Archive for December 4th, 2018

Profile of Caludia Goldin: Why history is important, role of women in labor force and new expansion of NBER…

December 4, 2018

Nice profile of Prof Goldin in IMF’s Finance & Development:

Born in 1946 in the Bronx, a borough of New York City, Goldin recalls an early fascination with investigation and intellectual discovery, immersing herself in the wonders of Manhattan’s museums as she fell in love first with archeology, then bacteriology. She went to Cornell University initially to study microbiology but came to embrace the humanities and social sciences, especially history and economics, which became her undergraduate major. She completed her doctorate in industrial organization and labor economics in 1972 at the University of Chicago.

Goldin explains why history is important to economics, citing the book The Race between Education and Technology (2008), which she wrote with fellow Harvard labor economist Lawrence Katz, who is also her husband.

“Larry Katz and I looked at changes in income inequality post-1980 versus pre-1980 and investigated the theory that inequality has risen more post-1980 because of skill-biased technological change,” Goldin says. “History allowed us to understand that skill-biased technological change is not new but has been around for a very long time and to identify the longer-term forces at work.”

The earnings gap between more-educated and less-educated workers was also wide in 1915, then narrowed until the 1950s, and then expanded again in the 1980s, Goldin and Katz found. By studying the whole century, they saw that changes in the supply of and demand for college-educated workers explain most of the fluctuation in wage premiums for better-educated workers. These ups and downs reflect a race between education and technology as the education system keeps up with evolving technologies’ changing demands for skills.

On women’s role in economics:

(more…)

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70 year anniversary of People Bank of China and Reniminbi (and 40 years of China’e economic reforms)

December 4, 2018

People Bank of China was established in 1948 and along with it came Renminbi or People’s currency. In 1978, China started its famous reforms.

The central bank had an exhibition to celebrate these events.

On November 30, 2018, the exhibition entitled “China Name Card: Exhibition Commemorating the 70th Anniversary of RMB Issuance” was launched at the National Museum of China. Fan Yifei, member of the CPC PBC Committee and Deputy Governor, announced the opening of the exhibition. Wang Chunfa, Director of the National Museum of China, attended the opening ceremony.

Issuing currency, one of the PBC’s major responsibilities, is a fundamental, basic financial service provided to the public by the central bank. On December 1, 1948, the PBC was founded and issued the first series of the RMB. Over the past 70 years, under the correct leadership of the CPC, the PBC has issued successively  five RMB series. This exhibition is the first time the accomplishments related to the printing and issuance of all of the five RMB series are displayed on the same occasion.

A comprehensive introduction is given to the economic, social and cultural elements underneath the RMB of different historical periods, which is also a vivid demonstration of the RMB in terms of  development and inheritance, exquisite technique and unique charm.

Moreover, holding this exhibition at a time China celebrates the 40th anniversary of reform and opening-up can help people better understand the RMB’s history and currency culture, feel more keenly the glories in the development of New China’s financial cause, and further solidify their confidence and resolution to create a beautiful future by following the guide of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.

The exhibition “China Name Card: Exhibition Commemorating the 70th Anniversary of RMB Issuance” runs until December 16 in Beijing.

The central bank also released new banknotes and coins to commemorate the event.


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