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October 15, 2009
Wharton on the Economy
Faculty Follow and Respond to the Global Economic Downturn
Since the beginning of the global economic downturn in 2008, Wharton has provided timely analysis of and insight into the origins of the financial crisis, how it's affecting our economy, and what we can expect for the future. In the past year our faculty has continued to respond to economic news with their understanding of current issues and events.
Current News Mentions
Follow Wharton School faculty as they provide insights to the media on the global economy. Visit news highlights.
Bloomberg.com - Prof. of Real Estate and Finance, Susan Wachter, discusses how the recession has impacted the commercial real estate market in Phoenix, Arizona and other nearby cities, explaining that the "overall recovery [in such markets] will lag the nation as a whole." (October 1, 2009)
Associated Press - Assoc. Prof. of Insurance and Risk Management, Kent Smetters, explains how Social Security has been impacted by the economic crisis, noting that "it's unlikely we are going to pull out (of the recession) with a strong recovery." (September 26, 2009)
MarketWatch - "Everyone pretty much has been hit by the global financial crisis and virtually everyone is confronting the aging revolution," says Prof. of Insurance and Risk Management, Olivia Mitchell, in a discussion of which countries offer the most secure pension benefits. (September 23, 2009)
The Economic & Financial Crisis: A Wharton Course
Wharton Professor Mauro Guillén developed a new course on the financial crisis for Wharton MBA and undergraduate students. The class features interactive lectures by Wharton or Penn faculty specializing in the economic, financial, policy, and political aspects of the crisis. See course videos.
Faculty Teach-ins
Fannie Mae and Freddie Mac are bailed out by the Fed; Lehman Brothers files for bankruptcy; AIG is on the brink of ruin; and the Dow Jones drops 500 points in one day. With the still-unfolding turmoil in the financial markets, Wharton convened four teach-in events that created a forum for investigation, reflection, and discussion of the crisis.
Wharton Faculty Discuss Financial Crisis
Professors Jeremy Siegel, Richard Herring, Franklin Allen, and Joseph Gyourko take on the issues of the unfolding crisis. See video coverage.
Do the Answers to Our Current Financial Woes Lie in the Past?
Wharton and University of Pennsylvania Professors Bulent Gultekin, Jennifer Amyx, Luzi Hail, Marshall Meyer, and Heiner Schulz discuss the global landscape of the crisis at the school's Lauder Institute of Management & International Studies. Read article.
'In the Eye of the Storm': Citi CEO Vikram Pandit Sees a Difficult Recovery Ahead
In a question-and-answer session, Wharton Professor Michael Useem talks with Citi CEO Vikram Pandit. Read article.
Wharton Professors: More Trouble Ahead
Professors Richard Marston, Jeremy Siegel, Richard Herring, and Kent Smetters discuss the origins of the crisis, how it has evolved, and where we're headed next. See video coverage.
Knowledge@Wharton
Follow Knowledge@Wharton's continuing coverage of the global economy.
Managing in Turbulent Times
A downturn can be profoundly unsettling, especially when it involves cost-cutting, ownership changes, layoffs or bankruptcy. Business can suffer when people are emotionally distracted by feelings of uncertainty, grief, guilt and anger. In this special video report, experts from Wharton and The Boston Consulting Group outline five actions that managers can take to minimize declines in productivity and stimulate confidence in the future and in company leadership. Managers who learn how to listen, inspire trust and maintain morale can help their companies thrive in the downturn and beyond. Go to video series .
John Thain: It's 'Unfortunate That the American Dream Has Been Demonized
After he lost his job as CEO of Merrill Lynch following its sale to Bank of America last year, John Thain found himself pilloried by the press for having spent exorbitant sums decorating his Merrill office. During a recent presentation at Wharton, Thain addressed this issue head-on, and then proceeded to offer his opinions as to what caused the crisis, what can be done to prevent it from happening again, and when it will be over -- not just for the financial industry but also for Main Street. One piece of advice: "Relying on the world continuing to look like it used to look is a really bad idea." See video coverage.
Micro Insurance: A Safety Net With Too Many Holes?
Unlike micro lending -- the better-known side of micro finance -- micro insurance has been a hard sell among the world's poor. The reasons why include a lack of understanding of how insurance products work, a general reticence on the part of poor populations to part with their meager financial resources, badly designed products and a shortage of localized risk management knowledge among providers. What needs to happen for micro insurance to prove that it can be both socially beneficial and economically viable? Read article.
