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Professor Laura Veldkamp On How the COVID Shock Will Lower Growth For Decades
Manage episode 271217533 series 2640191
In this episode, I talk with Professor Laura Veldkamp. Laura presented one of the key papers at the Federal Reserve’s 2020 gathering at Jackson Hole. Her paper co-authored with Julian Kozlowski and Venky Venkateswaran on 'Scarring Body and Mind: The Long Term Belief Scarring Effects of COVID-19' will likely be viewed as a seminal paper in years to come. Laura is a Professor of Finance at Columbia University's Graduate School of Business and a co-editor of the Journal of Economic Theory. She’s a frequent consultant for the New York and Minneapolis Federal Reserve Banks. She is also the author of the textbook, Information Choice in Macroeconomics and Finance. In this podcast we discuss:
- Importance of the knowledge economy
- How alternatives to rational expectation models need to be used when dealing with tail events
- The critical role of the reactions and belief scarring from events like pandemics
- Why the long-term costs of COVID will be ten times larger than the current year costs
- How safe haven assets will be in even more demand, which will keep rates low
- The role of data accumulation in economies
- The limits of big data
- A book that influenced Laura: Guns, Germs and Steel
213 episodes
Manage episode 271217533 series 2640191
In this episode, I talk with Professor Laura Veldkamp. Laura presented one of the key papers at the Federal Reserve’s 2020 gathering at Jackson Hole. Her paper co-authored with Julian Kozlowski and Venky Venkateswaran on 'Scarring Body and Mind: The Long Term Belief Scarring Effects of COVID-19' will likely be viewed as a seminal paper in years to come. Laura is a Professor of Finance at Columbia University's Graduate School of Business and a co-editor of the Journal of Economic Theory. She’s a frequent consultant for the New York and Minneapolis Federal Reserve Banks. She is also the author of the textbook, Information Choice in Macroeconomics and Finance. In this podcast we discuss:
- Importance of the knowledge economy
- How alternatives to rational expectation models need to be used when dealing with tail events
- The critical role of the reactions and belief scarring from events like pandemics
- Why the long-term costs of COVID will be ten times larger than the current year costs
- How safe haven assets will be in even more demand, which will keep rates low
- The role of data accumulation in economies
- The limits of big data
- A book that influenced Laura: Guns, Germs and Steel
213 episodes
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