Economics Newsletter Fall 2023
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F A L L 2 0 2 3 | V O L . 1 | I S S U E 2<br />
E C O N O M I C S<br />
A L U M N I N E W S L E T T E R<br />
WWW.HERBERT.MIAMI.EDU
C H A I R & P R O F E S S O R ,<br />
D E P A R T M E N T O F<br />
E C O N O M I C S<br />
Message from the Chair<br />
As a former Fed insider, I am often asked to comment on Federal<br />
Reserve policy and its record on inflation. Let me give you my<br />
perspective on the matter, beginning with some recent history.<br />
In the decade leading up to the Covid-19 pandemic, inflation<br />
remained mostly below the Fed’s 2% target rate. Over this same<br />
period, the U.S. labor market recovered very slowly from the Great<br />
Recession precipitated by the 2008-09 financial crisis. The Fed was<br />
blamed by many for the slow recovery, despite keeping its policy<br />
rate near zero percent. This criticism became more credible after<br />
the Fed began raising its policy rate late in 2015, despite a stillrecovering<br />
labor market and inflation nowhere in sight.<br />
Dr. David<br />
Andolfatto<br />
In 2019, the Fed hosted a series of “Fed Listens” events designed to gather feedback from the public to<br />
assess the conduct of monetary policy. In 2020, the Fed released a revised statement of its Longer-Run<br />
Goals and Monetary Policy Strategy incorporating some of this feedback. Among other things, the new<br />
framework promised that monetary policy would no longer try to “get ahead of the curve” by tightening<br />
monetary conditions prematurely to ward off perceptions of imminent inflation at the expense of the<br />
labor market. In addition, if inflation was ever to rise above target, the Fed would stand prepared to<br />
tolerate periods of above-target inflation to make up for periods of below-target inflation. For better or<br />
worse, this is the monetary policy framework we had heading into the Covid-19 crisis. It clearly did not<br />
anticipate the disruption associated with a global pandemic.<br />
When the pandemic hit the United States in early 2020, the immediate concern was to shut down or<br />
discourage “non-essential” activities in an attempt to “flatten the curve” so as not to overwhelm the<br />
nation’s intensive care units. The deep recession associated with this event was very different than the<br />
one that occurred in 2008-09. The Covid recession was a planned economic shutdown best interpreted<br />
as an investment in public health. Unlike 2008-09, there was no need to “stimulate” the economy.<br />
Indeed, the opposite was needed.<br />
Still, it was clear that some monetary and fiscal actions were needed. Because some sectors of the<br />
economy, like leisure and hospitality, were affected much more than other sectors where work-fromhome<br />
was feasible, some redistribution was in order. In principle, monetary transfers to those in need<br />
could have been financed with a temporary surtax on income or consumption. Monetary policy could<br />
have been limited to stabilizing financial markets, as it did in March 2020. A tax-financed transfer<br />
program would have almost surely been less inflationary. But we would still have had a rough ride and<br />
people would no doubt have complained that policymakers had promised that the surtax was<br />
supposed to be “transitory.”
Message from the Chair<br />
What we got instead was a stimulative monetary policy (the Fed lowered its policy rate) and $5 trillion<br />
(roughly 20% of annual GDP) in redistributive transfers through the CARES Act of 2020 and the ARP of<br />
2021 financed without an increase in taxes or even the prospect of future taxes. These policies were<br />
not perfect. But they were not bad either and, indeed, the policy response might have been much<br />
worse. Policymakers remembered how American households were largely left to fend for themselves<br />
in the foreclosure crisis that followed the 2008-09 financial crisis. Not only was this bad economics,<br />
but it was also bad politics given how the government stepped up to support the financial sector. We<br />
are still paying the price for that misstep in the form of a troubling political polarization that took hold<br />
at the time. It was wise not to repeat that mistake. A desire not to repeat that mistake likely<br />
contributed to a set of transfer programs that in retrospect were perhaps too generous and not<br />
sufficiently well-targeted. The generosity of these programs contributed to the inflation episode we<br />
experienced. But it was not the only factor involved.<br />
One cannot forget that the COVID-19 era was marked by a set of significant and persistent supply<br />
disruptions. First, large segments of the economy were shut down, either by mandate or because<br />
people were afraid to patronize certain types of establishments. Second, the global nature of the<br />
pandemic led to significant disruptions in global supply chains. Third, the Russian invasion of Ukraine<br />
in 2022 led to a significant spike in the global price of oil and gas. While these shocks contributed to<br />
inflationary pressure during the pandemic, the Fed rightly (in my opinion) interpreted their inflationary<br />
consequences to be “transitory.” Thus, even if the desired fiscal transfers were financed by taxes instead<br />
of money-printing, we would likely have experienced an above target rate of inflation on top of a<br />
“transitory” surtax. The fact that the transfers were financed by money creation rather than taxes had<br />
the effect of replacing transitory surtax with a transitory inflation tax. Alternatively, the Fed could have<br />
raised its policy interest rate to very high levels to keep inflation in check. This would have come at the<br />
cost of increasing the unemployment rate and slowing down the economic recovery. The bottom line<br />
is that Americans were going to have to pay for these programs one way or another. And there would<br />
have been a different and more terrible price to pay had the support for American households not<br />
been forthcoming.<br />
It is notable that many people attribute the robust recovery of the U.S. economy relative to other<br />
countries as attributable to differences in fiscal policy. Most other countries were much less generous<br />
with their income support policies. Having said this, there are a number of ways in which monetary<br />
and fiscal policies could have been improved.<br />
To begin with, I do not believe it was necessary for the Fed to lower its policy rate in 2020. Lowering<br />
the policy rate is appropriate when aggregate demand collapses, as in the 2008-09 recession. The<br />
COVID-19 shock was mostly a negative supply shock. Moreover, we did not want to stimulate economic<br />
activity—we wanted to suppress it to flatten the curve. The low policy rate likely contributed to asset<br />
price inflation—a phenomenon the Fed began reversing in 2022. At the same time, the large fiscal<br />
transfers in 2020 and 2021 were doing the needed job of redistributing income in the desired<br />
direction. Given their hasty design, these programs were allegedly subject to a considerable amount of<br />
fraud. And even absent fraud, money went to people who did not need it.<br />
Given the trauma and uncertainty associated with the COVID-19 pandemic and given the haste with<br />
which policymakers had to respond, I am inclined to forgive these shortcomings. It will be less<br />
forgivable if a well-thought-out contingency plan is not in place for the next pandemic. The good news<br />
is that such a plan is being developed. (link to https://www.gao.gov/blog/what-about-next-pandemichow-can-federal-government-better-prevent-and-plan-next-public-health-emergency).
David Andolfatto<br />
Department Chair,<br />
Professor<br />
MEET OUR FACULTY<br />
Stefania Albanesi<br />
Professor<br />
Daniel Hicks<br />
Lecturer<br />
Alex R Horenstein<br />
Associate Professor<br />
David Kelly<br />
Professor<br />
Ricardo Lago<br />
Lecturer<br />
Michael B Connoly<br />
Professor<br />
Ayca Kaya<br />
Associate Professor<br />
Rong Hai<br />
Asst. Professor<br />
Esteban Petruzzello<br />
Asst. Professor of<br />
Professional Practice<br />
Maria Jesus Lorca<br />
Lecturer<br />
Miguel Iraola<br />
Associate Professor of<br />
Professional Practice Educator<br />
Track<br />
David F Spigelman<br />
Senior Lecturer<br />
Augustine C. W.<br />
Nelson<br />
Lecturer<br />
Luis Locay<br />
Associate Professor<br />
Manuel Santos<br />
Professor<br />
Christopher F Parmeter<br />
Associate Professor<br />
Hugo Faria<br />
Lecturer<br />
Noah Williams<br />
Professor<br />
Ian Wright<br />
Asst. Professor<br />
Staminir Morfov<br />
Lecturer<br />
Daniela Valdivia<br />
Office Manager
Welcome Back<br />
Reunion<br />
On September 8th, the faculty of the <strong>Economics</strong><br />
Department came together for a delightful gathering,<br />
indulging in a shared feast and exchanging insights as<br />
they inaugurated the commencement of the new<br />
academic year.
Hyperion Annual Council<br />
This year, 5 students alongside their advisor<br />
Dr. Esteban Petruzzello travelled to Barbados<br />
from May 15th to May 21st to conduct a series<br />
of workshop presentations as well as one-onone<br />
business consulting to 15 entrepreneurs.<br />
The Hyperion Council led this<br />
entrepreneurial development series in<br />
partnership with Tradewind Tankers and<br />
Barbados National Oil Company Limited. The<br />
students presented 3 workshops<br />
highlighting the following: Social Media &<br />
Marketing, Finance and Accounting, and<br />
Sustainability (Meeting ESG Goals).<br />
Throughout the week and outside of the<br />
workshop presentations, the students<br />
conducted one-on-one consulting which<br />
targeted the specific business needs of the<br />
entrepreneurs.<br />
Their needs ranged from brand development, and<br />
social media presence, to developing budgets and<br />
accounting practices. The group of student<br />
consultants (Jordyn Desir, Alison Granirer, Laura<br />
Hopman, Harsh Shah, and Mikaela Sanders<br />
provided expertise in different areas and were able<br />
to use their strengths to make an impact on each<br />
and every one of the participants. The dynamic<br />
nature of the engagement allowed them to<br />
provide a plethora of information through formal<br />
workshops and personal conversations. The series<br />
ended with a presentation on pricing by Dr.<br />
Petruzzello. Overall, it was a learning experience<br />
for all, and it was very well received. The<br />
entrepreneurs have expressed their interest in<br />
staying connected and to have us back again.<br />
Several entrepreneurs referred to this as being lifechanging<br />
for them.<br />
Professor Esteban Petruzzello
YOUTH<br />
CIGARETTE<br />
ADDICTION &<br />
EDUCATION<br />
RESEARCH PAPER<br />
David Andolfatto: Welcome, Rong! ! Tell me--what is a<br />
question that you are working on these days?<br />
Rong Hai: Thank you very much, David, for offering me<br />
the opportunity to discuss my research. In my recent<br />
research paper with Nobel Laureate James Heckman, we<br />
are investigating the question: To what extent does<br />
cigarette addiction impact educational attainment?<br />
Understanding the long-term impacts of addictive<br />
substances on human capital helps policymakers<br />
determine their posture towards regulation and taxation<br />
of such substances.<br />
David Andolfatto: How do you address this question in<br />
your research?<br />
Rong Hai: To investigate this question, we construct a<br />
mathematical model of economic behavior. We use the<br />
model to analyze how young people decide how much<br />
schooling to attain, whether to smoke or not, how much to<br />
work, and how much to consume. We estimate our model<br />
using data from National Longitudinal Survey of Youth 1997,<br />
so that our estimated model provides a reasonably good<br />
account of how young people appear to behave.<br />
We then use our estimated model as a laboratory to<br />
conduct policy experiments. That is, we can use the<br />
model to predict the likely effect of any number of<br />
hypothetical policy interventions and use the model<br />
to evaluate outcomes.<br />
David Andolfatto: Okay, that's fascinating. So, tell<br />
me, how do you use this laboratory to answer the<br />
question -- whether or not smoking has a causal<br />
impact on educational attainment? What are your<br />
main findings?<br />
Rong Hai<br />
Rong Hai: To evaluate the causal impact of smoking on<br />
education, we take our estimated model and assume that<br />
young people no longer have an ability to smoke, say,<br />
because cigarette sales are taxed at a prohibitively high<br />
excise tax rate. Our main experiment shows that if we<br />
eliminate smoking from our laboratory environment, the<br />
effect is to increase college attendance by two percentage<br />
points in the population. This result suggests that<br />
cigarette smoking has a negative causal impact on<br />
education. Furthermore, we find substantial variation<br />
across individuals with different levels of measured<br />
intelligence and self-control/social-emotional abilities.<br />
Youth at the top of the intelligence distribution or the<br />
self-control spectrum are less affected by the policy<br />
experiment.<br />
David Andolfatto: So, you find some significant effect of<br />
the impact of smoking on educational attainment, and<br />
that this effect seems to be concentrated in certain<br />
segments of the population. These are very interesting<br />
findings. What do you think that policymakers can take<br />
away from this?<br />
Rong Hai: To the extent that policymakers think that<br />
higher educational attainment is a worthy goal, our paper<br />
suggests that reducing youth cigarette addiction helps<br />
improve educational attainment. Moreover, the effect is<br />
likely to be strongest for those segments of the population<br />
that are more likely to find themselves at the lower end of<br />
the earnings spectrum.<br />
Of course, eliminating cigarettes from the population is<br />
not a realistic policy proposal. A practical alternative that<br />
achieves similar results may be to further increase the tax<br />
on cigarettes and use the tax revenue generated in this<br />
manner to help finance the cost of education. The result is<br />
likely to be less youth smoking, less cigarette addiction,<br />
lower educational costs, and higher educational<br />
attainment.
A L L A N H E R B E R T ’ S<br />
D I S S E R T A T I O N<br />
Congratulations<br />
We are thrilled to share exciting news within our<br />
academic community. Dr. Allan Herbert recently<br />
achieved a significant milestone by successfully<br />
defending his dissertation, marking the culmination<br />
of dedicated research and exploration into the<br />
intricacies of “The Rise of Wealth and Income<br />
Inequality.”<br />
Dr. Herbert's study, which spans four major<br />
industrialized countries—the U.S., France, Germany,<br />
and the United Kingdom—dives deep into post-<br />
World War II data, with a unique focus on France<br />
reaching back to the 19th century. His work<br />
addresses the substantial rise in aggregate wealth<br />
observed over the past five decades and investigates<br />
the intricate relationship between wealth growth<br />
and income inequality.<br />
The groundbreaking aspect of Dr. Herbert's research<br />
lies in identifying the 'stock market channel' to<br />
inequality. In the U.S., the corporate sector emerges<br />
as a primary contributor to both income and wealth<br />
inequality, while France showcases minimal impact.<br />
Germany and the U.K. fall somewhere in between,<br />
presenting intriguing puzzles, and prompting<br />
further investigation.<br />
This accomplishment wouldn't have been possible<br />
without the invaluable guidance and support of<br />
Professors Alex Horenstein and Manuel Santos. Dr.<br />
Herbert expressed his gratitude in his<br />
acknowledgments, acknowledging their<br />
encouragement as crucial to the completion of this<br />
pivotal work.<br />
Dr. Herbert's Acknowledgement<br />
"This thesis has been one of my most important<br />
lifetime projects and is dedicated to the memory<br />
of my wife. I would like to express my gratitude to<br />
Professors Manuel Santos and Alex Horenstein,<br />
without whose encouragement this work may<br />
never have been completed."<br />
We extend our heartfelt congratulations to Dr.<br />
Herbert on this exceptional achievement and<br />
express our deep appreciation for Professors<br />
Horenstein and Santos for their instrumental roles<br />
in the success of this research. We look forward to<br />
the continued impact of their collaborative efforts<br />
on advancing knowledge within our academic<br />
community.
North American Productivity<br />
Conference<br />
The <strong>Economics</strong> Department, in conjunction with<br />
Miami Herbert Business School, the International<br />
Society for Efficiency and Productivity Analysis<br />
and the USDA’s Economic Research Service,<br />
hosted the North American Productivity<br />
Conference from June 12-15, <strong>2023</strong>. The<br />
conference brought together nearly 100<br />
researchers, scholars, and policymakers across<br />
five continents to discuss the latest research<br />
regarding productivity measurement, regulatory<br />
frameworks, analysis of efficiency and index<br />
number theory. The conference included a<br />
keynote speech from Jordi Jaumandreu of<br />
Boston University discussing productivity and<br />
profitability. In addition there were four distinct<br />
plenary sessions and over 30 parallel sessions<br />
across the four days of the conference<br />
Organized by<br />
Dr. Christopher Parmeter<br />
The Emerging Data Science<br />
Methods for Complex Data with<br />
Endogeneity and/or Heterogeneity<br />
Workshop<br />
Speakers<br />
David Jacho-Chavez (Emory University)<br />
Ingrid van Keilegom (KU Leuven, Belgium)<br />
Shakeeb Khan (Boston College)<br />
Carlos Martins (University of Colorado at Boulder)<br />
Yiyuan She (Florida State University)<br />
Jeff Wooldridge (Michigan State University)<br />
Valentin Zelenyuk (University of Queensland,<br />
Australia)<br />
Kai Zhang (University of North Carolina)<br />
Wei Zhong (Xiamen University, China)<br />
.<br />
Organized by Dr. Parmeter and Dr.<br />
Lan Wang<br />
The <strong>Economics</strong> and Management Science<br />
departments with support from Miami Herbert<br />
Business school hosted a one-day workshop on<br />
Emerging Data Science Methods for Complex<br />
Data with Endogeneity and/or Heterogeneity. The<br />
workshop brought together scholars from around<br />
the globe, including Belgium, Australia and China,<br />
as well as here in the US, to discuss some of the<br />
latest statistical and econometric methods<br />
designed to tackle some of today’s leading<br />
challenges for working with complex data designs.
E C O N O M I C S & B U S I N E S S L A W<br />
D E P A R T M E N T<br />
SPEAKER<br />
SERIES<br />
F r a n c e s c o P a r i s i<br />
On October 23, <strong>2023</strong>, the<br />
Department of <strong>Economics</strong>,<br />
jointly with the Business<br />
Law Department, hosted<br />
Professor Francesco Parisi<br />
for a lunch seminar.<br />
Professor Parisi is a<br />
Professor of Law at the<br />
University of Minnesota,<br />
Law School and a Professor<br />
of <strong>Economics</strong> at the<br />
University of Bologna,<br />
Department of <strong>Economics</strong>.<br />
He is currently visiting the<br />
University of Miami Law<br />
School. He is a prominent<br />
researcher in the<br />
fascinating intersection of<br />
law and economics. He<br />
uses formal economic<br />
models to analyze the<br />
impact of law.<br />
For this well-attended<br />
lunch seminar on October<br />
23, Professor Parisi talked<br />
about his research on<br />
allocation of liability in<br />
accidents involving<br />
automated devices, such<br />
as self-driving cars. This<br />
research proposes that<br />
allocating liability to<br />
device manufacturers in<br />
cases where neither users<br />
nor victims are negligent<br />
provides correct incentives<br />
to all parties: it<br />
strengthens the incentives<br />
of users and potential<br />
victims to exercise due<br />
care while also<br />
incentivizing<br />
manufacturers to improve<br />
safety measures.<br />
The Department of<br />
<strong>Economics</strong> looks forward<br />
to hosting more law and<br />
economics seminars in the<br />
near future.
E C O N O M I C S<br />
D E P A R T M E N T<br />
FACULTY<br />
MIXER<br />
V I C T O R I A L O C A Y<br />
On October 26th, the <strong>Economics</strong> Club<br />
hosted a faculty-student mixer at Storer<br />
Auditorium. The Department staff,<br />
majors, club members, and faculty<br />
gathered to mingle over food and drink<br />
following a presentation about recent<br />
departmental changes, including new<br />
class announcements, curriculum<br />
requirement information, and<br />
introduction of our new professors.<br />
Students enjoyed the opportunity to<br />
get to know their professors, meet the<br />
staff, and learn about the new<br />
resources available to them through<br />
the department and the newly<br />
reactivated club.
Poets&Quants for Undergrads’ <strong>2023</strong><br />
T O P 5 0 : B E S T<br />
U N D E R G R A D U A T E<br />
P R O F E S S O R S<br />
Warmest congratulations to the remarkable Professor Esteban<br />
Petruzzello and Professor Rong Hai on their well-deserved<br />
nominations by Poets and Quants for Undergrads <strong>2023</strong>! Your<br />
dedication to excellence in teaching and impactful contributions<br />
to the field of economics has not only enriched the academic<br />
experience but also inspired countless students. This recognition<br />
is a testament to your outstanding commitment to education<br />
and research. The <strong>Economics</strong> Department takes pride in having<br />
such exceptional educators among its ranks.<br />
Rong Hai<br />
Esteban Petruzello
Women<br />
Who Lead<br />
Summit<br />
On May 4th, Professor Rong Hai, a<br />
distinguished member of our Department<br />
of <strong>Economics</strong>, took center stage at the 9th<br />
"Women Who Lead" Summit, captivating<br />
the audience with her expertise on the<br />
current economic outlook and strategies<br />
for making sound financial decisions.<br />
Her presence at the "Women Who Lead"<br />
Summit underscored the department's<br />
commitment to fostering economic<br />
literacy and empowering individuals,<br />
particularly women, to navigate the<br />
intricacies of the financial world. Her<br />
expertise and engaging presentation left a<br />
lasting impression on all those in<br />
attendance, reinforcing the summit's<br />
mission to inspire and equip women to<br />
excel in leadership roles.
<strong>2023</strong><br />
Associate Professor of Professional<br />
Practice Educator Track<br />
We are happy to announce the<br />
promotion of Miguel Iraola to Associate<br />
Professor of Professional Practice<br />
Educator Track. Miguel's dedication to<br />
excellence in teaching and contributions<br />
to our department make this<br />
achievement well-deserved.<br />
MIGUEL<br />
IRAOLA
Federal Reserve Bank of Boston<br />
RETHINKING<br />
FULL<br />
EMPLOYMENT<br />
67TH ECONOMIC<br />
CONFERENCE<br />
On November 18th, Dr. Stefania Albanesi<br />
attended the "Rethinking Full Employment"<br />
conference at the Federal Reserve Bank of<br />
Boston. The conference aimed to analyze<br />
factors preventing full labor market<br />
participation and discuss the Federal<br />
Reserve's role in achieving full employment<br />
and price stability. Dr. Albanesi, the first<br />
presenter, focused on "The Outlook for<br />
Women's Employment and Labor Force<br />
Participation." Her presentation highlighted<br />
the stagnation of US prime-age women's<br />
employment rates post-2000 and explored<br />
barriers such as limited childcare availability.<br />
She also discussed the impact of the COVID-<br />
19 pandemic on female participation,<br />
suggesting potential positive long-term<br />
effects from increased remote work<br />
opportunities for women.
MAYOR LEVINE VISITING ECO212 CLASSES<br />
Professor Ricardo Lago<br />
On October 2, the students of<br />
Principles of Macroeconomics<br />
(ECO212) at Miami Herbert<br />
Business School were thrilled with<br />
the visit of former Mayor Philip<br />
Levine of Miami Beach ( 2013-17).<br />
The topic was the economic<br />
effects of the rise in the sea level<br />
including the escalating cost of<br />
flood insurance and the risks to<br />
real estate values and to the<br />
bankability of mortgages and<br />
investments in the city<br />
The trend in the sea level rise for the last hundred<br />
years used to be one inch every eight years but in<br />
the last two decades, the speed has increased to<br />
one inch every five years. The first order of business<br />
as mayor was to figure out the infrastructure<br />
investments to put in place to save the city given<br />
that, as he put it “water was coming back off our<br />
sewers in our streets even in sunny days.” Hence,<br />
the city put together and carried out a far-reaching<br />
pipeline of projects that included raising the roads<br />
and installing an efficient pumping system to get<br />
rid of the water. Spending “ $500 million to protect<br />
$40 billion worth of real estate. That is a good<br />
investment,” said the major.
ECONOMICS<br />
STUDENT LED THE<br />
DEVELOPMENT OF<br />
TWO BEVERAGE<br />
BRANDS<br />
Fabrizio Alcobe-Garibay is an <strong>Economics</strong><br />
major student with a minor in Finance,<br />
originally from Miami, FL. His academic<br />
pursuits have been complemented by a<br />
dynamic athletic career as a former Division<br />
I tennis player at the University of Delaware.<br />
Fabrizio told us about his<br />
journey creating beverage<br />
brands<br />
“During my tennis career, I had the privilege<br />
of practicing alongside tennis professionals,<br />
including Serena Williams, Venus Williams,<br />
Tommy Robredo, Reilly Opelka, and Grigor<br />
Dimitrov.<br />
This rigorous sporting environment<br />
cultivated my dedication and discipline,<br />
traits that fueled my entrepreneurial drive<br />
to start a beverage company at the age of<br />
19.<br />
In our journey developing Athon Energy<br />
Drink, I've had the opportunity to leverage<br />
my enthusiasm for nutrition and<br />
entrepreneurship to create a brand that<br />
resonates with our generation—a<br />
demographic that places an<br />
unprecedented emphasis on wellness.<br />
Throughout every stage, from ideation and<br />
formulation to brand development, fine-tuning<br />
marketing strategies, and securing the<br />
necessary funding, I've been hands-on to ensure<br />
our vision for a great-tasting, exciting, natural,<br />
and functional energy drink comes to fruition.<br />
My role was central to Athon's brand<br />
development, in which I focused on all the<br />
intricate details that would set us apart in a<br />
competitive market.<br />
Key to embedding Athon in the cultural zeitgeist,<br />
our company has partnered with icons in the<br />
urban music scene, Nicky Jam and Manuel Turizo.<br />
These partnerships are vital, as we don't just seek<br />
endorsements—we aim to build a loyal and<br />
energized community that the industry hasn't<br />
seen since Red Bull hit the scene in the 90's.<br />
Our goal is for Athon to be synonymous with the<br />
urban music world, reflecting its energy and<br />
passion. Nicky Jam and Manuel Turizo are more<br />
than partners; they're our co-creators in this<br />
venture, helping to propel Athon as the wellness<br />
energy drink of choice for the urban music scene<br />
and its fans, distinguishing our brand by what it<br />
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11TH IMF STATISTICAL FORUM<br />
<strong>Fall</strong> <strong>2023</strong><br />
Dr. David<br />
Andolfatto<br />
NEW TECHNOLOGIES FOR MONEY AND PAYMENTS: IMPLICATIONS FOR<br />
BANKS<br />
Washington D.C<br />
November 15,<strong>2023</strong><br />
Professor David Andolfatto delivered a<br />
presentation entitled "New Technologies for<br />
Money and Payments: Implications for Banks"<br />
at the 11th IMF Statistical Forum held at IMF<br />
Headquarters in Washington, D.C., on<br />
November 15, <strong>2023</strong>.<br />
In his talk, Professor Andolfatto noted how<br />
technological advances in data storage,<br />
communications, and cryptography have<br />
always disrupted the money and payments<br />
system and required central banks and<br />
regulators to adapt. On net, these innovations<br />
have been complementary to the industry,<br />
despite the disruption they cause.<br />
The question Professor Andolfatto pondered was whether<br />
one should expect future innovations to be similarly<br />
complementary, or whether anything on the horizon might<br />
pose an existential threat to banks and/or make the lives of<br />
central banks and regulators exceedingly difficult. He<br />
identified the Decentralized Autonomous Organization as<br />
something that could pose just such a threat. In his talk, he<br />
outlined ways in which this threat might manifest itself and<br />
discussed a strategy for how policymakers might contend<br />
with the threat.<br />
Professor Andolfatto's full presentation can be viewed here,<br />
beginning at the 43-minute mark:<br />
https://www.imf.org/en/Videos/view?vid=6341314913112
Our <strong>Fall</strong> <strong>2023</strong> Speakers<br />
Speaker: Mehdi Shadmehr<br />
Affiliation: University of North Carolina,<br />
Chapel Hill<br />
Title: Real-time Surveillance of<br />
Repression: Theory and Implementation<br />
Date: September 8th, <strong>2023</strong><br />
Speaker: Ariel Zetlin-Jones<br />
Affiliation: Camegie Mellon University<br />
Title: Automated Exchange <strong>Economics</strong><br />
Date: October 13th, <strong>2023</strong><br />
Speaker: Francesc Dilme<br />
Affiliation: University of Bonn<br />
Title: The Role of Discounting in<br />
Bargaining with One-Sided Offers<br />
Date: September 27th, <strong>2023</strong><br />
Speaker: Andreas Neuhierl<br />
Affiliation: Washington University in St.<br />
Louis<br />
Title: Robust Stock Index Return<br />
Predictions<br />
Date: September 29th, <strong>2023</strong><br />
Speaker: Fabrizio Perri<br />
Affiliation: Federal Reserve Bank of<br />
Minneapolis<br />
Title: Reconciling macro and finance:<br />
the US corporate Sector 1929-2022<br />
Date: October 20th, <strong>2023</strong><br />
Speaker: Francesco Parisi<br />
Affiliation: University of Minnesota<br />
Title: Liability for Robots<br />
Date: October 23rd, <strong>2023</strong><br />
Speaker: Francesco Bianchi<br />
Affiliation: Johns Hopkins University<br />
Title: Who is Afraid of Eurobonds<br />
Date: October 6th, <strong>2023</strong><br />
Speaker: Adrian Peralta Alva<br />
Affiliation: International Monetary Fund<br />
Title: Costly Increases in Public Debt<br />
when r
Our <strong>Fall</strong> <strong>2023</strong> Speakers<br />
Speaker: David Rivers<br />
Affiliation: University of Western<br />
Ontario<br />
Title: Financial Shocks, Productivity, and<br />
Prices<br />
Date: November 1st, <strong>2023</strong><br />
Speaker: Paula Onuchic<br />
Affiliation: University of Oxford<br />
Title: Disclosure and Incentives in Teams<br />
Date: November 15th, <strong>2023</strong><br />
Speaker: Cristina Arellano<br />
Affiliation: Federal Reserve Bank of<br />
Minnesota<br />
Title: Micro Risks and (Robust) Pareto<br />
Improving Policies<br />
Date: November 3rd, <strong>2023</strong><br />
Speaker: Nathan Lane<br />
Affiliation: University of Oxford<br />
Title: The Who, What, When, and How of<br />
Industrial Policy: A Text-Based Approach<br />
Date: December 4th, <strong>2023</strong><br />
Speaker: Leland Farmer<br />
Affiliation: University of Virginia<br />
Title: Disagreement About the Term<br />
Structure of Inflation Expectations<br />
Date: November 8th, <strong>2023</strong><br />
Speaker: Danil Dmitriev<br />
Affiliation: University of Yale<br />
Title: Motivating Creativity<br />
Date: December 6th, <strong>2023</strong><br />
Speaker: Harry Pei<br />
Affiliation: Northwestern University<br />
Title: Reputation Effects with<br />
Endogenous Records<br />
Date: November 10th, <strong>2023</strong><br />
Speaker: Christopher Boem<br />
Affiliation: University of Texas at Austin<br />
Title: The US, Economic News, and The<br />
Global Financial Cycle<br />
Date: December 8th, <strong>2023</strong>
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