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Markus' Academy

MarkusAcademy

Princeton University's Markus Brunnermeier hosts conversations with leading academics and policymakers on the global economy, global politics, and artificial intelligence.

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August 25 · 1 hr 17 min
How to Think About Trade Imbalances | Markus' Academy | Ep. 139
Follow the link for the full summary: https://markusacademy.substack.com/p/how-to-think-about-trade-imbalances Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, January 30, Paul Krugman joined Markus’ Academy for a conversation. Paul Krugman is Professor Emeritus at Princeton University, the Distinguished Professor of Economics at the Graduate Center of the City University of New York and the 2008 recipient of the Nobel Prize in Economics.Timestamps:[00:00] Markus’ introduction[06:17] Addressing a new view about trade imbalances[34:02] Is deindustrialization a problem?[43:02] Is there a case for tariffs?[51:15] Q&A
August 25 · 1 hr 15 min
First Year of Javier Milei’s Presidency | Markus' Academy | Ep. 138
Follow the link for the full summary: https://markusacademy.substack.com/p/first-year-of-javier-mileis-presidency Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, January 23, Federico Sturzenegger joined Markus’ Academy. He is the Minister of Deregulation and State Transformation of the Argentine Republic, he teaches at the University of San Andrés in Buenos Aires (UdeSA) and at the Kennedy School of Government at Harvard University, USA. He is also Professor Honoris Causa at HEC Paris. Timestamps:[00:00] Markus’ introduction[08:16] Argentina in 2024[27:03] Two key deregulatory reforms[42:32] Regulation resistance and dynamics[58:05] Conclusion and Q&A
August 13 · 1 hr 1 min
The Future of Financial Intermediation | Markus' Academy | Ep. 130
Follow the link for the full summary: https://markusacademy.substack.com/p/the-future-of-financial-intermediation Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, October 3, Roberto Campos Neto joined Markus’ Academy for a conversation on The Future of Financial Intermediation. Roberto Campos Neto is a Brazilian economist and the current President of the Central Bank of Brazil. Timestamps:[9:12] The Central Bank of Brazil’s integrated agenda[28:24] The cross-border dimension[33:05] The Open Finance environment[39:03] Drex[54:38] Q&A
August 13 · 1 hr 18 min
The Big Shift in Globalization | Markus' Academy | Ep. 129
Follow the link for the full summary: https://markusacademy.substack.com/p/the-big-shift-in-globalization Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, June 27, Richard Baldwin joined Markus’ Academy for a conversation on the Big Shift in Globalization. Richard Baldwin is a Professor of International Economics at IMD Business School. Timestamps:[9:07] The third big shift in globalization[30:57] There is no alternative to the service export-led growth model[47:21] The future of trade is services[1:02:32] The emerging market miracle will continue and will be based on services[1:11:55] Will AI undermine the service- and export- based development model?
August 13 · 1 hr 25 min
Industrial Policy | Markus' Academy | Ep. 128
Follow the link for the full summary: https://markusacademy.substack.com/p/industrial-policy Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, June 20, Ernest Liu joined Markus’ Academy for a conversation on Industrial Policy. Ernest Liu is an Associate Professor of Economics and the Class of 1936 Bicentennial Preceptor at Princeton University. Timestamps:[0:00] Markus’ introduction and poll questions[7:31] Industrial policy and networks[14:36] Subsidizing upstream sectors to promote development (Liu, 2019)[44:11] Local incentives in multi-region economies (Chen et al., 2024)[54:32] Innovation networks and R&D allocation (Lui and Ma, 2024)[1:16:12] Coordination failures in the green transition and Conclusion (Aghion et al., 2024)
August 13 · 1 hr 11 min
India's Untraveled Path to Prosperity | Markus' Academy | Ep. 127
Follow the link for the full summary: https://markusacademy.substack.com/p/indias-untraveled-path-to-prosperity Link to sign up for the webinar series: https://markusacademy.substack.com/ On May 23, 2024, Raghuram Rajan and Rohit Lamba joined Markus’ Academy for a conversation on their new book “Breaking the Mold: India’s Untraveled Path to Prosperity.” Timestamps:[0:00] Markus’ introduction and poll questions[6:47] The old pathway to growth and India’s job problem[19:46] The new pathway[46:44] Q&A
August 13 · 1 hr
The Race to Regulate AI | Markus' Academy | Ep. 126
Follow the link for the full summary: https://markusacademy.substack.com/p/the-race-to-regulate-ai Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, April 25, Luis Videgaray joined Markus’ Academy for a conversation. Luis Videgaray is a Senior Lecturer at MIT Sloan and the Director of MIT AI Policy for the World Project. He is also the former Foreign Minister and Finance Minister of Mexico. Timestamps:[0:00] Introduction and poll questions[10:59] The race to regulate AI[28:19] Designing AI Laws[37:28] Why is it so hard to regulate AI?[47:55] Q&A
August 13 · 1 hr 14 min
Unlocking Economic Data with LLMs | Markus' Academy | Ep. 125
Follow the link for the full summary: https://markusacademy.substack.com/p/unlocking-economic-data-with-llms Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, March 28, Sergio Correia joined Markus’ Academy for a conversation. Sergio Correia is an economist at the Board of Governors of the Federal Reserve System in the Division of Financial Stability. Timestamps:[0:00] Introduction and poll questions[3:55] Why should we use AI to create data?[25:50] The basics of embeddings[47:02] LLMs and GPT[58:15] Designing a good RAG is difficult
August 13 · 1 hr 17 min
Networks in Contagion and Resilience | Markus' Academy | Ep. 124
Follow the link for the full summary: https://markusacademy.substack.com/p/networks-in-contagion-and-resilience Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, March 21, Benjamin Golub joined Markus’ Academy for a conversation. Benjamin Golub is a professor of economics and computer science at Northwestern University. Timestamps:[0:00] Markus’ introduction and poll questions:[6:50] The basic network toy model[19:31] How does this fit into economics?[31:18] How do networks matter intuitively? A second toy model[45:54] Supply chain formation and fragility
August 13 · 1 hr 6 min
Monetary Policy at an Unusual Time | Markus' Academy | Ep. 123
Follow the link for the full summary: https://markusacademy.substack.com/p/monetary-policy-at-an-unusual-time Link to sign up for the webinar series: https://markusacademy.substack.com/ On February 29, 2024, Austan Goolsbee joined Markus’ Academy. Austan Goolsbee is the President and Chief Executive Officer of the Federal Reserve Bank of Chicago. Timestamps:[0:00] Markus’ introduction and poll questions[8:06] The Golden Path and Inflation Dynamics: (1) Supply chains and (2) the labor market[26:01] The Golden Path and Inflation Dynamics: (3) Puzzles in housing inflation and (4) productivity growth[54:25] A note on non-bank financial institutions[59:18] This time, ending on a cautious note
August 13 · 59 min
A Brief History of Equality | Markus' Academy | Ep. 122
Follow the link for the full summary: https://markusacademy.substack.com/p/a-brief-history-of-equality Link to sign up for the webinar series: https://markusacademy.substack.com/ On February 8, 2024, Thomas Piketty joined Markus’ Academy for a conversation on his book, A Brief History of Equality. Thomas Piketty is a Professor of Economics and Economic History at EHESS and at the Paris School of Economics as well as co-director of the World Inequality Lab and the World Inequality Database. Timestamps:[0:00] Markus’ introduction and poll questions[5:26] The state of equality today[21:45] Brief history of equality[34:21] How did the transformation happen?[42:52] Looking to the future
August 13 · 1 hr 8 min
The Ukrainian War Economy | Markus' Academy | Ep. 121
Follow the link for the full summary: https://markusacademy.substack.com/p/the-ukrainian-war-economy Link to sign up for the webinar series: https://markusacademy.substack.com/ On February 2, 2024, Yuriy Gorodnichenko joined Markus’ Academy. Gorodnichenko is the inaugural Quantedge Presidential Chair in Economics at UC Berkeley. Timestamps:[0:00] Markus’ introduction and poll questions[7:06] The size of the shock[16:39] Reduced productive capacity[30:30] External imbalances[34:37] Fiscal challenges[44:15] Financial stability[50:32] Extreme uncertainty[1:02:35] Ending on a positive note
August 7 · 1 hr 12 min
We've Got You Covered: Rebooting American Healthcare | Markus' Academy | Ep. 120
Follow the link for the full summary: https://markusacademy.substack.com/p/weve-got-you-covered-rebooting-american Link to sign up for the webinar series: https://markusacademy.substack.com/ On December 14, 2023, Amy Finkelstein joined Markus’ Academy for a conversation on her book with Liran Einav: We’ve Got You Covered: Rebooting American Health Care. Amy Finkelstein is the John Jennie S. MacDonald Professor of Economics at MIT. Timestamps:[00:00] Markus’ introduction and poll questions[6:25] The three problems of the US healthcare system[21:23] Function before form[38:59] Writing the Unwritten Contract[59:14] Q&A
August 7 · 1 hr 27 min
The Crisis of Democratic Capitalism | Markus' Academy | Ep. 119
Follow the link for the full summary: https://markusacademy.substack.com/p/the-crisis-of-democratic-capitalism Link to sign up for the webinar series: https://markusacademy.substack.com/ On December 07, 2023, Martin Wolf joined Markus’ Academy for a discussion on his book The Crisis of Democratic Capitalism. Wolf is the associate editor and chief economics commentator at the Financial Times. Timestamps:[00:00] Introduction[8:00] The democratic recession[28:36] How democratic capitalism was born[50:59] Unhappy high income democracies[1:06:36] Democratic capitalism in the world
August 7 · 1 hr 22 min
Long Term Resilience | Markus' Academy | Ep. 118
Follow the link for the full summary: https://markusacademy.substack.com/p/long-term-resilience Link to sign up for the webinar series: https://markusacademy.substack.com/ On November 30, 2023, Bruce Greenland joined Markus’ Academy. Greenwald is the Robert Heilbrunn Professor Emeritus of Finance and Asset Management at Columbia Business School and the academic Director of the Heilbrunn Center for Graham & Dodd Investing. Timestamps:[0:00] Markus’ introduction:[8:11] Two kinds of resilience[35:51] The transformation from manufacturing to services[50:12] The problems with policies that reject the transition[1:13:33] The end of the export-led development model[1:18:10] The bottom line
August 7 · 1 hr 23 min
Argentina at the Crossroads: Perils of Dollarization | Markus' Academy | Ep. 117
Follow the link for the full summary: https://markusacademy.substack.com/p/argentina-at-the-crossroads-perils Link to sign up for the webinar series: https://markusacademy.substack.com/ On November 21, 2023, Ivan Werning joined Markus’ Academy to present his work on the Argentinian economy. Werning is the Robert M. Solow Professor of Economics at MIT. He was also joined by two of his doctoral students: Tomás E. Caravello and Pedro Martínez-Bruer. Timestamps:[0:00] Markus’ introduction[6:50] Argentina at the Crossroads[27:07] The pros and cons of dollarization[39:17] A summary of the the perils with dollar shortages[47:22] Details on ex ante shortages: A Chronicle of an Inflation Foretold[1:09:27] Details on ex post shortages: Dollarization Dynamics
August 7 · 1 hr 18 min
Is Economic Failure an Economics Failure? | Markus' Academy | Ep. 116
Follow the link for the full summary: https://markusacademy.substack.com/p/is-economic-failure-and-economics Link to sign up for the webinar series: https://markusacademy.substack.com/ On October 17, 2023, Lawrence H. Summers & Angus Deaton joined Markus’ Academy. Angus Deaton is the Dwight D. Eisenhower Professor Emeritus of Economics and International Affairs at Princeton University. He is the recipient of the 2015 Nobel Prize in Economics. Lawrence H. Summers is the Charles W. Eliot University Professor and President Emeritus of Harvard University. He has served in a series of senior policy positions, including Secretary of the Treasury for President Clinton, Director of the National Economic Council for President Obama and Vice President of Development Economics and Chief Economist of the World Bank.
August 7 · 1 hr 25 min
Developing a Global Hydrogen Market | Markus' Academy | Ep. 115
Follow the link for the full summary: https://markusacademy.substack.com/p/developing-a-global-hydrogen-market Link to sign up for the webinar series: https://markusacademy.substack.com/ On July 14, 2023, Veronika Grimm joined Markus’ Academy for a lecture on Developing a Global Hydrogen Market. Veronika Grimm is a full professor of economics at Friedrich-Alexander-Universität Erlangen-Nürnberg (FAU). She is also a member of the German Council of Economic Experts. Timestamps:[0:00] Markus’ introductory remarks[12:26] Demand for hydrogen[26:59] How is green hydrogen produced?[33:22] Hydrogen transport[52:06] Where we stand[55:20] Developing a global hydrogen market: a two-sided “H2Global” auction
August 7 · 1 hr 13 min
Power and Progress: Technology and Prosperity | Markus' Academy | Ep. 114
Follow the link for the full summary: https://markusacademy.substack.com/p/power-and-progress-technology-and Link to sign up for the webinar series: https://markusacademy.substack.com/ On June 14, 2023, Daron Acemoglu joined Markus’ Academy for a lecture on his book Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity. Acemoglu is the Elizabeth and James Killian Professor of Economics in the Department of Economics at the Massachusetts Institute of Technology, and is one of the recipients of the 2024 Nobel Prize in Economics. Timestamps:[0:00] Introduction[9:02] Is the “productivity bandwagon” guaranteed?[24:19] Should we prevent harmful innovations? Wrong question[32:03] How can we secure shared prosperity? New tasks and worker power[40:19] Could AI be different?[49:26] What can we do?
August 7 · 1 hr 6 min
A.I. Dilemma: Growth versus Existential Risk | Markus' Academy | Ep. 113
Follow the link for the full summary: https://markusacademy.substack.com/p/ai-dilemma-growth-versus-existential Link to sign up for the webinar series: https://markusacademy.substack.com/ On May 26, 2023, Chad Jones joined Markus’ Academy to present his paper on the A.I. Dilemma: Growth versus Existential Risk. Jones is the STANCO 25 Professor of Economics at Stanford Graduate School of Business and a research associate of the National Bureau of Economic Research. Timestamps:[00:00] Introduction[8:50] The dual nature of A.I.[14:26] The simple model[41:02] The richer model

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