Thumbnail for New Tools Give Better Picture, Literally, of Financial-System Risk

New Tools Give Better Picture, Literally, of Financial-System Risk

25 Apr 2017

Researchers are using network analytics and advanced data modeling to identify weak spots in the system that otherwise might go unnoticed.  This type of analysis is part of a growing area of research that is changing how regulato...

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Thumbnail for The Great Recession’s impact on children is not finished, by far

The Great Recession’s impact on children is not finished, by far

13 Apr 2017

Nearly ten years after the first financial shock waves rippled through the world economy, generating a global recession, the track record of high income countries in protecting children from its worst effects, is mixed. A new book, Children of Austerity: Impact of the Great Recession on child poverty in rich countries, published by the UNICEF Office of Research – Innocenti, in collaboration with sixteen international research institutions, provides a detailed account of the effects of the crisis, and government policy re...

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Thumbnail for INET Young Scholars Inequality Working Group Remembers Sir Tony Atkinson

INET Young Scholars Inequality Working Group Remembers Sir Tony Atkinson

03 Apr 2017

The INET Young Scholars Inequality Working Group (IWG) has recently hosted a webinar Remembering Sir Tony Atkinson with Dr. Salvatore Morelli. Members of the IWG reflected on his contribution to inequality studies during a 1.5 hour interactive webinar. Professor Sir Tony Atkinson has been involved with the working group in the past (see www.theiwg.org).    Dr. Salvatore Morelli (INET Oxford, University of Naples) gave a heartwarming presentation titled Putting people first: in memo...

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Thumbnail for As job automation marches on, how can leaders guard against mass unemployment?

As job automation marches on, how can leaders guard against mass unemployment?

27 Mar 2017

In a policy brief ahead of this year’s G20 summit in Germany, Oxford Martin Citi Fellow Carl Frey has outlined the changes needed to make ‘the digital revolution work for many’ when it comes to jobs and growth. The brief forms part of the Oxford Martin School’s contribution to the Think 20 (T20) Group, a network of organisations chosen to provide expert policy advice to the G20. The School is contributing to the work of two task forces: one on the digital economy and one on social cohesion and inequality....

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Thumbnail for Understanding the risks banks pose to the financial system

Understanding the risks banks pose to the financial system

03 Mar 2017

Systemic risk, loosely defined, describes the risk that large parts of the financial system will collapse, leading to potentially far-reaching consequences both within and beyond the financial system. Such risks can materialize following shocks to relatively small parts of the financial system and then spread through various contagion channels. Assessing the systemic risk a bank poses to the system has thus become a central part of regulating its capital requirements. INET Oxford's Christoph Siebenbrunner's work on ...

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Thumbnail for House of Lords Energy Report cites INET Oxford Research

House of Lords Energy Report cites INET Oxford Research

03 Mar 2017

The latest House of Lords Select Committee on Economic Affairs report cites research from INET Oxford's Prof Cameron Hepburn & Jacquelyn Pless. The report also mentions work by Prof Dieter Helm, Professorial Research Fellow of the Smith School of Enterprise and the Environment at the University of Oxford. The report is titled, "The Price of Power: Reforming the Electricity Market" and the full report can be read here.

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Thumbnail for Restoring trust in finance: moral obligation meets Econ 101

Restoring trust in finance: moral obligation meets Econ 101

03 Mar 2017

Dishonest practices brought to light by the 2008 crisis have raised questions about the incentives faced by bankers, and about their training. Unfortunately, the remedy of using market discipline through competition policy to make bankers 'behave' is problematic. So there have been many calls for more ethical bankers, but what might this actually look like in practice? Our answer is given by the idea of 'principled agents' who at times exhibit a high degree of concern for others in standard economic calculations ...

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Thumbnail for How can we understand our complex economy?

How can we understand our complex economy?

03 Mar 2017

Prof Farmer gave a lecture at the Mathematical Institute on “Understanding the Complex Economy” in a lecture series that has included figures such as Stephen Hawking and Sir Roger Penrose. Further details of the lecture and a full video are below. We are getting better at predicting things about our environment - the impact of climate change for example. But what about predicting our collective effect on ourselves? We can predict the small things, but we fail miserably when it comes to many of the big t...

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Thumbnail for Macroeconomics and consumption: Why central bank models failed and how to repair them

Macroeconomics and consumption: Why central bank models failed and how to repair them

07 Feb 2017

The failure of the New Keynesian dynamic stochastic general equilibrium models to capture interactions of finance and the real economy has been widely recognised since the Global Crisis. This column argues that the flaws in these models stem from unrealistic micro-foundations for household behaviour and from wrongly assuming that aggregate behaviour mimics a fully informed ‘representative agent’. Rather than ‘one-size-fits-all’ monetary and macroprudential policy, institutional differences between countries ...

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Thumbnail for INET Oxford academics receive research grant to continue work on visualising global development

INET Oxford academics receive research grant to continue work on visualising global development

07 Feb 2017

A $350,000 grant from the Bill & Melinda Gates Foundation is enabling INET Oxford and Oxford Martin School academics to expand their work visualising global development. The Our World in Data website presents research on living conditions around the world, how they are changing, and why, with the aim of building a comprehensive online resource on global development. It takes the form of accessible interactive data visualisations on aspects of global development, including poverty, violence, education...

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Thumbnail for The US lags far behind its peers on “inclusive” economic growth

The US lags far behind its peers on “inclusive” economic growth

06 Feb 2017

We know the United States faces challenges on the subject of inclusive growth. But how has the US performed compared to other rich countries? To answer these questions, we have to think about how we measure income growth. GDP per capita is usually the first metric people use for this purpose. Yet, growth in GDP per capita does not tell us anything about the extent to which growth is shared among the population. INET Oxford researchers Max Roser & Stefan Thewissen look at these qusetions in their recent article on Vox. R...

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Thumbnail for An improved approach to empirical modelling

An improved approach to empirical modelling

06 Feb 2017

There are numerous possible approaches to building a model of a given data set. In economics, imposing a `theory model’ on the data by simply estimating its parameters is common. This column makes the case for a combined theory-driven and data-driven approach under which it is almost costless in statistical terms to check the relevance of large numbers of other candidate variables when the theory is complete, yet there is a good chance of discovering a better empirical model when the theory is incomplete or incorrect. Read...

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