Economics Research Seminar (Giessen)

November 21, 2013

This is the program for the economics research seminar at the University of Giessen, which is organized by Dr. Johannes Paha and myself.

Date Speaker Title Room
Oct. 28, 2013 Prof. Lutz Kilian, PhD (Univ. of Michigan) Quantifying the Role of Speculation in Oil Markets HS 24a
Dec. 4, 2013 Florian Hoos, PhD (HEC Paris) Can They Serve Different Masters? R 601
Dec. 11, 2013 Dr. Benjamin Weigert (German Council of Economic Experts) Vorstellung des Jahresgutachtens des Sachverständigenrats HS 3
Jan., 15, 2014 Prof. Dr. Oliver Hülsewig (University of Applied Sciences Munich) Smells like fiscal policy? Evaluating the potential effectiveness of the ECB’s OMT program R 601
Feb., 5, 2014 Prof. Dr. Sebastian Kranz (Ulm University) Predatory Short-Sales and Bailouts R 601

All talks start at 6 pm.

new Paper

September 23, 2013

My new paper “Rewards and the private provision of public goods on dynamic networks” is published in the Journal of Evolutionary Economics (here).

Frank Hahn

February 22, 2013

Last month, Frank Hahn (1925-2013), one of the fathers of general equilibrium theory, has passed away.

In 1991 he wrote about the next 100 years of economic theory:

I am pretty certain that the following prediction will prove correct: theorising of the ‘pure’ sort will become both less enjoyable and less possible.

The full article, in which he argues that economics will become a ‘softer’ subject, is definitely worth reading.
Also, there is a tribute written by Geoff Harcourt (pdf).

Nobel Price goes to Roth & Shapley

October 16, 2012

As someone working in game theory I was delighted to hear that Alvin Roth and Lloyd Shapley were awared rthe 2012 Nobel Price in economics. Here is a nice piece on Roth’s work on dwarf-tossing and wife-carrying.
Veronika Grimm explains Shapley’s and Roth’s work on matching and its practical relevance for a broad audience here (in German).

How to survive peer review

September 3, 2012

Here is a very good description on how to surive the peer review process.

Journal of Economic Perspectives

August 23, 2012

The Journal of Economic Perspectives JEP celebrates its 25th birthday. Access to all issues is now free.

Marx @ MasterCard

July 3, 2012

Karl Marx is now on the new MasterCard from Sparkasse Chemnitz.

“The only intelligible language in which we converse with one another consists of our objects in their relation to each other. We would not understand a human language and it would remain without effect. By one side it would be recognised and felt as being a request, an entreaty, and therefore a humiliation.

Marx, Comments on James Mill (1844)

The Disposable Academic (via The Economist)

January 2, 2012

Reminds me of my days as a grad student: “You know you are a graduate student, goes one quip, when your office is better decorated than your home and you have a favourite flavour of instant noodle.”

full article


There is a demand for Keynes among Mankiw’s students

November 9, 2011

As the walk out of 70 students from Prof. Mankiw’s class illustrates, there is a demand for “alternative approaches” to economics. Here you can read a summary of the events as well as the open letter to Prof. Mankiw, in which the students explicitely state their demand for Keynesian economics.

Together with Larry Summer’s statement (see the previous post) the walk out shows evidence for a growing discontent with the homogenization of economic programs.

Summers on effective demand and DSGE

November 7, 2011

Last night, I read this piece in which Larry Summers was asked about the crisis and the role of the economics profession (and also about his work for Clinton and Obama).

His suggestion for the U.S. is to increase effective demand, like Keynes suggested a long time ago. Summers said: “If the private sector is either unable or unwilling to borrow and spend on a sufficient scale, then there is a substantial role for government in doing that.”

Summers also defended the role of the economics profession, but clearly stated his opinion about DSGE models. “However, Summers asserted, the dynamic stochastic general equilibrium models used by many economists, which often assume the economy will naturally return to a basic equilibrium with full employment, have been of little value in these complex times.”