National Bureau of Economic Research, Inc.

To foster multilateral cooperation in trade, financial regulation, and macroeconomic policy by organizing a forum for leading academics and officials

  • Amount $274,965
  • City Cambridge, MA
  • Investigator Robert Feenstra
  • Year 2010
  • Program Economics
  • Sub-program Economic Institutions, Behavior, & Performance

Crises have a way of bringing out "every man for himself" instincts just when cooperation and coordination are most needed. This kind of thinking in 1930 resulted in America's Smoot-Hawley tariff. Its passage provoked the imposition of retaliatory tariffs by many other countries, reduced U.S. exports and imports by 50 percent, and, by most accounts, directly helped bring on the Great Depression. There is considerable reason, therefore, to avoid making similar mistakes in the wake of the 2008 global financial crisis. Robert Feenstra and Alan Taylor are organizing a Global Forum for the National Bureau of Economic Research (NBER) on the topic "Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century." The event, to be hosted by the Bank of England, is specifically designed to facilitate interaction among leading academics and policymakers from around the world, including existing Sloan Foundation grantees working on theoretical, historical, or institutional aspects of international economics. Participants will be expected not only to critique the research, data, and analyses presented, but also to formulate plans and initiatives for fostering multilateral economic cooperation in the wake of financial turmoil.

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