Word: dornbusch
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...Dornbusch stresses ways in which the two departments work together: open cross registration for graduate courses, joint seminars and workshops, and regular socializing among members of both faculties...
Griliches counters that Harvard's efforts to lure away Dornbusch and Fischer have only been fair play. Explaining in the cant of his trade, he says. "It depends on your views of the virtues of competition." He adds that "the alternative would be to enter into a collusion agreement with MIT: If there is an opening at one place, no one at the other place will be eligible. Harvard and MIT would be monopolists deciding to divide the market. Maybe that would be to their benefit but would it benefit the profession...
Bearing out his words, both Dornbusch and Fischer describe relations between Harvard and MIT economists as cheerful and cooperative...
...opportunity to devote more energy towards research is one of Harvard's strongest trump cards in negotiating with MIT economists. Dornbusch and Flacher both-say the subject was stressed in their discussions with the University. In addition, several professors else the abundance of research time an the factor the clinched Summers decision to accept Harvard's offer. (Summers himself has been unreachable for comment...
...specialty of international monetary policy, Dornbusch opposes the efforts of the Federal Reserve and foreign central banks to prop the dollar's value by buying up billions on the international money exchanges. His preference: let the dollar float freely until it reaches its real market value. Dornbusch takes much the same hands-off attitude toward trade: the U.S. should not protect its industries from foreign competition, and, conversely, it should insist that its trading partners reciprocate. In a free global market, Americans would be forced to face up to the fact that either the nation controls its inflation...