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This is a joint post with Vijaya Ramachandran.
A hearty congratulations to Esther Duflo, winner of this year’s John Bates Clark Medal! Since 1947 the American Economic Association has awarded the medal to “that American economist under the age of forty who is judged to have made the most significant contribution to economic thought and knowledge.” In our profession, the Clark Medal ranks second only to the Nobel Prize, and about 40 percent of medal winners have gone on to win a Nobel. Esther, a 37-year-old native of France, richly deserves this platinum honor.
An illustrious lineup was on hand today at the U.S. Treasury for the launch of the somewhat awkwardly named Global Agriculture and Food Security Program (GAFSP), a multidonor trust fund that the global leaders promised to create at the G-20 Summit in Pittsburgh last September. The new fund’s goal: to help countries reduce poverty and hunger by increasing investments in agriculture, particularly amongst smallholder farmers. Speakers included U.S.
The World Food Programme feeds almost 100 million people around the world. It has a world class logistical capability but its financial risk management capacity is extremely limited. In a new paper coauthored with Benjamin Leo and Owen McCarthy, I argue that the World Food Programme must be empowered to actively manage price risk, using financial markets to feed more people in a timely manner. The United States and other significant funders can also play a significant role.