[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.38,0:00:02.100,Default,,0000,0000,0000,,- [Christina] The most important thing\Nthat I try to pass on
Dialogue: 0,0:00:02.100,0:00:06.19,Default,,0000,0000,0000,,is the sense that economics\Nis an empirical field,
Dialogue: 0,0:00:06.19,0:00:08.58,Default,,0000,0000,0000,,and if you get\Nnew empirical evidence,
Dialogue: 0,0:00:08.58,0:00:10.80,Default,,0000,0000,0000,,you're going to have\Nto change the way
Dialogue: 0,0:00:10.80,0:00:12.82,Default,,0000,0000,0000,,you think about the economy.
Dialogue: 0,0:00:12.82,0:00:14.99,Default,,0000,0000,0000,,I think being open to that
Dialogue: 0,0:00:14.99,0:00:18.02,Default,,0000,0000,0000,,is the most important thing\Nfor a young economist to know.
Dialogue: 0,0:00:18.02,0:00:19.58,Default,,0000,0000,0000,,♪ [music] ♪
Dialogue: 0,0:00:19.58,0:00:22.68,Default,,0000,0000,0000,,- [Narrator] Economists --\Nnot a group with a lot of Marys,
Dialogue: 0,0:00:22.68,0:00:24.78,Default,,0000,0000,0000,,Natashas or Juanitas,
Dialogue: 0,0:00:24.78,0:00:27.32,Default,,0000,0000,0000,,and that's caused\Na lot of controversy.
Dialogue: 0,0:00:27.32,0:00:31.11,Default,,0000,0000,0000,,However, what's often overlooked\Nare the actual female economists
Dialogue: 0,0:00:31.11,0:00:34.98,Default,,0000,0000,0000,,who are pushing economics forward\Nby addressing real-world issues.
Dialogue: 0,0:00:35.61,0:00:38.12,Default,,0000,0000,0000,,Welcome to Women in Economics.
Dialogue: 0,0:00:45.51,0:00:48.01,Default,,0000,0000,0000,,- [Christina] I grew up in a family
Dialogue: 0,0:00:48.01,0:00:51.30,Default,,0000,0000,0000,,where public policy\Nwas discussed a lot.
Dialogue: 0,0:00:52.37,0:00:54.41,Default,,0000,0000,0000,,I was planning to be a lawyer,
Dialogue: 0,0:00:55.55,0:00:57.74,Default,,0000,0000,0000,,so I was going to major\Nin Government.
Dialogue: 0,0:00:58.48,0:01:01.40,Default,,0000,0000,0000,,And as part of the Government\Nmajor at my college,
Dialogue: 0,0:01:01.40,0:01:03.38,Default,,0000,0000,0000,,you had to take\Na year of Economics.
Dialogue: 0,0:01:04.25,0:01:06.98,Default,,0000,0000,0000,,I was about three weeks in,\Nand I was hooked,
Dialogue: 0,0:01:06.98,0:01:11.04,Default,,0000,0000,0000,,like the Government major's gone,\Nthe lawyer's gone --
Dialogue: 0,0:01:11.04,0:01:12.69,Default,,0000,0000,0000,,I was an economist.
Dialogue: 0,0:01:14.16,0:01:17.17,Default,,0000,0000,0000,,- [Narrator] Christina Romer\Nis a macroeconomic historian.
Dialogue: 0,0:01:17.91,0:01:19.99,Default,,0000,0000,0000,,She takes the tools\Nof modern economics,
Dialogue: 0,0:01:19.99,0:01:21.66,Default,,0000,0000,0000,,statistics and data
Dialogue: 0,0:01:21.66,0:01:23.89,Default,,0000,0000,0000,,and applies them\Nto historical questions.
Dialogue: 0,0:01:25.55,0:01:28.40,Default,,0000,0000,0000,,- [James] Christy's research\Nagenda throughout her career
Dialogue: 0,0:01:28.40,0:01:31.78,Default,,0000,0000,0000,,has focused\Non a core set of topics
Dialogue: 0,0:01:31.78,0:01:35.81,Default,,0000,0000,0000,,about economic fluctuations\Nand business cycles.
Dialogue: 0,0:01:35.81,0:01:37.59,Default,,0000,0000,0000,,- [Narrator] She's been asking\Nand answering
Dialogue: 0,0:01:37.59,0:01:39.53,Default,,0000,0000,0000,,fascinating questions\Nabout our economy,
Dialogue: 0,0:01:39.53,0:01:43.01,Default,,0000,0000,0000,,starting with her dissertation\Nas a graduate student at MIT.
Dialogue: 0,0:01:43.71,0:01:45.38,Default,,0000,0000,0000,,There, she changed\Nour understanding
Dialogue: 0,0:01:45.38,0:01:48.11,Default,,0000,0000,0000,,of how the economy\Nhas grown over time.
Dialogue: 0,0:01:49.52,0:01:52.23,Default,,0000,0000,0000,,- [Christina] I think the questions\Nthat came to me
Dialogue: 0,0:01:52.23,0:01:55.35,Default,,0000,0000,0000,,were about monetary policy\Nand business cycles
Dialogue: 0,0:01:55.35,0:01:56.79,Default,,0000,0000,0000,,and the Great Depression.
Dialogue: 0,0:01:58.14,0:02:00.52,Default,,0000,0000,0000,,- [Narrator] It was widely believed\Nthat government policies
Dialogue: 0,0:02:00.52,0:02:03.02,Default,,0000,0000,0000,,led to less fluctuations\Nin unemployment
Dialogue: 0,0:02:03.02,0:02:04.55,Default,,0000,0000,0000,,after World War II.
Dialogue: 0,0:02:05.02,0:02:08.16,Default,,0000,0000,0000,,However, the data before\NWorld War II was unreliable.
Dialogue: 0,0:02:08.99,0:02:11.32,Default,,0000,0000,0000,,- [Nancy] But Christy came up\Nwith the ingenious insight --
Dialogue: 0,0:02:11.32,0:02:14.80,Default,,0000,0000,0000,,that while you couldn't clean up\Nthe historical data,
Dialogue: 0,0:02:14.80,0:02:17.09,Default,,0000,0000,0000,,you could fuzzy up\Nthe more modern data,
Dialogue: 0,0:02:17.09,0:02:18.59,Default,,0000,0000,0000,,and that's exactly what she did.
Dialogue: 0,0:02:18.59,0:02:20.39,Default,,0000,0000,0000,,And when she did it, lo and behold,
Dialogue: 0,0:02:20.39,0:02:23.33,Default,,0000,0000,0000,,all these differences\Nbasically collapsed.
Dialogue: 0,0:02:24.10,0:02:25.74,Default,,0000,0000,0000,,- [Narrator] Amazingly,\Nif she applied
Dialogue: 0,0:02:25.74,0:02:28.37,Default,,0000,0000,0000,,the old techniques to the new data,
Dialogue: 0,0:02:28.37,0:02:30.04,Default,,0000,0000,0000,,the post-World War II economy
Dialogue: 0,0:02:30.04,0:02:33.63,Default,,0000,0000,0000,,looked just as volatile\Nas the pre-World War II economy.
Dialogue: 0,0:02:34.27,0:02:35.95,Default,,0000,0000,0000,,This contradicted the consensus
Dialogue: 0,0:02:35.95,0:02:38.74,Default,,0000,0000,0000,,on the role of government\Nstabilization policies.
Dialogue: 0,0:02:39.56,0:02:42.88,Default,,0000,0000,0000,,Her research rattled\Nthe economic community.
Dialogue: 0,0:02:42.88,0:02:44.35,Default,,0000,0000,0000,,- [David] It made a splash.
Dialogue: 0,0:02:44.35,0:02:47.39,Default,,0000,0000,0000,,I remember one of the prominent\Neconomists at MIT --
Dialogue: 0,0:02:47.39,0:02:48.77,Default,,0000,0000,0000,,his first reaction was,
Dialogue: 0,0:02:48.77,0:02:51.56,Default,,0000,0000,0000,,"Well, I'd be very upset\Nabout this if I believed it.
Dialogue: 0,0:02:51.56,0:02:53.26,Default,,0000,0000,0000,,So I'm not going to believe it."
Dialogue: 0,0:02:53.91,0:02:55.63,Default,,0000,0000,0000,,- [Narrator] Throughout\Nher academic career,
Dialogue: 0,0:02:55.63,0:02:57.35,Default,,0000,0000,0000,,Christina continued to challenge
Dialogue: 0,0:02:57.35,0:02:59.74,Default,,0000,0000,0000,,our understanding\Nof the Great Depression.
Dialogue: 0,0:03:00.67,0:03:03.78,Default,,0000,0000,0000,,As just one example,\Nmost economists believed
Dialogue: 0,0:03:03.78,0:03:05.30,Default,,0000,0000,0000,,the Great Depression ended
Dialogue: 0,0:03:05.30,0:03:07.08,Default,,0000,0000,0000,,because of higher\Ngovernment spending
Dialogue: 0,0:03:07.08,0:03:09.17,Default,,0000,0000,0000,,and investment in public works.
Dialogue: 0,0:03:10.62,0:03:13.10,Default,,0000,0000,0000,,She showed that the impact\Nof those policies
Dialogue: 0,0:03:13.10,0:03:14.89,Default,,0000,0000,0000,,were relatively small compared
Dialogue: 0,0:03:14.89,0:03:17.94,Default,,0000,0000,0000,,to the monetary policy\Nchanges taking place.
Dialogue: 0,0:03:18.60,0:03:20.43,Default,,0000,0000,0000,,- [David] Starting\Nas soon as Roosevelt
Dialogue: 0,0:03:20.43,0:03:22.26,Default,,0000,0000,0000,,took the U.S. off the gold standard
Dialogue: 0,0:03:22.26,0:03:24.51,Default,,0000,0000,0000,,when he took office in 1933,
Dialogue: 0,0:03:24.51,0:03:25.91,Default,,0000,0000,0000,,over the next decade,
Dialogue: 0,0:03:25.91,0:03:28.84,Default,,0000,0000,0000,,there's just an enormous increase\Nin the money supply.
Dialogue: 0,0:03:28.84,0:03:30.26,Default,,0000,0000,0000,,What she showed was that
Dialogue: 0,0:03:30.26,0:03:33.78,Default,,0000,0000,0000,,that is what caused\Nthe very rapid growth that we had.
Dialogue: 0,0:03:34.14,0:03:37.09,Default,,0000,0000,0000,,- [Narrator] Christina's research\Nhas often focused on the effect
Dialogue: 0,0:03:37.09,0:03:40.30,Default,,0000,0000,0000,,economic events have\Non people's everyday lives.
Dialogue: 0,0:03:41.02,0:03:42.51,Default,,0000,0000,0000,,- [James] It's tough\Nto manage to have
Dialogue: 0,0:03:42.51,0:03:44.59,Default,,0000,0000,0000,,new ideas on the same thing
Dialogue: 0,0:03:44.59,0:03:46.06,Default,,0000,0000,0000,,again and again and again.
Dialogue: 0,0:03:46.06,0:03:47.19,Default,,0000,0000,0000,,One of the remarkable things
Dialogue: 0,0:03:47.19,0:03:49.16,Default,,0000,0000,0000,,about Christy and David's\Nresearch program is
Dialogue: 0,0:03:49.16,0:03:51.24,Default,,0000,0000,0000,,that they have done that\Nvery successfully.
Dialogue: 0,0:03:51.71,0:03:53.25,Default,,0000,0000,0000,,- [Narrator] Over 35 years,
Dialogue: 0,0:03:53.25,0:03:55.71,Default,,0000,0000,0000,,Christina has done\Nmeticulous research,
Dialogue: 0,0:03:55.71,0:03:59.39,Default,,0000,0000,0000,,frequently, with her collaborator\Nand husband, David Romer.
Dialogue: 0,0:03:59.88,0:04:02.29,Default,,0000,0000,0000,,- [David] We'll have a paper,\Nand I think it's almost done.
Dialogue: 0,0:04:02.29,0:04:04.68,Default,,0000,0000,0000,,We've worked really hard on it,
Dialogue: 0,0:04:04.68,0:04:07.27,Default,,0000,0000,0000,,and each do one last read.
Dialogue: 0,0:04:07.27,0:04:10.87,Default,,0000,0000,0000,,She says, "You know,\NI think there's a logical tension
Dialogue: 0,0:04:10.87,0:04:13.98,Default,,0000,0000,0000,,between where we end up\Nin Section 4b
Dialogue: 0,0:04:13.98,0:04:15.89,Default,,0000,0000,0000,,and how we set out\Nwhat we're going to do
Dialogue: 0,0:04:15.89,0:04:18.05,Default,,0000,0000,0000,,in Section 2a."
Dialogue: 0,0:04:18.05,0:04:20.94,Default,,0000,0000,0000,,And I'm thinking, "Oh,\Nno one's going to notice."
Dialogue: 0,0:04:20.94,0:04:26.20,Default,,0000,0000,0000,,And we spend weeks more\Non the paper because she's right.
Dialogue: 0,0:04:26.20,0:04:28.79,Default,,0000,0000,0000,,And the paper gets much better.
Dialogue: 0,0:04:28.79,0:04:31.50,Default,,0000,0000,0000,,- [James] One of the remarkable\Nthings about her work
Dialogue: 0,0:04:31.50,0:04:36.33,Default,,0000,0000,0000,,is the coherence that spans\Nliterally her graduate school days
Dialogue: 0,0:04:36.33,0:04:38.10,Default,,0000,0000,0000,,and her work on her dissertation,
Dialogue: 0,0:04:38.10,0:04:40.19,Default,,0000,0000,0000,,and connects up to some\Nof her most recent work
Dialogue: 0,0:04:40.19,0:04:41.72,Default,,0000,0000,0000,,on thinking about\Nways of identifying
Dialogue: 0,0:04:41.72,0:04:43.38,Default,,0000,0000,0000,,turning points in the economy.
Dialogue: 0,0:04:45.82,0:04:47.94,Default,,0000,0000,0000,,- [Narrator] Christina's work\Nwould be put to the test
Dialogue: 0,0:04:47.94,0:04:50.91,Default,,0000,0000,0000,,during the devasting crash of 2008,
Dialogue: 0,0:04:51.76,0:04:54.39,Default,,0000,0000,0000,,when the U.S. economy\Nwas in free fall.
Dialogue: 0,0:04:54.39,0:04:56.20,Default,,0000,0000,0000,,- [Christina] We often\Ndescribed the economy
Dialogue: 0,0:04:56.20,0:04:58.85,Default,,0000,0000,0000,,as if we were\Nat the edge of a cliff.
Dialogue: 0,0:04:58.85,0:05:01.59,Default,,0000,0000,0000,,Well, the truth is, we were\Nnot only at the edge of the cliff,
Dialogue: 0,0:05:01.59,0:05:03.03,Default,,0000,0000,0000,,we were headed down.
Dialogue: 0,0:05:03.03,0:05:05.57,Default,,0000,0000,0000,,- [Narrator] Financial markets\Nwere plunging,
Dialogue: 0,0:05:05.57,0:05:08.89,Default,,0000,0000,0000,,and the risk of contagion\Nfrom the U.S. to the global economy
Dialogue: 0,0:05:08.89,0:05:10.47,Default,,0000,0000,0000,,was very real.
Dialogue: 0,0:05:10.47,0:05:12.41,Default,,0000,0000,0000,,- [James] Even people\Nwho'd seen a lot
Dialogue: 0,0:05:12.41,0:05:14.83,Default,,0000,0000,0000,,were really worried\Nabout what was happening.
Dialogue: 0,0:05:14.83,0:05:16.52,Default,,0000,0000,0000,,- [Narrator] Just as\Nthe nation was turning
Dialogue: 0,0:05:16.52,0:05:20.36,Default,,0000,0000,0000,,to President-elect Obama\Nto confront the economic crisis,
Dialogue: 0,0:05:20.36,0:05:23.62,Default,,0000,0000,0000,,a mysterious email\Nshowed up in Christina's inbox
Dialogue: 0,0:05:23.62,0:05:26.50,Default,,0000,0000,0000,,with the subject line:\N"Obama Transition."
Dialogue: 0,0:05:26.50,0:05:28.73,Default,,0000,0000,0000,,- [David] And I will take\Na little bit of credit here
Dialogue: 0,0:05:28.73,0:05:31.40,Default,,0000,0000,0000,,because Christina\Nwas just about to delete it,
Dialogue: 0,0:05:31.40,0:05:34.14,Default,,0000,0000,0000,,and I said, "Why don't you\Nat least google the person?"
Dialogue: 0,0:05:34.14,0:05:35.88,Default,,0000,0000,0000,,And she discovered\Nthat he was the head
Dialogue: 0,0:05:35.88,0:05:38.55,Default,,0000,0000,0000,,of the economic side\Nof the transition.
Dialogue: 0,0:05:38.55,0:05:41.41,Default,,0000,0000,0000,,- [Narrator] The Obama administration\Nwanted to meet with Christina
Dialogue: 0,0:05:41.41,0:05:42.91,Default,,0000,0000,0000,,as soon as possible.
Dialogue: 0,0:05:42.91,0:05:45.60,Default,,0000,0000,0000,,- [David] On the next day,\Nshe was on a plane to Chicago
Dialogue: 0,0:05:45.60,0:05:47.39,Default,,0000,0000,0000,,to meet with the President-elect.
Dialogue: 0,0:05:47.39,0:05:49.09,Default,,0000,0000,0000,,- [Narrator] Christina\Nwas asked to chair
Dialogue: 0,0:05:49.09,0:05:51.76,Default,,0000,0000,0000,,the Council of Economic Advisers.
Dialogue: 0,0:05:51.76,0:05:53.69,Default,,0000,0000,0000,,The council was set up\Nto bring academics
Dialogue: 0,0:05:53.69,0:05:55.70,Default,,0000,0000,0000,,into the policy-making process
Dialogue: 0,0:05:55.70,0:05:58.07,Default,,0000,0000,0000,,and make recommendations\Nto the President.
Dialogue: 0,0:05:58.07,0:06:00.38,Default,,0000,0000,0000,,- [Christina] I was talking\Nto Rahm Emanuel, and I said,
Dialogue: 0,0:06:00.38,0:06:02.68,Default,,0000,0000,0000,,"So tell me again,\Nhow did I get this job?"
Dialogue: 0,0:06:02.68,0:06:05.55,Default,,0000,0000,0000,,And he said, "You were an expert\Non the Great Depression,
Dialogue: 0,0:06:05.55,0:06:07.60,Default,,0000,0000,0000,,and we thought we might need one."
Dialogue: 0,0:06:08.52,0:06:13.21,Default,,0000,0000,0000,,- [Janet] She's tried to understand\Nwhat caused the Depression,
Dialogue: 0,0:06:13.21,0:06:14.97,Default,,0000,0000,0000,,what ended the Depression,
Dialogue: 0,0:06:14.97,0:06:18.74,Default,,0000,0000,0000,,what role monitoring\Nand fiscal policy could play,
Dialogue: 0,0:06:18.74,0:06:21.92,Default,,0000,0000,0000,,and no one could have been\Nbetter positioned to know
Dialogue: 0,0:06:21.92,0:06:24.24,Default,,0000,0000,0000,,what the right strategy would be.
Dialogue: 0,0:06:24.24,0:06:26.93,Default,,0000,0000,0000,,- [Christina]\NWe were talking to bankers,
Dialogue: 0,0:06:26.93,0:06:28.84,Default,,0000,0000,0000,,we were talking to employers,
Dialogue: 0,0:06:28.84,0:06:31.41,Default,,0000,0000,0000,,we were talking to the people
Dialogue: 0,0:06:31.41,0:06:33.81,Default,,0000,0000,0000,,that where collecting\Nthe statistics.
Dialogue: 0,0:06:33.81,0:06:36.18,Default,,0000,0000,0000,,- [Narrator] Christina's research\Nrevealed that the economy
Dialogue: 0,0:06:36.18,0:06:38.43,Default,,0000,0000,0000,,was in even more\Nof a perilous position
Dialogue: 0,0:06:38.43,0:06:40.34,Default,,0000,0000,0000,,than previously thought.
Dialogue: 0,0:06:40.34,0:06:43.44,Default,,0000,0000,0000,,She got on the phone with Obama\Nto give him the bad news.
Dialogue: 0,0:06:44.21,0:06:45.88,Default,,0000,0000,0000,,- [Christina] Saying,\N"This is terrible.
Dialogue: 0,0:06:45.88,0:06:47.88,Default,,0000,0000,0000,,We've lost three-quarters\Nof a million jobs."
Dialogue: 0,0:06:47.88,0:06:50.80,Default,,0000,0000,0000,,I'm just going on like this,\Nand, finally, he stops me,
Dialogue: 0,0:06:50.80,0:06:54.92,Default,,0000,0000,0000,,and he said, "Christy,\Nit's not your fault... yet."
Dialogue: 0,0:06:57.06,0:07:00.10,Default,,0000,0000,0000,,- [James] The challenge that Christy\Nand her other team members
Dialogue: 0,0:07:00.10,0:07:02.61,Default,,0000,0000,0000,,on the Economic\NAdvisory Team confronted
Dialogue: 0,0:07:02.61,0:07:06.50,Default,,0000,0000,0000,,was how large a stimulus\Nthe U.S. economy needed
Dialogue: 0,0:07:06.50,0:07:08.42,Default,,0000,0000,0000,,in order to right the ship,
Dialogue: 0,0:07:08.42,0:07:10.10,Default,,0000,0000,0000,,and trying to calibrate that
Dialogue: 0,0:07:10.10,0:07:12.41,Default,,0000,0000,0000,,depended critically\Non the estimates
Dialogue: 0,0:07:12.41,0:07:14.84,Default,,0000,0000,0000,,of how much bang\Nfor the buck you get
Dialogue: 0,0:07:14.84,0:07:18.18,Default,,0000,0000,0000,,when you use\Nfiscal policy as a tool
Dialogue: 0,0:07:18.18,0:07:20.29,Default,,0000,0000,0000,,and try to then\Nreflate the economy.
Dialogue: 0,0:07:20.29,0:07:22.75,Default,,0000,0000,0000,,- [Narrator] Christina\Nhelped design a fiscal package
Dialogue: 0,0:07:22.75,0:07:26.14,Default,,0000,0000,0000,,that she thought was necessary\Nto get the economy moving.
Dialogue: 0,0:07:26.14,0:07:28.23,Default,,0000,0000,0000,,- [Gabriel] The American Recovery\Nand Reinvestment Act
Dialogue: 0,0:07:28.23,0:07:29.40,Default,,0000,0000,0000,,was a piece of legislation
Dialogue: 0,0:07:29.40,0:07:32.22,Default,,0000,0000,0000,,that was signed\Nin February of 2009,
Dialogue: 0,0:07:32.22,0:07:35.63,Default,,0000,0000,0000,,and it was a combination\Nof direct government spending --
Dialogue: 0,0:07:35.63,0:07:37.50,Default,,0000,0000,0000,,so think of repairing highways,
Dialogue: 0,0:07:37.50,0:07:40.30,Default,,0000,0000,0000,,transfers to State governments,
Dialogue: 0,0:07:40.30,0:07:43.14,Default,,0000,0000,0000,,transfers to individuals,\Nand tax cuts.
Dialogue: 0,0:07:43.62,0:07:46.53,Default,,0000,0000,0000,,And the rationale for it\Nwas that at a time
Dialogue: 0,0:07:46.53,0:07:48.40,Default,,0000,0000,0000,,when households were spending less
Dialogue: 0,0:07:48.40,0:07:50.15,Default,,0000,0000,0000,,and businesses\Nwere spending less --
Dialogue: 0,0:07:50.15,0:07:51.59,Default,,0000,0000,0000,,that's a time when it's appropriate
Dialogue: 0,0:07:51.59,0:07:53.12,Default,,0000,0000,0000,,for government\Nto spend a little more
Dialogue: 0,0:07:53.12,0:07:54.99,Default,,0000,0000,0000,,to fill in that gap.
Dialogue: 0,0:07:56.64,0:07:58.60,Default,,0000,0000,0000,,The recessions leave long scars,
Dialogue: 0,0:07:58.60,0:08:00.90,Default,,0000,0000,0000,,and people who lose\Ntheir jobs during recessions
Dialogue: 0,0:08:00.90,0:08:02.61,Default,,0000,0000,0000,,and they're unemployed\Nfor a while --
Dialogue: 0,0:08:02.61,0:08:05.48,Default,,0000,0000,0000,,even ten years later,\Noften are earning less
Dialogue: 0,0:08:05.48,0:08:08.02,Default,,0000,0000,0000,,than they were\Nbefore the recession occurred.
Dialogue: 0,0:08:08.02,0:08:09.87,Default,,0000,0000,0000,,So by making the case,
Dialogue: 0,0:08:09.87,0:08:13.32,Default,,0000,0000,0000,,both in academic research\Nand then as a policymaker,
Dialogue: 0,0:08:13.78,0:08:16.65,Default,,0000,0000,0000,,then the government could do more\Nto mitigate recessions --
Dialogue: 0,0:08:16.65,0:08:18.14,Default,,0000,0000,0000,,that really has an impact.
Dialogue: 0,0:08:18.61,0:08:20.57,Default,,0000,0000,0000,,- [David] Probably hundreds\Nof thousands of people
Dialogue: 0,0:08:20.57,0:08:23.36,Default,,0000,0000,0000,,kept their jobs\Nduring the Great Recession
Dialogue: 0,0:08:23.36,0:08:28.04,Default,,0000,0000,0000,,because she had become an expert\Non the behavior of the economy,
Dialogue: 0,0:08:28.04,0:08:30.28,Default,,0000,0000,0000,,on the effects of fiscal policy.
Dialogue: 0,0:08:31.60,0:08:34.44,Default,,0000,0000,0000,,- [Janet] And she was\Nreally passionate
Dialogue: 0,0:08:34.44,0:08:36.51,Default,,0000,0000,0000,,about the role that she played
Dialogue: 0,0:08:36.51,0:08:40.41,Default,,0000,0000,0000,,after the financial crisis\Nin the Great Recession,
Dialogue: 0,0:08:40.41,0:08:44.07,Default,,0000,0000,0000,,and fought passionately\Nfor policies
Dialogue: 0,0:08:44.07,0:08:47.39,Default,,0000,0000,0000,,that would address\Nthe 9 million people
Dialogue: 0,0:08:47.39,0:08:48.53,Default,,0000,0000,0000,,who lost their jobs
Dialogue: 0,0:08:48.53,0:08:50.62,Default,,0000,0000,0000,,and get the economy moving.
Dialogue: 0,0:08:50.62,0:08:53.53,Default,,0000,0000,0000,,- [James] Christy was a very\Nfortunate person to have in that role
Dialogue: 0,0:08:53.53,0:08:56.07,Default,,0000,0000,0000,,because much of her work,\Nacademically,
Dialogue: 0,0:08:56.07,0:08:58.28,Default,,0000,0000,0000,,over the 25 years before that,
Dialogue: 0,0:08:58.28,0:09:00.41,Default,,0000,0000,0000,,had been focused\Non trying to understand
Dialogue: 0,0:09:00.41,0:09:02.35,Default,,0000,0000,0000,,the nature of the linkages
Dialogue: 0,0:09:02.35,0:09:05.28,Default,,0000,0000,0000,,between fiscal policy,\Nmonetary policy,
Dialogue: 0,0:09:05.28,0:09:06.56,Default,,0000,0000,0000,,and economic outcomes.
Dialogue: 0,0:09:06.56,0:09:07.86,Default,,0000,0000,0000,,- [David] That's an unusual case.
Dialogue: 0,0:09:07.86,0:09:10.03,Default,,0000,0000,0000,,We can really see\Na pretty direct connection
Dialogue: 0,0:09:10.03,0:09:16.47,Default,,0000,0000,0000,,between ivory tower research\Nand real lives on a big scale.
Dialogue: 0,0:09:16.47,0:09:17.95,Default,,0000,0000,0000,,- [Narrator] Romer's work at Berkeley
Dialogue: 0,0:09:17.95,0:09:20.64,Default,,0000,0000,0000,,continues to ask and answer\Nthese important questions
Dialogue: 0,0:09:20.64,0:09:22.31,Default,,0000,0000,0000,,about the macroeconomy.
Dialogue: 0,0:09:22.31,0:09:25.90,Default,,0000,0000,0000,,- [Christina] If you think about\Nwhat matters to a typical person:
Dialogue: 0,0:09:25.90,0:09:29.39,Default,,0000,0000,0000,,Do they have a job?\NCan they support their family?
Dialogue: 0,0:09:29.39,0:09:32.44,Default,,0000,0000,0000,,Can they give\Ntheir children a better life
Dialogue: 0,0:09:32.44,0:09:33.82,Default,,0000,0000,0000,,than they themselves had? --
Dialogue: 0,0:09:33.82,0:09:38.62,Default,,0000,0000,0000,,you realize that economic issues,\Nhow well the economy operates
Dialogue: 0,0:09:38.62,0:09:42.69,Default,,0000,0000,0000,,is probably one of the things\Nthat affects people's lives
Dialogue: 0,0:09:42.69,0:09:44.28,Default,,0000,0000,0000,,more than anything else.
Dialogue: 0,0:09:44.85,0:09:46.73,Default,,0000,0000,0000,,♪ [music] ♪
Dialogue: 0,0:09:46.73,0:09:49.78,Default,,0000,0000,0000,,- [Narrator] Want to better understand\NRomer and business cycles?
Dialogue: 0,0:09:49.78,0:09:53.13,Default,,0000,0000,0000,,Click here for related materials\Nand practice questions,
Dialogue: 0,0:09:53.13,0:09:54.60,Default,,0000,0000,0000,,or check out other videos
Dialogue: 0,0:09:54.60,0:09:57.50,Default,,0000,0000,0000,,on how economists\Nare tackling all sorts of issues --
Dialogue: 0,0:09:57.50,0:10:00.48,Default,,0000,0000,0000,,ranging from weighty topics,\Nsuch as the macroeconomy,
Dialogue: 0,0:10:00.48,0:10:03.21,Default,,0000,0000,0000,,to everyday items,\Nlike Wikipedia and wine --
Dialogue: 0,0:10:03.21,0:10:04.60,Default,,0000,0000,0000,,yes, even wine.