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Facundo Alvaredo of the Paris School of Economics, Sir Tony Atkinson of Nuffield College and Salvatore Morelli of Oxford University to be Awarded a Grant from INET

The Institute for New Economic Thinking will fund professors Alvaredo, Atkinson and Morelli to Research the Long Run History of Economic Inequality: Income, Wealth, and Financial Crisis.

New York, NY, November 17, 2010 --( The Institute for New Economic Thinking (INET), launched with a $50 million pledge from George Soros to promote changes in economic theory and practice through research grants, Task Force groups, academic partnerships, and conferences, announced that it has selected Facundo Alvaredo of the Paris School of Economics, Sir Tony Atkinson of Nuffield College and Salvatore Morelli of Oxford University to research a wide range of issues relating to economic inequality The grant program, along with other INET initiatives, was created in direct response to arguably the worst economic crisis in world history, and has been designed to encourage and support new economic thinking. Starting in 2011, INET will conduct two grant cycles annually.

The project addresses the fact that today’s financial crisis has reinforced the interest in looking at the upper part of the distribution after observing that recent crisis tended to be followed by an increase in income concentration. Professor Alvaredo and his team plan to use INET’s funding to envisage establishing a long-run global picture of economic inequality as revealed by fiscal records. The project will aim to analyze the long-run drivers of inequality and analyze the distributional impact of banking crises with particular attention on the right tail of income and wealth distributions. Given the implications of the developments, the current level of inequality will be compared with that of earlier periods to determine if there are any resemblances in the historical perspective.

“There is a widespread concern about growing economic inequality and about its long-run development and transmission across generations,” said Dr. Robert Johnson, Executive Director of INET. “The product of the research will show how financial crises contribute to the economic inequality and the extent to which increasing income and wealth disparities contribute to systemic financial fragility.”

Facundo Alvaredo is a Research Fellow at the Paris School of Economics and a Researcher at CONICET. He is also a research affiliate at CEPR, CESifo and the Oxford Centre for the Analysis of Resource Rich Economies (Department of Economics, Oxford University). He holds a PhD from the Paris School of Economics. His research focuses on public economics, personal taxation, income and wealth concentration and economic history. He has previously taught at the Paris School of Economics, the Universidad de Buenos Aires and the Universidad Torcuato Di Tella.

Sir Tony Atkinson was elected a Fellow of the British Academy in 1984, a Fellow of the Econometric Society in 1974, Honorary Member of the American Economic Association in 1985 and Foreign Honorary Member of the American Academy of Arts and Sciences in 1994. He was President of the Econometric Society in 1988. He was knighted in 2000 and made a Chevalier de la Légion d’Honneur in 2001. He was the first person to be honored with the A.SK Social Science Award by the Wissenschaftszentrum Berlin in 2007.

Salvatore Morelli received a BA and MA in Economics from the University of Rome Tor Vergata. He holds an MSc in Economics from the London School of Economics and is currently a Dphil candidate at the University of Oxford. He has worked for the Bank of Italy and is now a visiting research student at the NBER, Cambridge, MA. His main research interest regards income and wealth distributions and their relationship with financial markets. He is currently focusing on the distributional impacts of banking crises and international financial integration.

“Our research challenges some of the so-called stylized facts about distribution generally used in mainstream economic modeling. For classical economists, and for Keynes, distributional aspects were crucial to understanding the aggregate economy, but they have disappeared from modern macroeconomics models,” said the members of the team. “INET’s grant plays a key role in funding our intensive archival and data work.”

INET’s Inaugural Grant Program has been designed to harness the new economic thinking we recognize as crucial to effecting change. The program was launched this summer and received more than 500 applications from around the world and has selected 31 initiatives to be awarded grants totaling $7 million. INET's Grant Program will continue with two similar grant cycles annually, the next one commencing in the spring of 2011.

For further details regarding INET’s Grant Program or additional projects and people to be awarded grants please visit the Institute’s website.

About the Institute for New Economic Thinking:
Launched in October 2009 with a $50 million commitment from George Soros and driven by the global financial crisis, the Institute for New Economic Thinking (INET) is dedicated to empowering and supporting the next generation of economists and scholars in related fields through research grants, Task Force groups, academic partnerships, and conferences. INET embraces the professional responsibility to think beyond current paradigms. Ultimately, INET is committed to broadening and accelerating the development of innovative thinking that can lead to insights into and solutions for the great challenges of the 21st century and return economics to its core mission of guiding and protecting society. For more information please visit

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Institute for New Economic Thinking
Bill Fallon
212 925 6900

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