U. S. Department of the Treasury, Cash Room
Washington, DC
The U.S. Office of Financial Research and the University of Michigan’s Center on Finance, Law, and Policy will bring together regulators, policymakers, lawyers, economists, financial institutions, investors, financial technology companies, and experts on data science, cybersecurity, and finance.
David Atkin, MIT on A New Engel on the Gains from Trade. Measuring the gains from trade and their distribution is challenging. Recent empirical contributions have addressed this challenge by drawing on rich and newly available sources of microdata to measure changes in household nominal incomes and price indices. While such data have become available for some components of household welfare, and for some locations and periods, they are typically not available for the entire consumption basket. In this paper, we propose and implement an alternative approach that uses rich, but widely available, expenditure survey microdata to estimate theory-consistent changes in income-group specific price indices and welfare. Our approach builds on existing work that uses linear Engel curves and changes in expenditure on income-elastic goods to infer unobserved real incomes. A major shortcoming of this approach is that while based on non-homothetic preferences, the price indices it recovers are homothetic and hence are neither theory consistent nor suitable for distributional analysis when relative prices are changing. To make progress, we show that we can recover changes in income-specific price indices and welfare from horizontal shifts in Engel curves if preferences are quasi-separable (Gorman, 1970; 1976) and we focus on what we term “relative Engel curves”. Our approach is flexible enough to allow for the highly non-linear Engel curves we document in the data, and for non-parametric estimation at each point of the income distribution. We first implement this approach to estimate changes in cost of living and household welfare using Indian microdata. We then revisit the impacts of India’s trade reforms across regions.
This webinar on January 29, 2019 was jointly hosted by CLOSUP and the Michigan Municipal League. The webinar features Professor Manny Teodoro from Texas A&M University, speaking on water and sewer system finance and policy, including how to measure affordability, and policy options for rate structures and related issues.
Paul Krugman is an economist and prolific writer who divides his energies among many pursuits: he is professor of economics and international affairs at Princeton University, a centenary professor at the London School of Economics, and, perhaps, his best-known job, an op-ed columnist for The New York Times. Krugman was recently honored for his work on global trade patterns by winning the 2008 Nobel Memorial Prize in Economic Sciences.
Policy Talks @ the Ford School Free and open to the public. Reception to follow. Paperback editions of Lawrence Lessig's book, Republic, Lost: How Money Corrupts Congress–and a Plan to Stop It will be available for purchase at the event. Professor Lessig will sign copies of his book during the reception. Join in on the conversation on Twitter: #fordschoollessig This event is co-sponsored by the Michigan Campaign Finance Network. From the speaker's bio: Lawrence Lessig is the Roy L.
Sir Tony Atkinson Warden, Nuffield College, Oxford. Sir Tony Atkinson is internationally known for his work on inequality and income distribution He has been the Warden of Nuffield College, University of Oxford since 1994, and has been involved as an advisor to the European Union on social policy issues. This lecture was the keynote address for the conference, 'Changing Social Policies for Low-Income Families and Less-Skilled Workers in the EU and the U.S.,' jointly sponsored by the
Traditionally, central banks have served three policy functions – monetary policy, payments systems oversight, and financial institution supervision. This conference will convene international experts and practitioners to examine how these core functions contribute to financial inclusion, poverty alleviation, and a more inclusive economy – and what could be improved.The conference contributes to a research initiative undertaken by the University of Michigan’s Center on Finance, Law & Policy, in partnership with the Bill & Melinda Gates Foundation to consider how the role of a central bank could evolve in the future and enable central banks to make greater contributions toward financial inclusion. Ultimately, the research intends to identify technologies, processes, or tools that could benefit a central bank in supporting public policy objectives related to inclusion, and consider whether other sectors, including philanthropy, might have a role to play in supporting the development of those tools. Registration to the event is free. Speakers and attendees will include individuals from standards-setting bodies, central banks and other financial regulators, and policymakers, as well as futurists and technologists, and other financial ecosystem stakeholders.For more information visit http://financelawpolicy.umich.edu.
um3detroit is an interdisciplinary gathering that brings together U-M's three campuses along with Detroit community partners to share and strengthen our connections to Detroit and each other.
Do you want to learn more about the federal budget and how to bring the national debt to more sustainable levels? Join the Committee for a Responsible Federal Budget in an interactive exercise with The Debt Fixer.
Interested in a career in Finance or Technology? Learn More From Professor Adrienne Harris!Adrienne A. Harris is a Professor of the Practice at the University of Michigan, as well as a Gates Foundation Senior Research Fellow with the Center for Finance, Law and Policy at the University. Adrienne also advises fintech companies, incumbent financial institutions, and large venture capital firms. Most recently, Adrienne was the Chief Business Officer and General Counsel a San Francisco-based, insur-tech start-up for which she is now an Advisor. Adrienne was a Special Assistant to President Obama for Economic Policy at the National Economic Council in the Obama White House. She spearheaded the development of the Administration’s fintech strategy, chairing both the Interagency Fintech Working Group and the Administration’s Distributed Ledger Technology Task Force. She came to the White House from the U.S. Department of Treasury where she served as Senior Advisor to the Deputy Secretary. Prior to coming to Washington, D.C., Adrienne was an Associate at Sullivan & Cromwell LLP in New York, where her practice included representing financial institutions in complex regulatory proceedings and M&A transactions. Adrienne earned her M.B.A. from New York University Stern School of Business with specializations in Economics and Management, her J.D. from Columbia University Law School, and her B.A. from Georgetown University.
Please join us as Janet Yellen visits the University of Michigan for a conversation with Susan M. Collins, Joan and Sanford Weill Dean of the Gerald R. Ford School of Public Policy.
An illustrious group of Michigan graduates from fields such as economics, education, political science, psychology, public policy, social work, sociology, and women’s studies will discuss past, present, and future research on issues related to gender, race, poverty, inequality, and economic mobility.
This talk will show how children’s chances of climbing the income ladder vary across neighborhoods, analyze the sources of racial disparities in intergenerational mobility, and discuss the role of higher education in creating greater income mobility.
The Center on Finance, Law & Policy at the University of Michigan is an interdisciplinary research center which draws together faculty and students from more than a dozen of Michigan’s nineteen schools and colleges to work on a broad range of...
This course surveys what we do and don't know about economic growth and poverty alleviation in developing countries. We begin by discussing alternative perspectives on the goals of...
This course will provide an overview of recent Japanese economic history and the current state of the Japanese economy. We will consider what economic policymakers around the world can learn from...
