Economists Do It With Models

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Random Link: All Publicity Is Good Publicity(?), IMF Edition…

May 18th, 2011 · 7 Comments
Finance · Macroeconomics · Policy

Sooooo…all it takes is the head of the IMF getting arrested for sexual assault for people to get curious as to what the IMF actually is? Fortunately, NPR’s Planet Money gives a nice overview of the International Monetary Fund:

You can think of it sort of like a credit union for countries, says Eswar Prasad, a former IMF economist who now works at Cornell and the Brookings Institution. Its members — countries from around the world — put money in. And the credit union lends that money out to members that need it.

The article goes into much more useful detail about the evolution of the IMF’s purpose and such. The part that is most currently relevant is that Dominique Strauss-Kahn has been very lenient with Greece not being able to keep up with the terms of its loan from the IMF (remember how Greece is up a creek financially?), so Greece could get pretty screwed if someone else comes in to take over for DSK.

Lastly, in case it wasn’t abundantly clear, economists do it with CONSENTING models, mkay?

Tags: Finance · Macroeconomics · Policy

7 responses so far ↓

  • 1 Wonks Anonymous // May 18, 2011 at 6:52 pm

    I don’t know, sometimes economists squeeze a really forced result out of their models.

  • 2 econgirl // May 18, 2011 at 11:54 pm

    I kind of hate myself for liking that comment.

  • 3 Boo // May 19, 2011 at 2:14 am

    Don’t you mean ‘ex-head’

    check out the latest copy of the FT!

  • 4 Punditus Maximus // May 21, 2011 at 1:00 pm

    Yeah, my first response is that the IMF usually pays its people to do that sort of thing metaphorically, rather than literally.

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