CIPS-Pizza & Elephants bon voyage Party Thurs Dec 15th 7:30 & 9:30pm
Please join us in E530 Dealy to say goodbye to students and faculty leaving before next week’s official Economics Party (same location . Everyone is welcome to discuss Elephant shapes with plenty of Michaelanglo’s pizza. To mark this remarkable moment in history, we review and discuss the Elephant diagram (briefly) starting with Chris Giles three minute FT video (not cats). Does this now famous global growth incidence curve really explain recent populist backlash? Is it an Elephant or a Mastodon?
Don’t worry there is a happy ending… average OECD middle class workers incomes did not actually fall, they gained less, perhaps relative deprivation matters too…
What can we do? Nothing right now. So please come share a wonderful festive-beverage with Michelangelo’s pizza, freshly delivered at 7:20 and 9:20pm… (thanks finance guy).
If possible please RSVP to Anglea or gradecon@fordham.edu but come join us anyway, another pizza is just a phone call away. It will be fun.
Growth incidence curves were very rare a decade ago. Now we have a famous one that explains everything and looks like an elephant. Or does it? Come to the party and see.
Just in case you miss the party, here is the video and a few holiday readings (avoid the original 2015 World Bank article, they don’t even call it an elephant). Here is the confusing Chris Giles video, but at least he draws the elephant in real time…
Actually the best short summary is the Economists’ “Shooting an Elephant” which includes the real elephant photo above and this very clear chart, almost all we need really, except now we have a mastodon, not a modern elephant, as in the original.
More holiday reading: reassuring findings, but someone should have told the voters… Adam Corlett is thorough enough to elicit a response from Lakner and Milanov the same month (September).
References (sorry, not very cheerful i know):
Corlett, Adam. (2016) “Examining an elephant: globalisation and the lower middle class of the rich world.” Resolution Foundation, London.
DESA, U. N(2013). “Inequality matters. Report on the World Social Situation 2013.” New York, United Nations.
Economist (2016) Global inequality: Shooting an elephant via@TheEconomist
Lakner, Christoph, and Branko Milanovic (2016). “Response to Adam Corlett’s “Examining an elephant: globalisation and the lower middle class of the rich world”.
Milanovic, Branko, and Christopher Lakner (2015) “Global Income Distribution: From the Fall of the Berlin Wall to the Great Recession” The World Bank Economic Review 30 (2): 203-232. doi: 10.1093/wber/lhv03 http://class.povertylectures.com/WB_publication.pdf
Milanovic, Branko (2011). Worlds apart: Measuring international and global inequality. Princeton University Press.
Milanovic, Branko (2016) Global inequality: A new approach for the age of globalization, Harvard University Press.
Piketty, Thomas(2014). “Capital in the 21st Century.” Cambridge: Harvard University Figures
Porter, Eduardo (2014). A global boom, but only for some. New York Times.
Porter, Eduardo (2016). On Trade, Angry Voters Have a Point, NY Times, March 16th Wynne, Mark A2011). “Will China ever become as rich as the US?” Economic Letter, 6.
Giles and Dannon (2016) Globalisation ‘not to blame’ for income woes, study says Financial Times, Sept 13th 2016 Video version
Yale Professor Michael Peters presents “Cheap Industrial Workers and the Big Push: Evidence from Germany’s post-war population transfer”
Tuesday Oct. 18th 4pm E-530 Dealy Please join us as Yale Professor Michael Peters examines the development impacts of one of the 20th Century’s largest population transfers. A preliminary draft of this paper is available here. After WWII more than 8 million Germans were were transferred to Western Germany from the Eastern provinces. Data from the 1960s and 70s shows that East German refugees experienced substantial reallocation into unskilled occupations. This illustrates how firms respond to large changes in labor supply. “In the short-run, falling wages induce firms to substitute towards the abundant factor. In the long-run however, firms’ labor demand will depend on their technological adoption decisions. If firms’ technological choices are affected by the labor supply they face, labor supply shifts will induce movements in aggregate labor demand… this reasoning is at the heart of the literature on endogenous technological bias (Acemoglu, 2007).” This paper exploits a large labor supply shock to test for this sort of endogenous technological change…
Post-trade Technology and Professional Services Firm Seeking Finance Associates
About Company:
Arcesium is a post-trade technology and professional services firm which offering a new way for hedge fund managers to scale business while maintaining control of critical non-investment activities. Arcesium combines a comprehensive technology platform with hedge fund professionals to solve complex post-trade challenges of asset managers.
How to Apply:
Arcesium is currently hiring Finance Associates. To apply to Finance Associate position, please click here.
All of open positions of Arcesium are listed on official website, where you can learn more about the company.
Undergraduate students of the Economics Department are welcomed to apply.
More Information:
Interested in learning more? Contact Arcesium
1166 Avenue of the Americas | 5th Floor | New York, NY 10036
646.873.1000| info@arcesium.com
EY NYC Office Looking for Full-time Transfer Pricing Candidates
Ernst & Young Americas, NYC office is looking for resumes from well rounded Fordham graduate level students who are keen to work in international transfer pricing at EY.
How to Apply:
Send resumes to ludo.lombaard@ey.com before this Thursday. (Oct 13th) 9 AM ET
Position Description:
Transfer pricing falls under international tax services – we model, document and defend international tax structures and practices for the inter-company transactions of large multinationals. This includes transfer pricing planning and documentation, IP modeling, and tax controversy services. For more information please see:http://www.ey.com/us/en/services/tax/transfer-pricing-and-operating-model-effectiveness
A good candidate will have a good work ethic, excellent writing skills, an understanding of economics (perhaps finance) and a willingness to work on international projects that require multidisciplinary thinking.
Students with a background in law/tech/pharma/tax/retail consumer goods/accounting are also encouraged to send resumes – no previous experience in transfer pricing is required. International and American students are encouraged to apply for this competitive position.
About EY:
EY has been named the world’s most attractive professional services employer – and third most attractive employer overall – in Universum’s annual World’s Most Attractive Employer ranking. The ranking is based on a survey of 267,084 business and engineering/IT students from the top academic institutions across 12 of the world’s largest economies. In addition to its global ranking, EY was ranked the number one professional services employer in five countries: US, Canada, France, China and Australia.
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