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27 October 2009, 12:57   Report Abuse



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Why are we in a recession – ISB faculty co-authors new research

In a new working paper in the National Bureau of Economic Research (NBER), Professors Ravi Jagannathan from the Kellogg School of Management, Mudit Kapoor from the Indian School of Business (ISB), and Ernst Schaumburg, also from Kellogg, offer a new perspective about the reasons for the global financial crisis.

Arguing against conventional wisdom about the causes of the recession, the authors say that the inability of existing financial and legal institutions to cope with the huge increase in the world’s labour supply in a very short time period, led to the recession. Changes in the geo-political organisation of countries, including the opening up of China and India, and technological innovations in the communication and transportation sectors led to the increased access to labour.

Their research findings were first outlined at the ISB’s Centre for Analytical Finance (CAF)’s annual flagship Summer Research Conference this year, by Jagannathan.

Jagannathan is the Mercantile Exchange/John F Sandner Professor of Finance and Co-Director of the Financial Institutions and Markets Research Centre at Kellogg. Kapoor is an Assistant Professor of Economics and Public Policy at the ISB and Schaumburg is an Assistant Professor of Finance at Kellogg.

The research paper has been garnering a lot of attention, with mentions in the Wall Street Journal, NY Times and The Economist blogs.

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