A pecuniary externality occurs when the actions of an economic agent cause an increase or decrease in market prices. For example, an influx of city-dwellers buying second homes in a rural area can drive up house prices, making it difficult for young people in the area to get onto the property ladder. The externality operates through prices rather than through real resource effects.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
Michael Jay Boskin is the T. M. Friedman Professor of Economics and senior Fellow at Stanford University's Hoover Institution. He also is chief executive officer and president of Boskin & Co., an economic consulting company.
Alberto Francesco Alesina was an Italian political economist. Described as one of the leading political economists of his generation, he published many influential works in both the economics and political science research literature.
Guillermo Antonio Calvo is an Argentine-American economist who is Director of Columbia University's mid-career Program in Economic Policy Management in their School of International and Public Affairs (SIPA).
In economics, the Backus–Kehoe–Kydland consumption correlation puzzle, also known as the BKK puzzle, is the observation that consumption is much less correlated across countries than output.
The Home bias puzzle is the term given to describe the fact that individuals and institutions in most countries hold only modest amounts of foreign equity. This is puzzling since observed returns on national equity portfolios suggest substantial benefits from international diversification. The home bias in equities was first documented by French and Poterba (1991) and Tesar and Werner (1995).
Anne Osborn Krueger is an American economist. She was the World Bank Chief Economist from 1982 to 1986, and the first deputy managing director of the International Monetary Fund (IMF) from 2001 to 2006. She is currently the senior research professor of international economics at the Johns Hopkins School of Advanced International Studies in Washington, D.C. She also is a senior fellow of Center for International Development and the Herald L. and Caroline Ritch Emeritus Professor of Sciences and Humanities' Economics Department at Stanford University.
David Hibbard Romer is an American economist, the Herman Royer Professor of Political Economy at the University of California, Berkeley, and the author of a standard textbook in graduate macroeconomics as well as many influential economic papers, particularly in the area of New Keynesian economics. He is also the husband and close collaborator of Council of Economic Advisers former Chairwoman Christina Romer.
Partha Sen was a professor of economics at Delhi School of Economics.
Markus Konrad Brunnermeier is an economist, who is the Edwards S. Sanford Professor of Economics at Princeton University, and a nonresident senior fellow at the Peterson Institute for International Economics. He is a faculty member of Princeton's Department of Economics and director of the Bendheim Center for Finance. His research focuses on international financial markets and the macro economy with special emphasis on bubbles, liquidity, financial crises and monetary policy. He promoted the concepts of liquidity spirals, CoVaR as co-risk measure, the paradox of prudence, financial dominance, ESBies, the Reversal Rate, Digital currency areas, the redistributive monetary policy, and the I Theory of Money. He is or was a member of several advisory groups, including to the IMF, the Federal Reserve Bank of New York, the European Systemic Risk Board, the German Bundesbank and the U.S. Congressional Budget Office. He is also a research associate at CEPR, NBER, and CESifo.
Global imbalances refers to the situation where some countries have more assets than the other countries. In theory, when the current account is in balance, it has a zero value: inflows and outflows of capital will be cancelled by each other. Hence, if the current account is persistently showing deficits for certain period it is said to show an inequilibrium. Since, by definition, all current accounts and net foreign assets of the countries in the world must become zero, then other countries become indebted with the other nations. During recent years, global imbalances have become a concern in the rest of the world. The United States has run long term deficits, as well as many other advanced economies, while in Asia and emerging economies the opposite has occurred.
Thomas Philippon is a French economist and professor of finance at the New York University Stern School of Business.
Charles Engel is an American economist and currently the Hester professor in the economics department at the University of Wisconsin-Madison. He is known for his research on nominal/real exchange rate movements.
Prudential capital controls are typical ways of prudential regulation that takes the form of capital controls and regulates a country’s capital account inflows. Prudential capital controls aim to mitigate systemic risk, reduce business cycle volatility, increase macroeconomic stability, and enhance social welfare.
Martin Stewart Eichenbaum is the Charles Moskos professor of economics at Northwestern University, and the co-director of the Center for International Economics and Development. His research focuses on macroeconomics, international economics, and monetary theory and policy.
Giancarlo Corsetti, is an Italian macroeconomist and Professor of Macroeconomics at Cambridge University, fellow of Clare College and the director of the Cambridge Institute for New Economic Thinking. He is best known in academia for his work on open economy macroeconomics and international economics. As of March 2017, the IDEAS/RePEc overall ranking put him as the most influential economist at Cambridge University.
Pierre-Olivier Gourinchas is a French economist who currently works as S.K. and Angela Chan Professor of Management at the University of California, Berkeley, where he also directs the Clausen Center for International Business and Policy and is affiliated with the Haas School of Business. His research focuses on macroeconomics, in particular international macroeconomics and international finance. In 2008, Gourinchas received the Prize of the Best Young Economist of France.
Stefanie Stantcheva is a French economist who is a Professor of Economics at Harvard University. She is a member of the French Council of Economic Analysis. Her research focuses on public finance—in particular questions of optimal taxation. In 2018, she was selected by The Economist as one of the 8 best young economists of the decade.In 2020, she was awarded the Elaine Bennett Research Prize.
Linda S. Goldberg is an Economist at the Federal Reserve Bank of New York and is currently Senior Vice President in the Research Policy Leadership division. She holds a Ph.D. and M.A. from Princeton University and a B.A. in Mathematics and Economics from the City University of New York.
