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Karl Shell
Karl Shell (born May 10, 1938) is an American theoretical economist, specializing in macroeconomics and monetary economics. Shell received an A.B. in mathematics from Princeton University in 1960. He earned his Ph.D. in economics in 1965 at Stanford University, where he studied under Nobel Prize in Economics winner Kenneth Arrow and Hirofumi Uzawa. Shell is currently Robert Julius Thorne Professor of Economics at Cornell University (succeeding notable economist and airline deregulator Alfred E. Kahn in the Thorne chair). He previously served on the economics faculty at MIT and the University of Pennsylvania. Shell has been editor of the ''Journal of Economic Theory'', generally regarded as the leading journal in theoretical economics, since its inception in 1968. Contributions to economics While Shell has published academic articles on numerous topics in economics, he is primarily known for his contributions in three areas. Between 1966 and 1973, Shell published three p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cornell University
Cornell University is a private statutory land-grant research university based in Ithaca, New York. It is a member of the Ivy League. Founded in 1865 by Ezra Cornell and Andrew Dickson White, Cornell was founded with the intention to teach and make contributions in all fields of knowledge—from the classics to the sciences, and from the theoretical to the applied. These ideals, unconventional for the time, are captured in Cornell's founding principle, a popular 1868 quotation from founder Ezra Cornell: "I would found an institution where any person can find instruction in any study." Cornell is ranked among the top global universities. The university is organized into seven undergraduate colleges and seven graduate divisions at its main Ithaca campus, with each college and division defining its specific admission standards and academic programs in near autonomy. The university also administers three satellite campuses, two in New York City and one in Education City, Qatar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Economic Theory
The ''Journal of Economic Theory'' is a bimonthly peer-reviewed academic journal covering the field of economic theory. Karl Shell has served as editor-in-chief of the journal since it was established in 1968. Since 2000, he has shared the editorship with Jess Benhabib, Alessandro Lizzeri, Christian Hellwig, and more recently with Alessandro Pavan, Ricardo Lagos, Marciano Siniscalchi, and Xavier Vives. The journal is published by Elsevier. In 2020, Tilman Börgers was chief editor of the journal. Abstracting and indexing According to the ''Journal Citation Reports'', the journal has a 2020 impact factor of 1.458. See also *List of economics journals The following is a list of scholarly journals in economics containing most of the prominent academic journals in economics. Popular magazines or other publications related to economics, finance, or business are not listed. A *'' Affilia'' *''A ... References External links * Economics journals Elsevier academic jou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
JSTOR
JSTOR (; short for ''Journal Storage'') is a digital library founded in 1995 in New York City. Originally containing digitized back issues of academic journals, it now encompasses books and other primary sources as well as current issues of journals in the humanities and social sciences. It provides full-text searches of almost 2,000 journals. , more than 8,000 institutions in more than 160 countries had access to JSTOR. Most access is by subscription but some of the site is public domain, and open access content is available free of charge. JSTOR's revenue was $86 million in 2015. History William G. Bowen, president of Princeton University from 1972 to 1988, founded JSTOR in 1994. JSTOR was originally conceived as a solution to one of the problems faced by libraries, especially research and university libraries, due to the increasing number of academic journals in existence. Most libraries found it prohibitively expensive in terms of cost and space to maintain a comprehen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Runs
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sunspot Equilibrium
In economics, the term sunspots (or sometimes "a sunspot") refers to an ''extrinsic'' random variable, that is, a random variable that does not affect economic fundamentals (such as endowments, preferences, or technology). ''Sunspots'' can also refer to the related concept of extrinsic uncertainty, that is, economic uncertainty that does not come from variation in economic fundamentals. David Cass and Karl Shell coined the term ''sunspots'' as a suggestive and less technical way of saying "extrinsic random variable". Use The idea that arbitrary changes in expectations might influence the economy, even if they bear no relation to fundamentals, is controversial but has been widespread in many areas of economics. For example, in the words of Arthur C. Pigou, :The varying expectations of business men... and nothing else, constitute the immediate cause and direct causes or antecedents of industrial fluctuations. 'Sunspots' have been included in economic models as a way of capturi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sunspots (economics)
In economics, the term sunspots (or sometimes "a sunspot") refers to an ''extrinsic'' random variable, that is, a random variable that does not affect economic fundamentals (such as endowments, preferences, or technology). ''Sunspots'' can also refer to the related concept of extrinsic uncertainty, that is, economic uncertainty that does not come from variation in economic fundamentals. David Cass and Karl Shell coined the term ''sunspots'' as a suggestive and less technical way of saying "extrinsic random variable". Use The idea that arbitrary changes in expectations might influence the economy, even if they bear no relation to fundamentals, is controversial but has been widespread in many areas of economics. For example, in the words of Arthur C. Pigou, :The varying expectations of business men... and nothing else, constitute the immediate cause and direct causes or antecedents of industrial fluctuations. 'Sunspots' have been included in economic models as a way of capturi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sunspot Equilibrium
In economics, the term sunspots (or sometimes "a sunspot") refers to an ''extrinsic'' random variable, that is, a random variable that does not affect economic fundamentals (such as endowments, preferences, or technology). ''Sunspots'' can also refer to the related concept of extrinsic uncertainty, that is, economic uncertainty that does not come from variation in economic fundamentals. David Cass and Karl Shell coined the term ''sunspots'' as a suggestive and less technical way of saying "extrinsic random variable". Use The idea that arbitrary changes in expectations might influence the economy, even if they bear no relation to fundamentals, is controversial but has been widespread in many areas of economics. For example, in the words of Arthur C. Pigou, :The varying expectations of business men... and nothing else, constitute the immediate cause and direct causes or antecedents of industrial fluctuations. 'Sunspots' have been included in economic models as a way of capturi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Cass
David Cass (January 19, 1937 – April 15, 2008) was a professor of economics at the University of Pennsylvania, mostly known for his contributions to general equilibrium theory. His most famous work was on the Ramsey–Cass–Koopmans model of economic growth. Biography David Cass was born in 1937 in Honolulu, Hawaii. He earned an A.B. in economics from the University of Oregon in 1958 and started to study law at the Harvard Law School as he thought of becoming a lawyer according to family tradition. As he hated studying law he left the program after one year and served in the army from 1959 to 1960. He then entered the economics Ph.D. program at Stanford University. Here he met Karl Shell, although the two began to work together only after both graduated. Cass's doctoral advisor was Hirofumi Uzawa, who also introduced him to Tjalling Koopmans, who at that time was a professor at Yale University. In 1965, Cass graduated with a Ph.D. in economics and statistics with a dissertatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overlapping Generations Model
The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth. In contrast, to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life. The OLG model is the natural framework for the study of: (a) the life-cycle behavior (investment in human capital, work and saving for retirement), (b) the implications of the allocation of resources across the generations, such as Social Security, on the income per capita in the long-run, (c) the determinants of economic growth in the course of human history, and (d) the factors that triggered the fertility transition. History The construction of the OLG model was inspired by Irving Fisher's monograph ''The Theory of Interest''.: It was first formulated in 1947, in the context of a p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Endogenous Growth Theory
Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces. Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run growth rate of an economy depends on policy measures. For example, subsidies for research and development or education increase the growth rate in some endogenous growth models by increasing the incentive for innovation. Models In the mid-1980s, a group of growth theorists became increasingly dissatisfied with common accounts of exogenous factors determining long-run growth. They favored a model that replaced the exogenous growth variable (unexplained technical progress) with a model in which the key determinants of growth w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Romer
Paul Michael Romer (born November 6, 1955) is an American economist and policy entrepreneur who is a University Professor in Economics at New York University. Romer is best known as the former Chief Economist of the World Bank and for co-receiving the 2018 Nobel Memorial Prize in Economic Sciences (shared with William Nordhaus) for his work in endogenous growth theory. He also coined the term "mathiness," which he describes as misuse of mathematics in economic research. Before joining NYU, Romer was a professor at the University of Chicago, the University of California, Berkeley, Stanford University's Graduate School of Business, and the University of Rochester. Romer was chief economist and senior vice president of the World Bank until he resigned in January 2018 following a controversy arising from his claim of possible political manipulation of Chile's "ease of doing business" ranking. Romer took leave from his position as professor of economics at NYU when he joined the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product, or real GDP. Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income). The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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