Podcast appearances and mentions of atif mian

पिछले कुछ सालों से पाकिस्तान की अर्थव्यवस्था उथल-पुथल भरे दौर से गुज़र रही है। बढ़ती महंगाई और ऊर्जा की बढ़ती कीमतों ने आम आदमी के जीवन स्तर को काफ़ी प्रभावित किया है। इसके पीछे क्या वज़ह है? पाकिस्तान इन आर्थिक चुनौतियों से निपटने के लिए ज़रूरी सुधारों को लागू क्यों नहीं कर पा रहा है? इस हफ़्ते, हम बात करेंगे उज़ैर यूनुस से, जो अपने पॉडकास्ट पाकिस्तोनॉमी पर पाकिस्तान की अर्थव्यवस्था के कई पहलुओं के बारे में लिखते और चर्चा करते रहे हैं।Pakistan's economy has been going through turbulent times in the past few years, with inflation reaching above 35% in May 2023. High inflation and rising energy prices have caused a significant dent in the common man's standard of living. What are the reasons behind this? Why has Pakistan not been able to implement the reforms required to tackle these economic challenges? This week, we speak to Uzair Younus, who has been writing and discussing the many facets of Pakistan's economy on his podcast Pakistonomy. We discuss:* The OG Asian Tiger* Market economy in the early days* Failure to do land reforms* The curse of aid* Political instability* Rising inflation* Need for economic reformsReadings* The Pakistonomy substack * The Pakistonomy Podcast by Uzair Younus* SEATO-CENTO * Pakistan's 22 Families by Mahbub ul Haq* Follow other Pakistani Economists like Kaiser Bengali, Atif Mian, Ishrat Husain, Khurram Husain, and S. Akbar ZaidiListen to related Puliyabaazi:पाकिस्तानी मिलिट्री के अनगिनत कारोबार। Pakistan's Military Inc ft. Ayesha SiddiqaIf you have any questions for the guest or feedback for us, please comment here or write to us at puliyabaazi@gmail.com. If you like our work, please subscribe and share this Puliyabaazi with your friends, family and colleagues.Website: https://puliyabaazi.inHosts: @saurabhchandra @pranaykotas @thescribblebeeGuest: @UzairYounus Twitter: @puliyabaazi Instagram: https://www.instagram.com/puliyabaazi/Subscribe & listen to the podcast on iTunes, Google Podcasts, Castbox, AudioBoom, YouTube, Spotify or any other podcast app. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.puliyabaazi.in

The neutral rate is relevant for understaning the stance of monetary policy and for the fiscal outlook, as it determines the financing conditions for government debt. We explain how the neutral rate is defined, discuss its economic determinants and provide estimates of how it has changed since the pre-pandemic period. Increased government debt supply appears to have excerted substantial upward pressure on the neutral rate. We make reference to the following papers: Thiago Ferreira and Samer Shousha titled “The supply of safe assets and global interest rates” , Journal of International Economics, 2023. Atif Mian, Ludwig Straub, and Amir Sufi. titled “What explains the decline in r*? Rising income inequality versus demographic shifts.” Proceedings of the Jackson Hole Symposium, 2021.

The wake up call that Pakistan needs; one of the leading Economists of the world, Atif Mian, comes on The Pakistan Experience to show the Economic Reality of Pakistan. On this deep dive podcast, we discuss how Pakistan's Economy is on the tipping point, the things that need to be done to fix it, understanding the economy as part of the whole system, Foreign Investments, Debt, CPEC and the Social Realities of Pakistan. https://www.youtube.com/watch?v=JZrWDUUCzmA Atif Mian is a Pakistani-American economist who serves as the John H. Laporte Jr. Class of 1967 Professor of Economics, Public Policy, and Finance at Princeton University, and as the Director of the Julis-Rabinowitz Center for Public Policy and Finance at the Princeton School of Public and International Affairs. He received a Guggenheim Fellowship in 2021, and was elected Fellow of the Econometric Society in 2021. Atif Mian is also the co-author of the critically acclaimed book, "House of Debt" The Pakistan Experience is an independently produced podcast looking to tell stories about Pakistan through conversations. Please consider supporting us on Patreon: https://www.patreon.com/thepakistanexperience To support the channel: Jazzcash/Easypaisa - 0325 -2982912 Patreon.com/thepakistanexperience And Please stay in touch: https://twitter.com/ThePakistanExp1 https://www.facebook.com/thepakistanexperience https://instagram.com/thepakistanexpeperience The podcast is hosted by comedian and writer, Shehzad Ghias Shaikh. Shehzad is a Fulbright scholar with a Masters in Theatre from Brooklyn College. He is also one of the foremost Stand-up comedians in Pakistan and frequently writes for numerous publications. Instagram.com/shehzadghiasshaikh Facebook.com/Shehzadghias/ Twitter.com/shehzad89 Chapters: 0:00 Introduction 2:00 Understanding the Economy as part of the whole System 10:00 What is wrong with the System and how to fix it 17:00 Loans, Foreign Investment and Real Estate Projects 28:30 IPPS, CPEC and Repayments 41:30 Building Pakistan to compete Long Term and Exposure to the Global Financial Cycle 52:00 Extreme Inequality, Wealth Distribution and China 1:07:40 Cash Hand Outs

In this episode, Amber and Uzair talk about Justice Isa's swearing in and expectations from his tenure as chief justice. We also talk about a fantastic discussion Shehzad Ghias did with Dr. Atif Mia, and also continue our discussion on our picks for 50 Nazuk Mors for Pakistan since its independence. If you have suggestions, please leave a comment about what your top nazuk mors for Pakistan are. Share your comments and feedback with us in the comments section or by tweeting at us @uzairyounus and @amberrshamsi. Links for mentions in the podcast: -       On Justice Isa - https://www.dawn.com/news/1776069/justice-qazi-faez-isa-pakistans-judicial-maverick -       On Bandial's tenure -https://www.dawn.com/news/1776093/justice-unconscious -       On Bandial's tenure - https://www.dawn.com/news/1776211/justice-under-siege-the-year-of-umar-ata-bandial -       Dr. Atif Mian talks to Shehzad Ghias - https://www.youtube.com/watch?v=JZrWDUUCzmA   Chapters: 0:00 Introduction 0:55 Justice Isa swears in 18:20 Dr. Atif Mian's conversation with Shehzad Ghias 27:35 Nazuk mors of Pakistan 35:01 Winners and losers

Pakistan PM Shehbaz Sharif today said that his government will have to agree to IMF conditions for bailout. But what led to Pakistan's worsening economic crisis, its IMF 'addiction' & political, economic blunders? Watch ThePrint Editor-In-Chief Shekhar Gupta explain, in episode 1167 of #CutTheClutter. We also look at some of the key takeaways from a conversation between economist Atif Mian & former finance minister Miftah Ismail, by Brookings Institution. Link: https://www.youtube.com/watch?v=pMn7jA0DwKY 

As states return & Opposition parties promise the return of the Old Pension scheme in poll bound Himachal Pradesh, watch episode 1113 of Cut The Clutter where ThePrint Editor-in-Chief Shekhar Gupta decodes the complexities of the debate between the Old Pension Scheme & National Pension Scheme. Brought to you by  @Kia India  --------------------------------------------------------------------------------------------- Arvind Panagariya's article: https://indianexpress.com/article/political-pulse/one-time-poll-sop-ok-but-revival-of-pension-scheme-sinful-arvind-panagariya-8266542/ --------------------------------------------------------------------------------------------- Article by Rajiv Mehrishi , Renuka Sane : https://indianexpress.com/article/opinion/columns/why-rajasthan-govt-decision-return-old-pension-scheme-fiscal-disaster-7798082/ --------------------------------------------------------------------------------------------- Atif Mian's Twitter thread: https://twitter.com/AtifRMian/status/1592170693135044609?s=20&t=A7tFk-YukTDIF0QadG3Vqg 

European governments have become accustomed to running persistent primary deficits. This is only sustainable for debt dynamics if interest rates R are below the economy's growth rate G. We check if R < G was satisfied over the past 20 years and the discuss the outlook for this relationship in the future. Papers we mention in the podcast are: Atif Mian, Ludwig Straub, and Amir Sufi. Forthcoming. “What explains the decline in r*? Rising income inequality versus demographic shifts.” Proceedings of the 2021 Jackson Hole Symposium. Paul Schmelzing, "Eight centuries of global real interest rates, R-G, and the ‘suprasecular' decline, 1311–2018", https://www.bankofengland.co.uk/working-paper/2020/eight-centuries-of-global-real-interest-rates-r-g-and-the-suprasecular-decline-1311-2018

One of the world's leading Economists, Atif Mian, comes on The Pakistan Experience for a masterclass on Pakistan's economic problems. On this deep dive podcast, we discuss inequality, real estate, economic indicators, incompetence of our leaders, circular debt, CPEC, IMF and the political economy. How bad is our economy? What are Pakistan's core economic problems? Why Pakistan focuses on unproductive sectors? Find out this and more on this week's episode of The Pakistan Experience. Atif Rehman Mian is a Pakistani-American economist who serves as the John H. Laporte Jr. Class of 1967 Professor of Economics, Public Policy, and Finance at Princeton University, and as the Director of the Julis-Rabinowitz Center for Public Policy and Finance at the Princeton School of Public and International Affairs. He received a Guggenheim Fellowship in 2021, and was elected Fellow of the Econometric Society in 2021. His work focuses on the connections between finance and the macro economy. He is the first person of Pakistani origin to rank among the top 25 young economists of the world. In 2014, the International Monetary Fund (IMF) identified Atif as one of twenty-five young economists who it expects will shape the world's thinking about the global economy in the future. Atif Mian reflects on whether IMF, the Pakistani Economy and our failures to fix it. Just how bad is the Pakistani Economy? The Pakistan Experience is an independently produced podcast looking to tell stories about Pakistan through conversations. Please consider supporting us on Patreon: https://www.patreon.com/thepakistanexperience And Please stay in touch: https://twitter.com/ThePakistanExp1 https://www.facebook.com/thepakistanexperience https://instagram.com/thepakistanexpeperience The podcast is hosted by comedian and writer, Shehzad Ghias Shaikh. Shehzad is a Fulbright scholar with a Masters in Theatre from Brooklyn College. He is also one of the foremost Stand-up comedians in Pakistan and frequently writes for numerous publications. Instagram.com/shehzadghiasshaikh Facebook.com/Shehzadghias/ Twitter.com/shehzad89 Chapters: 0:00 Introduction 1:30 Core Challenges of the Pakistani Economy 11:00 Speculation in the Economy 14:00 How do we move towards investing in Productive Assets 17:00 The Elite and their Incentives 23:30 Civilian Governments not having the courage 29:00 Political Instability 34:00 Daronomics and Fixed Exchange Rate 37:00 Industrial Policy and Export Prioritization 43:00 CPEC 50:20 IMF 56:00 Remittances and How bad is our Economy? 1:05:20 Extreme Inequality 1:07:30 Twin Deficits 1:10:00 Savings Rate and Investment Rate 1:14:15 Productive Sectors ripe for Public Investment 1:16:30 Advice to young Economists 1:21:00 Atif Mian and Macro Finance 1:25:45 What Economists should ask? 1:27:45 Class Mobility 1:31:00 Tax Base and Amnesty Schemes 1:33:50 State led Development model for Asian Countries and Privatization 1:38:45 Lessons from India 1:41:40 Path to Sustainable Recovery 1:44:00 Pakistan's consumption should fall and political incompetency 1:52:20 Economic Charter 1:55:20 Book Recommendation and closing

Asim Khwaja walks us through Pakistan's current economic crisis, and why the real solutions lie in long-term productivity increases. In the process, he also tells us what he learnt from a 5th grader during his recent visit to Pakistan, and on the important role that optimism plays both at a personal and structural level. This episode was recorded before floods started wreaking havoc across the entire country.  Here is a list of Pakistan and US-based charities involved in flood relief efforts. Please donate generously. Asim Khwaja is the Director of the Center for International Development and the Sumitomo-Foundation for Advanced Studies on International Development Professor of International Finance and Development at the Harvard Kennedy School, and co-founder of the Center for Economic Research in Pakistan (CERP). Some links to what we talked about: Atif Mian's and Asim's own Twitter threads on the causes of the economic crisis. Asim's Twitter thread about his field trip where he met the budding brain surgeon. Asim mentioned my research on what politicians know about citizens. Here is a blog about it and here is the full paper. Asim complained that I asked him about everything but his own research. Until I ask him about it in a future episode, you can read about it here. 

As the world watches the Sri Lankan economic crisis, The Print Editor-In-Chief Shekhar Gupta in episode 1041 of Cut The Clutter looks at series of observations made by Pakistani-American economist Atif Mian on Pakistan's economic situation & why he says Pakistan is suffering from Dutch disease on steroids?

Hanno Lustig is a professor of finance at Stanford University, and a senior fellow at the Stanford Institute for Economic Policy Research. Hanno joins David on Macro Musings to discuss his work on dollar safety, safe assets, convenience yields, and more. More specifically, Hanno and David discuss the dollar dominance in global financial markets, how the US's status as the world's safe asset provider reinforces its exorbitant privilege in money markets, whether the countercyclical demand for safe assets can help explain why US inflation has been so low this past decade, how years of low interest rate policy might have contributed to the growing wealth gap, and much more.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Hanno's Twitter: @HannoLustig Hanno's Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/hanno-lustig   Related Links:   *Dollar Safety and the Global Financial Cycle* by Zhengyang Jiang, Arvind Krishnamurthy, and Hanno Lustig https://www.gsb.stanford.edu/faculty-research/working-papers/dollar-safety-global-financial-cycle   *Mind the Gap in Sovereign Debt Markets: The U.S. Treasury basis and the Dollar Risk Factor* by Arvind Krishnamurthy and Hanno Lustig https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3443231   *Manufacturing Risk-Free Government Debt* by Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh, and Mindy Z. Xiaolan https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3646430   *US Government Debt Valuation Puzzle* by Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh, and Mindy Z. Xiaolan https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3333517   *The Fiscal Theory of Price Level with a Bubble* by Markus K. Brunnermeier, Sebastian A. Merkel and Yuliy Sannikov https://www.nber.org/papers/w27116   *Debt As Safe Asset: Mining the Bubble* by Markus K. Brunnermeier, Sebastian Merkel, and Yuliy Sannikov https://scholar.princeton.edu/markus/publications/debt-safe-asset-mining-bubble   *The Safety Trap* by Ricardo J. Caballero and Emmanuel Farhi https://www.nber.org/papers/w19927   *Financial and Total Wealth Inequality with Declining Interest Rates* by Daniel Greenwald, Matteo Leombroni, Hanno Lustig, and Stijn Van Nieuwerburgh https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3789220   *The Saving Glut of the Rich* by Atif Mian, Ludwig Straub, and Amir Sufi https://scholar.harvard.edu/straub/publications/saving-glut-rich-and-rise-household-debt   David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Key Insights:The Taliban should go to the World Bank and say: “For 42 years now, mechanized, airborne, and infantry armies and air and drone forces have been driving, walking, and flying over our country, killing us. that has done enormous amounts of damage. We are absolutely dirt poor. We will try as hard as we can: please give us money so that we can start call centers, start simple labor-intensive textile factories, and also beef up our handmade rug businesses so that we can export to pay for what we so desperately need. This is our only chance to make the lives of Afghans in the villages and even in Kabul better. This government would rather rule on the basis of honest, good government and prosperity. But if we cannot do that, others in our coalition will grow in power and rule on the basis of jihad.”Economics is important for governments, because it allows them to change the kind of government they are—change the relationship of the government to the people, change crazy bad governments into governments that are still bad, but much more oriented towards prosperity and stability.Things are not yet at their worst. It’s like when Bart says to Homer, “this is the worst day of my life!” and Homer says, “no, this is the worst day of your life so far.”Hexapodia!References:Daron Acemoglu: Why Nation-Building Failed in Afghanistan: ‘The tragedy playing out this month has been 20 years in the making… a top-down state-building strategy that was always destined to fail… Costs of War in Afghanistan Ryan Crocker (2016): Lessons Learned Interview  Graham Greene (1955): The Quiet American (New York: Penguin Books)Josh Marshall: The Fall of Kabul, Washington and the Guys at the Fancy Magazines: ‘What we see in so many reactions, claims of disgrace and betrayal are no more than people who have been deeply bought into these endeavors suddenly forced to confront how much of it was simply an illusion… Josh Marshall: You Wouldn’t Know It From the US News Coverage, But…: ’Something that seems to be getting very, very little above-the-fold coverage in the American press coverage: the key leaders of the US backed government over the last two decades are relaxedly meeting with the political leadership of the Taliban in Kabul about the formation of the new government… Martin Sandbu: The West Has Paid the Price For Neglecting The Afghan Economy: ‘Per capita incomes flatlined over the past decade and corruption is endemic… Jordan Michael Smith: Twenty Years After 9/11, Are We Any Smarter?: ‘Our foreign policy wise people responded to the Sept. 11 terrorist attacks by embracing belligerence. What, if anything, have they learned?… Juggalos For Responsible Flushing: ‘Explains a lot about our current situation that Leon Panetta knows so little about Afghanistan that he thinks the Taliban and ISIS are allies… Atif Mian: ‘The big injection of foreign money did not translate into sustainable growth. Why?…+, of course:Vernor Vinge: A Fire Upon the Deep (Remember: You can subscribe to this… weblog-like newsletter… here: There’s a free email list. There’s a paid-subscription list with (at the moment, only a few) extras too.) Get full access to Brad DeLong's Grasping Reality at braddelong.substack.com/subscribe

My guest today is someone of great personal significance to me. He is my senior thesis advisor and one of the most important mentors in my student career. Atif Mian is the John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance at Princeton University, and the Director of the Julis-Rabinowitz Center for Public Policy and Finance, which has graciously supported this podcast since day one. Prof. Mian studies the connections between finance and the macroeconomy, and his book House of Debt became an instant international bestseller when it was published in 2014 and kicked off a critical line of research related to debt forgiveness and risk-sharing mechanisms. He is the first person of Pakistani origin to rank among the top 25 young economists of the world by the IMF.

John Hempton is co-founder and Chief Investment Officer at Bronte Capital.Show notes Selected links Follow John: Blog | Twitter 'Approaches to Studying Policy Representation', paper by David Broockman 'Indebted Demand', paper by Atif Mian, Ludwig Straub and Amir Sufi Topics discussed Lessons from past market cycles. 4:51 Astarra-Trio. 10:43 Retail investors: Welcome to the party. 24:14 When John met Jim (Simons). 28:13 Can you predict market tops? 33:00 Are there any good reasons for believing this time really is different? 40:37 The Dunning-Kruger effect is everywhere. 52:18 A behavioural model of the coronavirus. 55:45 The illusion of the political centre. 1:10:19 How inequality may be distorting monetary policy, and vice versa. 1:23:00 SPAC attack. 1:26:03 The puzzle of Middleby. 1:31:15 Bull masturbating. 1:33:01 2020: a year of puzzles. 1:42:30 See omnystudio.com/listener for privacy information.

John Hempton is co-founder and Chief Investment Officer at Bronte Capital. Show notes Selected links Follow John: Blog | Twitter 'Approaches to Studying Policy Representation', paper by David Broockman 'Indebted Demand', paper by Atif Mian, Ludwig Straub and Amir Sufi Topics discussed Lessons from past market cycles. 4:51 Astarra-Trio. 10:43 Retail investors: Welcome to the party. 24:14 When John met Jim (Simons). 28:13 Can you predict market tops? 33:00 Are there any good reasons for believing this time really is different? 40:37 The Dunning-Kruger effect is everywhere. 52:18 A behavioural model of the coronavirus. 55:45 The illusion of the political centre. 1:10:19 How inequality may be distorting monetary policy, and vice versa. 1:23:00 SPAC attack. 1:26:03 The puzzle of Middleby. 1:31:15 Bull masturbating. 1:33:01 2020: a year of puzzles. 1:42:30

Martha Olney is an economist and Teaching Professor in Berkeley's Economics Department. Show notes Selected links Follow Martha: Website | Twitter Buy Now, Pay Later: Advertising, Credit, and Consumer Durables in the 1920s, by Martha Olney Did Monetary Forces Cause the Great Depression, by Peter Temin Advertising the American Dream: Making Way for Modernity, 1920 – 1940, by Roland Marchand Traitor to his Class: The Privileged Life and Radical Presidency of Franklin Delano Roosevelt, by H. W. Brands 'The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis', paper by Atif Mian and Amir Sufi Topics discussed How did Martha become interested in the history of consumer credit? 3:28 The birth of consumer credit. 6:54 How consumer credit companies and advertisers midwifed a change in cultural attitudes regarding borrowing. 16:41 What is the relationship between the increase in inequality and the rise in consumer credit during the 1920s? 31:34 Political elites in the Great Depression versus the Great Recession. 47:35 How did studying the 1920s prepare Martha for the Great Recession? 54:58 If private debt is capitalism's Achilles Heel, what should we do about it? 57:54

Martha Olney is an economist and Teaching Professor in Berkeley's Economics Department. Show notes Selected links Follow Martha: Website | Twitter Buy Now, Pay Later: Advertising, Credit, and Consumer Durables in the 1920s, by Martha Olney Did Monetary Forces Cause the Great Depression, by Peter Temin Advertising the American Dream: Making Way for Modernity, 1920 – 1940, by Roland Marchand Traitor to his Class:The Privileged Life and Radical Presidency of Franklin Delano Roosevelt, by H. W. Brands 'The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis', paper by Atif Mian and Amir Sufi Topics discussed How did Martha become interested in the history of consumer credit? 3:28 The birth of consumer credit. 6:54 How consumer credit companies and advertisers midwifed a change in cultural attitudes regarding borrowing. 16:41 What is the relationship between the increase in inequality and the rise in consumer credit during the 1920s? 31:34 Political elites in the Great Depression versus the Great Recession. 47:35 How did studying the 1920s prepare Martha for the Great Recession? 54:58 If private debt is capitalism's Achilles Heel, what should we do about it? 57:54 See omnystudio.com/listener for privacy information.

My guest today in #CapitalismAfterCoronavirus is Atif Mian. Atif is a Professor of Economics at Princeton and has become one of the foremost experts on the relationship between financial markets and the macroeconomy. He is the author of the acclaimed book “House of Debt”, where he argues that the gigantic increase in household debt was the primary driver of the crash of 2008. In this episode we discuss about inequality, the rich’s savings glut and indebtedness in the global economy.

Få et gjenhør med Tankesmien Agenda og Universitetet i Oslo sitt foredrag om gjeld, ulikhet og økonomisk krise. Økonom Amir Sufi kom i 2014 kom med boken House of Debt sammen med Atif Mian. Der viser han viktige sammenhenger mellom økonomiske kriser og voksende husholdningsgjeld. Nå kommer han til oss! 27. oktober foreleste han om sammenhengen mellom økonomisk ulikhet, økonomisk krise og økende gjeld, og hvordan coronapandemien har påvirket oss. Etter foredraget blir det panelsamtale, moderert av fagsjef i Tankesmien Agenda, Hannah Gitmark.

Opptak av foredrag med økonom Amir Sufi. Han kom i 2014 kom med boken House of Debt sammen med Atif Mian. Der viser han viktige sammenhenger mellom økonomiske kriser og voksende husholdningsgjeld. Utgjør den store norske boliggjelden en stor fare? Sufi var årets Aula-gjest i samarbeid mellom Tankesmien Agenda og Universitetet i Oslo. Hør foredraget i sin helhet etterfulgt av en panelsamtale med Karin Kinnerud (BI), Kristoffer Berg (UiO) og Kasper Kragh-Sørensen (UiO)

Ian Macfarlane was Governor of the Reserve Bank of Australia from 1996 to 2006. Show notes Selected links •Follow Ian: Website •The Deficit Myth, by Stephanie Kelton •Macroeconomics, by William Mitchell, L. Randall Ray and Martin Watts •'Indebted Demand', paper by Atif Mian, Ludwig Straub and Amir Sufi Topics discussed •Monetary policy. 4:44 •Modern Monetary Theory. 42:07 •Secular Stagnation and Indebted Demand. 1:11:10

Congress has authorized a series of stimulus packages to see Americans through the coronavirus pandemic. But when the panic subsides, who will pay that bill? Atif Mian, John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance at Princeton University and Director of the Julis-Rabinowitz Center for Public Policy and Finance at the Woodrow Wilson School, joins host Krys Boyd to talk about the short and long-term ramifications of debt on nations and individuals.

Anat Admati is a professor of finance and economics at Stanford University, and is well-known for her work on leveraging debt in our financial system and how it makes our economy more susceptible to shocks. She’s also a co-author of the popular book, *The Banker’s New Clothes: What Went Wrong with Banking and What to Do About It*. Anat joins Macro Musings again to talk about the COVID-19 crisis from the debt perspective, how the Fed and Congress have responded so far, and how their relief efforts should have been focused differently.      The transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Anat’s Twitter: @anatadmati Anat’s website: https://admati.people.stanford.edu/   Related Links:   Bonus segment with Anat: https://youtu.be/4xHmmgoURqg   *The Banker’s New Clothes: What’s Wrong with Banking and What to Do about It* by Anat Admati and Martin Hellwig https://press.princeton.edu/books/paperback/9780691162386/the-bankers-new-clothes   *The Leverage Ratchet Effect* by Anat Admati, Peter DeMarzo, Martin Hellwig, and Paul Pfleiderer https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12588   *Macrofinancial History and the New Business Cycle Facts* by Oscar Jorda, Mortiz Schularick, and Alan Taylor https://www.frbsf.org/economic-research/files/wp2016-23.pdf   *Coronavirus Crisis Lays Bare the Risks of Financial Leverage, Again” by Martin Wolf https://www.ft.com/content/098dcd60-8880-11ea-a01c-a28a3e3fbd33   *House of Debt: How They (And You) Caused the Great Recession, and How We Can Prevent It from Happening Again* by Atif Mian and Amir Sufi https://press.uchicago.edu/ucp/books/book/chicago/H/bo20832545.html   *Collateral Frameworks: The Open Secret of Central Banks* by Kjell Nyborg https://www.cambridge.org/core/books/collateral-frameworks/DE8BACD87F364A66DD496F601BE92FE7   *Bankruptcy for Banks: A Sound Concept That Needs Fine-Tuning* by Mark Roe and David Skeel https://www.nytimes.com/2016/08/17/business/dealbook/bankruptcy-for-banks-a-sound-concept-that-needs-fine-tuning.html   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

In Episode 04, Uzair speaks with Dr. Atif Mian about why Pakistan keeps going back to the IMF, why the country’s economy keeps going from one crisis to another, and what he would do if he was the economic czar in the country.

The largest asset class in the United States is owner-occupied real estate, yet options for homeowners accessing this are very binary right now: either own 100% of your home (with a mortgage), or own nothing. And when people do “own”, that ownership is often skewed by debt. Of course, debt works out great for some, given their risk profiles and potential upside (if the house keeps appreciating); but the downside risk and costs are disproportionately borne by the homeowner. And millennials can't even enter the housing market in the first place. So how can technology help address a system skewed by debt financing, by letting homeowners sell fractions of equity to unlock wealth without necessarily borrowing against their homes? How can such new approaches help homeowners and financers better align risk and incentives, and unlock a whole new asset class for all kinds of investors? How can they help avoid mortgage crises around the world, and the macroeconomic impact of reduced spending, lost jobs, and more? And finally, what is the role of policy here … especially since the government is de facto subsidizer of certain home finance products over others. We discuss all this and more in this episode of the a16z Podcast, featuring general partner Alex Rampell; CEO & co-founder of Point, Eddie Lim; and Atif Mian, professor of economics and public affairs at Princeton University who also co-authored (with Amir Sufi) the book House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again — in conversation with deal and investing team partner Angela Strange.

This multi-disciplinary symposium brings together leading scholars who will share their research and engage in conversation about the role of religion in addressing rising income inequality—an issue that impacts millions of people. During the 1960s and 1970s, 9-10% of total income went to the top one-percent of Americans. By 2007, this share had risen to 23.5%. Even before 2008 and the so-called Great Recession, the wages of the average worker in the U.S., adjusted for inflation, had been stagnant for three decades. How are the religions contributing to the complex mix of factors responsible for this state of affairs? Part 2 includes a presentation by Amir Sufi, the Bruce Lindsay Professor of Economics and Public Policy University of Chicago Booth School of Business Amir Sufi's research focuses on finance and macroeconomics. In addition to his position at Chicago Booth, Sufi is also Research Associate at the National Bureau of Economic Research. He serves as an associate editor for the American Economic Review and the Quarterly Journal of Economics. He has written articles published in the American Economic Review, the Journal of Finance, and the Quarterly Journal of Economics. His recent research on household debt and the economy has been profiled in the Economist, the Financial Times, the New York Times, and the Wall Street Journal. It has also been presented to policy-makers at the Federal Reserve, the Senate Committee on Banking, Housing, & Urban Affairs, and the White House Council of Economic Advisors. He is the co-author, with Atif Mian, of House of Debt: How They (and You) Caused the Great Recession and How We Can Prevent It from Happening Again (2014 Sponsored by the Martin Marty Center for the Advanced Study of Religion.

Robert Peston tests the arguments made by the authors of a new book who claim the financial crisis was caused by exploding household debt - not by the banks. But are they right? Now the BBC's Economics Editor, he witnessed at first hand every twist and turn of the financial crisis of 2007 and 2008. He first exposed the crisis at Northern Rock as well as revealing the failure of Lehman Brothers. This makes him the ideal interviewer to probe the arguments and conclusions of "The House of Debt", a radical new study of the recession and the lessons to be learnt from it. In discussion with the book's authors, Atif Mian and Amir Sufi, he subjects their arguments to rigorous scrutiny. They challenge the conventional wisdom that the banks were to blame for the recession in the US and UK. They argue that the real villain was the doubling between 2000 and 2007 in total American household debt to $14 trillion. Much of this was owed by borrowers with the poorest credit ratings. When the house price bubble burst and incomes also fell, these households suddenly stopped spending and plunged the US economy into deep recession. By this argument, the banks weren't the real problem. And yet, thanks in large part to their lobbying power, they received help which would have been better directed at helping indebted households. If correct, this means governments and central banks should fundamentally reappraise how they tackle future downturns, focusing much more on households and much less on bankers. For many, this may sound highly attractive. But does the new analysis pass muster with Robert Peston? Producer Simon Coates.