Archive for July 6th, 2012

From Libor to Lie More

July 6, 2012

Simon Johnson has this amazing title criticizing the recent Libor case.

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The present evils in US economy have been produced by overdoing everything…

July 6, 2012

A super post on econ history by Catherine Rampell of Economix Blog.

She puts up a photo of a NY Herald clip of 1837 which is just amazing and so true even today.

 

Central Banks – Paradise Lost..

July 6, 2012

This is the title of a speech by Otmar Issing, ECB’s first chief economist. The speech is Annual Mayakawa Lecture organised by BoJ.

Issing provides a nice overview of how mon pol and central banking has evolved over the years:

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Auctions as allocation mechanisms: Case of Faculty Offices

July 6, 2012

Came across this old paper by William Boyes and Stephen Kappel of Arizona State Univ (from this awesome list of old papers).

The paper shows how econ dept of Arizona State Univ used auction theory to allocate offices to faculty. The Univ built a new building  and some rooms had a outside view with a window and others had no windows. The former were in higher demand but such rooms were limited in supply. The result was chaos.

Diff. departments adopted different strategies but the allocation was inefficient. Faculty criticized and grumbled after each allocation.

The econ dept used a bit of economics.

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