Dennis Snower

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Dennis J. Snower
Born (1950-10-14) 14 October 1950 (age 73)
Vienna, Austria
NationalityAmerican, German
Education
Academic career
InstitutionGlobal Solutions Initiative
Information at IDEAS / RePEc

Dennis J. Snower (born 14 October 1950) is an American-German economist, specialising in macroeconomic theory and policy, labor economics, digital governance, social economics, and the psychology of economic decisions in "caring economics". He is President of the Global Solutions Initiative in Berlin, Professorial Research Fellow at the Institute for New Economic Thinking at Oxford University, Fellow at the New Institute in Hamburg, and Non-resident Fellow of the Brookings Institution in Washington, D.C. He is former president of the Kiel Institute for the World Economy. His prominent labor research explores the role of “insiders” and “outsiders” in generating unemployment and macroeconomic fluctuations; his socio-economic research examines how social groups shape economic behavior; his psycho-economic research explains how economic decisions depend on psychological motives; and his macroeconomic research investigates why inflation and unemployment can move in opposite directions even in the long run.

Contents

Life and career

Snower was born in Vienna, Austria, where he went to the American International School. He received a BA and MA from New College, Oxford University, an MA and a PhD from Princeton University. He is a US citizen, married and has two children. He received German citizenship in 2018. [1]

He received a BA and MA from New College, Oxford University (in Philosophy, Politics and Economics, 1971), an MA and a PhD from Princeton University (1975).

He served as assistant professor at the University of Maryland, before he moved to the Vienna Institute for Advanced Studies and then to Birkbeck College, University of London, where he became Professor of Economics. In 2004 he became President of the Kiel Institute for the World Economy and Professor of Economics at the Christian-Albrechts-University of Kiel. He held this position until he reached retirement age at the end of February 2019. In 2019 he founded the Global Solutions Initiative, which advises the G20 and G7.

Snower was a visiting professor at many universities around the world, including Columbia University, Princeton University, Dartmouth College, the European University Institute, Stockholm University, the Hebrew University of Jerusalem and the University of Tel Aviv. He has advised a variety of international organizations and national governments on macroeconomic policy, employment policy and welfare state policy.

Work for the G20 and G7

During the German G20 Presidency 2017 Dennis J. Snower, together with Dirk Messner from the German Development Institute (DIE), were mandated to lead the Think 20 (T20), a consortium of think tanks from the G20 countries with the aim of supporting G20 decision-makers with research-based recommendations for action. Unlike other G20 engagement groups, such as Women 20 (W20), Business 20 (B20) or Youth 20 (Y20), the T20 does not represent an interest group, but rather gives policy advice in the global public interest. [2]

From this commitment, Snower founded the Global Solutions Initiative, of which he is president today, and which offers policy advice, particularly the G20 and the G7. Following the German G20 Presidency, the Initiative has held an annual summit in Berlin, Germany that occurs in the middle of the G20 calendar: The Global Solutions Summit aims to connect representatives of governments, international organizations and business as well as global civil society to discuss solutions to urgent global problems, while making a case for multilateralism and international cooperation. As part of the Global Solutions Initiative, Snower founded the "Council for Global Problem-Solving" (CGP), which aims to develop policy proposals for the G20 and associated international organizations and serves as a catalyst for research-based global problem-solving.

Research in labor economics

The insider-outsider theory of employment and unemployment, [3] [4] [5] [6] created by Dennis Snower in conjunction with Assar Lindbeck, explains employment and unemployment in terms of a conflict of interest between insiders and outsiders in the labor market.

Insiders are employees whose positions are protected by labor turnover costs (such as costs of hiring, training, and firing, or costs arising when insiders cooperate with each other but not with outsiders). Outsiders enjoy no such protection. The insider-outsider theory has spawned a large literature on unemployment dynamics, [7] [8] dual labor markets, [9] employment policy, [10] macroeconomic policy, [11] social inequality, [12] and political economy. [13] [14] [15] [16]

The chain reaction theory of unemployment, [17] [18] conceived by Snower together with Marika Karanassou and Hector Sala, views movements in unemployment as the outcome of the interplay between labor market shocks and a network of lagged adjustment processes. This theory indicates that cyclical and structural unemployment are interdependent. This implies that the lagged adjustment processes – for example, current employment depends on past employment on account of labor market adjustment costs – are shape both for the fluctuations in unemployment and the long-run unemployment rate.

The theory on the reorganization of work towards multi-tasking, [19] [20] [21] created by Dennis Snower in conjunction with Assar Lindbeck, identifies driving forces underlying the shift from “Tayloristic” organizations (characterized by specialization by tasks) to “holistic” organizations (featuring job rotation, integration of tasks and learning across tasks). It was one of the first contributions analyzing the fundamental changes in the world of work arising from the digital revolution [22] [23] and was a precursor of the large literature on the polarization of work. [24]

Research on the psychological and social foundations of economics

Caring economics, [25] [26] created by Snower in conjunction with Tania Singer and their respective research teams, laid the analytical and empirical foundations for a new theory of microeconomic decision making, based on underlying psychological motives. The analysis rests on the insights that all economic behavior is psychologically motivated, everyone has access to an array of discrete motivation systems, which affect their objectives, as well as their beliefs and perceptions, and which motive is active at any particular point in time depends on the person's physical and social context. This research has generated wide-ranging insights, such as for psychology, [27] mental training, [28] identity economics, [29] environmental psychology, [30] [31] and welfare policy. [32]

Together with George Akerlof and Steven Bosworth, Snower made seminal contributions to identity and narrative economics. [33] [34] This work explores the formation of competitive versus cooperative identities and the channels whereby narratives affect economic decisions. It has influenced thinking in political economy, [35] socio-economics, [36] psychology, [37] behavioral finance [38] and environmental economics. [39]

Macroeconomic Research

Snower laid the theoretical and empirical groundwork for a reappraisal of the Phillips curve [40] [41] [42] [43] [44] – the tradeoff between inflation and unemployment – in conjunction with Liam Graham, Marika Karanassou, Hector Sala, Mewael Tessfaselassie and Andrea Vaona. This approach suggests that unemployment is not independent of inflation in the long run, but instead explores the circumstances under which there is an inverse long-run relation between inflation and unemployment. This theory calls into question the conventional claim that real economic activity is independent of monetary phenomena in the long run. The approach rests on the theory of “frictional growth,” focusing on the interplay between nominal frictions and money growth. This work breaks the conventional compartmentalization of macroeconomics into short-term macroeconomic fluctuations versus long-term growth. This research has influenced work on monetary policy, [45] [46] behavioral economics, [47] and macroeconomic theory. [48]

Snower developed new theories of sluggish price adjustment. [49] [50] With Assar Lindbeck, Snower showed how the sluggish adjustment of prices and wages in response to macroeconomic shocks depends on lags in the production process. The longer the production lags, the more slowly prices and wages adjust. With Steffen Ahrens and Inske Pirshel, Snower examined how asymmetric price sluggishness is generated by “loss aversion,” the phenomenon that people are more sensitive to utility losses from price increases than to utility gains from price decreases.

In conjunction with Wolfgang Lechthaler and Christian Merkel, Snower made seminal contributions to the macroeconomics under labor turnover costs. [51] [52] [53] These contributions show how labor turnover costs help explain the persistent effects of macroeconomic shocks on aggregate output and employment, as well as strong amplification effects of real and monetary shocks on unemployment and the job finding rate.

Dennis Snower was one of the originators of the macroeconomics of imperfect competition, [54] [55] as he was among the first to provide imperfectly competitive microfoundations for macroeconomic models. Together with Assar Lindbeck, he also made seminal contributions to our understanding of how macroeconomic shocks are transmitted to the labor market.

Research on the economics of imperfect information

The theory of “high-low search” [56] [57] in product markets, which Snower created together with Steve Alpern, shows how firms use their pricing and product supply decisions to gain information about product demand under conditions of radical uncertainty. The analysis was also extended to the labor market to explain unemployment as an “information gathering device” under uncertainty.

This research was among the early contributions to the analysis of economic decisions making under radical uncertainty, influencing various subsequent contributions to the analysis of information acquisition and the role of experimentation. [58] [59] [60]

Together with Alessio Brown and Christian Merkel, Snower created the incentive theory of matching. [61] [62] In contrast to the conventional theory of matching in the labor market, unemployed workers and vacant jobs are not matched through an arbitrary matching function, but rather the labor market matching process is analyzed as the outcome of a two-sided search process among workers and firms facing heterogeneous economic conditions.

Research on economic policy

Dennis Snower is the author of the benefit transfer program and other active labor market policies, [63] [64] [65] [66] [67] [68] whereby the unemployed receive jobs and training incentives in accordance with their needs. These policies redistribute economic incentives, not money, to the disadvantaged in the labor market. Thereby Snower became one of the earliest architects of active labor market policies. [69] [70] [71] [72] In the benefit transfer program, unemployment benefits are converted into hiring and training subsidies for the long-term unemployed. This work has influenced thinking on welfare policy in other areas, such as support for the disabled. [73]

He also analyzed the implications of replacing current welfare systems by individualized welfare accounts. [74] [75] [76] These accounts include retirement, employment, health and human capital accounts. Instead of paying the taxes to finance the welfare state, people are to make ongoing, mandatory contributions to each of their welfare accounts, covering their major welfare needs. Redistribution is achieved by taxing the accounts of the wealthy and subsidizing the accounts of the poor.

As an overarching theme for G20 policy making, Dennis Snower initiated the concept of recoupling economic and social prosperity, [77] [78] together with Colm Kelly, he explored how business prosperity can be recoupled with social prosperity. [79] Recoupling policies are designed not only to reduce income inequalities, but also promote empowerment and social solidarity of people displaced by the forces of globalization and automation. Together with Katharina Lima de Miranda, Snower created the SAGE dashboard for economic performance, where S stands for "solidarity", A for "agency, "G" for "material goods", and E for "environmental sustainability." The SAGE dashboard is a ethically based set of wellbeing indicators, measured annually on a coherent basis for over 150 countries. It provides a framework for capturing economic, social and environmental aspects of wellbeing, all of which are required for achieving meaningful, satisfying lives. [80] [81]

Selected publications

Other activities

Non-profits Organizations

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References

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  2. ↑ "The G20: 9 facts and figures" (PDF). Bertelsmann Stiftung. Retrieved November 26, 2019.
  3. ↑ Snower, Dennis; Lindbeck, Assar (1986). "Wage Setting, Unemployment and Insider-Outsider Relations". American Economic Review. 76 (2): 235–9. hdl:10419/433.
  4. ↑ Snower, Dennis; Lindbeck, Assar (1988). "Cooperation, Harassment and Involuntary Unemployment: Reply". American Economic Review. 78 (1): 167–188. JSTOR   1814705.
  5. ↑ Snower, Dennis; Lindbeck, Assar (1989). The Insider-Outsider Theory of Employment and Unemployment. Cambridge, Mass: MIT Press.
  6. ↑ Snower, Dennis; Lindbeck, Assar (2001). "Insiders versus Outsiders". Journal of Economic Perspectives. 15 (1): 165–188. doi: 10.1257/jep.15.1.165 .
  7. ↑ Drazen, Allan; Gottfries, Nils (1990), Weiss, Yoram; Fishelson, Gideon (eds.), "The Persistence of Unemployment in a Dynamic Insider-Outsider Model" , Advances in the Theory and Measurement of Unemployment, London: Palgrave Macmillan UK, pp. 323–335, doi:10.1007/978-1-349-10688-2_12, ISBN   978-1-349-10688-2 , retrieved 2022-12-13
  8. ↑ Lindbeck, Assar; Snower, Dennis J. (2001). "Insiders versus Outsiders". Journal of Economic Perspectives. 15 (1): 165–188. doi: 10.1257/jep.15.1.165 . ISSN   0895-3309.
  9. ↑ Schwander, Hanna (2019). "Labor Market Dualization and Insider–Outsider Divides: Why This New Conflict Matters". Political Studies Review. 17 (1): 14–29. doi: 10.1177/1478929918790872 . ISSN   1478-9299.
  10. ↑ Bentolila, Samuel; Dolado, Juan J; Jimeno, Juan F (2012). "Reforming an insider-outsider labor market: the Spanish experience". IZA Journal of European Labor Studies. 1 (1): 4. doi: 10.1186/2193-9012-1-4 . hdl: 10419/92311 . ISSN   2193-9012.
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  15. ↑ Marx, Paul (2016). "The insider-outsider divide and economic voting: Testing a new theory with German electoral data". Socio-Economic Review. 14 (1): 97–118. doi:10.1093/ser/mwu022. ISSN   1475-1461.
  16. ↑ Rovny, Allison E.; Rovny, Jan (2017-01-10). "Outsiders at the ballot box: operationalizations and political consequences of the insider–outsider dualism" (PDF). Socio-Economic Review: mww039. doi:10.1093/ser/mww039. ISSN   1475-1461.
  17. ↑ Snower, Dennis; Karanassou, Marika (1998). "How Labor Market Flexibility Affects Unemployment: Long-Term Implications of the Chain Reaction Theory". Economic Journal. 108 (448): 832–849. doi:10.1111/1468-0297.00318. hdl:10419/2226.
  18. ↑ Snower, Dennis; Karanassou, Marika (1997). "Is the Natural Rate a Reference Point?". European Economic Review. 41 (3–5): 559–569. doi:10.1016/S0014-2921(97)00022-6. hdl: 10419/924 .
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  35. ↑ Mukand, Sharun; Rodrik, Dani (2018). "The Political Economy of Ideas: On Ideas Versus Interests in Policymaking". NBER Working Paper No. 24467. Rochester, NY. SSRN   3154249.
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  38. ↑ Frydman, Roman; Mangee, Nicholas; Stillwagon, Josh (2021-10-02). "How Market Sentiment Drives Forecasts of Stock Returns". Journal of Behavioral Finance. 22 (4): 351–367. doi:10.1080/15427560.2020.1774769. ISSN   1542-7560. S2CID   208194568.
  39. ↑ Terzi, Alessio (2020). "Crafting an effective narrative on the green transition". Energy Policy. 147: 111883. Bibcode:2020EnPol.14711883T. doi:10.1016/j.enpol.2020.111883. S2CID   225027629.
  40. ↑ Snower, Dennis; Ahrens, Steffen (2014). "Envy, guilt, and the Phillips curve" (PDF). Journal of Economic Behavior & Organization. 99: 69–84. doi:10.1016/j.jebo.2013.12.015. S2CID   10272261.
  41. ↑ Snower, Dennis; Graham, Liam (2008). "Hyperbolic Discounting and the Phillips Curve" (PDF). Journal of Money, Credit and Banking. 40 (2–3): 427–448. doi:10.1111/j.1538-4616.2008.00120.x.
  42. ↑ Tesfaselassie, M (2017). "Job Turnover, Trend Growth and the Long-Run Phillips Curve" (PDF). Macroeconomic Dynamics. 21 (4).
  43. ↑ Vaona, Andrea (2008). "Increasing Returns to Scale and the Long-Run Phillips Curve". Economics Letters. 100 (1): 83–86. doi:10.1016/j.econlet.2007.11.013. hdl: 10419/3818 .
  44. ↑ Snower, Dennis; Karanassou, Marika; Sala, Hector (2005). "A Reappraisal of the Inflation-Unemployment Tradeoff" (PDF). European Journal of Political Economy. 25 (1): 1–32.
  45. ↑ Ascari, Guido; Sbordone, Argia M. (2014-09-01). "The Macroeconomics of Trend Inflation". Journal of Economic Literature. 52 (3): 679–739. doi:10.1257/jel.52.3.679. hdl: 10419/93616 . ISSN   0022-0515.
  46. ↑ Ascari, Guido; Ropele, Tiziano (2009). "Trend Inflation, Taylor Principle, and Indeterminacy" (PDF). Journal of Money, Credit and Banking. 41 (8): 1557–1584. doi:10.1111/j.1538-4616.2009.00272.x.
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  56. ↑ Snower, Dennis; Alpern, Steve (1988). "High-Low Search' in Product and Labor Markets". American Economic Review. 78 (2): 356–362.
  57. ↑ Snower, Dennis; Alpern, Steve (1991). "Unemployment through 'Learning from Experience". Issues in Contemporary Economics: 42–74. hdl:10419/1161.
  58. ↑ Aghion, Philippe; Bolton, Patrick; Harris, Christopher; Jullien, Bruno (1991). "Optimal Learning by Experimentation" (PDF). The Review of Economic Studies. 58 (4): 621. doi:10.2307/2297825. JSTOR   2297825.
  59. ↑ Zeira, J. (1994-01-01). "Informational Cycles" . The Review of Economic Studies. 61 (1): 31–44. doi:10.2307/2297875. ISSN   0034-6527. JSTOR   2297875.
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  64. ↑ Snower, D; Orszag, J.M (2003). "Designing Employment Subsidies". Labour Economics. 10 (5): 557–572. doi:10.1016/S0927-5371(03)00035-6.
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  67. ↑ Snower, Dennis; Coe, David. T (1997). "Policy Complementarities: The Case for Fundamental Labor Market Reform". IMF Staff Papers. 44 (1): 1–35. doi:10.2307/3867495. hdl: 10419/916 . JSTOR   3867495. S2CID   12285188.
  68. ↑ Snower, Dennis; Orszag, Mike (1998). "Anatomy of Policy Complementarities". Swedish Economic Policy Review. 5 (2): 303–345. hdl:10419/1043.
  69. ↑ Bell, Brian; Blundell, Richard; Reenen, John Van (1999). "Getting the Unemployed Back to Work: The Role of Targeted Wage Subsidies". International Tax and Public Finance. 6 (3): 339–360. doi:10.1023/A:1008787013977.
  70. ↑ Sørensen, P. B. (1997). "Public finance solutions to the European unemployment problem?". Economic Policy. 12 (25): 221–264. doi:10.1111/1468-0327.00021.
  71. ↑ Fay, Robert G. (1996). "Enhancing the Effectiveness of Active Labour Market Policies: Evidence from Programme Evaluations in OECD Countries". OECD Labour Market and Social Policy Occasional Papers. doi: 10.1787/560806166428 .{{cite journal}}: Cite journal requires |journal= (help)
  72. ↑ Neumark, David; Wascher, William (2004). "Minimum Wages, Labor Market Institutions, and Youth Employment: A Cross-National Analysis". ILR Review. 57 (2): 223–248. doi:10.1177/001979390405700204. ISSN   0019-7939. S2CID   18722692.
  73. ↑ Baert, Stijn (2016). "Wage subsidies and hiring chances for the disabled: some causal evidence". The European Journal of Health Economics. 17 (1): 71–86. doi:10.1007/s10198-014-0656-7. hdl: 1854/LU-5749320 . ISSN   1618-7598. PMID   25501259. S2CID   10657050.
  74. ↑ Snower, D; Brown, A; Orszag, J.M (2008). "Unemployment Accounts and Employment Incentives". European Journal of Political Economy. 24 (3): 587–604. doi:10.1016/j.ejpoleco.2008.06.006. hdl: 10419/3810 .
  75. ↑ Snower, Dennis; Folster, Stefan; Gidehag, Robert; Orszag, J. Michael (2003). "Assessing Welfare Accounts". Alternatives for Welfare Policy: Coping with Internationalisation and Demographic Change: 255–275.
  76. ↑ Snower, Dennis (1993). "The Future of the Welfare State". Economic Journal. 103 (418): 700–717. doi:10.2307/2234543. JSTOR   2234543.
  77. ↑ Snower, Dennis (2017). "Beyond Capital and Wealth" (PDF). Economics e-Journal. 91: 1–14.
  78. ↑ Snower, Dennis (2018). "G20 at a Crossroads: The Future of Global Governance" (PDF). Economics e-Journal. 21: 1–13.
  79. ↑ Kelly, Colm; Snower, Dennis J (2021). "Capitalism recoupled". Oxford Review of Economic Policy. 37 (4): 851–863. doi: 10.1093/oxrep/grab025 . ISSN   0266-903X.
  80. ↑ Lima de Miranda, Katharina; Snower, Dennis (2020). "Recoupling Economic and Social Prosperity". CESifo Working Paper No. 8133. Rochester, NY. SSRN   3548365.
  81. ↑ Lima de Miranda, Katharina; Snower, Dennis J. (2022-06-21). "The societal responses to COVID-19: Evidence from the G7 countries". Proceedings of the National Academy of Sciences. 119 (25): e2117155119. Bibcode:2022PNAS..11917155L. doi: 10.1073/pnas.2117155119 . ISSN   0027-8424. PMC   9231467 . PMID   35714290.
  82. ↑ Lindbeck, A.; Snower, D.J. (1984). Involuntary Unemployment as an Insider-outsider Dilemma. Institute for International Economic Studies. Retrieved 2015-03-27.
  83. ↑ Lindbeck, Assar; Snower, Dennis (1988). The insider-outsider theory of employment and unemployment. Cambridge, Mass.: MIT Press. ISBN   0-262-12139-5. OCLC   18378552.
  84. ↑ Bosworth, Steven J.; Singer, Tania; Snower, Dennis J. (2016). "Cooperation, motivation and social balance". Journal of Economic Behavior & Organization. Thriving through Balance. 126: 72–94. doi: 10.1016/j.jebo.2015.12.005 . hdl: 11858/00-001M-0000-0029-32FA-D . ISSN   0167-2681.
  85. ↑ Snower, Dennis J.; Bosworth, Steven J. (2016). "Identity-Driven Cooperation versus Competition". American Economic Review. 106 (5): 420–424. doi:10.1257/aer.p20161041. hdl: 10419/126082 . ISSN   0002-8282. S2CID   25411605.
  86. ↑ Akerlof, George A.; Snower, Dennis J. (2016). "Bread and bullets". Journal of Economic Behavior & Organization. Thriving through Balance. 126: 58–71. doi: 10.1016/j.jebo.2015.10.021 . ISSN   0167-2681.
  87. ↑ Karanassou, Marika; Snower, Dennis J. (1997). "Is the natural rate a reference point?". European Economic Review. Paper and Proceedings of the Eleventh Annual Congress of the European Economic Association. 41 (3): 559–569. doi:10.1016/S0014-2921(97)00022-6. hdl: 10419/924 . ISSN   0014-2921.
  88. ↑ Scientific Advisory Board Potsdam Institute for Climate Impact Research (PIK).
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