calomiris discusses India’s adaptation to participating in global markets, its challenges in sustaining growth and its rivalry with China.
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.
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.
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.
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.
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.
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.
Professor Linda Green clarifies a common misconception about emergency room delays.
Low mortgage rates would substantially reduce the risk of further house price declines.
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.
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.
Without financial globalization, says Frederic Mishkin, poor nations can't reach the next stage of development.
Why have organizations shifted from bare-minimum standards of corporate social responsibility to overcompliance?
What (if any) is business’s responsibility in humanitarian disasters such as the one we’re witnessing in Zimbabwe?
Assessing the work of the Federal Reserve, Frederic Mishkin contends that communication and transparency must counterbalance the necessary independence of a strong central bank.
Do laws or the marketplace motivate firms to release information about their behavior?
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.
Prof. Amar Bhide argues that midlevel innovation is of greater competitive value than high-level research to companies.
Progressive Personal Accounts — a new plan for reforming the U.S. public pension system — could satisfy Democrats and Republicans.
David Beim discusses why America has little to fear from opening its markets and much to gain from moderating its appetite for deficits.
Exploiting information from a large set of economic indicators gives a better picture of monetary policy and how it affects the economy.
Who caused the global economic collapse? We all did.
“The real heart of this crisis is that traditional means for recapitalizing these institutions have gone away,” says Prof. Greenwald.
Analyzing the river as an inventory control system yields a solution to an ecological problem.
We can't predict the next crisis, say Patrick Bolton, Bruce Kogut and Tano Santos, but we can be prepared for it.
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.
Adjusting for risk provides a better way to measure the value of future benefits.
Transparency in credit markets may have unintended consequences.
In an interview with Bloomberg TV on November 4, Professor Charles Calomiris discussed the economic challenges facing Barack Obama as incoming president.
With the right product differentiation strategy, you can steal customers from your competition without provoking a price war.
If climate change is caused by human behavior, can decision science be used to stop it? Professor Elke Weber explains.
During a classroom simulation, students were able to witness the failure of a market due to asymmetric information between sellers and buyers.
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.
The decline in housing prices remains the elephant in the room in the discussion of the credit market deterioration. Let’s start there.
We asked faculty members to look back at the year and give us their pick for the best idea or book of 2008.
How municipal governments can use incentive programs to create a shorter commute and improve welfare for all.
Two books by Columbia Business School faculty were selected as the Economist's picks of the pile for 2008.
Will oil prices stay at current levels, and how will they affect consumer confidence and the economy as a whole?
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.
Before Lehman's fall, the government played a relatively small direct role in financial markets. Now, the most important player in financial markets is the government.
As Keynes wrote more than seven decades ago, strengthening credit is a necessary, but not sufficient, condition for recovery.
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.
Professor Ray Horton will host a book talk next week with Jennifer Burns, author of a new Ayn Rand biography and professor of history at the University of Virginia.
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.
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?
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.
Faculty members share their thoughts on the top issues for the incoming Obama administration. What do you think is most important?
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?
When market shocks occur, firms that have the financial resources to repurchase their own shares experience less volatility.
Incoming members of the class of 2011 have organized a trip around the globe to connect with local admits and alumni this summer. Read more about their travels.
The trade organization doesn’t treat rich and poor nations the same, but all members can gain from collective negotiations.
Glenn Hubbard discusses how an old plan can become a new solution to help the world’s poorest nations lift themselves out of poverty — by putting business first.
A mathematical model helps doctors offer every patient a same-day appointment.
New drugs and medical procedures account for much of the increase in the longevity of Americans — and haven’t increased the cost of care.
Geoffrey Heal is a cofounder of the Coalition for Rainforest Nations, which is seeking financial incentives for forest conservation.
Professor Bruce Kogut discusses whether or not protectionism will ultimately hurt the American automotive industry.
Switching aid to the local business sector in order to cultivate a middle class is the only way to eliminate poverty in poor countries, Dean Glenn Hubbard and William Duggan say in their new book.
The government takeover of Fannie and Freddie marks a stunning event in the historical legacy of these financial institutions.
Cheryl Rathbun, a managing director at Citi, spoke with students in September about the future of financial regulation. Banking, she said, may start to look a little more retro.
Heightened disclosure requirements and increased corporate scrutiny are making it less likely for senior executives of poorly performing companies to receive handsome compensation packages.
Bob Hodrick says it’s a myth that oil prices are being driven up by the coordinated efforts of an influential group of speculators.
If the financial crisis taught business schools anything, it's that the curriculum can no longer turn a blind eye to pressing policy issues that impact business, says Professor Bruce Kogut.
Will the cost of overhauling the health care system take an undue toll on small businesses? Professor Rita McGrath says that could be the case.
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.
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.
Faculty members react to the Treasury Secretary's bailout plan. What do you think of it?
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?
There are two ways the crisis will have an effect: through the trading route and through the asset route.
Turkey is currently undergoing a significant social, economical and political transition. And somewhere in these winds of change lie several interesting opportunities.
Dean Glenn Hubbard responds to Ben Bernanke's speech, and calls for more action in order to stop falling house prices.
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.
Should the government out the home lenders that it says isn't doing enough to help homeowners? Senior Vice Dean Chris Mayer shares his thoughts.
Stocks protected by the October shorting ban experienced only a temporary price bump and had their market liquidity degraded, says Professor Charles Jones.
Though Americans’ perceptions of the economy are very negative, two key measures show that the economy is not as bad as it may seem.
Investors can look to a firm's effective tax rate to yield clues to future earnings.
Monday, November 9, is the deadline for banks to apply for the Treasury's Capital Assistance Program. Chances are, none will sign up.
We need nimble, innovative risk takers like Goldman and Morgan in the system. What will we do without them?
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.
We need to engage businesspeople at the prime of their careers and have them give some time in the social sector.
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.
Economic indicators are all around us, from the number of empty store fronts to the volatility index for the stock market.
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.
When testing competitors' products results in greener products -- and a better bottom line.
A game reveals what lies beneath our most charitable impulse.
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.
A new orientation lecture about the financial crisis was created this year to give students an overview of the causes and key issues of the crisis.
Consolidating dealerships is a painful but essential step to rehabilitating the U.S. auto industry, argues Marcelo Olivares.
Foreclosure estimates are high, but Professor Eric Johnson says that fewer people will walk away from their homes than we might think. Why?
I recently studied how formal mentoring affects public school teachers in New York City, and found some interesting results.
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.
Columbia University celebrated the inauguration of Barack Obama '83 CC. View a photo slideshow of the events.
New research sheds light on the role monetary policy plays in the movement of prices and in stabilizing the economy.
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?
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.
Columbia Business School's economists respond to the Treasury's plan to recapitalize banks.
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.
Regulators now have an opportunity to redeem themselves.
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.
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.
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.
How time preference influences the decision to participate in financial-literacy programs.
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.
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.
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?
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?
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?
What questions about the economy would you like the presidential candidates to answer?
The test of the bailout will be whether the government plans to buy banks' assets at a price resembling fair market value.
Professor Andrew Schmidt discusses the impact of Obama's proposed tax code changes. What industries will be affected?
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.
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?
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.
At Columbia Business School's 5th Annual Healthcare Conference, industry leaders said they are looking for ways to drive innovation.
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.
Charles Jones offers some simple advice for appraising the state of the ongoing credit crisis.
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.
Antitrust laws aim to protect consumers and spur innovation by fostering competition, but in some industries ingenuity thrives under monopolists.
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.
Economists consider ways the Treasury might price mortgage-related bank assets as part of the government's bailout plan.
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?
“Adam Smith wrote that there are three things that could derail capitalism,” said Professor Horton one recent Friday morning.
Joseph Stiglitz, a prominent critic of globalization's shortcomings, offers practical ideas for extending its benefits.
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.
Using smoking as a proxy for time preference may help explain why some workers invest more in career development than others.
The FCC has asked Columbia Institute for Tele-Information to conduct a review of telecom companies for its National Broadband Plan. Professor Eli Noam says CITI can help the agency create a program "grounded in facts."
Business leaders are the ones best suited to manage the risk of climate change that we find ourselves subject to as a global community.
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 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.
Columbia Business School faculty members responded to the House defeat of the Treasury’s rescue plan this week.
Firms in developed countries can compete with those in emerging economies by specializing at the high end of the quality scale.
Contrary to a long-held assumption, prosperity does not always lead nations down the path to democracy.
What are some of the basic assumptions made in financial reporting? A new paper from the Center for Excellence in Accounting and Security Analysis challenges the existing model.
Drawing lessons from recent and historical financial crises, Charles Calomiris offers policy recommendations for managing risk in global financial markets.
A combination of an incentive fee program with a legislative initiative to modify servicing agreements can help reduce the number of foreclosures.
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.
New computer and information technologies not only increase productivity, they can transform entire organizations and industries.
How can the private sector provide solutions to achieve environmentally sustainable outcomes?
From the moment we exited the airport, we knew we’d have to throw all preconceived notions about Lagos out the window.
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.
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...
Dean Glenn Hubbard is cochairing a national committee that will conduct a major study on how to improve the competitiveness of U.S. public capital markets. Read more...
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Prof. Calomiris argued that limiting the size, complexity and global reach of financial institutions is fraught with downsides for the international economy. Read more...
Video available for the lecture by Professor Gerald Curtis, " Japan's Historic Election: Cause & Consequence" Read more...
Adjunct Professor Jonathan Knee pens a byline about the dynamics behind solving the economic crisis in The New York Times. Read more...
A nonprofit manager and reporter critiques Dean Hubbard and Professor Duggan, Senior Lecturer in Business' book 'The Aid Trap', agrees the conclusion that there are specific elements necessary for economic development, but that they can only be implemented in poor nations if funds for charity aid are rerouted to the business sector. Read more...
The Center on Japanese Economy and Business, Columbia Business School and the Program for Economic Research are organizing a conference on Tuesday, November 10, Coping with Crisis: Financial Policy in the U.S. and Japan. The speakers are Professors Heizo Takenaka of Keio University, Patrick Bolton of Columbia Business School, and Takatoshi Ito of The University of Tokyo. The conference will be held from 6:00 p.m. until 7:30 p.m. in Uris #301at the Columbia Business School, followed by a reception until 8:30 p.m. Read more...
Forbes features the arguments made by Dean Glenn Hubbard and Professor Bill Duggan, Senior Lecturer in Business for the adoption of a Marshall Plan for Africa. Their book, The Aid Trap, features these arguments and was published by Columbia Business School Publishing in September 2009. Read more...
The New York Times discusses an op-ed by Dean Glenn Hubbard that argues the current administration could apply lessons from social security reform to healthcare reform debate. Read more...
Columbia Business School's Senior Vice Dean Christopher Mayer and Professor Charles Calomiris talk with Bloomberg's Tom Keene and Ken Prewitt about U.S. housing, mortgage rates and economic growth. Read more...
The Social enterprise field and Program at Columbia Business School examined, by Kimberly Kinchen, Hermes, Summer 2009. Read more...
Professor Bruce Kogut writes for BusinessWeek to discuss why business school curriculum should address the policy issues that face businesses. Read more...
In an op-ed in the Financial Times, Dean Glenn Hubbard calls for policies designed to support local business in the fight against global poverty. 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...
In an op-ed, Prof. Frederic Mishkin calls on the Fed to pursue an expansionist monetary policy. 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...
In a New York Times Magazine article on April 16, Professor Elke Weber, codirector of the Center for Decision Sciences, suggests that solving climate change requires more than developing the right technology. 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...
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.
