THOUGHT LEADERS
Finance in the 21st Century
Howard Davies and Robert J. Shiller
Is the dollar doomed? Can increased regulation and financial innovation co-exist? What makes housing markets suddenly turn "hot" or "cold"? Why should long-term bond prices shoot up and down in a single year? Can financial globalization be effectively regulated without stifling growth?
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A Crisis of Understanding
Robert J. Shiller Series: Finance in the 21st Century 2010-03-12Few economists predicted the current economic crisis, and there is little agreement among them about its ultimate causes. So, not surprisingly, they are not in a good position to forecast how quickly it will end, either.... read Comments: 8 Recommended: 1 Read: 16043
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The Federal Reserve Diet
Howard Davies Series: Finance in the 21st Century 
2010-02-12
If Barack Obama proceeds with plans to give the US Federal Reserve more regulatory power, pressure for greater public accountability will persist. To protect the Fed’s independence, which is a global public good of the highest importance, he should cut back the Fed's authority to its core monetary-policy role.... read Comments: 1 Recommended: 1 Read: 3572
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Engineering Financial Stability
Robert J. Shiller Series: Finance in the 21st Century
2010-01-18The severity of the global financial crisis that we have seen over the last two years has to do with a fundamental source of instability in the banking system, one that we can and must design out of existence. To do that, we must advance the state of our financial technology. ... read Comments: 1 Recommended: 1 Read: 7782
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Too Big to Reform?
Howard Davies Series: Finance in the 21st Century
2009-12-14
The overriding conclusion that emerges from any analysis of the global financial crisis is that nothing will ever be the same again: the relationship between the state and the markets needs to be rethought. A new “social contract” between finance and the people, through their governments, is required.... read Comments: 0 Recommended: 0 Read: 5446
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The Ghost in the Recovery Machine
Robert J. Shiller Series: Finance in the 21st Century
2009-11-13The IMF, along with many national leaders, seem ready to give full credit to what the Fund calls "strong public policies" for engineering what might be the end of the global economic recession. But, in terms of the certainty of the outcome, formulating economic policy is more like psychotherapy than engineering.... read Comments: 0 Recommended: 2 Read: 9421
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A Crisis of Trust
Howard Davies Series: Finance in the 21st Century 2009-10-13
Public trust in financial institutions, and in the authorities that are supposed to regulate them, was an early casualty of the financial crisis. If this loss of trust persists, it could be very costly, as much economic research has demonstrated a powerful relationship between the level of trust in a community and its aggregate economic performance.... read Comments: 0 Recommended: 0 Read: 4766
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Reinventing Economics
Robert J. Shiller Series: Finance in the 21st Century 2009-09-14The failure of economists’ models to forecast the current crisis will mark the beginning of their overhaul, which will happen as economists’ redirect their research efforts by listening to scientists with different expertise. Only then will monetary authorities gain a better understanding of when and how speculative bubbles can derail an economy, and what can be done to prevent it.... read Comments: 3 Recommended: 0 Read: 7623
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Are Bankers Really Overpaid?
Howard Davies Series: Finance in the 21st Century 2009-08-03
LONDON – Are financial sector workers paid too much? Not all of them are, of course, for there are poorly paid bank clerks and cleaners who count in this category. But is it possible to justify the enormous rewards earned – or should we say received – by investment bankers, hedge fund managers and private equity partners? ... read Comments: 1 Recommended: 0 Read: 7612
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Finance Agonistes
Howard Davies Series: Finance in the 21st Century 2009-07-13For at least a quarter-century, the financial sector has grown much more rapidly than the economy as a whole, both in developed and in most developing countries. But there is strong evidence that this was a relatively short-term phenomenon, and that the industry's salad days are well and truly over.... read Comments: 1 Recommended: 0 Read: 9134
| Unlearned Lessons from the Housing Bubble | Robert J. Shiller 
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