Economics

Itay Goldstein of the Wharton School said the inflationary period the U.S. is experiencing is unlikely to last far beyond 2022. “I think people who are worried about inflation use that as a reason to justify going into bitcoin,” he said.

Christina Parajon Skinner of the Wharton School discussed how central banks like the Bank of England have shifted toward green investments. The U.S. Federal Reserve, she said, could have a significant impact on climate change: “People say, Well, we’ve got gridlock in Congress, and we have an effective institution that maybe could do something to bring us toward greener equilibriums. And that's really a fundamental question that is about climate change, but it's also about, you know, American democracy.”

John Ricco of the Pen Wharton Budget Model spoke about how adjustments to tax provisions will impact payers at different tax-bracket levels. “For a lot of people on a short-term basis, absolutely this will look like a tax cut and feel like one,” he said. “For others, they have gotten a lot poorer in real terms.”

Steve Viscelli of the School of Arts & Sciences said the U.S. supply chain is built on unpaid labor by port truckers waiting to pick up cargo from shipping containers. “The port truck driver, for decades now, has basically been the slack adjuster in the whole system,” he said.

Peter Conti-Brown of the Wharton School said Federal Reserve chair Jerome Powell was remarkably quick to address an ethics scandal at the Fed. “I would hope those who oppose Jay Powell fight him vociferously on the merits,” he said. “I don’t think his trading or management to this process are disqualifying. The Fed is holding itself to a higher standard than the standard held for those critical politicians.”

David Hsu of the Wharton School comments on how huge returns for investors have amplified the venture capital cycle.

Hanming Fang of the School of Arts & Sciences spoke about China’s pension system, saying that because the plans are managed by local governments, the system is vulnerable to regional wage disparities.

Daniel Taylor of the Wharton School weighed in on stock trades made by Robert Kaplan, head of the Dallas Federal Reserve. “I think it is shameful that a professor, and former senior associate dean of HBS, who has written on government accountability and leadership, viewed it as acceptable to engage in these trades simply because he could, rather than consider whether he should,” said Taylor.