Jean Tirole’s Nobel was for his transformative work on industrial organisation. In this Vox Talk Philippe Aghion talks about Tirole’s contribution. The interview was recorded in November 2014.
Macroecomics has changed in a number of ways since the global crisis. For example, there is now more emphasis on modeling the financial sector, self-fulfilling panics, herd behaviour and the new role of demand. This Vox Talk discusses these changes as well as those areas in macroeconomics that are currently perhaps not researched enough. Wouter den Haan explains the inadequacy of the conventional 'rational expectations' approach, quantitative easing, endogenous risk and deleveraging and refers to current CEPR research that reflects the changes. He concludes by reminding us that the 'baby boomers' issue could be the basis of the next crisis.
Global hyperconnectivity and increased system integration have led to vast benefits in terms of income, education, innovation and technology. Yet globalisation has also created serious concerns about how local events can so easily cascade over national borders to become crises that affect everyone. This Vox Talk discusses the widening gap between systemic risks and their effective management. Goldin argues that the new dynamics and complexities of globalisation are endemic and will potentially destabilise our societies unless they are addressed immediately and more effectively.
Many low-income countries and development organisations are calling for greater liberalisation of labour immigration policies in high-income countries. At the same time, human rights organisations and migrant rights’ advocates demand more equal rights for migrant workers. This Vox Talk discusses the tensions between human rights and citizenship rights and argues that you cannot always have both.
Contrary to widely held beliefs, the world has not yet begun to ‘delever’ and the global debt-to-GDP is still growing. Growth and inflation are also dangerously low. This Vox Talk discusses the findings and policy recommendations of the 16th Geneva Report. It argues that much more can and should be done to improve resilience to debt shocks and discourage excessive debt accumulation.