Fellows of the Econometric Society
Janet Yellen appears to have open path to leadership of Federal Reserve
Janet Yellen, federal reserve vice chairwoman, became the front-runner in the search for the next chairman of the Fed right after candidate Larry Summers withdrew his name from consideration. Summers ultimately feared a divided Congress would prevent his approval. Yellen is expected to maintain much of the Fed’s current policies.
Two Americans Win the Nobel Prize in Economics
The models for market design and matching theory were developed by Lloyd Shapley and Alvin Roth, two American economists who were awarded the Nobel Prize in economics this week for their work. While their work may not directly address the turmoil of the world markets today, it does have life-altering results for humanity. Shapley, a professor emeritus at […]
Measuring Wealth, One Big Mac at a Time
How do you compare the wealth of nations? An economics professor at Princeton University thinks such a big question has a bite-sized answer: buy a Big Mac. Orley Ashenfelter is the author of the Big Mac Index, which measures a country’s wealth based on a McDonalds worker’s average wage and the cost of a Big […]
Nobel Laureate Joseph Stiglitz on America’s Lost Decade
We’re all witnessing a historical moment in the Middle East, as Libya prepares for the end of Moammar Gadhafi’s rule. And while the revolution that has taken six months to occur is in many ways remarkable, Americans may also be in the midst of our own, quieter moment in history: a lost decade. The recession has […]