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- Faculty Publications (152)
- April 2011 (Revised May 2013)
- Case
South Africa (A): Stuck in the Middle?
By: Richard H. K. Vietor and Diego Comin
Fifteen years after ending apartheid, formal unemployment in South Africa was still at 24%. While the country had grown at 4 to 5% annually during the 2000s, the financial crisis set it back by 1 million more unemployed. Moreover, it seemed as if the nation were stuck...
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Keywords:
Financial Crisis;
Inflation and Deflation;
Policy;
Employment;
Wages;
Competition;
South Africa
Vietor, Richard H. K., and Diego Comin. "South Africa (A): Stuck in the Middle?" Harvard Business School Case 711-084, April 2011. (Revised May 2013.)
- April 2011 (Revised December 2012)
- Supplement
South Africa (B): Getting Unstuck?
By: Richard H. K. Vietor and Diego Comin
15 years after ending apartheid, formal unemployment in South Africa was still at 24%. While the country had grown at 4 to 5% annually during the 2000s, the financial crisis set it back by 1 million more unemployed. Moreover, it seemed as if the nation were stuck...
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Keywords:
Financial Crisis;
Inflation and Deflation;
Policy;
Employment;
Wages;
Competition;
South Africa
Vietor, Richard H. K., and Diego Comin. "South Africa (B): Getting Unstuck?" Harvard Business School Supplement 711-085, April 2011. (Revised December 2012.)
- March 2011 (Revised April 2011)
- Case
Gold in 2011: Bubble or Safe Haven Asset?
By: Robin Greenwood and Benjamin Steiner
Case explores the pricing of gold in 2011. Is the pricing justified or are we in a speculative bubble? What data are useful in determining a view on this question?
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Keywords:
Inflation and Deflation;
Money;
Asset Management;
Investment;
Price Bubble;
Policy;
Risk Management
Greenwood, Robin, and Benjamin Steiner. "Gold in 2011: Bubble or Safe Haven Asset?" Harvard Business School Case 211-095, March 2011. (Revised April 2011.)
- 2013
- Working Paper
Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity
By: Carolin E. Pflueger and Luis M. Viceira
Estimating the liquidity differential between inflation-indexed and nominal bond yields, we separately test for time-varying real rate risk premia, inflation risk premia, and liquidity premia in U.S. and U.K. bond markets. We find strong, model independent evidence...
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Keywords:
Expectations Hypothesis;
Term Structure;
Real Interest Rate Risk;
Inflation Risk;
Inflation-Indexed Bonds;
Financial Crisis;
Inflation and Deflation;
Financial Liquidity;
Bonds;
Investment Return;
Risk and Uncertainty;
United Kingdom;
United States
Pflueger, Carolin E., and Luis M. Viceira. "Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity." Harvard Business School Working Paper, No. 11-094, March 2011. (Revised September 2013.)
- February 2011
- Article
Bounded Ethicality in Negotiations
By: Max Bazerman
Routine and persistent acts of dishonesty prevail in everyday life, yet most people resist shining a critical moral light on their own behavior, thereby maintaining and oftentimes inflating images of themselves as moral individuals. We overview the psychology that...
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Keywords:
Behavior;
Values and Beliefs;
Strategy;
Goals and Objectives;
Reputation;
Negotiation;
Moral Sensibility
Bazerman, Max. "Bounded Ethicality in Negotiations." Negotiation and Conflict Management Research 4, no. 1 (February 2011): 811.
- Article
Temporal View of the Costs and Benefits of Self-Deception
By: Zoe Chance, Michael I. Norton, Francesca Gino and Dan Ariely
Researchers have documented many cases in which individuals rationalize their regrettable actions. Four experiments examine situations in which people go beyond merely explaining away their misconduct to actively deceiving themselves. We find that those who exploit...
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Keywords:
Hindsight Bias;
Lying;
Motivated Reasoning;
Self-enhancement;
Social Psychology;
Perception;
Performance Expectations
Chance, Zoe, Michael I. Norton, Francesca Gino, and Dan Ariely. "Temporal View of the Costs and Benefits of Self-Deception." Proceedings of the National Academy of Sciences 108, no. S3 (September 13, 2011): 15655–15659.
- December 2010
- Article
Nominal versus Indexed Debt: A Quantitative Horse Race
By: Laura Alfaro and Fabio Kanczuk
The main arguments in favor of and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium...
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Keywords:
Borrowing and Debt;
Motivation and Incentives;
Inflation and Deflation;
System Shocks;
Taxation;
Risk and Uncertainty;
Framework;
Problems and Challenges;
Interest Rates;
Cost;
Developing Countries and Economies;
Service Operations
Alfaro, Laura, and Fabio Kanczuk. "Nominal versus Indexed Debt: A Quantitative Horse Race." Journal of International Money and Finance 29, no. 8 (December 2010): 1706–1726. (Also Harvard Business School Working Paper No. 05-053 and NBER Working Paper No. 13131.)
- June 2010
- Article
Correspondence Bias in Performance Evaluation: Why Grade Inflation Works
By: D. A. Moore, S. A. Swift, Z. S. Sharek and F. Gino
Moore, D. A., S. A. Swift, Z. S. Sharek, and F. Gino. "Correspondence Bias in Performance Evaluation: Why Grade Inflation Works." Personality and Social Psychology Bulletin 36, no. 6 (June 2010): 843–852.
- 2010
- Chapter
The Euro as a Reserve Currency for Global Investors
By: Luis M. Viceira and Ricardo Gimeno
This article explores the demand for the euro for risk management purposes and the evidence of stock market integration in the euro area. We define a reserve currency as one that investors demand either because it helps them hedge real interest risk and inflation risk,...
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Keywords:
Volatility;
Inflation and Deflation;
Capital Markets;
Currency;
Stocks;
Financial Markets;
Financing and Loans;
Investment Return;
Investment Portfolio;
Risk Management
Viceira, Luis M., and Ricardo Gimeno. "The Euro as a Reserve Currency for Global Investors." Chap. 4 in Spain and the Euro. The First Ten Years, 149–178. Madrid, Spain: Banco de España, 2010.
- January 2010 (Revised October 2010)
- Case
Colombia: Strong Fundamentals, Global Risk
By: Aldo Musacchio, Richard H. K. Vietor, Jonathan Schlefer and Carolina Camacho
By mid-2009 Colombian President Alvaro Uribe had ended decades of virtual civil war and strengthened the business climate, but he faced tough economic challenges. Though he had instituted prominent market reforms and brought inflation down sharply, Colombia seemed...
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Keywords:
Developing Countries and Economies;
Economic Growth;
Macroeconomics;
Trade;
Global Strategy;
Infrastructure;
Business and Government Relations;
Colombia
Musacchio, Aldo, Richard H. K. Vietor, Jonathan Schlefer, and Carolina Camacho. "Colombia: Strong Fundamentals, Global Risk." Harvard Business School Case 710-012, January 2010. (Revised October 2010.)
- March 2009 (Revised May 2013)
- Supplement
Kinyuseisaku: Monetary Policy in Japan (B)
By: Laura Alfaro and Akiko Kanno
Toshihiko Fukui, Governor of the Bank of Japan, faced a complex situation in the fall of 2007. An economic recovery had allowed the central bank to abandon its zero interest rate policy, which had been in place for years, and raise rates to 0.5%. The Bank of Japan was...
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Alfaro, Laura, and Akiko Kanno. "Kinyuseisaku: Monetary Policy in Japan (B)." Harvard Business School Supplement 709-056, March 2009. (Revised May 2013.)
- 2009
- Other Unpublished Work
Steering Monetary Policy Through Unprecedented Crises
By: David Moss and Cole Bolton
In early April 2008, economic conditions in Europe appeared to be deteriorating on almost all fronts: sales figures were falling, business and consumer confidence were slumping, forecasts for European growth were being revised downward, and inflation was rising. In...
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- Article
Understanding Inflation-Indexed Bond Markets
By: John Y. Campbell, Robert J. Shiller and Luis M. Viceira
Campbell, John Y., Robert J. Shiller, and Luis M. Viceira. "Understanding Inflation-Indexed Bond Markets." Brookings Papers on Economic Activity (Spring 2009): 79–120.
- 2009
- Working Paper
Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
By: John Y. Campbell, Adi Sunderam and Luis M. Viceira
- 2008
- Blog
Harvard Business Online—Marketing Know:How: How Marketers Can Manage Price Inflation
By: John A. Quelch
Quelch, John A. "How Marketers Can Manage Price Inflation." Harvard Business Online—Marketing Know:How (blog). June 4, 2008. https://hbr.org/2008/06/how-marketers-can-manage-price.
- March 2008 (Revised July 2009)
- Case
U.S. Subprime Mortgage Crisis: Policy Reactions (A)
By: Laura Alfaro and Renee Kim
By March 2008, the U.S. Government and the U.S. Federal Reserve Board had taken various policy measures over the last few months to tackle the subprime mortgage crisis that threatened to drag the economy into a recession. The Bush administration approved a fiscal...
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Keywords:
Financial Crisis;
Inflation and Deflation;
Central Banking;
Mortgages;
Policy;
Business and Government Relations;
United States
Alfaro, Laura, and Renee Kim. "U.S. Subprime Mortgage Crisis: Policy Reactions (A)." Harvard Business School Case 708-036, March 2008. (Revised July 2009.)
- January 2008 (Revised April 2009)
- Case
Kinyuseisaku: Monetary Policy in Japan (A)
By: Laura Alfaro and Akiko Kanno
Toshihiko Fukui, Governor of the Bank of Japan, faced a complex situation in the fall of 2007. An economic recovery had allowed the central bank to abandon its zero interest rate policy, which had been in place for years, and raise rates to 0.5%. The Bank of Japan was...
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Alfaro, Laura, and Akiko Kanno. "Kinyuseisaku: Monetary Policy in Japan (A)." Harvard Business School Case 708-017, January 2008. (Revised April 2009.)
- December 2007 (Revised July 2008)
- Case
General Mills (A)
By: Raymond V. Gilmartin, Marco Iansiti and Bianca Buccitelli
General Mills is an 80-year-old company that specializes in consumer foods such as cereal, snacks, baking, and dinner products. Although General Mills is, on the whole, a very successful company, they have, in the recent past, had to face challenges as a result the...
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Keywords:
Competitive Strategy;
Change Management;
Cost Management;
Problems and Challenges;
Inflation and Deflation;
Price;
Consumer Products Industry;
Manufacturing Industry
Gilmartin, Raymond V., Marco Iansiti, and Bianca Buccitelli. "General Mills (A)." Harvard Business School Case 608-004, December 2007. (Revised July 2008.)
- Article
Gross National Happiness As an Answer to the Easterlin Paradox?
By: Rafael Di Tella and Robert MacCulloch
The Easterlin Paradox refers to the fact that happiness data are typically stationary in spite of considerable increases in income. This amounts to a rejection of the hypothesis that current income is the only argument in the utility function. We find that the...
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Di Tella, Rafael, and Robert MacCulloch. "Gross National Happiness As an Answer to the Easterlin Paradox?" Journal of Development Economics 86, no. 1 (April 2008).
- Working Paper
Benchmarking Against the Performance of High Profile 'Scandal' Firms
By: Emre Karaoglu, Tatiana Sandino and Randy Beatty
In recent years, several high profile firms engaged in accounting fraud that resulted in severe investor losses and erosion of trust in the capital markets. We examine high profile accounting "scandals" prosecuted by the Securities and Exchange Commission. Unlike most...
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Keywords:
Earnings Management;
Ethics;
Executive Compensation;
Performance Evaluation;
Financial Services Industry;
United States
Karaoglu, Emre, Tatiana Sandino, and Randy Beatty. "Benchmarking Against the Performance of High Profile 'Scandal' Firms." American Accounting Association Financial Accounting and Reporting Section Paper, July 2006.