IDEAS home Printed from https://ideas.repec.org/a/eee/jpolmo/v44y2022i4p741-747.html
   My bibliography  Save this article

The evolving risks of the 21st century and their effective management

Author

Listed:
  • Shiller, Robert J.

Abstract

Risk management institutions can be reinvented in the 21st century in response to the changing nature of economic uncertainties and changing information technology. The COVID-19 pandemic and its effects on the economy provide an example of new kinds of uncertainties to be managed. National and international contracts should manage risks to claims on better-defined economic aggregates and prices of factors of human capital to make for better economic measurements and better risk management opportunities. The failures of international management of the COVID-19 pandemic, including failure to control the spread of misinformation, provide lessons for such new financial arrangements

Suggested Citation

  • Shiller, Robert J., 2022. "The evolving risks of the 21st century and their effective management," Journal of Policy Modeling, Elsevier, vol. 44(4), pages 741-747.
    • Handle: RePEc:eee:jpolmo:v:44:y:2022:i:4:p:741-747
    DOI: 10.1016/j.jpolmod.2022.02.001
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0161893822000667
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jpolmod.2022.02.001?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Eijffinger, Sylvester C.W. & Kobielarz, Michał L. & Uras, Burak R., 2018. "Sovereign default, exit and contagion in a monetary union," Journal of International Economics, Elsevier, vol. 113(C), pages 1-19.
    2. Ayres, João & Navarro, Gaston & Nicolini, Juan Pablo & Teles, Pedro, 2018. "Sovereign default: The role of expectations," Journal of Economic Theory, Elsevier, vol. 175(C), pages 803-812.
    3. Souleles, Nicholas S, 2004. "Expectations, Heterogeneous Forecast Errors, and Consumption: Micro Evidence from the Michigan Consumer Sentiment Surveys," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(1), pages 39-72, February.
    4. Levi Boxell & Matthew Gentzkow & Jesse M. Shapiro, 2017. "Is the Internet Causing Political Polarization? Evidence from Demographics," NBER Working Papers 23258, National Bureau of Economic Research, Inc.
    5. Elisa F. Long & Naveen K. Vaidya & Margaret L. Brandeau, 2008. "Controlling Co-Epidemics: Analysis of HIV and Tuberculosis Infection Dynamics," Operations Research, INFORMS, vol. 56(6), pages 1366-1381, December.
    6. Teixeira, João C.A. & Silva, Francisco J.F. & Ferreira, Manuel B.S. & Vieira, José A.C., 2018. "Sovereign credit rating determinants under financial crises," Global Finance Journal, Elsevier, vol. 36(C), pages 1-13.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Shehabi, Manal, 2020. "Diversification effects of energy subsidy reform in oil exporters: Illustrations from Kuwait," Energy Policy, Elsevier, vol. 138(C).
    2. Kuang, Pei & Luca, Davide & Wei, Zhiwu & Yao, Yao, 2023. "Great or grim? Disagreement about Brexit, economic expectations and household spending," LSE Research Online Documents on Economics 119200, London School of Economics and Political Science, LSE Library.
    3. Leopoldo Fergusson & Carlos Molina, 2020. "Facebook Causes Protests," HiCN Working Papers 323, Households in Conflict Network.
    4. Aguiar, M. & Chatterjee, S. & Cole, H. & Stangebye, Z., 2016. "Quantitative Models of Sovereign Debt Crises," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1697-1755, Elsevier.
    5. Wändi Bruine de Bruin & Michael F. Bryan & Simon M. Potter & Giorgio Topa & Wilbert Van der Klaauw, 2008. "Rethinking the measurement of household inflation expectations: preliminary findings," Staff Reports 359, Federal Reserve Bank of New York.
    6. Sof'a Gallardo & Carlos Madeira, 2022. "The role of financial surveys for economic research and policy making in emerging markets," Chapters, in: Duc K. Nguyen (ed.), Handbook of Banking and Finance in Emerging Markets, chapter 36, pages 676-686, Edward Elgar Publishing.
    7. Mathieu Pedemonte & Hiroshi Toma & Esteban Verdugo, 2023. "Aggregate Implications of Heterogeneous Inflation Expectations: The Role of Individual Experience," Working Papers 23-04, Federal Reserve Bank of Cleveland.
    8. Jarociński, Marek & Maćkowiak, Bartosz, 2018. "Monetary-fiscal interactions and the euro area's malaise," Journal of International Economics, Elsevier, vol. 112(C), pages 251-266.
    9. James Mitchell & Richard J. Smith & Martin R. Weale, 2013. "Efficient Aggregation Of Panel Qualitative Survey Data," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 28(4), pages 580-603, June.
    10. Harashima, Taiji, 2021. "The Root Cause of Sovereign Default," MPRA Paper 110010, University Library of Munich, Germany.
    11. repec:fip:fedhep:y:2013:i:qi:p:14-29:n:vol.37no.1 is not listed on IDEAS
    12. Dr Martin Weale & Dr. James Mitchell, 2005. "Forecasting manufacturing output growth using firm-level survey data," National Institute of Economic and Social Research (NIESR) Discussion Papers 251, National Institute of Economic and Social Research.
    13. Dräger, Lena & Bui, Dzung & Nghiem, Giang & Hayo, Bernd, 2021. "Consumer Sentiment During the COVID-19 Pandemic," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242375, Verein für Socialpolitik / German Economic Association.
    14. Michael J. Lamla & Lena Draeger, 2013. "Anchoring of Consumers' Inflation Expectations," KOF Working papers 13-339, KOF Swiss Economic Institute, ETH Zurich.
    15. Erik Kole & Liesbeth Noordegraaf-Eelens & Bas Vringer, 2019. "Cognitive Biases and Consumer Sentiment," Tinbergen Institute Discussion Papers 19-031/I, Tinbergen Institute, revised 21 Mar 2023.
    16. Larsen, Vegard H. & Thorsrud, Leif Anders & Zhulanova, Julia, 2021. "News-driven inflation expectations and information rigidities," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 507-520.
    17. Deena A. Isom & Hunter M. Boehme & Toniqua C. Mikell & Stephen Chicoine & Marion Renner, 2021. "Status Threat, Social Concerns, and Conservative Media: A Look at White America and the Alt-Right," Societies, MDPI, vol. 11(3), pages 1-20, July.
    18. Gaballo, Gaetano & Marimon, Ramon, 2021. "Breaking the spell with credit-easing: Self-confirming credit crises in competitive search economies," Journal of Monetary Economics, Elsevier, vol. 119(C), pages 1-20.
    19. Demery, David & Duck, Nigel W., 2007. "The theory of rational expectations and the interpretation of macroeconomic data," Journal of Macroeconomics, Elsevier, vol. 29(1), pages 1-18, March.
    20. Corsetti, Giancarlo & Dedola, Luca & Jarociński, Marek & Maćkowiak, Bartosz & Schmidt, Sebastian, 2019. "Macroeconomic stabilization, monetary-fiscal interactions, and Europe's monetary union," European Journal of Political Economy, Elsevier, vol. 57(C), pages 22-33.
    21. Joao Ayres & Gaston Navarro & Juan Pablo Nicolini & Pedro Teles, 2019. "Self-Fulfilling Debt Crises with Long Stagnations," Working Papers 757, Federal Reserve Bank of Minneapolis.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jpolmo:v:44:y:2022:i:4:p:741-747. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505735 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.