Title: Global Imbalances and Policy Wars at the Zero Lower Bound
Abstract This article explores the consequences of extremely low real interest rates in a world with integrated but heterogeneous capital markets, nominal rigidities, and an effective lower bound [a zero lower bound (ZLB) for simplicity]. We establish four main results: (1) At the ZLB, creditor countries export their recession abroad, which we illustrate with a new Metzler diagram in quantities; (2) Beggar-thy-neighbour currency and trade wars provide stimulus to the undertaking country at the expense of other countries; (3) (Safe) public debt issuances and increases in government spending anywhere are expansionary everywhere; and (4) When there is a scarcity of safe assets, net issuers of these assets import the recession from abroad. more »« less
Bound, John; Braga, Breno; Khanna, Gaurav; Turner, Sarah
(, Journal of Economic Perspectives)
null
(Ed.)
In the four decades since 1980, US colleges and universities have seen the number of students from abroad quadruple. This rise in enrollment and degree attainment affects the global supply of highly educated workers, the flow of talent to the US labor market, and the financing of US higher education. Yet, the impacts are far from uniform, with significant differences evident by level of study and type of institution. The determinants of foreign flows to US colleges and universities reflect both changes in student demand from abroad and the variation in market circumstances of colleges and universities, with visa policies serving a mediating role. The consequences of these market mechanisms impact global talent development, the resources of colleges and universities, and labor markets in the United States and countries sending students.
Williams, Gianna; De_Los_Santos, Maya; To, Alexandra; Savage, Saiph
(, Avances en Interacción Humano-Computadora)
Research has primarily focused on understanding the perspectives and experiences of US based crowdworkers, leaving a notable gap to those within the Global South. To bridge this, we conducted a survey with 100 crowdworkers across 16 Latin American and Caribbean countries. To understand the tensions between the crowdworking economy abroad. In our study we found crowd work being the stepping stone to financial and professional independence among those we surveyed along with the tensions within data extraction among crowdworkers.
The number of students with multicultural experiences are growing in the United States. We define multicultural experiences as the multiple cultures that students experience in their early life and through family, which differs from the culture at their higher education institution. Many students immigrate to the US with their families after spending formative years in other countries, which gives them unique perspectives on multiple cultures. Multicultural engineering students have a different understanding of engineering from those without such experiences. These experiences both provide these students with certain advantages in engineering and present challenges in their educational pursuits. Examining both advantages and challenges provides an opportunity to understand these students’ strengths and adaptation strategies. Engineering is a field that requires new thoughts, insights, and opinions to advance. Their meaningful life experiences (particularly their multicultural experiences) can bring new light to issues in engineering as well. The study utilizes data from a larger mixed-methods study of Black students in engineering for in-depth interview transcripts, survey data, and an identity circle artifact. Two cases were purposefully selected for the current study – both participants were raised by African parents and had an additional international experience in a predominantly White country before studying engineering in the US. Both participants used this third point of reference to reflect on and give a rich description of their experience in the US. Through qualitative analysis of these cases, we will address the question: In what ways do Black students who are first- or second-generation immigrants from Africa and have studied abroad leverage community cultural wealth in engineering in the US? We use Yosso’s Community Cultural Wealth (CCW) framework to highlight the strengths these students leverage in engineering. CCW is an asset-based framework developed to highlight the strengths of the students from Communities of Color. There are six assets used as a guiding lens to inform research in these communities: familial, social, aspirational, navigational, resistance, and linguistic capital that students bring from their familial and community background. This framework names and categorizes the numerous skills Students of Color have obtained through lived experiences and how the students are able to be successful in academia. Furthermore, students have the ability to utilize these capitals to their advantage in order to be successful beyond academia. Exploring the CCW of Black immigrant students from African countries will give researchers a better understanding of the assets and strengths these students possess as well as the challenges they face. Through an examination of the CCW and various forms of capital for two Black immigrant students, we will emphasize the strengths of students with multicultural experiences in the hopes that they will be further valued and supported by university administrators.
This study examined how incorporating art into an upper-level undergraduate field-based ecology research course influenced students’ communication and collaboration skills, their career goals, and how they conceptualized the scientific method. Student pairs designed an independent research study that used artwork and a scientific research poster to disseminate their findings at an end-of-term exhibit. Students enrolled in either a local or a (subsidized) travel abroad section of the course. Students in both sections found new or deeper connections between art and science, developed a more sophisticated understanding of the science method, became more confident with their science skills, and reported an expanded perspective on their future careers (often including field work and a wider geographic job search). Science–art student teams indicated they wanted more opportunities for collaborative work in the future, and that their final products were more professional due to their collaborations, as compared to science–science teams. Additionally, the travel abroad students benefitted from experiencing new ecosystems and cultures, from working with science and art professionals from other countries, and from working in an isolated field station without distractions.
Abstract I show that a disruption to the financial sector can reshape the patterns of global trade for decades. I study the first modern global banking crisis originating in London in 1866 and collect archival loan records that link multinational banks headquartered there to their lending abroad. Countries exposed to bank failures in London immediately exported significantly less and did not recover their lost growth relative to unexposed places. Their market shares within each destination also remained significantly lower for four decades. Decomposing the persistent market-share losses shows that they primarily stem from lack of extensive-margin growth, as the financing shock caused importers to source more from new trade partnerships. Exporters producing more substitutable goods, those with little access to alternative forms of credit, and those trading with more distant partners experienced more persistent losses, consistent with the existence of sunk costs and the importance of finance for intermediating trade.
Caballero, Ricardo J, Farhi, Emmanuel, and Gourinchas, Pierre-Olivier. Global Imbalances and Policy Wars at the Zero Lower Bound. Retrieved from https://par.nsf.gov/biblio/10327741. The Review of Economic Studies 88.6 Web. doi:10.1093/restud/rdab015.
Caballero, Ricardo J, Farhi, Emmanuel, & Gourinchas, Pierre-Olivier. Global Imbalances and Policy Wars at the Zero Lower Bound. The Review of Economic Studies, 88 (6). Retrieved from https://par.nsf.gov/biblio/10327741. https://doi.org/10.1093/restud/rdab015
@article{osti_10327741,
place = {Country unknown/Code not available},
title = {Global Imbalances and Policy Wars at the Zero Lower Bound},
url = {https://par.nsf.gov/biblio/10327741},
DOI = {10.1093/restud/rdab015},
abstractNote = {Abstract This article explores the consequences of extremely low real interest rates in a world with integrated but heterogeneous capital markets, nominal rigidities, and an effective lower bound [a zero lower bound (ZLB) for simplicity]. We establish four main results: (1) At the ZLB, creditor countries export their recession abroad, which we illustrate with a new Metzler diagram in quantities; (2) Beggar-thy-neighbour currency and trade wars provide stimulus to the undertaking country at the expense of other countries; (3) (Safe) public debt issuances and increases in government spending anywhere are expansionary everywhere; and (4) When there is a scarcity of safe assets, net issuers of these assets import the recession from abroad.},
journal = {The Review of Economic Studies},
volume = {88},
number = {6},
author = {Caballero, Ricardo J and Farhi, Emmanuel and Gourinchas, Pierre-Olivier},
}
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