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Rudiger Dornbusch
Rüdiger Dornbusch (June 8, 1942 – July 25, 2002) was a German economist who worked in the United States for most of his career. Early life and education Dornbusch was born in Krefeld in present-day North Rhine-Westphalia. After completing his secondary education at the Gymnasium am Moltkeplatz in Krefeld, he went to study abroad. He received his ''Licence en Sciences Politiques'' from the University of Geneva's Graduate Institute of International Studies in 1966, where he also stayed on for a year as an assistant in economics. He subsequently moved to the United States, where he obtained his Ph.D. in economics from the University of Chicago. Career He briefly worked as a lecturer in the Graduate School of Business at the University of Chicago. For two years he stayed at the University of Rochester as an assistant professor in the Department of Economics, followed by a year as associate professor of International Economics, again in the Graduate School of Business of the Unive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Keynesian Economics
New Keynesian economics is a school of macroeconomics that strives to provide microfoundations, microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroeconomics. Two main assumptions define the New Keynesian approach to macroeconomics. Like the New Classical approach, New Keynesian macroeconomic analysis usually assumes that households and firms have rational expectations. However, the two schools differ in that New Keynesian analysis usually assumes a variety of market failures. In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can become "Sticky (economics), sticky", which means they do not adjust instantaneously to changes in economic conditions. Wage and price stickiness, and the other market failures present in New Keynesian Model (macroeconomics), models, imply that the economy may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Krugman
Paul Robin Krugman ( ; born February 28, 1953) is an American economist, who is Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ''The New York Times''. In 2008, Krugman was the winner of the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services. Krugman was previously a professor of economics at MIT, and later at Princeton University. He retired from Princeton in June 2015, and holds the title of professor emeritus there. He also holds the title of Centennial Professor at the London School of Economics. Krugman was President of the Eastern Economic Association in 2010, and is among the most influential economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mundell–Fleming Model
The Mundell–Fleming model, also known as the IS-LM-BoP model (or IS-LM-BP model), is an economic model first set forth (independently) by Robert Mundell and Marcus Fleming. Reprinted in Reprinted in The model is an extension of the IS–LM model. Whereas the traditional IS-LM model deals with economy under autarky (or a closed economy), the Mundell–Fleming model describes a small open economy. The Mundell–Fleming model portrays the short-run relationship between an economy's nominal exchange rate, interest rate, and output (in contrast to the closed-economy IS-LM model, which focuses only on the relationship between the interest rate and output). The Mundell–Fleming model has been used to argue that an economy cannot simultaneously maintain a fixed exchange rate, free capital movement, and an independent monetary policy. An economy can only maintain two of the three at the same time. This principle is frequently called the " impossible trinity," "unholy trinity," "irre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overshooting Model
The overshooting model, or the exchange rate overshoot hypothesis, first developed by economist Rudi Dornbusch, is a theoretical explanation for high levels of exchange rate volatility. The key features of the model include the assumptions that goods' prices are sticky, or slow to change, in the short run, but the prices of currencies are flexible, that arbitrage in asset markets holds, via the uncovered interest parity equation, and that expectations of exchange rate changes are "consistent": that is, rational. The most important insight of the model is that adjustment lags in some parts of the economy can induce compensating volatility in others; specifically, when an exogenous variable changes, the short-term effect on the exchange rate can be greater than the long-run effect, so in the short term, the exchange rate ''overshoots'' its new equilibrium long-term value. Dornbusch developed this model back when many economists held the view that ideal markets should reach equilibr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Economics
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. * International trade studies goods and services flows across international boundaries from supply-and-demand factors, economic integration, international factor movements, and policy variables such as tariff rates and trade quotas. * International finance studies the flow of capital across international financial markets, and the effects of these movements on exchange rates. * International monetary economics and international macroeconomics study flows of money across countries and the resulting effects on their economies as a whole. * International political economy, a sub-category of interna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Chicago Graduate School Of Business
The University of Chicago Booth School of Business (Chicago Booth or Booth) is the graduate business school of the University of Chicago. Founded in 1898, Chicago Booth is the second-oldest business school in the U.S. and is associated with 10 Nobel laureates in the Economic Sciences, more than any other business school in the world. The school has the third-largest endowment of any business school. Notable Chicago Booth alumni include James O. McKinsey, founder of McKinsey & Company; Susan Wagner, co-founder of Blackrock; Eric Kriss, co-founder of Bain Capital; Satya Nadella, current CEO of Microsoft; and other current and former CEOs of Fortune 500 companies such as Allstate Insurance, Booz Allen Hamilton, Cargill, Chevron, Credit Suisse, Dominos, Goldman Sachs, IBM, Morgan Stanley, Morningstar, PIMCO, and Reckitt Benckiser. History The University of Chicago Booth School of Business traces its roots back to 1898 when university faculty member James Laurence Laughlin cha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Rhine-Westphalia
North Rhine-Westphalia (german: Nordrhein-Westfalen, ; li, Noordrien-Wesfale ; nds, Noordrhien-Westfalen; ksh, Noodrhing-Wäßßfaale), commonly shortened to NRW (), is a States of Germany, state (''Land'') in Western Germany. With more than 18 million inhabitants, it is the List of German states by population, most populous state of Germany. Apart from the city-states, it is also the List of German states by population density, most densely populated state in Germany. Covering an area of , it is the List of German states by area, fourth-largest German state by size. North Rhine-Westphalia features 30 of the 81 German municipalities with over 100,000 inhabitants, including Cologne (over 1 million), the state capital Düsseldorf, Dortmund and Essen (all about 600,000 inhabitants) and other cities predominantly located in the Rhine-Ruhr metropolitan area, the largest urban area in Germany and the fourth-largest on the European continent. The location of the Rhine-Ruhr at the h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overshooting Model
The overshooting model, or the exchange rate overshoot hypothesis, first developed by economist Rudi Dornbusch, is a theoretical explanation for high levels of exchange rate volatility. The key features of the model include the assumptions that goods' prices are sticky, or slow to change, in the short run, but the prices of currencies are flexible, that arbitrage in asset markets holds, via the uncovered interest parity equation, and that expectations of exchange rate changes are "consistent": that is, rational. The most important insight of the model is that adjustment lags in some parts of the economy can induce compensating volatility in others; specifically, when an exogenous variable changes, the short-term effect on the exchange rate can be greater than the long-run effect, so in the short term, the exchange rate ''overshoots'' its new equilibrium long-term value. Dornbusch developed this model back when many economists held the view that ideal markets should reach equilibr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ilan Goldfajn
Ilan Goldfajn (born 12 March 1966) is an Israeli-born Brazilian economist, former governor of the Central Bank of Brazil and former director of the International Monetary Fund's Western Hemisphere Department. In December 2022, he became president of the Inter-American Development Bank. Biography Goldfajn was born in Haifa, Israel. He graduated in economics from the Federal University of Rio de Janeiro, received a master's degree from the Pontifical Catholic University of Rio de Janeiro and a doctorate from MIT. He was appointed to the position of governor of the Central Bank of Brazil by Minister of Finance Henrique Meirelles on May 12, 2016. He oversaw the implementation of significant regulatory changes that opened the door to new players in the financial services industry, spurred innovation and digitalization, and fostered the growth of fintech companies, all of which bolstered Brazil’s financial sector. Goldfajn was chosen central banker of the year by The Banker magazine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
José De Gregorio
José De Gregorio Rebeco (born August 17, 1959) is a Chilean economist, academic, researcher, consultant and politician. He has been the Governor of the Central Bank of Chile, Minister of the Economy, Mining and Energy during the administration of Ricardo Lagos and is currently the Dean of the School of Economics and Business of the Universidad de Chile. He is also a nonresident Senior Fellow at the Peterson Institute for International Economics. Biography He is the son of José De Gregorio Aroca, who was Secretary General of the Christian Democratic Party during the governments of Eduardo Frei Montalva, Salvador Allende, and even for some time in hiding under the regime of Augusto Pinochet, and of María Rebeco Castro, professor, who was the Headmistress of the Liceo Nº1 Javiera Carrera for girls. In 1984, he married Soledad Aninat and they have 4 children. Studies He completed his primary and secondary school studies at the Luis Campino Institute of Humanities in Santiago ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christina Romer
Christina Duckworth Romer (née Duckworth; born December 25, 1958) is the Class of 1957 Garff B. Wilson Professor of Economics at the University of California, Berkeley and a former chair of the Council of Economic Advisers in the Obama administration. She resigned from her role on the Council of Economic Advisers on September 3, 2010. After her nomination and before the Obama administration took office, Romer worked with economist Jared Bernstein to co-author the administration's plan for recovery from the 2008 recession. In a January 2009 video presentation, she discussed details of the job creation program that the Obama administration submitted to Congress. Early life Romer was born in Alton, Illinois. She graduated from GlenOak High School in Canton, Ohio in June 1977. She obtained her bachelor's degree in economics from The College of William & Mary in 1981, and her Ph.D. from the Massachusetts Institute of Technology in 1985. Her doctoral advisors were Rudi Dornbusch and Pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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