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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110 episodes
Updated Saturday

Episodes110

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June 11 · 1 hr 4 min
COVID-19, Debt Monetization, and Lessons from War Financing | Markus' Academy | Ep. 10
Follow the link for the full summary: https://markusacademy.substack.com/p/covid-19-debt-monetization-and-lessons Link to sign up for the webinar series: https://markusacademy.substack.com/ On April 24, 2020, Harold James joined Markus' Academy for a webinar on the history of war financing and lessons for COVID-19. James is a Professor of History and International Affairs at Princeton University. Download the slides here. Timestamps: [0:00] Markus’ introduction [17:39] James’ presentation begins [18:29] Learning from past disasters? [19:34] Wartime [21:29] The immediate response [31:26] Central bank financing [35:51] Inflation [36:38] Dramatic changes in relative prices [39:45] Two contrasting models: UK/US vs. Central Europe [44:52] Postwar monetary and fiscal management [46:09] German inflation, 1914-1923 [47:31] Taxation (US) [50:43] Non-financial corporate debt [51:56] Longer-term perspectives [56:55] Exceptionality of 1945-1979 Period [58:44] Audience questions
June 11 · 1 hr 5 min
Capital Flows to Emerging Market Economies and “Original Sin Redux” | Markus' Academy | Ep. 09
Follow the link for the full summary: https://markusacademy.substack.com/p/capital-flows-to-emerging-market Link to sign up for the webinar series: https://markusacademy.substack.com/ On April 20, 2020, Hyun Song Shin joined Markus' Academy for a webinar on capital flows to emerging market economies. Shin is the Economic Adviser and the Head of Research for the Bank for International Settlements. Download the slides here. Timestamps: [0:00] Markus’ introduction: [21:23] Beginning of Song Shin presentation [23:15] Lenders lend to their own currency [24:06] Private-sector borrowers are subject to the “original sin” [24:34] Canadian corporate bond issuance [27:14] Exception is the US and US dollar [27:32] US Corporate bonds issuance [28:28] Liabilities side of lenders balance sheet looms into view [30:40] Audience Questions/Clarifications [33:46] Lessons from the 1990s EME financial crises [35:16] Overcoming original sin: [40:28] Duration measures [43:18] EME local currency sovereign bond returns, January 2013 - October 2018 [48:40] Advanced economies sovereign bond returns, January 2013 - October 2018 [50:24] Domestic Market Lenders Questions [53:07] Covid-19 Shock in March [54:19] Foreign ownership in EME local currency bond markets [59:50] US dollar and local currency returns vis-â-vis yield changes [1:00:20] Monetary policy frameworks
June 11 · 1 hr 21 min
International Trade and Supply Chains after COVID-19 | Markus' Academy | Ep. 08
Follow the link for the full summary: https://markusacademy.substack.com/p/international-trade-and-supply-chains Link to sign up for the webinar series: ⁠https://markusacademy.substack.com/ On April 17, 2020, Pinelopi Goldberg joined the Bendheim Center for Finance for a seminar on how COVID-19 might impact international trade and supply chains. Goldberg is a Professor of Economics at Yale University and a former Chief Economist at the World Bank. Download the slides here. Timestamps: [0:00] Markus’ introduction [14:22] Beginning of Goldberg presentation [17:13] Road map for this talk [17:51] What is a Global Value Chain [21:10] Which countries participate in Global Value Chains [22:10] GVC expansion in the last four decades [23:28] Transmission Phase [29:40] Trade, GVCs and Crisis Management [43:19] Would a national focus solve problems for critical products? [47:55] Need for Global Coordination [53:56] Economic Effects of GVCs [59:45] The Nature of the Shocks [1:02:48] Effects on countries depends on where countries are located in the global value chain [1:05:28] Expected Economic Effects in the GVC Era [1:07:09] Long Run Implications? [1:11:56] Audience Q&A
June 11 · 1 hr 4 min
What COVID-19 means for Inequality and “Deaths of Despair” | Markus' Academy | Ep. 07
Follow the link for the full summary: https://markusacademy.substack.com/p/what-covid-19-means-for-inequality Link to sign up for the webinar series: https://markusacademy.substack.com/ On April 13, 2020, Nobel Laureate Sir Angus Deaton joined Markus' Academy for a seminar on the implications of COVID-19 for inequality and “deaths of despair.” Deaton is a Professor of Economics and International Affairs Emeritus at the Woodrow Wilson School and the Economics Department at Princeton University and a 2015 recipient of the Nobel Prize in Economics. He is the co-author, along with Professor Anne Case, of Deaths of Despair and the Future of Capitalism, now available from Princeton University Press. Download the slides here. Timestamps: [0:00] Markus’ introduction [13:06] Deaton presentation begins [13:41] Background: Synopsis of the book [17:12] Analogy with deaths from coronavirus? [19:43] Evidence and arguments [26:35] Maybe this recession is different? [28:44] Effects on life expectancy [30:31] Deaths: Additions and subtractions [34:57] Healthcare industry [39:01] Smith’s “Absurd and Oppressive Monopolies" [40:42] Healthcare and COVID-19 [42:35] The villain scenario [43:53] COVID-19 and inequality [50:28] India [52:55] Less clear long run [56:17] Audience Q&A
June 10 · 1 hr 8 min
The Future Social and Political Implications of COVID-19 | Markus Academy | Ep. 06
Follow the link for the full summary: https://markusacademy.substack.com/p/the-future-social-and-political-implications Explore the webinar series: https://markusacademy.substack.com/archive On April 10, 2020, Tyler Cowen joined Princeton's Bendheim Center for Finance for a seminar on the future social and political implications of Covid-19. Tyler Cowen is a Professor of Economics at George Mason University and a co-author of the Marginal Revolution blog on economics and economic policy. Download the slides here.* Timestamps: [0:00] Markus' introduction [12:26] Beginning of Cowen's presentation [14:58] Public opinion on China [17:53] How voters see politicians [21:53] Left, right, and center political views [31:31] Business world and well-capitalized firms [40:02] Deglobalization and less immigration [53:19] Social distancing [55:05] Which countries/sectors will recover most quickly [58:36] United States, rising or falling
June 5 · 1 hr 6 min
What it Will Take to Save The Economy from COVID-19 | Markus Academy | Ep. 05
Follow the link for the full summary: https://markusacademy.substack.com/p/what-it-will-take-to-save-the-economy Explore the webinar series: https://markusacademy.substack.com/archive On April 6, 2020, Olivier Blanchard joined Markus' Academy for a seminar on how COVID-19 has impacted the global economy—and what it will take to recover from this unprecedented crisis. Blanchard is a Senior Fellow at the Peterson Institute in Washington, D.C. and a former Chief Economist at the IMF. Download the slides here.* Timestamps: [0:00] Markus' introduction [6:48] Beginning of Blanchard presentation [9:09] Phase 1, decreasing the infection rate [11:03] Phase 2, keeping the infection rate low [14:16] Developing and emerging markets [17:59] Infection fighting [22:24] Disaster Relief [27:43] Control of aggregate demand [32:21] Debt sustainability [36:18] The important fiscal role of central banks [39:50] Back to developing and emerging markets [41:23] The role of central banks and international institutions [45:25] Audience questions
June 5 · 1 hr 2 min
How to Re-start the Economy after COVID-19 | Markus Academy | Ep. 04
Follow the link for the full summary: https://markusacademy.substack.com/p/how-to-re-start-the-economy-after Explore the webinar series: https://markusacademy.substack.com/archive On April 3, 2020, Nobel laureate Paul Romer joined the Princeton Bendheim Center for Finance for a seminar on the economic impact of the COVID-19 pandemic and strategies for re-starting the economy once social distancing measures are lifted. Paul Romer is a Professor of Economics at New York University. Download the slides here.* Timestamps: [0:00] Markus' introduction [6:08] Beginning of Romer's presentation [9:33] COVID-19 crisis in relation to the Financial Crisis of 2007-8 [13:16] A more efficient strategy [24:01] Developing countries [28:52] Masks, testing and contact tracing [48:13] Learning from other countries [51:09] Audience questions
April 6 · 56 min
Integrating Economics and Epidemiology to Fight COVID-19 | Markus Academy | Ep. 03
Follow the link for the full summary: https://markusacademy.substack.com/p/integrating-economics-and-epidemiology Explore the webinar series: https://markusacademy.substack.com/archive On March 30, 2020, Ramanan Laxminarayan joined Markus' Academy for a seminar on integrating economics and epidemiology to fight COVID-19 in India and around the world. Laxminarayan is a Senior Research Scholar and Lecturer at the Princeton Environmental Institute and Founder and Director of the Center for Disease Dynamics, Economics & Policy (CDDEP) in Washington, D.C. and New Delhi. Download the slides here.* Timestamps: [0:00] Markus' Introduction [2:50] Beginning of Laxminarayan presentation [3:47] How long have we known about this [10:23] Human and institutional behavior in the context of epidemics [21:00] Building models in real time [45:18] Life on the front lines [48:22] Audience questions
April 6 · 1 hr 3 min
Evaluating U.S. Financial Stabilization Measures for COVID-19 | Markus Academy | Ep. 02
Follow the link for the full summary: https://markusacademy.substack.com/p/evaluating-us-financial-stabilization Explore the webinar series: https://markusacademy.substack.com/archive On March 26, 2020, Nellie Liang joined Markus' Academy. Liang is a Senior Fellow with the Hutchins Center on Fiscal and Monetary Policy at Brookings and a former director of the Division of Financial Stability at the Federal Reserve. Download the slides here.* Timestamps: [0:00] Markus' Introduction [8:24] Beginning of Liang presentation [9:05] US COVID-19 response [14:00] Authorities for providing liquidity [17:02] Overview of intervention types [18:05] Overview of asset classes [26:18] Asset purchases and repo [27:49] Traditional and novel lender of last resort [30:47] Credit markets [40:41] Macroprudential policies [45:05] Mainstreet business lending [48:46] Government commitments for systemic policies and government employee growth
April 6 · 1 hr 25 min
COVID-19 and Global Financial Markets | Markus Academy | Episode 01
Follow the link for the full summary: https://markusacademy.substack.com/p/covid-19-and-global-financial-markets Explore the webinar series: https://markusacademy.substack.com/archive On March 19, 2020, Torsten Slok joined Markus’ Academy for its first episode. Slok is the Chief Economist at Deutsche Bank. Download the slides here.* Timestamps: [0:00] Markus’ Introduction [19:49] Beginning of Slok’s presentation [21:36] Presentation outline [24:15] Before the virus [27:48] The virus [30:40] Financial market reaction to the virus [56:12] Fed and ECB reaction [58:02] Fiscal policy reaction [1:03:29] Macroeconomic implications [1:11:42] Audience questions