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Working Paper No. 987, March 2021
The Souk Al-Manakh: The Anatomy of a Pure Price-Chasing Bubble
Frank Veneroso and Mark Pasquali
Veneroso and Mark Pasquali, Veneroso Associates, survey the history of stock markets for “pure price-chasing bubbles,” finding nine or so which have ever reached a speculative extreme, with Kuwait’s Souk al-Manakh representing the most extreme example. Based on personal exposure to the Souk al-Manakh almost 40 years ago, the authors describe its anatomy to reveal the recurrent dynamics of these greatest asset bubbles in human history.
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Levy Graduate Programs in Economic Theory and Policy Now Accepting Students for Fall 2021
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Backed by over 30 years of proven policy impact, the Levy Institute Graduate Programs in Economic Theory and Policy provide innovative approaches to topics such as time use, poverty, gender, student debt, and employment that other programs neglect, encouraging students to evaluate policies, examine behavior, and dig deeper into the social phenomena that underlie economic outcomes. Working alongside professors who are actively engaged in tackling today's most pressing economic problems, the Levy graduate programs allow you to apply what you learn in the classroom to real-world research while giving you unprecedented access to leaders in government, NGOs, central banking, academia, and journalism. Along with a challenging academic environment, the Levy programs also offer a supporting and caring community where students make lifetime connections. To find out more, visit bard.edu/levygrad or follow the program's Facebook page.
Applications for fall 2021 are now open. Interested students should contact the program recruiter, Martha Tepepa ([email protected]), to discuss their options. Scholarships are available. |
Luiza Nassif Pires was featured in BBC News Brazil for her recent research, coauthored with Luísa Cardoso and Ana Luiza Oliveira, on the poverty- and inequality-increasing impacts of potential cuts to emergency benefits (Auxílio Emergencial) in Brazil. Nassif Pires also joined on a panel organized by the women’s caucus of Brazil’s Chamber of Deputies to discuss the impact of the Auxílio Emergencial on women; participated in a debate organized by Congresswoman Talíria Petrone on popular solutions to the current economic crisis in Brazil; and presented her research on COVID-19 and inequality in the United States and Brazil at the UCL Institute for Innovation and Public Purpose.
Rania Antonopoulos joined a webinar for the European Trade Union Institute to discuss her experience with and the impact of implementing a limited job guarantee program (Kinofelis) in Greece. And as President Biden pushes forward a comprehensive infrastructure plan, debate over inclusion of social care infrastructure in this package was featured in The New York Times, citing research by Antonopoulos, Kijong Kim, Thomas Masterson, and Ajit Zacharias on the employment impact of investing in the care sector.
On a podcast for the UCD Lochlann Quinn School of Business, L. Randall Wray explored the details and impact of Modern Monetary Theory (MMT). Wray was interviewed in The Signal on the topic of whether recent US fiscal packages represent an inflationary danger.
Pavlina Tcherneva was interviewed by Le Grand Continent on her case for the job guarantee, and participated in a Brainwash Festival event on the future of work. A parliamentary group with which she has been involved recently introduced a job guarantee bill in France’s National Assembly; Tcherneva is also working on an EU-level proposal with a member of the European Parliament.
In a Bloomberg podcast, Stephanie Kelton explains how MMT has come to influence the US fiscal policy debate, and in a New York Times op-ed she argues that President Biden’s infrastructure proposal should not be tethered to revenue “pay-fors,” referencing research by Wray and Yeva Nersisyan on how to budget for a Green New Deal.
In a piece for Employ America, Alex Williams (’20) draws key lessons for industrial and fiscal policy from the history of semiconductor manufacturing.
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