Publications
Publications
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- Faculty Publications (534)
- 2020
- Book
Capitalism at Risk: How Business Can Lead
Who should take the lead in fixing market capitalism? Business—not government alone. The spread of capitalism worldwide has made people wealthier than ever before. But capitalism's future is far from assured. Pandemics, income inequality, resource depletion, mass... View Details
- 2020
- Working Paper
Dignity, Inequality, and the Populist Backlash: Lessons from America and Europe for a Sustainable Globalization
By: Rawi Abdelal
The greatest challenge to the sustainability of our current era of globalization comes from within the United States. Most Americans have come to reject globalization. We must discern the lessons from the parts of the developed world where the backlash is also... View Details
- 2020
- Article
Inconvenient Truths: Interpreting the Origins of the Internet
By: Shane Greenstein
A conventional economic narrative provides intellectual underpinnings for governments to subsidize research and development ("R&D") that coordinates risky research to benefit many in society. This essay compares this narrative with the origins and invention of the... View Details
- June 2020
- Article
U.S. Monetary Policy and Emerging Market Credit Cycles
By: Falk Bräuning and Victoria Ivashina
Foreign banks’ lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle,... View Details
Keywords: Global Business Cycle; Monetary Policy; Reaching For Yield; Money; Policy; Credit; Emerging Markets
- Article
We Have a Rare Opportunity to Create a Stronger, More Equitable Society
By: Shai Davidai, Martin Day, Daniela Goya-Tocchetto, Oliver Hauser, Jon M. Jachimowicz, M. Usman Mirza, Nailya Ordabayeva, L. Taylor Phillips, Barnabas Szaszi and Stephanie Tepper
Income inequality in the United States was at historic levels before the coronavirus hit. Now, as the disease—and the social and economic implications it brings—spread across the country, it is likely to create even deeper fissures between the poor and rich. View Details
Keywords: Socioeconomic Status; Coronavirus; Inequality; Work; Income; Equality and Inequality; Health Pandemics; Gender; Money; Policy; Race; Society
- May 2020 (Revised March 2022)
- Case
The Coronavirus (COVID-19) Pandemic and the Global Economy (A)
By: Alberto Cavallo and Christian Godwin
In April 2020, the world struggled to contain the exponential escalation of the coronavirus (COVID-19) pandemic. Dozens of countries had imposed restrictions on travel, work, and social gatherings. A large share of the global population was under lockdowns and... View Details
Keywords: COVID-19 Pandemic; Demand and Consumers; Supply and Industry; Finance; Central Banking; Financial Markets; International Finance; Globalization; Government and Politics; Health Pandemics; Decision Making; Macroeconomics; Employment; Crisis Management; Supply Chain; Risk and Uncertainty; Air Transportation Industry; Banking Industry; Consumer Products Industry; Employment Industry; Financial Services Industry; Food and Beverage Industry; Health Industry; Medical Devices and Supplies Industry; Pharmaceutical Industry; Public Administration Industry; Retail Industry; Service Industry; Shipping Industry; Tourism Industry; Travel Industry; Asia; China; Europe; Latin America; Africa; United States
- May 2020 (Revised July 2020)
- Case
COVID-19: The Global Shutdown
By: Laura Alfaro and Sarah Jeong
In the first months of 2020, a pandemic overwhelmed the world. COVID-19, commonly known as the coronavirus, spread from China and created a severe public health emergency across countries. While an immediate fear of the disease’s impact on human life permeated society,... View Details
- 2020
- Working Paper
HBS COVID-19 Global Policy Tracker
By: Alberto Cavallo and Tannya Cai
The HBS COVID-19 Global Policy Tracker is an initiative by the Business, Government and the International Economy (BGIE) unit at Harvard Business School (HBS) to collect and standardize economic policies implemented as a response to the coronavirus pandemic around the... View Details
- Article
The Impact of Penalties for Wrong Answers on the Gender Gap in Test Scores
By: Katherine B. Coffman and David Klinowski
Multiple-choice exams play a critical role in university admissions across the world. A key question is whether imposing penalties for wrong answers on these exams deters guessing from women more than men, disadvantaging female test-takers. We consider data from a... View Details
- 2020
- Working Paper
Job Loss, Credit and Crime in Colombia
By: Gaurav Khanna, Carlos Medina, Anant Nyshadham, Christian Posso and Jorge Tamayo
We investigate the effects of job displacement, as a result of mass layoffs, on criminal arrests using a matched employer-employee-crime dataset from Medellín, Colombia. Job displacement leads to immediate and persistent earnings losses and higher probability of arrest... View Details
- April 2020 (Revised August 2021)
- Case
Singapore: 'Facing Challenges Together'
Since its expulsion from Malaysia in 1965, Singapore had transformed itself from a third world island nation into a vibrant city-state with one of the highest levels of GDP per capita in the world. However, sluggish demand among Singapore's major trade partners began... View Details
Keywords: Savings; Productivity Growth; Productivity; Economic Institutions; Economic Development; Government And Business; Government Policy; Economic Policy; Country Analysis; Investment And Savings; Institutions; Economic Growth; Macroeconomics; Development Economics; Investment; Government and Politics; Trade; Policy; Research and Development; Analysis; Economics; Business and Government Relations; Asia; Singapore; Southeast Asia
- 2020
- Working Paper
Sticky Capital Controls
By: Miguel Acosta-Henao, Laura Alfaro and Andres Fernandez
There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative... View Details
- Spring 2020
- Article
The Basic Economics of Internet Infrastructure
By: Shane Greenstein
The internet's structure and operations remain invisible to most economists. What determines the economic value of internet infrastructure and the incentives to improve it? What are the open research questions for the most salient policy issues? This article reviews... View Details
- March 2020 (Revised September 2020)
- Case
Opportunity Insights: Research and Policy for Social Mobility
By: Scott Duke Kominers, Jeffrey Huizinga and Allison Ciechanover
Opportunity Insights -- a non-profit that researches drivers of economic opportunity and develops policy solutions to help families achieve better life outcomes -- seeks to expand its impact. View Details
- March 2020
- Article
A Revolution in Economics? It's Just Getting Started...
By: Shawn A. Cole, William Pariente and Anja Sautmann
We have each experienced thrills and pain while supporting the mission of the Abdul Latif Jameel Poverty Action Lab, which facilitated many of the experiments described in the 2019 Nobel Prize citation. J-PAL in many ways seeks to fulfill what Angrist and Pischke... View Details
- February 2020 (Revised January 2022)
- Case
Getting Brexit Done
By: Alberto Cavallo
In the early hours of Friday, December 13, 2019, a triumphant Boris Johnson, the UK Prime Minister, stood in front of his supporters and declared, “We did it – we pulled it off, didn’t we? We broke the deadlock, [. . .] we smashed the roadblock. [. . .] This election... View Details
- 2020
- Chapter
The Gift of Global Talent: Innovation Policy and the Economy
By: William R. Kerr
Talent is the most precious resource for today’s knowledge-based economy, and a significant share of the U.S. skilled workforce in technology fields is foreign born. The United States has long held a leading position in attracting global talent, but the gap to other... View Details
- January 23, 2020
- Article
Sanctions and the End of Trans-Atlanticism: Iran, Russia, and the Unintended Division of the West
By: Rawi Abdelal and Aurélie Bros
Sanctions have become the dominant tool of statecraft in the United States and other Western states, especially the European Union, since the end of the Cold War. But the systematic use of this instrument may produce unintended and somewhat paradoxical geopolitical... View Details
Keywords: Geopolitics; Economic Sanctions; International Relations; United States; Russia; Iran; Europe
- January 2020
- Teaching Note
Chile: Unrest in the Copper Nation
By: Laura Alfaro and Sarah Jeong
For decades, Chile enjoyed the stability of being the world’s largest producer of copper. Keynes would have advised that this period of growth would have been the time for the government to save, that “the boom, not the slump, is the right time for austerity at the... View Details
- 2020
- Working Paper
Cutting the Gordian Knot of Employee Health Care Benefits and Costs: A Corporate Model Built on Employee Choice
By: Regina E. Herzlinger and Barak D. Richman
The U.S. employer-based health insurance tax exclusion created a system of employer-sponsored insurance (ESI) with limited insurance choices and transparency that may lock employed households into health plans that are costlier or different from those they prefer to... View Details