Martin Feldstein, president emeritus of the National Bureau of Economic Research (NBER) and the George F. Baker Professor of Economics at Harvard University; and Allen Sinai, chief global economist and president of Decision Economics, joined Richard M. Rosenberg Bank of America Chairman and Chief Executive Officer (Retired) for a provocative discussion about the global economy. The hour-long session drew a capacity crowd to the Thomas H. Lee Lecture Hall, and was moderated by IBS professor Catherine Mann, the acting director of the Rosenberg Institute.
Panelists focused on the importance of unfreezing the credit markets to get all financial institutions – not just banks – lending again. The panelists noted that the current recession was already one of the longest in the last century, but there was ultimately no agreement on how long the current downturn would continue.
Panelists also debated the importance of the recent decision to change the regulations related to “Mark to Market” accounting procedures, which are also referred to as FASB 157. The relationship of these accounting procedures to the current economic crisis was discussed in some depth by the panelists.
From left to right: Allen L. Sinai, chief global economist and president of Decision Economics; Catherine L. Mann, IBS professor and acting director of the Rosenberg Institute; Martin Feldstein, president emeritus of the National Bureau of Economic Research (NBER) and the George F. Baker Professor of Economics at Harvard University; Richard Rosenberg, former Bank of America chair and CEO; Jehuda Reinharz, President of Brandeis University; and Arthur L. Goldstein, Chair of the IBS Board of Overseers.
Established in 2002 through a generous gift from Rosenberg and his wife, Barbara ’54, the Rosenberg Institute serves as Brandeis IBS’ platform for the study of global prosperity. The Institute co-sponsors the US Monetary Policy Forum each year, funds research by IBS faculty, offers a range of courses related to global finance, hosts special meetings with global financial leaders and holds symposia on a wide range of topics.