It was in the middle of the night and the Nobel Prize committee couldn’t reach their 2020 economic sciences winner, Detroit-born professor Paul Milgrom. 

a screenshot of a computer screen: Winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2020 at a press conference in Stockholm, Monday Oct. 12, 2020. Americans Paul R. Milgrom, left, and Robert B. Wilson have won the Nobel Prize in economics for "improvements to auction theory and inventions of new auction formats."

© Anders Wiklund/TT via AP
Winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2020 at a press conference in Stockholm, Monday Oct. 12, 2020. Americans Paul R. Milgrom, left, and Robert B. Wilson have won the Nobel Prize in economics for “improvements to auction theory and inventions of new auction formats.”

Luckily, Milgrom’s co-winner is also his neighbor.

According to Stanford University, where the winning duo currently teaches, Robert Wilson trekked to Milgrom’s house in the middle of the night, knocking incessantly to tell him the good news. 

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You can watch that moment, and the Michigan-raised winner’s stunned reaction, below.

Milgrom was born in

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Developing countries should take on new debt to help them fight the economic impact of the coronavirus pandemic — but they will later suffer an unprecedented wave of debt crises and restructurings, World Bank chief economist Carmen Reinhart has warned.

The former Harvard University professor is best known for her work with fellow economist Kenneth Rogoff on the economic damage inflicted by financial crises throughout history, which was especially relevant during the great recession of 2008-09. But their work on the risks of high debt levels has been attacked for fuelling governments’ austerity policies in the following decade.

Ms Reinhart, who became chief economist at the World Bank this year, told the Financial Times in an interview that additional government borrowing was justified in the current circumstances.

“While the disease is raging, what else are you going to do?” she said. “First you worry about fighting the war, then you

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  • Goldman Sachs’ chief Asia economist Andrew Tilton told CNBC’s “Street Signs Asia” he is “reasonably upbeat” on the economic recovery going into 2021. 
  • He said: “We think Asia’s really the best positioned of the major regions right now, just given the good control of the virus in most of the regions outside of India and some parts of Southeast Asia.”
  • He said purchasing managers indices were better in September, suggesting momentum in the industrial sector remained strong. 
  • He said a fiscal deal in the US between Republicans Democrats would bolster growth in Asia.
  • A blue wave scenario where a Democratic president takes control of both the House and Senate would bolster growth but may also “pull forward” the timing of the next Fed rate hike,” he said. 
  • Visit Business Insider’s homepage for more stories.

Asia is far better “positioned” to stage an economic recovery from the pandemic,

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Euro Bears Push Back Ahead Of ECB Virtual Rate Announcement

Photographer: Alex Kraus/Bloomberg

The European Central Bank is struggling to make its intentions clear to investors at a critical juncture in its response to the coronavirus recession.

Economists and investors see mixed messages from the ECB’s top policy makers. Most important is a perceived disconnect between President Christine Lagarde’s press conferences after policy decisions, and blog posts by Chief Economist Philip Lane the following day.

National central bank officials have taken note, expressing concern privately that such a dynamic risks undermining Lagarde’s credibility just as the ECB gears up for talks on whether to increase monetary stimulus. The officials asked not to be identified because internal deliberations are confidential.

The Frankfurt-based institution has even considered whether to change the practice of publishing a blog by Lane after the policy decision, according to euro-area officials.

An ECB spokesman declined to comment.

ECB chief economist adopted stronger tone on currency appreciation

The ECB’s communication challenge is all the

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Video: CalSTRS CIO Ailman Says Economy Worse Than Statistics Show (Bloomberg)

CalSTRS CIO Ailman Says Economy Worse Than Statistics Show



Britain’s rapid recovery from its Covid-19 slump is being put at risk by undue pessimism and a “Chicken Licken” fear that the sky is about to fall in, the chief economist of the Bank of England has said.

a group of people walking on a sidewalk: Photograph: Matthew Horwood/Getty Images

© Provided by The Guardian
Photograph: Matthew Horwood/Getty Images

Andy Haldane, one of the nine members of Threadneedle Street’s monetary policy committee, used the example of the cartoon character to warn of a self-fulfilling prophecy in which excessive gloom led to weaker growth.

The Bank official blamed the media for emphasising bad news and downplaying evidence that the UK had bounced back quickly from the deep plunge in output suffered in March and April.

“Encouraging news about the present needs not to be drowned out by fears

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In the passing away of economist Isher Judge Ahluwalia, the country has lost an institution builder, a good academic, and a person who was passionate about good quality research and data analysis. More than this, she was an affable person who had a good memory to remember all those she met and interacted with during her career, said people who knew her well and worked closely over the last four decades.

Isher, as she was known to all, died on Saturday after a 10-month fight with brain cancer. She would have turned 75 on October 1.  A PhD from the Massachusetts Institute of Technology (MIT), a MA from the Delhi School of Economics and a BA (Eco Homs) from Presidency College, Kolkata, Isher was a Padma Bhushan awardee who described her modest “Hindi medium” origins in her recently released memoirs, Breaking Through.

“She was the best human being you can

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Stephen Roach.
  • The US dollar could collapse by the end of 2021 and the economy can expect a more than 50% chance of a double-dip recession, the economist Stephen Roach told CNBC on Wednesday.
  • The US has seen economic output rise briefly and then fall in eight of the past 11 business-cycle recoveries, Roach said.
  • Grim second-quarter data cannot be dismissed, he said, pointing out that “the current-account deficit in the United States, which is the broadest measure of our international imbalance with the rest of the world, suffered a record deterioration.”
  • Roach last predicted a crash in the dollar index in June, when it was trading at about 96. He said at the time that it would collapse 35% against other major currencies within the next year or two.
  • Visit Business Insider’s homepage for more stories.

The “seemingly crazed idea” that the US

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A delivery driver wearing a face mask rides an electric bicycle along a street in the Central Business District (CBD) in Beijing on July 16, 2020.

WANG ZHAO | AFP | Getty Images

SINGAPORE — China is well on its way to recovering from a coronavirus pandemic-led economic crisis and will continue to be the most important marginal driver of global GDP, British economist Jim O’Neill told CNBC. 

O’Neill, former chief economist at Goldman Sachs, pointed to the latest Chinese consumer spending data as a sign of China’s accelerating recovery. Retail sales for August in the world’s second-largest economy rose 0.5% from a year ago, the first positive report for 2020 so far. 

“I suspect Chinese GDP growth could actually end 2020 as net positive still,” O’Neill told CNBC in an interview. “By end 2021, Chinese GDP growth will have possibly even made up for, not only the losses, but

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People wearing protective masks keep social distance as they queue to do a PCR test for Covid-19 in front of the city hall of Paris on August 31, 2020.

alain jocard/Agence France-Presse/Getty Images

European stocks traded mixed on Friday, as investors searched for direction, eyeing a tense Brexit standoff and a warning from the European Central Bank over getting too complacent about a recovery in the eurozone.

Heading the other way, U.S. equity futures indicated a bounce ahead for Wall Street, notably for technology stocks, which have taken a sizable hit this week on fears the sector has gained too far too fast.

The Stoxx Europe 600 index

was flat, the German DAX

dipped 0.1% and the French CAC 40

eased 0.1%. The FTSE 100 index

was also flat.

But Dow

rose 0.65 and S&P 500

futures 0.8%,

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WASHINGTON–(BUSINESS WIRE)–Data indicating that small business owners are increasingly pessimistic about the coronavirus shows the need for continued economic stimulus measures, National Retail Federation Chief Economist Jack Kleinhenz said today.

“The coronavirus continues as a shock to America’s small employers,” Kleinhenz said. “Small businesses are the backbone of American ingenuity and impact local economies in cities and towns across the country, but responses to recent surveys highlight the fragility of many small business enterprises and the importance of the need for well-tailored economic policy.”

“Just as a physician checks a patient’s pulse to measure the rhythm and strength of the heartbeat, small business is an important indicator of the comparative health of the local and national economies,” Kleinhenz said.

Kleinhenz’s remarks came in the September issue of NRF’s Monthly Economic Review, which cited a new survey created by the Census Bureau to measure the impact of COVID-19 on

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