MIT Press

Monetary asmmetries without (and with) price stickiness

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Friday, April 19, 2024
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Key Points: 

    Clartias Chief AI Officer Rex Briggs to Keynote Possible

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    Tuesday, April 9, 2024
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    Cincinnati, Ohio, April 08, 2024 (GLOBE NEWSWIRE) -- Claritas ®, a data-driven marketing leader that leverages a proprietary identity graph to help marketers achieve superior ROI, today announced that its Chief AI Officer Rex Briggs will deliver a keynote discussion at Possible 2024.

    Key Points: 
    • Cincinnati, Ohio, April 08, 2024 (GLOBE NEWSWIRE) -- Claritas ®, a data-driven marketing leader that leverages a proprietary identity graph to help marketers achieve superior ROI, today announced that its Chief AI Officer Rex Briggs will deliver a keynote discussion at Possible 2024.
    • In addition to Briggs, other speakers at Possible 2024 include: Linda Boff, GE Chief Marketing Officer VP, Learning & Culture President, GE Foundation; Esi Eggleston Bracey, Chief Growth & Marketing Officer, Unilever; Tariq Hassan, Chief Marketing & Customer Experience Officer, McDonald's Corporation; Diana Haussling, SVP - GM Consumer Experience and Growth, Colgate-Palmolive;  Linda Lee, Chief Marketing Officer, Campbell’s Soup; Frank Cooper III, Chief Marketing Officer, Visa;  Remi Kent, Chief Marketing Officer, Progressive Insurance; David Droga, Chief Executive Officer, Accenture Song; Soyoung Kang, Chief Marketing Officer, Eos; Dana Marineau, Chief Marketing Officer, Rakuten; Bozoma Saint John, Hall of Fame Inducted Marketing Executive, Author, and Entrepreneur; Jaime Teevan, Chief Scientist, Microsoft and Gary Vaynerchuk, Chairman, VaynerX.
    • During Briggs’ work with the Ad Council, he discovered ArtsAI and experimented with its patented AI Personalization technology.
    • In his latest book, “The AI Conundrum” (MIT Press), Briggs and co-author Caleb Briggs explore why artificial intelligence’s strengths are also AI’s weaknesses – and how businesses can effectively apply AI to improve their business.

    Isabel Schnabel: R(ising) star?

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    Wednesday, April 3, 2024
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    This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.

    Key Points: 
    • This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.
    • The findings suggest that households have primarily adjusted their consumption spending to cope with higher inflation.

    Consumer participation in the credit market during the COVID-19 pandemic and beyond

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    Tuesday, April 2, 2024
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    We find that credit demand is highest when

    Key Points: 
      • We find that credit demand is highest when
        the first lockdown ends and it drops when supportive monetary compensation schemes are implemented.
      • Credit is more likely to be
        accepted under favourable borrowing conditions and after the approval of national recovery plans.
      • We also find
        that demographic, economic factors, perceptions and expectations are associated with the demand for credit and
        the credit grant.
      • First, it adds to a rapidly growing literature on household
        borrowing behaviour during the COVID-19 pandemic; see, for example, Ho et al.
      • We provide evidence that credit applications and credit acceptances display a different pattern over
        time.
      • Credit is more likely to be accepted under favourable borrowing conditions and after the
        approval of national recovery plans.
      • In almost all countries
        households are significantly less likely to apply and to get their credit approved than in Germany.
      • In line with literature, we show that
        demographic and economic factors affect the probability for credit applications and credit approval.
      • In addition,
        the paper shows that consumer perceptions and expectations matter when they decide to apply for credit.
      • Introduction

        The participation of households in the credit market receives wide attention in the consumer finance literature
        because consumer credit enters the monetary policy transmission mechanism through the so-called ?credit
        channel?: changes in credit demand and supply have an effect on consumers' spending and investment, which in
        turn affect economic growth.

      • We use microdata from the ECB?s Consumer Expectations Survey (hereinafter CES), a survey that
        measures consumer expectations and behaviour in the euro area.
      • Its panel dimension allows for an assessment of
        how consumer behaviour changes over time and how consumers respond to critical economic shocks.
      • This way we can gauge how credit applications and credit acceptances change under different, almost
        opposite, borrowing conditions.
      • We also distinguish between the demand for long-term secured loans (mortgages) and for short-term
        uncollateralized loans (consumer loans).
      • ECB Working Paper Series No 2922

        3

        We use probit models to estimate the probability of the consumer to apply for credit and the credit being granted.

      • The rate peaks in 2020Q3 which reflects the rebound in the demand for loans when the first lockdown ended.
      • In almost all countries households are significantly less likely
        to apply and to get their credit approved than in Germany.
      • However,
        when it comes to credit acceptance, we observe that the two groups of households are more similar.
      • Finally, we find some heterogeneity with respect to the type of credit, particularly between secured and unsecured
        debt.
      • The demand for
        consumer credit is insignificant for liquid households and decreases significantly for constrained households in
        the last two quarters of our timespan.
      • The first consists of a recently growing literature which
        explores consumer behaviour in the credit market during the COVID-19 pandemic, mostly in the United States.
      • Sandler and Ricks (2020) show that consumers did not use credit card debt for financial liquidity in the early stage
        of the COVID-19 pandemic.
      • (2020) report that credit card applications and new mortgage loans
        declined during the first months of the pandemic in regions with more unemployment insurance claims.
      • Lu and
        Van der Klaauw (2021) show that there was a sharp drop in consumer credit demand, especially for credit cards.
      • (2022) document that there was a substantial decrease in the usage of credit cards and home equity lines
        of credit by Canadian consumers.
      • Our paper is also consonant with studies on the association between financial and demographic factors and
        consumers? participation in the credit market as well as on the demand for specific types of credit.
      • January 2020 ? October 2020 - The two main events are the outbreak of the COVID-19 pandemic and the
        consequential lockdowns in the euro area.
      • 4 If the
        respondent has applied for more than one type of credit, she is asked to refer to the most recent credit application.
      • Between 2021Q3 and 2022Q3 the acceptance
        rate stays above the average values, mirroring the easing of credit standards for consumer credit and other lending
        to households during this period.
      • Second, we can investigate the presence of nonlinearities in how liquidity and the credit type interact in explaining credit applications.
      • (2023) ? who show that in the United States the local pandemic severity had a strong
        negative effect on credit card spending early in the pandemic, which diminished over time.
      • First, we select mortgages and consumer credit as the two mostly reported categories for secured and

        13

        The full estimation results are reported in Table 3.

      • The right-hand side panel of Figure 6 shows that the demand for consumer credit is insignificant for both liquid
        and illiquid households.
      • It also shows that
        subjective perceptions of credit access, financial concerns and expectations on interest rates matter for the demand
        for credit.
      • In Bertola, G., Disney
        R., and Grant, C. (eds) The Economics of Consumer Credit, Cambridge MA, MIT Press.
      • Horvath, A., Kay, B. and Wix, C. (2023) The COVID-19 shock and consumer credit: Evidence from credit card
        data.
      • Magri, S. (2007) Italian households? debt: The participation to the debt market and the size of the loan.

    2024 Lionel Gelber Prize awarded to Timothy Garton Ash for Homelands: A Personal History of Europe

    Retrieved on: 
    Wednesday, March 6, 2024
    Prize, Lionel, Hoover Institution, University, Freedom, Berlin Wall, Multimedia, Crash, Magic, MIT, Yale University Press, Hachette Book Group, Bangladesh Technical Education Board, Penguin Group, Stanford University, CAD, History, Magic lantern, Jury, Optimism, Yale University, Public policy, PublicAffairs, MIT Press, Fragility, Pharmaceutical industry

    Chosen by a jury of international journalists, practitioners and scholars, the Gelber Prize is awarded annually to the best book on international affairs published in English.

    Key Points: 
    • Chosen by a jury of international journalists, practitioners and scholars, the Gelber Prize is awarded annually to the best book on international affairs published in English.
    • Homelands: A personal history of Europe, Timothy Garton Ash (Yale University Press)
      Timothy Garton Ash, Europe's "historian of the present," has been "breathing Europe" for the last half century.
    • The Lionel Gelber Prize was founded in 1989 by Canadian diplomat Lionel Gelber.
    • The award is presented annually by the Lionel Gelber Prize Board and the Munk School of Global Affairs & Public Policy at the University of Toronto.

    2024 Lionel Gelber Prize awarded to Timothy Garton Ash for Homelands: A Personal History of Europe

    Retrieved on: 
    Wednesday, March 6, 2024
    Prize, Lionel, Hoover Institution, University, Freedom, Berlin Wall, Crash, Magic, MIT, Yale University Press, Hachette Book Group, Bangladesh Technical Education Board, Penguin Group, Stanford University, CAD, History, Magic lantern, Jury, Optimism, Yale University, Public policy, PublicAffairs, MIT Press, Fragility, Pharmaceutical industry

    TORONTO, March 6, 2024 /PRNewswire/ -- Judith Gelber, Chair of the Lionel Gelber Prize board, announced today that the winner of the 2024 Lionel Gelber Prize is Homelands: A personal history of Europe by Timothy Garton Ash, published by Yale University Press. Chosen by a jury of international journalists, practitioners and scholars, the Gelber Prize is awarded annually to the best book on international affairs published in English. The Prize is presented by the University of Toronto's Munk School of Global Affairs & Public Policy. The winner will receive $50,000.

    Key Points: 
    • Chosen by a jury of international journalists, practitioners and scholars, the Gelber Prize is awarded annually to the best book on international affairs published in English.
    • Homelands: A personal history of Europe, Timothy Garton Ash (Yale University Press)
      Timothy Garton Ash, Europe's "historian of the present," has been "breathing Europe" for the last half century.
    • The Lionel Gelber Prize was founded in 1989 by Canadian diplomat Lionel Gelber.
    • The award is presented annually by the Lionel Gelber Prize Board and the Munk School of Global Affairs & Public Policy at the University of Toronto.

    Isabel Schnabel: From laggard to leader? Closing the euro area’s technology gap

    Retrieved on: 
    Saturday, February 17, 2024
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    This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.

    Key Points: 
    • This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.
    • We further show that relying on microprudential regulation alone would not be enough to account for the systemic dimension of transition risk.

    Scholar who measures Pentagon's carbon footprint wins Grawemeyer world order prize

    Retrieved on: 
    Tuesday, December 5, 2023
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    The U.S. military is the world's largest single institutional producer of greenhouse gases, Crawford found.

    Key Points: 
    • The U.S. military is the world's largest single institutional producer of greenhouse gases, Crawford found.
    • Between 1975 and 2022, its emissions averaged 81 million metric tons of greenhouse hydrocarbons a year—more than most countries.
    • "The Pentagon looks at the world in terms of threats but doesn't see its own emissions as part of the problem," she said.
    • Crawford is the first scholar to thoroughly assess the U.S. military's global emissions profile and weigh its implications, said Charles Ziegler, who directs the world order award.

    Scholar who measures Pentagon's carbon footprint wins Grawemeyer world order prize

    Retrieved on: 
    Tuesday, December 5, 2023
    Brown University, Climate change, MIT, Psychology, Risk, Greenhouse, International Studies Association, American Academy, MIT Press, Religion, Rise, Music, Crawford, University, Grawemeyer Award, Pentagon, Science, Education, British, Renewable energy, Film industry

    Between 1975 and 2022, its emissions averaged 81 million metric tons of greenhouse hydrocarbons a year—more than most countries.

    Key Points: 
    • Between 1975 and 2022, its emissions averaged 81 million metric tons of greenhouse hydrocarbons a year—more than most countries.
    • "The Pentagon looks at the world in terms of threats but doesn't see its own emissions as part of the problem," she said.
    • Crawford is the first scholar to thoroughly assess the U.S. military's global emissions profile and weigh its implications, said Charles Ziegler, who directs the world order award.
    • Winners will visit Louisville in the spring to accept their awards and give free talks on their winning ideas.

    AAEA Invites You to their 2024 Sessions at this years' ASSA Annual Meetings

    Retrieved on: 
    Monday, December 4, 2023
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    MILWAUKEE, Dec. 4, 2023 /PRNewswire-PRWeb/ -- The Agricultural & Applied Economics Association (AAEA) invites you to attend the 2024 AAEA sessions taking place January 5-7, 2024 in San Antonio, TX. More than 40 experts in the field discuss and present during AAEA's 5 Invited Paper sessions at the Grand Hyatt. Media and press are invited to attend any AAEA session with a complimentary media registration.

    Key Points: 
    • MILWAUKEE, Dec. 4, 2023 /PRNewswire-PRWeb/ -- The Agricultural & Applied Economics Association (AAEA) invites you to attend the 2024 AAEA sessions taking place January 5-7, 2024 in San Antonio, TX.
    • More than 40 experts in the field discuss and present during AAEA's 5 Invited Paper sessions at the Grand Hyatt.
    • Media and press are invited to attend any AAEA session with a complimentary media registration.
    • View all of AAEA session on the AAEA webpage: https://www.aaea.org/meetings/aaea-at-assa-annual-meeting/aaea-at-2024-a...
      If you are interested in attending an AAEA session at ASSA, please contact Allison Ware in the AAEA Business Office.