In the early 2000s, Nobel Laureate, Michael Kremer helped develop the design of advance market commitment models (AMCs). They were used to incentivize the private sector to work on issues of relevance for the developing world by pledging that if they developed an appropriate vaccine, funds would be available for those countries to purchase it. The approach resulted in billions of dollars being devoted to pneumococcal vaccines for strains common in developing countries, saving hundreds of thousands of lives. Kremer's latest research focuses on how to expedite the production and distribution of the COVID-19 vaccines immediately following successful medical trials. In this podcast, Kremer says at-risk investment into vaccine manufacturing capacity before clinical approval would advance vaccine distribution by 6 months or more. Transcript
Michael Kremer is Professor in Economics at the University of Chicago, and director of the Development Innovation Lab. He shared the Nobel Memorial Prize in Economics in 2019 for his work on experimental approaches to alleviating global poverty. He was invited by the Institute for Capacity Development to present this latest research to IMF economists.
Check out the University of Chicago's podcast Pandemic Economics
As the pandemic continues to wreak havoc on people and economies across the globe, the IMF and World Bank prepare for their second round of virtual meetings since the start of the crisis. In her customary curtain raiser speech, IMF Managing Director, Kristalina Georgieva says while next week's outlook will show a small upward revision to the 2020 global forecast, countries are facing what she calls "The long ascent"—a difficult climb that will be uneven, uncertain and prone to setbacks.
While our work environments changed literally overnight, the impact of lockdowns on the nature of work is likely to last well beyond the pandemic. In a study published by the National Bureau of Economic Research, scholars from Harvard and Stern Business Schools look at the ongoing challenges for organizations and workers struggling to adapt and perform amid the global pandemic. Jeffrey Polzer is a Professor in the Organizational Behavior Department at Harvard Business School and a co-author of the study. In this podcast, Polzer says the pandemic, for many, has virtually obliterated the line between work and home life.
There are many facets of the IMF's work that people don't often hear about, one is capacity development; helping governments strengthen their ability to make good policy decisions and to implement them. Nobel Laureate, Paul Krugman was invited by the Institute for Capacity Development to share his insight into where the economy stands now in the context of the global pandemic; his thoughts on what an economic recovery might look like and what policies may help it along. Professor Krugman joined me after his IMF presentation to talk about the current crisis and how zombie ideas–the topic of his latest book, might hinder the economic recovery.
Paul Krugman is Professor of Economics at the Graduate Center of the City University of New York and author of Arguing With Zombies
“The storm is a good opportunity for the pine and the cypress to show their strength and stability,” said Ho Chi Minh, the Father of the Vietnamese Nation. And it turns out Vietnam has shown its strength in weathering the COVID-19 storm. Era Dabla-Norris and Anne-Marie Gulde-Wolf are both economists in the IMF's Asia Pacific Department, and in this podcast, they say Vietnam's approach should allow for a quicker rebound.
You can read the Country Focus story at IMF
As COVID-19 continues to wreak havoc on economies across the globe, economists are trying to figure out what the best path forward is for countries at different stages of the pandemic. Neil Ferguson and Azra Ghani are both professors of infectious disease epidemiology at Imperial College, London, and renowned for their mathematical modelling of the spread of infectious diseases. In this podcast, IMF Managing Director Kristalina Georgieva says macroeconomists and epidemiologists need to work together to make the right decisions in this environment. Professors Ghani and Ferguson joined Georgieva in a virtual seminar during the IMF World-Bank Spring meetings.
In this podcast, IMF Managing Director, Kristalina Georgieva gives a preview of the World Economic Outlook to be released next week during the IMF's first-ever "virtual" Spring Meetings. In normal times, the IMF-World Bank Spring Meetings are preceded by a curtain-raiser speech delivered by the Managing Director at a crowded public venue full of economists, academics and journalists. But these are not normal times. Kristalina Georgieva's speech for next week's Spring Meetings was to camera and solemn in tone. The outlook anticipates the worst economic fallout since the Great Depression. TRANSCRIPT
Countries in sub-Saharan Africa are taking sweeping measures to halt the advance of Covid-19, imposing limits on public gatherings and the like. But for the region's most vulnerable, social distancing is not realistic. In this podcast, IMF African Department head Abebe Aemro Selassie, says anything that will help contain the spread of the virus, like closing borders to people, will help minimize added strain on already fragile health systems. Selassie says what began as a health crisis is now a major global economic crisis, and he fears African countries will be swept up in that.
Read Selassie's blog and others on the response to the coronavirus at Blogs.IMF.org