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Below you will find a chronological list of current Center research projects. You can search by issue or region by selecting the appropriate category. In addition to this sorting control, you can search for specific subjects within the alphabetical, regional, and issue categories by choosing from the selections in the drop-down menu below.
Each project page contains the name of the project director, a description of the project, a list of meetings it has held, and any related publications, transcripts, or videos.
Annual Corporate Conference—New York, NY
The annual two-day Corporate Conference, held at the Council's New York headquarters, addresses the most pressing international business concerns. The 2009 Corporate Conference featured keynote speakers Robert Greifeld, president and chief executive officer of the Nasdaq OMX Group, and Neville Isdell, chairman of the board, The Coca-Cola Company. Panels of experts spoke on timely topics such as geopolitical risk, the financial markets, global trade, and corporate citizenship, while smaller breakout sessions examined the long-term outlook of emerging markets and pressing issues in today's business landscape.
The Council's 2010 Corporate Conference will be held on March 4-5, 2010.
February 2009—Present
| Staff: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
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This roundtable series is made possible by the generous support of the Goldman Sachs Group, Inc.
March 30, 2009—New York, NY
| Director: | Amity Shlaes, Senior Fellow for Economic History |
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"History is an argument without end. That is why we love it so."
These words come from the late scholar of the New Deal, Arthur Schlesinger, Jr. Schlesinger in turn was quoting a colleague, the historian, Pieter Geyl. It is in Schlesinger's collegial spirit that the Council on Foreign Relations and NYU/Stern host scholars to discuss findings new and old about the single most important economic event in America's history, the Great Depression. What caused the Depression? What was the role of financial institutions in panic and recovery? What was the New Deal's role in this crisis? What lessons can we take away for dealing with our current crisis? Given the current challenges to the economy, a second look at that most relevant period becomes crucial. Nobel Prize winning economists, scholars, historians, writers, and policymakers will converge from across the country to both "get granular" and begin to draw broad conclusions in this day-long inquiry.
Cosponsor of this symposium is Dean Thomas Cooley of the Leonard N. Stern School of Business, New York University.
The conference is also supported by a special grant from the Ewing Marion Kauffman Foundation.
Symposium Summary Report (PDF, 160K)
November 2008—Present
| Directors: | Martin N. Baily, Brookings Institution Andrew B. Bernard, Dartmouth College John Y. Campbell, Harvard University John H. Cochrane, University of Chicago Douglas W. Diamond, University of Chicago Darrell Duffie, Stanford University Kenneth R. French, Dartmouth College Anil K Kashyap, University of Chicago Frederic Mishkin, Columbia University Raghuram G. Rajan, University of Chicago David S. Scharfstein, Harvard University Robert J. Shiller, Yale University Hyun Song Shin, Princeton University Matthew J. Slaughter, Adjunct Senior Fellow for Business and Globalization René M. Stulz, Ohio State University |
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The Squam Lake Working Group on Financial Regulation is a nonpartisan, nonaffiliated group of fifteen academics who have come together to offer guidance on the reform of financial regulation.
The group first convened in fall 2008, amid the deepening capital markets crisis. Although informed by this crisis—its events and the ongoing policy responses—the group is intentionally focused on longer-term issues. It aspires to help guide reform of capital markets—their structure, function, and regulation. This guidance is based on the group’s collective academic, private sector, and public policy experience.
To achieve its goal, the group is developing a set of principles (along with their implications) that are aimed at different parts of the financial system: at individual firms, at financial firms collectively, and at the linkages that connect financial firms to the broader economy.
January 2007—Present
| Staff: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
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This roundtable series brings together policymakers, scholars, and journalists to explore current policy challenges that have both economic and national security dimensions.
June 2007—October 2007
| Staff: | Michael A. Levi, David M. Rubenstein Senior Fellow for Energy and the Environment and Director of the Program on Energy Security and Climate Change |
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| Author: | Joshua W. Busby |
Connections between climate change and national security are receiving unprecedented attention from policymakers and analysts. In March 2007, Senators Richard Durbin and Chuck Hagel introduced a bill requesting that the National Intelligence Council draft a National Intelligence Estimate to assess the security implications of climate change. In April 2007, the CNA Corporation released a report overseen by retired generals that documents the links between climate and national security. The British government initiated a similar discussion in the United Nations Security Council in the same month.
This Council Special Report (CSR) will move the discussion from broad assessments of the links between climate and security to a plan for action. It will examine whether climate change poses a direct security threat to the United States, and will identify the security assets that will be affected by climate change. Finally, it will outline the policies that the United States should adopt to protect critical infrastructure, and military bases from these effects.
April 2007—October 2007
| Director: | Edward Alden, Bernard L. Schwartz Senior Fellow |
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| Author: | David M. Marchick Matthew J. Slaughter, Adjunct Senior Fellow for Business and Globalization |
In the past three years, many countries have adopted or expanded regimes to review inward foreign direct investment (FDI) for either “national” or “economic” security purposes. The U.S. Congress recently passed legislation reforming the Committee on Foreign Direct Investment with the United States, which is charged with reviewing the security risk posed by inbound investments. France has adopted a new regulation requiring reviews of foreign investments (excluding EU investments) in nineteen sectors of their economy. Russia is close to adopting a law, modeled largely on the CFIUS process, requiring reviews in thirty-nine sectors. China has adopted a regulation allowing the government to block investments that harm “economic security,” and Korea and Canada are debating new restrictions.
State-owned multinationals are increasingly prominent, especially in developing countries. In 2005, twenty-four of the top 100 multinationals headquartered in developing countries were majority state-owned. Of particular note is the rising number and size of developed-country firms being acquired by developing-country sovereign funds of central banks and/or fiscal authorities. The recent Chinese investment in the U.S. private-equity firm Blackstone is one notable example.
This CSR will examine the scope, nature, causes, and consequences of rising restrictions to inward FDI around the world. It will discuss what best practices and principles should guide governments in formulating and implementing policies to govern national security reviews of FDI inflows, including how to prevent legitimate national security reviews from becoming tools for economic protectionism. It will also consider what should be the policy responses from advanced countries and important leadership groups, such as the G-8, APEC, and the OECD, to the emergence of new FDI restrictions. The recommendations will also cover ways to avoid actions in the United States being used as justification for other countries to restrict foreign investment.
January 2006—January 2007
| Director: | Douglas Holtz-Eakin |
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This roundtable series brings together policymakers, scholars, and journalists to explore current policy challenges that have both economic and national security dimensions.
January 2006—April 2007
| Staff: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
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| Author: | Gordon H. Hanson, Professor of Economics, University of California, San Diego |
Immigration is a toxic political issue in the United States. This report by University of California, San Diego Professor Gordon Hanson indicates that the economic costs of illegal immigration roughly match the economic benefits. That is, the net economic impact of illegal immigration is close to zero. Thus, the political debate must revolve around other sources of costs, or efforts to curb illegal immigration, such as increased border enforcement, would result in a net loss to the U.S.economy. He also finds that illegal immigration provides a labor supply that more closely tracks shifts in the need for labor across time and geography, while legal immigration—even when temporary—cannot keep up with these cyclical shifts. Any policy aimed at addressing the demand for low-skilled labor must also address the need for flexibility.
June 2006—May 2007
| Author: | Peter B. Kenen, Adjunct Senior Fellow for International Economics |
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In April 2006, the Managing Director of the International Monetary Fund made a set of proposals aimed at enhancing the legitimacy and efficiency of the Fund and involving it more directly in the resolution of large imbalances involving the major economies. Some of his proposals were endorsed at the 2006 Annual Meetings of the Fund, and others are being implemented by the Fund's Executive Board. The most important reforms involve a redistribution of IMF quotas, which determine, among other things, voting power in the Fund. This Council Special Report provides a brief history of the Fund, stressing the changes that have occurred as a great many developing countries, large and small, have joined the Fund. It strongly endorses most of the Managing Director's proposals, although it criticizes others, including the way that the Managing Director would have the Fund involve itself in resolving major international financial imbalances. It argues that the United States should strongly support measures to enhance the legitimacy of the IMF, because the United States cannot readily accomplish unilaterally what the Fund can accomplish multilaterally.
May 2006—September 2007
| Staff: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
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| Author: | Robert J. LaLonde, Professor, Harris School of Public Policy, University of Chicago |
Professor Robert J. Lalonde, professor of economics at the Harris School of Public Policy at the University of Chicago, is writing a Council Special Report on job displacement and the experienced worker. In this report, Professor LaLonde examines evidence on the causes of job loss, both through trade, technological change, and other factors, and suggests policies for aiding workers most harmed by job displacement—long-tenured, displaced workers. The report outlines the merits of a wage insurance program that would supplement the earnings of long-tenured workers displaced by international trade and other factors. The report contends that without policies to aid the workers most adversely affected by job loss, public support for further economic liberalization will likely diminish.
March 2006—November 2006
| Director: | Douglas Holtz-Eakin |
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| Author: | Keith E. Maskus, Stanford Calderwood Professor of Economics, University of Colorado |
This report evaluates the effectiveness of the U.S. intellectual property regime in encouraging innovation and discusses the U.S. push to harmonize intellectual property standards with its trading partners. Professor Maskus argues that the intellectual property system is so skewed toward patent holders that it actually discourages innovation, and that the aggressive drive toward harmonization with other countries should be replaced by an emphasis on the enforcement of existing standards.
May 2006—March 2007
| Staff: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
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| Author: | Robert Z. Lawrence, Williams Professor of International Trade and Investment, John F. Kennedy School of Government, Harvard University |
The Doha negotiations have stalled since last summer, and, as the November elections in the United States highlighted, American advocates of economic nationalism are growing in strength. Nevertheless, Robert Lawrence makes a case for the effectiveness of the World Trade Organization (WTO), particularly its dispute settlement system, and the benefits that would accrue to the United States and others from improving its effectiveness. These benefits include expanding world trade and increasing support for an often beleaguered organization that is central to the conduct of world trade.
In this Council Special Report, Professor Lawrence addresses the critics of the dispute settlement mechanism—both those who think it should be tougher on countries that violate trade rules and those who think it is already so tough as to violate sovereignty. He points out the successes of the WTO since its creation in 1995 and argues that radical changes to the system are ill-advised. Lawrence nonetheless suggests several areas for reform, from steps that require multilateral negotiations, such as improving opportunities for nonstate actor participation in and enhancing transparency of the process, to changes the United States could make in its own behavior.
Part of the Bernard and Irene Schwartz Series on American Competitiveness.
September 7, 2006—September 7, 2006
Cosponsored with the Center for Strategic and International Studies, and Macroeconomic Advisers
Georgetown University Conference Center
April 1, 2006—Present
| Director: | Edward Alden, Bernard L. Schwartz Senior Fellow |
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Made possible by the generosity of Bernard L. Schwartz, this roundtable series explores issues that affect the competitiveness of the U.S. economy. Meetings have addressed issues such as the sustainability of the U.S. current account deficit, the effectiveness of the WTO dispute settlement process, and intellectual property rights.
January 1, 2005—Present
| Staff: | Elliot Schrage, Adjunct Senior Fellow for Business and Foreign Policy |
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This study will test the hypothesis that an incentive-based policy is more effective in promoting market economies and democratic politics than an approach in which Washington relies on the ostensibly transformative effects of civil society, regime change in Iraq, regional peace, or the willingness of Arab leaders to pursue reform.
March 1, 2005—April 1, 2006
| Staff: | Benn Steil, Senior Fellow and Director of International Economics |
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Made possible by the generosity of Bernard L. Schwartz, this roundtable series explores issues that affect the competitiveness of the U.S. economy. Meetings have addressed issues such as the sustainability of the U.S. current account deficit, the effectiveness of the WTO dispute settlement process, and intellectual property rights.
January 2005—Present
| Author: | Jagdish N. Bhagwati, Senior Fellow for International Economics |
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This project will result in a pamphlet examining current immigration reform attempts in the context of past immigration law reform.
January 2005—Present
| Author: | Jagdish N. Bhagwati, Senior Fellow for International Economics |
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This project will result in a book analyzing how the U.S. ought to manage immigration, taking into account policies, sociology, economics, and international relations. He calls for a benign attitude toward illegal immigration, even in the wake of September 11.
May 1, 2005—Present
| Director: | Adam Segal, Maurice R. Greenberg Senior Fellow for China Studies |
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This series assesses innovation and technological entrepreneurship in Asia, evaluates the impact of emerging technological capabilities on American economic, political, and military power, and recommends policies designed to ensure continued U.S. technological superiority.
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In Money, Markets, and Sovereignty, the authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization.
In The Closing of the American Border, Edward Alden goes behind the scenes to tell the story of the Bush administration’s struggle to balance security and openness in the wake of the September 11, 2001, terrorist attacks.
In Termites in the Trading System, Jagdish Bhagwati reveals how the rapid spread of preferential trade agreements endangers the world trading system.
In Regional Monetary Integration, Peter B. Kenen poses an important question: Should various country groups follow the lead of the European Monetary Union and form similar full-fledged monetary unions?
In contrast to conventional wisdom, the growth in government spending and heightened regulation during the Great Depression may have done much to slow economic recovery.
In this report, Benn Steil shows that the financial crisis is the inevitable bust of a classic credit boom, and explains how monetary, taxation, and home ownership promotion policy combined with other feaures of the financial system to fuel an unsustainable buildup in debt. He recommends significant reforms to reverse the debt financing bias and make the system more resilient to falls in asset prices.
In order for policymakers to tackle today’s global economic crisis, this report argues, they must go beyond bailouts and stimulus packages and focus on one of the crisis's root causes: imbalances between savings and investment in major countries.
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