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Raj Chetty

Chris Wellisz profiles Raj Chetty, who is reshaping the study of social mobility with big data

Eric A. Posner, Viktor Mayer-Schönberger, Thomas Ramge, and John Tutino

ECONOMICS SAYS THAT bailouts are bad because they beget moral hazard—that is, they shield those involved from risk, which encourages recklessness. Politics seems to agree: the no-more-bailouts sentiment was a driving force behind the 2010 massive US financial reform legislation known as the Dodd-Frank Act. The global financial crisis’s 10th anniverary raises the question of whether we are better poised to deal with future crises. Eric Posner’s response is a resounding no.

International Monetary Fund. Research Dept.

IMF Research Bulletin summarizes some of the recent research activities of the IMF.

Cornelia Hammer, Ms. Diane C Kostroch, and Mr. Gabriel Quiros-Romero
Big data are part of a paradigm shift that is significantly transforming statistical agencies, processes, and data analysis. While administrative and satellite data are already well established, the statistical community is now experimenting with structured and unstructured human-sourced, process-mediated, and machine-generated big data. The proposed SDN sets out a typology of big data for statistics and highlights that opportunities to exploit big data for official statistics will vary across countries and statistical domains. To illustrate the former, examples from a diverse set of countries are presented. To provide a balanced assessment on big data, the proposed SDN also discusses the key challenges that come with proprietary data from the private sector with regard to accessibility, representativeness, and sustainability. It concludes by discussing the implications for the statistical community going forward.
Erez Aiden, Jean-Baptiste Michel, and Coyle Diane

This chapter discusses the story of European integration in what is known as the European Union. The decision in 1951 by six European nations to pool coal and steel production under a common authority—the European Coal and Steel Community—marked the beginning of European integration. French statesman and political visionary Robert Schuman proposed the coal and steel community in 1950. The chapter also highlights that the 28-member European Union, built around common policies and shared institutions, has proved robust to many challenges and has accommodated great change used by 18 countries. The European Union was also awarded the 2012 Nobel Peace Prize. The study shows that the 2008 global financial crisis laid bare fault lines, exposing tensions between EU members and stresses and gaps in institutions and policies that Europe’s political leaders are working hard to address. The IMF’s chief for Europe argues that what Europe needs is more integration, not less.