Richard Cooper, cutting-edge economist, dies at 86

first_imgIn 1981, he joined the Harvard faculty, where he influenced generations of economists to expand their understanding of their field and recognize the value of real-world experiences in shaping policy and theory. He was a strong presence in seminars, workshops, and lectures, where he could be counted on to share knowledge and opinions.“He asked tough questions, was an incredibly knowledgeable person, and was very vocal about things he didn’t like or didn’t think were important,” said Pol Antràs, Robert G. Ory Professor of Economics. “But he was always very kind and interested in my work. Even though I knew that it wasn’t the type of research he would be doing, I felt like he respected it. That was very uplifting for me.”During his tenure as a professor, Cooper also held numerous senior positions in the federal government. His first was as a senior staff economist on President John F. Kennedy’s Council of Economic Advisers — a job he reportedly rode his bicycle to every day. He also served as Deputy Assistant Secretary of State for International Monetary Affairs under President Lyndon B. Johnson, Under-Secretary of State for Economic Affairs under President Jimmy Carter, and chair of the National Intelligence Council as part of the Clinton administration.In the 1970s, Cooper developed the “locomotive theory” of international fiscal coordination, in which three nations (Japan, Germany, and the U.S.) would “pull” the global economy to safety following a recession in the mid-1970s. The idea was put to the test at the 1978 Bonn Summit of G-7 Leaders attended by Carter, who had appointed Cooper to the State Department post the year before. At the gathering, the nations agreed on a joint statement of commitments regarding economic policy — the first successful agreement of its kind and a model for future such accords.The establishment and continuation of the G-7, and later G-8 and G-20 meetings of world leaders to focus on joint economic policy, years after Cooper’s work, are examples of his influence both as a researcher and policy expert, said Frankel.Cooper was also the chair of the Federal Reserve Bank of Boston from 1990-1992, and was a member of the Trilateral Commission, the Council on Foreign Relations, the executive panel of the U.S. Chief of Naval Operations, and the Brookings Panel on Economic Activity. His many publications include the volumes “Environment and Resource Policies for the Integrated World Economy,” “Boom, Crisis, and Adjustment: The Macroeconomic Experience of Developing Countries,” and “What the Future Holds: Insights from Social Science.”Cooper’s career showed that “you can do research and be engaged in policy as an economist, and find the combination fruitful and productive,” said Antràs. “He was not interested in his own fame. [He] was interested in understanding the world and making the world better.”Cooper, who Frankel said was always “young for his age,” was also an avid home repairer and world traveler, and he enjoyed exploring the bicycle paths around Cambridge, which he rode until last year with his family and friends.“He had boundless intellectual curiosity and energy [and] looked on the bright side of things,” Frankel wrote in his remembrance. “I learned something from him every time we talked.”A memorial is planned for a future date. Most economists live in the world of theory, using careful calculations to predict the future. But Richard N. Cooper believed theory couldn’t tell the whole story when it came to solving real-world problems, particularly when they involve the whole world — which he amply demonstrated after a global recession in the 1970s.The Maurits C. Boas Professor of International Economics “understood that human systems are complex,” said Kenneth Rogoff, professor of economics and Thomas D. Cabot Professor of Public Policy, a colleague of Cooper in Harvard’s economics department. “He wanted to bring realism, institutional understanding, and historical experience to economics, not just mathematical technique.”Cooper, who died Dec. 23 at age 86 from cancer, left his mark on the world of economics from his position at Harvard, where he taught for almost 40 years, and from the White House, where he worked under four different presidents as an adviser and policy expert.As a researcher, Cooper was a trailblazer. Six years after receiving his Ph.D. from Harvard in economics in 1962, he published his landmark book, “The Economics of Interdependence: Economic Policy in the Atlantic Community.”In the book and in associated research on the subject, Cooper argued that “countries could achieve better outcomes if they committed to joint settings of macroeconomic policy,” wrote Jeffrey Frankel, James W. Harpel Professor of Capital Formation and Growth at the Harvard Kennedy School, in a blog post remembering his friend.The argument, widely accepted today in economics, was a departure from established ideas popularized by John Nash’s non-cooperative equilibrium theory, which dictated each country should go it alone on economic policy and implementation. Cooper saw an alternative, in which countries could work in tandem to reduce inefficiencies and promote prosperity in a collaborative and coordinated way.“He was always asking the right question, and always interested in taking the discussion of any piece of work right to the question of why it mattered for economic policy, and what should be done as a result,” added Benjamin Friedman, William Joseph Maier Professor of Political Economy.For the next 60 years, Cooper remained engaged with the world of monetary policy and traditional economic theory and implored his colleagues and students to ask themselves whether the work they were doing would be relevant outside the ivory tower.In economics, “It’s very tempting to make assumptions so that you can proceed with your analysis, but [Cooper] would always give us a hard time when he thought [our] assumptions weren’t reasonable,” said Rogoff. “He was somebody whose feedback you wanted because it might help you shape your work in a more useful way” when it came to practical applications.Born in Seattle, Cooper received a bachelor’s degree at Oberlin College and a master’s degree at the London School of Economics as a Marshall Scholar. After receiving his Ph.D., he taught economics at Yale and was provost there from 1972-74. “He was not interested in his own fame. [He] was interested in understanding the world and making the world better.” — Pol Antràs, Robert G. Ory Professor of Economicslast_img read more

Rape reported to University

first_imgA rape was reported to Notre Dame’s Title IX office, according to Notre Dame Police Department’s Tuesday crime log. The alleged rape occurred in an unspecified male residence hall between Feb. 16 and 17, according to the report. Information about sexual assault prevention and resources for survivors of sexual assault are available online from NDPD and from the Title IX office.Tags: crime log, NDPD, sexual assault, Title IXlast_img

Etera says Brexit had no real impact on its investments

first_imgFinland’s Etera reported a 1.3% investment return for the first half of this year, down from 3.7% in the same period in 2015, and said Britian’s vote to leave the Europen Union had had no real impact on its investments over the period.In its interim report, the mutual pensions insurance company said the market value of investments dipped to €5.90bn at the end of June 2016, down from €5.94bn at the end of June 2015.Stefan Björkman, Etera’s chief executive, said: “Brexit did not rattle Etera’s investment portfolio or solvency.”He said the firm’s investment strategy had proved successful. “The market movement caused by Brexit has not had any greater impact on our investment portfolio than normal day-to-day fluctuations,” he said.Investment returns continued to develop positively in July, after the reporting period ended, he said, with Etera’s January-to-July return on investments at 2.4%.Fixed-income investments returned 2.0% in the first half, down from 2.4%, while equities produced a slim return of 0.2%, down from 7.8% in the same period last year.Real estate investments produced 2.8%, up from 2.0%, and other investments — a category which includes hedge funds and commodities — made a 0.2% loss, down from a 1.3% profit.Etera said it was continuing to actively seek investments within Finland, and that domestic investments made up 37% of its total investments at the end of June.In Etera’s full-year 2015 data, the share of domestic investments was 38%.It said Finnish investments made in the first quarter of this year included the acquisition of a share of forest owner Finsilva, based in central Finland, and a share of the cleantech company BMH Technologies, in which it had jointly invested alongside Finnish Industry Investment, government-owned investment company.Etera’s solvency capital decreased to €715m at the end of June from €751m at the end of December, falling to 13.5% of technical provisions from 14.2%.However, compared to March 2016, the solvency ratio had risen slightly.last_img read more

Blaugrana Sports Inaugurates Legends for Children Project

first_imgBlaugrana Sports Group International’ s objective of nurturing young children into great legends, promote grassroots sports development and values of sportsmanship and social integration engaging the FC Barcelona sports development programmes methodology was heightened during the week with the inauguration of the in – house committee for the Group’s Legends For Children Project. Launched in 2018 at the International Conference Centre, Abuja, where an array of the Nigerian football legends were honoured.Speaking to the media after the brief ceremony, Leslie Oghomienor, Chairman, Blaugrana Sports Group said that the “Legends For Children Project is so dear to the heart of the Sports Group, but the recent outstanding performance in JAMB of one of the Group trainee prayers Akakbota Fejeiro Simeon, who played for the Wazobia FC, during FC Bulmaro free technical support training for Secondary Schools in Lagos, fully sponsored by the Group has spurred us to action. By reactivating the project which is also aimed at helping bodies working tirelessly to ensure that every child – girl or boy, aside doing sports, is given quality education and guidance, that will help such live better and meaningful life, freeing society from burdens.”He further explained that the Legends For Children Project was in pursuance of the sports company’s vision to become the largest world-class sports talent training and nurturing platform in the world with numerous veritable platforms of first choice for great and gifted talents who may be challenged by lack of genuine direction, guidance and support. “Our Group is driven by the quest to nurture children with gifted talents into great legends using the little resources we have, applying the FC Barcelona methodology in environment with first-class facilities, supervised by well-honed seasoned professionals and the Legends For Children Project is one of the best way we will berth our dream. Believing that to empower our beloved nation, we must help see that our children are educated. They are our greatest future. Now, is the right time to invest in a greater tomorrow through them,” Oghomienor said.He added that aside from the committee planning for the next event, the body will also see the possibility of developing a strategic and holistic plan for sustainable youth sports, education, development and empowerment template that can serve as a radar in success of the sports sector.“Shaping the future of the country is not government alone. It is a collective responsibility. It is a must done work. Together, is should be done,” he stressed.Responding on behalf of the 13 – man committee, and appealing for support for the project, Ms. Abibatu Abudu Ajayi, a business and communication strategist, attached to the Group, acknowledged the importance of the project to children education, youth development and empowerment and seeing to the greater interest of the Nigerian football legends, agreeing that membership of the committee was a responsibility call to action, and trust, the committee members would strive not to betray by making sure the project kicks off on a much better way and accommodate more children and legends than the first outing in 2018.“We are sure more will be achieved, and better with the support of all. Also, the committee is saddle with the responsibility of finding a means of making the project an annual event, bigger, bolder, with a global outlook. Therefore, to run with this novel dream and win good laurels, we must brace the tape on the track of this noble race together,” Ms. Ajayi pleaded.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more