Michael Spence, a Nobel laureate in economics, is Professor of Economics at NYU’s Stern School of Business, Distinguished Visiting Fellow at the Council on Foreign Relations, Senior Fellow at the Hoover Institution at Stanford University, and Academic Board Chairman of the Fung Global Institute in Hong Kong. He was the chairman of the independent Commission on Growth and Development, an international body that from 2006-2010 analyzed opportunities for global economic growth.
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Michael Spence
Commentaries by Michael Spence
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Learning About Growth from Austerity
MILAN – In a recent set of studies, Carmen Reinhart and Kenneth Rogoff used a vast array of historical data to show that the accumulation of…
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Battleground Budget
MILAN – The world’s developed economies, of which the United States is by far the largest and systemically most important, face a range of d…
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Europe, Italian-Style
MILAN – Last summer, after two years of growing uncertainty, systemic risk in the eurozone finally began to wane, as conditional commitments…
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Rebalancing the State’s Balance Sheet
MILAN – Until recently, relatively little attention was paid to states’ balance sheets. Measurement and reporting were neglected. Even today…
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Technology and the Employment Challenge
MILAN – New technologies of various kinds, together with globalization, are powerfully affecting the range of employment options for individ…
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President Xi’s Singapore Lessons
NEW YORK – China is at a crucial point today, as it was in 1978, when the market reforms launched by Deng Xiaoping opened its economy to the…
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Underinvesting in Resilience
NEW YORK – The hurricane on America’s eastern seaboard last week (which I experienced in lower Manhattan) adds to a growing collection of ex…
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Emerging-Market Resilience
NEW YORK – With most of the world focused on economic instability and anemic growth in the advanced countries, developing countries, with th…
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Hard Truths About Global Growth
NEW YORK – The world’s high-income countries are in economic trouble, mostly related to growth and employment, and now their distress is spi…
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Why Are Governments Paralyzed?
MILAN – It is no secret that the global economy is struggling. Europe is in the midst of a crisis whose root cause is a structurally flawed …
Learning About Growth from Austerity
Michael Heller: Michael: This is an excellent, timely, and balanced article in my view. Only one thing was not made explicit - the private sector will need government help in order to respond to the deleveraging cycl…
Learning About Growth from Austerity
Matt Stillerman: Pardon me, but this is precisely what they have NOT shown. Once the flaws in the R&R paper are fixed, what remains is a modest negative correlation between public debt and GDP growth. The paper does …