background preloader

TO READ

Facebook Twitter

Study Center Gerzensee: Open Course Ware. The Study Center publishes the teaching material of selected Central Bankers Courses and Doctoral Courses online. By providing access to all interested parties, free of charge, the Center aims at disseminating knowledge and supporting those who do not have the opportunity to attend courses in Gerzensee. The Open Course Ware initiative does not provide certification or access to faculty.

Publication of teaching material requires the author(s) consent. All rights remain with the author(s). Advanced Topics in Empirical Finance Michael Rockinger: Slide 1, Slide 2, Slide 3, Slide 4, Slide 5 Social and Economic Networks Matthew O. Advanced Topics in Macroeconometrics David DeJong: Slide 1, Slide 2, Slide 3, Slide 4, Slide 5, Slide 6, Slide 7, Slide 8, Slide 9, Slide 10, Slide 11 Empirical Legal Studies Jonathan Klick: Slide 1 Advanced Topics in Monetary Economics Carl Walsh: Slide1, Slide 2, Slide 3, Slide 4, Slide 5 International Finance Financial Crises and Regulatory Responses Liquidity Regulation. Once students went to university for education. Now it’s an ‘experience’ Thanks to Michael Ashcroft’s biography of David Cameron, we know more than we want to about the goings on in the Piers Gaveston Society at Oxford in the 80s.

At the other end of the political spectrum there would, of course, have been activist student clubs. Students have always made their own experiences. These days, though, things are different. While students once went to university to get a higher education, now they go to be given an “experience” by that university. The student experience is made for the student. Universities, jittery about how they will score in the national student survey, have invested in iconic new student centres, all airy atria containing banks of Macs (ideally).

They offer more and more “customer services”. In one sense all this is long overdue, after the neglect some students may have experienced in the past. First, universities are meant to be places for exploration and experimentation. Top-down student services have to be planned. Why idealism isn't just for dreamers – video. Hysterical consumerism ruins food. And holidays. And books | Emma Brockes. Halloween is still a month away, but everything on the shelves has been removed and replaced with a nightmare version of itself. Why does the approach of a fixed point in the liturgical calendar mean my salad dressing turns to pumpkin syrup? In one of her more accessible locutions, Gertrude Stein asked: “Must things have something to do with everything?” I couldn’t help but think about that this week while shopping at Trader Joe’s.

The answer is that Halloween is a big thing, and salad is a big thing, and people love pumpkin and people love salad, so by the current laws of marketing, all those things needs must combine (along with pumpkin and bread, cookies, vodka, coffee and scores of other groceries). Brand extension, the capitalist form of mission creep, has been around for a long time and, although it’s hit or miss – Richard Branson’s Virgin Brides springs to mind – it makes a certain amount of commercial sense.

But retailers know us too well. Why aren’t cats loyal? You asked Google – here’s the answer | John Bradshaw. It must be tough, being a cat and not a dog. Thousands of years before there was any such animal as a domestic cat, dogs had already run off with all the prizes for faithfulness, loyalty, and just being “man’s best friend”. Or rather, they would have run a short way and then turned right around and headed back again, because dogs’ place is, of course, by his master’s (or mistress’s) side.

Ever since the first cat tiptoed out of the wild and into a mouse-infested Neolithic village, cats have been struggling to catch up. Cats’ somewhat inexpressive faces don’t do them any favours. Whether he’s growling or “grinning” (actually a sign – inevitably – that he wants you to like him), it’s not difficult to get a rough idea of what a dog is thinking just from looking at his face, let alone all the other clues that come from his body language. It’s true that cats have different priorities to dogs. So cats are loyal, but mainly to places.

Le nombre d'hôpitaux en déficit a spectaculairement diminué. Le nombre d'hôpitaux généraux avec un résultat d'exploitation négatif a fortement baissé en 2014. Sur les 92 établissements publics et privés, ils n'étaient plus « que » 26 à évoluer dans le rouge, comparativement aux 40 signalés un an auparavant, ressort-il de la nouvelle étude Maha dont le contenu ne devait être dévoilé que lundi mais dont un confrère révèle le contenu prématurément. Le nombre d'hôpitaux en déficit a spectaculairement diminué. La santé financière des hôpitaux généraux semble s'être améliorée l'année dernière, selon la dernière étude Maha (Model for automatic hospital analyses) de la banque Belfius à paraître ce lundi. En 2014, 14 établissements ont vu leur résultat d'exploitation renouer avec le positif, ce qui représente 35% d'hôpitaux déficitaires en moins sur un an. Il s'agit là d'un changement de tendance inattendu, principalement porté par des gains d'efficacité dans le secteur.

On y observe l'effet du saut d'index mais surtout une baisse globale du personnel. Helicopter parenting is increasingly correlated with college-age depression and anxiety. Photo by Wavebreakmedia Ltd/Thinkstock Academically overbearing parents are doing great harm. So says Bill Deresiewicz in his groundbreaking 2014 manifesto Excellent Sheep: The Miseducation of the American Elite and the Way to a Meaningful Life. “[For students] haunted their whole lives by a fear of failure—often, in the first instance, by their parents’ fear of failure,” writes Deresiewicz, “the cost of falling short, even temporarily, becomes not merely practical, but existential.”

Those whom Deresiewicz calls “excellent sheep” I call the “existentially impotent.” In my years as dean, I heard plenty of stories from college students who believed they had to study science (or medicine, or engineering), just as they’d had to play piano, and do community service for Africa, and, and, and.

One kid’s father threatened to divorce her mother if the daughter didn’t major in economics. Here are the statistics to which Charlie Gofen was likely alluding: What makes Hannah Arendt a cosmopolitan? – James McAuley. Hannah Arendt died 40 years ago. Her legacy remains uncertain. Born in 1906 to a secular, assimilated German-Jewish family in what is today Hanover, she rejected the designation ‘political philosopher’, preferring instead to be called a ‘political theorist’.

Theory, as she saw it, allowed her to expand from philosophy’s singular man to the experiences of plural men, and to say something enduring about the collective struggle of humanity as it confronted the unprecedented violence of the 20th century. Of course, what that something was remains elusive, perhaps even muddled. Mirroring the course of her life, her work defied a single programme, embracing instead a host of scattered projects with conclusions that were often as contradictory as they were controversial.

Popular now How bad experiences in childhood lead to adult illness The appeal of ISIS isn’t so far from that of Tolkien Does Earth have a shadow biosphere? Arendt was not just a spectator to the Holocaust. Daily Weekly Related video. Can Winston Churchill’s grandson save Serco? And is it worth saving? | Sam Knight | Business. Serco used to be the biggest company you had never heard of. For three decades it grew in the borderlands between the state and society, the government and us. Its name stands for “service company” and Serco, which combined great ambition with a desire to be unseen, wanted to be everywhere and nowhere at the same time.

It was as much a formula as a company: a way to implement outsourced public services on behalf of governments, but with the elan of a restless entrepreneur. It didn’t matter what the service was, where it had to happen, or to whom it was delivered. Serco started out operating radars in Yorkshire and traffic lights in London, but it came to work with schoolchildren and doctors, commuters and prisoners, pilots and refugees. It was designed to be limitless, and to grow for ever. At its peak, Serco had a workforce of 125,000, contracts on four continents, and revenues of £5bn. The trouble started in the spring. The revelations hit Serco particularly hard. Why Greece never got a fair chance. Following Greece’s failure to make a scheduled debt repayment to the IMF on 30 June the country now stands on the brink of exiting the euro. Sony Kapoor writes that while the Greek government could be accused of naivety in the manner it has conducted negotiations, the root cause of the crisis has been the unwillingness of Greece’s creditors to rectify previous mistakes by providing further debt relief to the country.

He argues that unless creditors alter their approach over the next few days, the consequences could be severe for both Greece and the Eurozone. Despite having experienced an angry German government almost push Greece out of the Eurozone in 2012 at first hand, I never thought we would be standing at this crossroads again. It took many of us – advisers, EU technocrats, American politicians and some academics – several weeks to convince the key-decision makers in Berlin not to pull the trigger, and it was far from obvious we would be successful.

About the author. Why an agreement on Greece is so difficult. By Mark Hallerberg July 1 People line up at an ATM outside a branch of the National Bank on Friday in central Athens. (Petros Giannakouris/AP) On Tuesday, Greece failed to make a payment to the International Monetary Fund. On the same day, the second joint European Union-IMF package for the country expired. For many, the fact that either event happened seems almost incompressible. There is general consensus that a “Grexit” hurts both sides. To understand the situation, it is helpful to review the last positions of the two sides and to consider why one issue in particular remains outstanding. Greek residents are exasperated with their government, after Athens missed its $1.8 billion payment to the International Monetary Fund. Why are the creditors so insistent that there has to be pension reform?

So what do Greek numbers look like? For understandable reasons, there are more people opting for early retirement, which is better than being unemployed. Now take a look at the Greek side. Inside Hosoo, the 327-Year-Old Textiles Mill Supplying Chanel and Dior. KYOTO, Japan — The Nishijin textile district in the north of Kyoto was established over 1200 years ago. Today, the relatively compact area covers only a few blocks just northwest of the city’s busy Imadegawa-Horikawa intersection. But there are no sprawling industrial factories here; no plumes of smoke. In fact, it’s hard to identify the mills interspersed between the traditional wooden machiya houses. Located down a nondescript side road stands one of the oldest enterprises in the city: Hosoo, a textiles mill that has been passed down through twelve generations of its founding family.

Fabrics made by Hosoo Mill | Source: BoF The mill was founded in 1688, when it was kept busy weaving traditional kimonos for Shogun warriors and samurai from the elite Tokugawa clan. Dressed in an artfully crumpled pale grey linen suit, worn unbuttoned with a t-shirt, Masataka is the picture of the affable, time-zone-hopping entrepreneur. The mill provides textiles directly to fashion designers as well. The end of interest rates.

The end of interest rates Why the return on capital will gradually converge to zero Entrepreneurs and tech people love to fantasise about the future. How self driving cars will change transportation. How drone delivery disrupt logistics and how bitcoins make sovereign currencies obsolete. But besides dreamful tech fantasies, how will financial markets look like? How will, especially, interest rates and the return on capital develop over the next 50 years driven by technological disruption? There is substantial evidence that the return on capital (or cost of capital, depending on your position) will converge to zero as the slope of technological progress approaches one. Why? Technology makes innovation cheaper, making capital abundant During the industrial revolution it was impossible for a person without substantial capital to start a business.

The causality is simple: A lower demand for capital means higher supply, which causes lower returns. A New Mission for the World Bank by Nancy Birdsall. WASHINGTON, DC – The Green Revolution is considered one of the great successes in the history of economic development. In the 1960s and 1970s, the creation and adoption of high-yielding cereal varieties transformed the Indian economy and saved billions of people from starvation throughout much of the developing world. But today, the future of the institution responsible for the Green Revolution – a consortium of 15 research centers around the world called the Consultative Group on International Agricultural Research (CGIAR) – is under threat.

The World Bank, one of its primary funders, is considering withdrawing its financial support. On its own, this decision would be worrying enough. CGIAR’s mission is global food security, and basic agricultural research holds huge potential for providing economic returns to the world’s poor. On its own, the money involved would not be overly significant to either organization. The Diaspora Goldmine by Ricardo Hausmann. CAMBRIDGE – Many countries have substantial diasporas, but not many are proud of it. After all, people tend not to leave a country when it is doing well, so the diaspora is often a reminder of a country’s darker moments.

El Salvador, Nicaragua, and Cuba, to cite three examples, had more than 10% of their native population living abroad in 2010. And this figure does not take into account their descendants. The bulk of this migration happened at a time of civil war or revolution. In other places, massive outmigration occurred in the context of political change, as in Europe when communism collapsed. The relationship between diasporas and their homelands often encompasses a broad palette of sentiments, including distrust, resentment, envy, and enmity. But people who leave a country have not disappeared. One important connection is remittances, which add up to some $500 billion a year worldwide. But a diaspora’s potential economic importance goes well beyond remittances. The IMF's big Greek mistake. Shutterstock Tweet This the IMF should recognize its responsibility for the country's predicament and forgive much of the debt The Greek government's mounting financial woes are leading it to contemplate the previously unthinkable: defaulting on a loan from the International Monetary Fund.

Instead of demanding repayment and further austerity, the IMF should recognize its responsibility for the country's predicament and forgive much of the debt. Greece's onerous obligations to the IMF, the European Central Bank and European governments can be traced back to April 2010, when they made a fateful mistake. At the time, many called for immediately “restructuring” of privately-held debt, thus imposing losses on the banks and investors who had lent money to Greece. Ultimately, the authorities' approach merely replaced one problem with another: IMF and official European loans were used to repay private creditors. Tweet This Tweet This Tweet This References. Book Review: Good times, bad times: The welfare myth of them and us. South Sudan’s Agony. Ed Lake on Why are so many people so co... LEQSPaper76.pdf. Heretic: Why Islam Needs a Reformation Now by Ayaan Hirsi Ali – review. Data Is the New Middle Manager. Matthew Crawford: 'distraction is a kind of obesity of the mind' | Media.

Why is Isis a wake-up call to Muslim women? Turkey’s Gallipoli centenary events are set to become the latest focal point in the Armenian genocide dispute. Soil: Why are we still destroying it? The Political Roots of Widening Inequality. Case 116 Trust No One. Case 116 Trust No One.