耶鲁大学金融市场英文文本Financial-MarketsLecture-25-Transcript.doc

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1、FinancialMarkets:Lecture25TranscriptProfessorRobertShiller:I'mBobShiller.IhavethepleasureofintroducingthisOkunlecturer,LawrenceSummers.IwantedtosayfirstthattheOkunLectureSerieswasfundedbyananonymousdonorinhonorofArthurOkun,whowasProfessorofEconomicshereatYale

2、,wholaterbecameChairmanoftheCouncilofEconomicAdvisors,whofoundedwithWilliamBrainardtheBrookingsPapersonEconomicActivityandwaswidelyadmiredbothhereatYaleandaroundtheworldasaneconomistthathadalotofimpactonpolicy--aneconomistwithapurpose.It'saltogetherfittingtha

3、twehaveLawrenceSummershereasourOkunlecturerforthisyear.LarrySummers--I'llgothroughhiscareerbriefly--hestartedoutatagesixteenatMITasaphysicsmajor.Fortunatelyforus,heswitchedintoeconomicsatavery--asateenager.HegothisPhDatHarvard.HegottenureatHarvardatoneofthe--

4、he'soneoftheearliest,atagetwenty-eight.In1993,hewontheJohnBatesClarkMedalforthebesteconomistundertheageofforty.HejoinedthestaffoftheCouncilofEconomicAdvisors.HewasUndersecretaryofTreasuryforInternationalAffairs.HewasChiefEconomistatTheWorldBank.HewastheU.S.Se

5、cretaryofTreasury.HewasPresidentofHarvardUniversityandnowheisaUniversityProfessoratHarvardandalsoaDirectoratD.E.Shaw.Hisresearchhasdonetrulystunning--I'vealwaysbeenahugeadmirerofit--anditcoversmanyfields--publicfinance,labor,macroeconomics,andfinance,inpartic

6、ular.IthoughtIwouldjustconcludemyintroductionwithacoupleoffamousLarrySummersquotes.Thesequotesareadvicetograduatestudentsbuttheymightaswellbeadvicetoanyresearcher.Larryisquotedassaying,"Youmightaswellworkonbigproblemsbecauseittakesjustasmuchtimetowriteapapero

7、nalittleproblemasonabigproblem."Anotherbitofadvicetostudents:"Doyourresearchontheeconomynotontheeconomicliterature."Ithinkthat'sabitofwiseadvice.But,Ithinkthat--tome,thatsayssomethingabouttheessenceofhisresearchstyle.He'sbeenextremelypotentinhisworkonveryimpo

8、rtantresultsthatkindofshapeourviewoftheworldandIthinkthatit'sthisresearchstylethatispartofthereasonwhyhe'sbeentappedforsuchimportantpositions.I'mpleasedtointroduceLarrySummers.ProfessorLa