Richard Baldwin
The outbreak of the Covid-19 pandemic has caused a worldwide disruption in trade flows. According to the WTO, a 9.2% decline in the volume of world merchandise trade for 2020 is expected, with a rebound of 7.2% in 2021. The drop in trade is around two to three times larger than the drop predicted for world GDP (a drop of 3.5% is most recently forecasted by the IMF, in the updates to the
World Economic Outlook released in January 2021). The adjustment is very heterogeneous – the WTO calculates 14.7% and 11.7% declines in export volumes in the US and Europe, respectively, and a mere 4.5% drop in Asia. These developments resemble what has been known as the Great Trade Collapse of 2008-09 (Baldwin 2009, 2020) during which the world GDP shrank by 1%, while the value of global trade flows slumped by some 10% in a remarkably synchronised fashion across the world (Alessandria et al. 2010).
CT s booming housing market could soften with a rise in COVID-19 foreclosures
Alexander Soule
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A Godfrey Road home in Weston, Conn., listed for sale at the outset of the pandemic in 2020 and again heading into the spring of 2021, for just under $650,000. The listing could soon see price competition on nearby Ravenwood Drive, via the foreclosure auction of a home that carries a slightly lower assessed value, if the auction proceeds in March as scheduled.Alexander Soule /Hearst Connecticut Media /
As home buyers pick through Connecticut’s limited selection of properties heading into the spring market of 2021, the ugly underbelly of supply could come to bear on the market this year and next lenders seizing properties from borrowers who, due to evaporating income, health bills or other reasons, cannot keep up with payments on their mortgages.
UCLA Newsroom |
March 8, 2021
Andy Atkeson, the Stanley M. Zimmerman Professor of Economics and Finance, has been awarded the Warren C. Scoville Distinguished Teaching Award for best undergraduate teaching in fall 2020. He was recognized for his Econ 167 and Econ 188M courses, adapting his teaching methods to provide a high level of education to students in a virtual setting.
His Econ 167 course Victims and Villains; Panics and Bubble focuses on the phenomena of panics, bubbles and manias in financial history. Econ 188M Practicum in Social Entrepreneurship offers a full-scale immersion into the challenges of launching a social enterprise.
Atkeson has published papers in the American Economic Review, Econometrica, the Journal of Political Economy and the Quarterly Journal of Economics. He has been an associate editor of the American Economic Review, Review of Economic Studies and Quarterly Journal of Economics. His research spans a variety of topics in macroecono