MIT: Independent Activities Period: IAP

IAP 2016 Activities by Sponsor - Economics

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14.09: Financial Crises

Alp Simsek, Rudi Dornbusch Career Development Assoc. Prof. of Economics

Enrollment: Unlimited: No advance sign-up
Attendance: Participants must attend all sessions
Prereq: Calculus (18.01) and introductory macroeconomics (14.02)

Schedule: 8 Lectures in January 2016 on 1/19, 1/20, 1/21, 1/22, 1/25, 1/26, 1/27, and 1/28. The lectures will take place in E51-057 between 10:30am-12pm.

Limited to 46 participants.

Prerequisites: Calculus (18.01) and introductory macroeconomics (14.02). Please check with Professor Simsek if you do not meet all of the prerequisites but if you are still interested in taking the course.

This mini-course introduces you to economic theories of financial crises. We will focus on amplification mechanisms that exacerbate crises, such as leverage, fire sales, bank runs, liquidity shortages, information frictions, cross-exposures and complexity. We will also discuss phenomena that trigger crises, such as asset price bubbles, as well as the different perspectives on the origins of crises, such as mistaken beliefs and moral hazard. Throughout, we will draw upon examples from financial crises around the world, especially the recent subprime crisis in the US. Our objective is to gain a deeper understanding of these events by using economic theory as well as empirical evidence.

Sponsor(s): Economics
Contact: Beata Shuster, E17-201G, 617 253-8883, BSHUSTER@MIT.EDU


Exporting and Firm Performance: Evidence from a Randomized Experiment

David Atkin, Assistant Professor of Economics

Jan/14 Thu 02:30PM-04:00PM E51-151

Enrollment: Unlimited: No advance sign-up

In this talk we use a randomized control trial to understand the impacts of exporting on the performance of small and medium sized enterprises (SMEs) in Egypt. We first document the impacts on firm profits from being offered the opportunity to export rugs to Western markets. Finding that profits rise, we explore the mechanisms that lie behind these gains and in particular ask whether there is evidence of learning-by-exporting---i.e. whether exporting itself improves the technical efficiency of the firm.

Sponsor(s): Economics
Contact: Beata Shuster, E17-201G, 617 253-8883, BSHUSTER@MIT.EDU


Film on the Nature of Democracy

Abhijit Banerjee, Ford International Professor of Economics

Jan/26 Tue 01:00PM-02:30PM E51-151

Enrollment: Unlimited: No advance sign-up

Showing a film that Professor Banerjee made on the nature of democracy, followed by a Questions and Answers session.

Sponsor(s): Economics
Contact: Beata Shuster, E17-201G, 617 253-8883, BSHUSTER@MIT.EDU


Making the leap from student to thesis writer: How to write a dissertation while maintaining your sanity

David Autor, Professor of Economics, James M. Poterba, Mitsui Professor of Economics, Heidi Williams, Class of 1957 Career Development Assistant Professor, Ivan Werning, Robert M. Solow Professor of Economics, Alexander Wolitzky, Pentti J. K. Kouri Career Development Assistant Professor

Jan/27 Wed 01:00PM-02:00PM E51-057

Enrollment: Unlimited: No advance sign-up

The transition from course-taking to dissertation-writing is one of the most difficult parts of graduate school.  A faculty panel will describe strategies for navigating this transition.  They will discuss where to turn for help and guidance, pitfalls to avoid, and distill lessons from their own experiences as students and as advisers.

Sponsor(s): Economics
Contact: Beata Shuster, E52-439A, 617 253-8883, BSHUSTER@MIT.EDU


Revealed Preference for Matching Markets

Nikhil Agarwal, Assistant Professor of Economics

Jan/26 Tue 09:00AM-10:30AM E51-325

Enrollment: Unlimited: No advance sign-up

This talk will discuss how to apply revealed preference arguments to data from matching markets, such as medical matching, school choice and organ donation markets. Background in estimation of discrete choice models is preferred.

Sponsor(s): Economics
Contact: Beata Shuster, E17-201G, 617 253-8883, BSHUSTER@MIT.EDU


The Impact of Poverty on Cognitive Function, Decision-Making, and Productivity

Frank Schilbach, Assistant Professor of Economics

Jan/06 Wed 02:30PM-04:00PM E51-151

Enrollment: Limited: First come, first served (no advance sign-up)

This lecture provides an overview on recent work in behavioral development economics, with particular focus on poverty. I will provide a framework and discuss empirical evidence of different ways in which poverty may interfere with individuals' ability to make sound decisions and to be productive at work, including (i) recent work on scarcity by Mullainathan and Shafir, (ii) visceral factors such as sleep, pain, and nutrition, and (iii) stress.

 

Sponsor(s): Economics
Contact: Beata Shuster, E17-201G, 617 253-8883, BSHUSTER@MIT.EDU


Time Series Econometrics Discussions

Anna Mikusheva, Associate Professor of Economics

Jan/12 Tue 12:00PM-01:00PM E51-151

Enrollment: Unlimited: No advance sign-up

This talk will be focused on several recent advances and discussions in Time Series Econometrics. Topic such as factor models, Bayesian VARs and weak identification will be discussed. The talk is aimed at research-oriented students.

Sponsor(s): Economics
Contact: Beata Shuster, E17-201G, 617 253-8883, BSHUSTER@MIT.EDU


Understanding Jobs for Economics Professors in Business Schools

Robert Gibbons, Sloan Distinguished Professor of Management, Roberto Rigobon, Society of Sloan Fellows Professor of Management

Jan/13 Wed 01:00PM-02:30PM E51-145

Enrollment: Unlimited: No advance sign-up

We will discuss (1) differences across business schools, including how faculty are evaluated in terms of research versus teaching, as well as (2) differences within business schools, including how economists working on different topics might fit in different faculty groups.

Sponsor(s): Economics
Contact: Beata Shuster, E17-201G, 617 253-8883, BSHUSTER@MIT.EDU


What is Aggregate Demand? Theory and Data

George-Marios Angeletos, Professor of Economics

Jan/28 Thu 01:00PM-02:30PM E51-151

Enrollment: Unlimited: No advance sign-up

Recessions, or slow recoveries such as the recent one, are often attributed to “weak aggregate demand”. In this lecture, we explain why this notion is as deceptive as it is appealing. First, we review why this notion is fuzzy in the theory. Next, we explore what the data have to tell us.  Finally, we draw lessons for policy, as well as for future research.

Sponsor(s): Economics
Contact: Beata Shuster, E17-201G, 617 253-8883, BSHUSTER@MIT.EDU


What's Special About Money Markets?

Bengt Holmstrom, Paul A. Samuelson Professor of Economics

Jan/14 Thu 01:00PM-02:30PM E51-151

Enrollment: Unlimited: No advance sign-up

Money markets are fundamentally different from stock markets. Stock markets are about price discovery for the purpose of allocating risk efficiently. Money markets are about obviating the need for price discovery using over-collateralised debt to reduce the cost of lending. Yet, credit market reforms in the wake of the recent financial crisis often draw on insights grounded in our understanding of stock markets, which can be misleading. The talk provides a perspective on the logic of credit markets and the structure of debt contracts that highlights the information insensitivity of debt. These basic insights into the nature of debt and credit markets are simple but important for thinking about policies on transparency, on capital buffers and other regulatory issues concerning banking and money markets.

Sponsor(s): Economics
Contact: Beata Shuster, E17-201G, 617 253-8883, BSHUSTER@MIT.EDU