Economic Affairs

Scholarly Publications

MPCs, MPEs and Multipliers: A Trilemma for New Keynesian Models

July 2020

We establish an impossibility result for New Keynesian models with a frictionless labor market: these models cannot simultaneously match plausible estimates of marginal propensities to consume ...

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment

June 2020

We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state....

Intermediation in Mortgage-Backed Securities: The Plantation Business of F.W. Hudig, 1759-1797

June 2020

Dutch-Caribbean plantations attracted substantial outside funding in the 1760s. This came to an abrupt end after the 1773 credit crisis.

Other Publications

A Macroeconomic Framework for Quantifying Systemic Risk

October 2019

Systemic risk arises when shocks lead to states where a disruption in financial intermediation adversely affects the economy and feeds back into further disrupting financial intermediation.

Leverage and Beliefs: Personal Experience and Risk-Taking in Margin Lending

January 2017

What determines risk-bearing capacity and the amount of leverage in financial markets?

Economic Fairness and America’s Presidential Election

May 2016

As the American presidential election nears, Stanford political scientist and TEC director Kenneth Scheve and David Stasavage (New York University) argue that the next president could deal with...

News

Ran Abramitzky Appointed H&S Senior Associate Dean of Social Sciences

July 2020

Professor of economics Ran Abramitzky has been named the new senior associate dean of the social sciences in the School of Humanities and Sciences. He will begin his term on September 1, 2020.

Arvind Krishnamurthy: PhD Faculty Distinguished Service Award

July 2020

PhD students awarded Arvind Krishnamurthy, the John S. Osterweis Professor of Finance, the PhD Faculty Distinguished Service Award during a virtual ceremony.

Events

The Academic Market and the Rise of Universities in Medieval and Early Modern Europe (1000-1800)

February 25, 2020

 This talk is part of the Economic History Seminar Series, and is co-sponsored by The Europe Center.

Shaping Ideology and Institutions: Economic Incentives and Slavery in the US South

October 8, 2019

 Part of the Economic History Seminar Series, co-sponsored by The Europe Center. 

The Making of Social Democracy: The Economic and Electoral Consequences of Norway’s 1936 School Reform (with Acemoglu, Pekkarinen and Sarvamak)

April 30, 2019

This workshop is part of the Economic History Workshop series in the Department of Economics and is co-sponsored by The Europe Center.

Projects

European Public Finance

Modern European states have significant responsibilities to their populace, including ensuring that citizens’ basic needs are met and the provision of security, law and order, and other public...
English

The Contemporary

This project examines the  “contemporary” with a focus on defining moments such as: 1945, 1973, 1989, and 2001.
English

Europe and the Global Economy

Although each nation in Europe retains its distinct cultural, social and political identity, the region as a whole is among the world’s most economically integrated zones.
English

Multimedia

Why France and the European Union Still Matter for the United States

February 2015

Is Europe "elderly and haggard", and could France become "the crucible of  Europe" (Jan.

People

3982 small scheve 3x4 Kenneth F. Scheve Senior Fellow Professor, Political Science