Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
May 14, 2013

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  Live Webcast
Currency Wars, the Economy of the United States, and Reform of the International Monetary System

Twelfth Annual Stavros Niarchos Foundation Lecture
C. Fred Bergsten, Peterson Institute for International Economics
Thursday, May 16, 2013
5:00–6:30 p.m. (EDT)
  C. Fred Bergsten C. Fred Bergsten, now PIIE senior fellow and director emeritus, will draw on his 45 years at the center of international economic policy debates to present his case for fundamental changes in the international financial architecture. His lecture will argue that currency manipulation is the single biggest challenge facing the world economic system and costs millions of US jobs. He will offer bold proposals for countervailing intervention and ties between the International Monetary Fund and the World Trade Organization in evaluating currency misalignments.

Bergsten, the founding director of the Institute, will deliver the twelfth annual Stavros Niarchos Foundation Lecture, the Institute's signature annual event. The Stavros Niarchos Foundation Lecture has been presented in previous years by such luminaries of combined economic policy leadership and analysis as Alan Greenspan, Mario Monti, Larry Summers, Heizo Takenaka, Jean-Claude Trichet, and Ernesto Zedillo. The Niarchos Foundation Lecture series is made possible by a generous grant from the Stavros Niarchos Foundation.

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>> More information

  Working Paper 13-3
Does High Home-Ownership Impair the Labor Market?

David G. Blanchflower and Andrew J. Oswald
  David G. Blanchflower The authors explore the hypothesis that high home-ownership damages the labor market. They find that a rising home-ownership rate in a US state is a precursor to eventual sharp rises in unemployment in that state. The elasticity exceeds unity: A doubling of the rate of home-ownership in a US state is followed in the long run by more than a doubling of the later unemployment rate. What mechanism might explain this? The authors show that rises in home-ownership lead to three problems: (i) lower levels of labor mobility, (ii) greater commuting times, and (iii) fewer new businesses. The argument is not that homeowners themselves are disproportionately unemployed. Evidence suggests, instead, that the housing market can produce negative 'externalities' upon the labor market over long periods of time.

>> Read full working paper [pdf]
>> See also: Be Warned George Osborne: More Home Owners Just Really Means Higher Unemployment

Peterson Perspectives Interviews

audio  Can Azevedo Rescue the WTO? Part I
Gary Clyde Hufbauer assesses the prospects for reviving global trade talks with the installation of the new WTO director-general Roberto Carvalho de Azevedo.

audio  Can Azevedo Rescue the WTO? Part II
Gary Clyde Hufbauer says countries that don't want to be left behind by a transpacific or transatlantic trade accord may spur global trade talks.

Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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Effects of the Euro Crisis on Reserve Currency Holdings

Is France a 'Peripheral' Country?

Southern Europe's Problem: Poor Education

Obama's Trip to Mexico: Building on NAFTA to Broaden Trade with Asia

Uncertain Prospects for Italy and Cyprus
  Is China's Public Debt Level Sustainable?

China's Bank-Centric Shadow Banking System

China's International Investment Position in 2012

China Rebalancing Update—Q1 2013

China's Not So Super Development Bank
  Waiting for Godot: Agricultural Reform Update

Ready for war

The Vaclav Havel Prize for Creative Dissent: Balloons

Beat Up the Intellectuals II: Down with Political Science!

Crisis, Food Prices and Rations

PIIE Noted in the News and on the Web

The New York Times
Challenge to Dogma on Owning a Home
The New York Times reports on the findings of a Peterson Institute Working Paper [pdf] on how homeownership affects the labor market.

Preview of Our Next Issue

Working Paper 13-4
The Rise of Emerging Asia: Regional Peace and Global Security [pdf]
Miles Kahler

Policy Brief
Sizing Up US Export Disincentives for a New Generation of National-Security Export Controls
J. David Richardson and Asha Sundaram

In This Issue

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