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"How unequal power relations can be, is shown by the example of Turkey, whose customs union with the EU has hitherto been limited to industrial products. If the EU lowers the industrial tariffs for a particular trading partner, then Turkey must do likewise. In return, it does not automatically get better access to the market of this country. The market access agreements are 'deeply asymmetrical', according to Holger Breinlich
, an economist at Surrey University."
One of the first major trade expansions in human history provides early evidence that trade promotes growth, write Jan David Bakker
, Stephan Maurer
, Jorn-Steffen Pischke
and Ferdinand Rauch
The value of the British pound is ten percent lower than in 2016. A study by the Center for Economic Performance
estimated that increased inflation had cost an average household an estimated weekly wage all the first year after the referendum.
Congratulations to Oriana Bandiera, director of STICERD and Sir Anthony Atkinson Professor of Economics at LSE, and to Imran Rasul, Professor of Economics at UCL, who have been jointly awareded the 2019 Yrjo Jahnsson Prize in Economics.
Oriana Bandiera (pictured left) and Imran Rasul are applied microeconomists. Their work on the role of social relationships in economics, advanced through pioneering field experiments in the workplace and social networks, has provided salient contributions to economics, especially to the fields of personnel economics and development.
An important contribution of their work is that their experiments have become a role model for randomized control trials for incentive treatments and they have deeply influenced the applied microeconomics field. Their transformative work has inspired a generation of applied economists.
About the award
In 1993 the Finnish Yrjo Jahnsson Foundation established a biennial award, called the Yrjo Jahnsson Award in Economics, for a European economist no older than 45 years old who has made a contribution in theoretical and applied research that is significant to economics in Europe. The European Economic Association (EEA) cooperates with the Yrjo Jahnsson Foundation in the selection of the award winners. In 2019, the EEA and the Yrjo Jahnsson Foundation decided to extend the the age limit in certain circumstances, such as for maternity leave (12 months per child), long-term illness, or national mandatory military service.
The EEA and the Yrjo Jahnsson Foundation approved the Selection Committee's decision. 2019 Yrjo Jahnsson Award Selection Committee - Orazio Attanasio, Armin Falk, Eliana La Ferrara, Kjetil Storesletten and Hannu Vartiainen.
Oriana and Imran will be presented with their Award during the annual EEA Congress to be held in Manchester, United Kingdom (August 2019)
For further information please visit the European Economic Association website.
Dr Xavier Jaravel
, Assistant Professor of Economics and Associate of the Public Economics Programme at STICERD, has been awarded an ESRC New Investigator award
to undertake research on the distributional effects of prices.
The project has three objectives: (1) to advance our understanding of the impact of price changes over time and across countries on inequality and standards of living; (2) to advance our understanding of the price effects of specific policies (namely: redistribution policies; trade policies; and monetary policy); (3) to enable researchers, policymakers and the general public to access new data on prices so that they are able to conduct their own analyses on prices, policies, inequality, and standards of living.