Prof. Jonathan Gruber speaks with GBH hosts Jim Braude and Margery Eagan about why Democrats are pushing to raise the debt ceiling. “This is really about paying off the money that Congress approved to spend for all of the things the government does,” says Gruber.
Profs. Daron Acemoglu and David Autor speak with New York Times correspondent Thomas B. Edsall about the forces driving working-class voters towards the Republican party. “Elites are making choices that are not good news for non-college workers,” said Acemoglu. “In fact, they are bad news for most workers.”
The Economist highlights a paper by researchers from MIT and Stanford that finds new ideas are becoming harder to find in areas ranging from crop yields to microchip density. The Economist also spotlights how Prof. Danielle Li and Prof. Pierre Azoulay examined the Defense Advanced Research Project Agency (DARPA) model of funding and found that it “does best when its program directors have a clear understanding of the sort of breakthroughs that are needed.”
Researchers from MIT and elsewhere have found that senior citizens in the U.S. are more likely to live independently if there are more immigrants in an area, reports Stuart Anderson for Forbes. “The study found a 10-percentage point increase in the less-educated immigrant population in an area reduces by 29% the probability someone 65 years or older would live in a nursing home or other institutional setting,” writes Anderson.
Prof. Daron Acemoglu speaks with Freakonomics Radio host Stephen Dubner about his research exploring how having a boss who attended business school can impact a business. “The main findings are actually very simple,” says Acemoglu. “As soon as you have a business school manager, you see a relative decline in wages and labor share.”
Researchers from MIT and elsewhere have found that U.S. senior citizens are more likely to live independently if there are more immigrants in an area, reports Stuart Anderson for Forbes. This study suggests that the supply of immigrant labor "affects caregiving arrangements, and allows more older Americans to age in the community,” write the researchers.
Washington Post reporter David Lynch highlights the work of Ben S. Bernanke PhD ’79, one of the recipients of this year’s Nobel Prize in economic sciences, who was honored for his research on the role banks play during financial turmoil. “Bernanke demonstrated that bank failures — rather than resulting from the downturn — were responsible for making it so deep and so long. When banks collapsed, valuable information about borrowers disappeared, making it difficult for new institutions to channel savings to productive investments,” notes Lynch.
The 2022 Nobel Prize in economic sciences was awarded in part to Ben S. Bernanke PhD ’79 for his research showing that “bank failures can propagate a financial crisis rather than simply be a result of the crisis,” reports Jeanna Smialek for The New York Times. When asked about his advice for younger economists, Bernanke noted “one of the lessons of my life is, you never know what is going to happen.”
Ben S. Bernanke PhD ’79 has been honored as one of the recipients of this year’s Sveriges Riksbank Prize in Economic Sciences, reports the Associated Press. Bernanke was recognized for his work examining the Great Depression and “showing the danger of bank runs — when panicked people withdraw their savings — and how bank collapses led to widespread economic devastation,” notes the AP.
Ben Bernanke PhD ’79, former chair of the Federal Reserve, has been awarded the 2022 Nobel Prize in economic sciences, reports Allison Morrow for CNN. Bernanke “received the award for his research on the Great Depression,” says Morrow. “In short, his work demonstrates that banks’ failures are often a cause, not merely a consequence, of financial crises.”
Ben Bernanke PhD ’79 has won a share of the 2022 Sveriges Riksbank Prize in Economic Sciences for his research on banks and financial crises, reports Micahel T. Nietzel for Forbes. Bernanke and his fellow winners are credited with significantly improving “our understanding of the role of banks in the economy, particularly during financial crises,” says The Royal Swedish Academy of Sciences.
Prof. Christopher Knittel speaks with Wall Street Journal reporter Andrew Duehren about how European governments are beginning to experiment with new ways to control energy prices.“Especially with the European energy-market policy interventions, what policy makers do not want to do is exacerbate these problems with their policies, and my fear is that is what these proposals would do,” says Knittel.
Prof. Nathan Wilmers and his colleague have used multiple measures of earnings to trace income inequality in the U.S., reports Tim Fernholz for Quartz. “After decades of increase since the 1980s, they found that income inequality peaked in 2012 and has held steady or perhaps even fallen since,” explains Fernholz.
Prof. Esther Duflo speaks with New York Times reporter Peter Wilson about how climate change can impact global inequality. “The responsibility for the emissions that lead to climate change rests mainly with rich countries and their consumers, but the cost is mainly going to be borne by citizens in poor countries,” says Duflo.
Graduate student Evan Soltas and Gopi Shah Goda, deputy director of Stanford’s Institute for Economic Policy Research, explore the impact that Covid-19 has had on the workforce, reports Sarah Todd for Quartz. “People ages 65 and up are more likely to leave the workforce after contracting Covid compared to younger people,” say Soltas and Goda.