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Archives for: January 2010


Philadelphia Inquirer, 1/3/2010
Irrational purchases drive research into service contracts
When Baohong Sun, Carnegie Bosch Professor of Marketing, needed to replace her digital camera, she bought a service contract despite warnings that it wouldn’t cover accidental damage. Sun says she was intrigued with the reasons behind such irrational purchases, which led to her research into factors surrounding consumer purchase of such contracts. URL for this article: http://www.philly.com/philly/business/20100103_Consumer_Watch__You_re_an_easy_mark_in_the_checkout_line.html

Forbes, 1/4/2010
Corruption is relative to cultural context, professor says
In looking at how business is practiced around the world, the definition of corruption is often unclear, says John Hooker, T. Jerome Holleran Professor of Business Ethics and Social Responsibility; professor of operations research. Side payments, cronyism and nepotism are all considered legitimate practices in some cultural contexts, Hooker says. URL for this article: http://www.forbes.com/2010/01/04/ethics-corruption-managing-leadership-citizenship-ethisphere.html

C-SPAN, 1/6/2010
Meltzer appears on C-SPAN
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, appeared on C-SPAN to discuss the Federal Reserve’s history and the rationale for its creation. He talked about the evolution of the Fed’s role in the American financial and monetary system and recent concerns that it has grown too powerful. URL for this video: http://www.c-span.org/Watch/Media/2010/01/06/HP/A/28047/Allan+Meltzer+Carnegie+Mellon+Univ.aspx

CNBC, 1/11/2010
Miller discusses executive compensation on CNBC
Robert Miller, professor of economics and strategy, appeared on CNBC’s “Street Signs” program to discuss executive compensation in the banking industry. Miller discussed how stock options function as a form of compensation that ties executives to the fate of the company. URL for this article: http://www.cnbc.com/id/15840232?video=1382857363&play=1

Reuters, 1/11/2010
Goodfriend: Fed likely to start looking at interest on excess reserves
The Federal Reserve likely will look to interest paid on excess reserves as its primary monetary policy tool, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend says it’s difficult for the central bank to rely on its old indicator, the federal funds rate, when the system is awash in cash. URL for this article: http://www.cnbc.com/id/34818635

CNN Money, 1/11/2010
Meltzer: Little meaning in policy change over ‘jobs saved’ tally
The Obama administration’s decision to stop keeping a running tally of jobs saved as a result of the economic stimulus package does not mean much, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the object should not be trying to improve numbers, it should be creating jobs. URL for this article: http://money.cnn.com/2010/01/11/news/economy/stimulus_job_counts/index.htm

Wall Street Journal, 1/13/2010
Goodfriend: Indicators pointed to need for more restrictive interest rate policy
The appreciation of housing prices was just one indicator that called for a more restrictive interest rate policy by the Federal Reserve, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend formerly was an economist at the Richmond Fed. A URL for this article is not available.

UPI, 1/13/2010
Goodfriend: Interest rate policy could have prevented worst of housing bust
A somewhat tighter stance in interest rate policy could have cut off the last year or so of the housing bubble, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend believes this would have prevented the worst part of the bust that followed. URL for this article: http://www.upi.com/Business_News/2010/01/13/Survey-Interest-rates-fueled-the-meltdown/UPI-12451263404428/

Bloomberg, 1/15/2010
Goodfriend discusses Obama plan to tax large financial firms
Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy, spoke with Bloomberg’s Margaret Brennan, Mark Crumpton and Tom Keene about President Obama’s proposal to tax the biggest financial firms. Goodfriend also discussed the U.S. economy and Federal Reserve monetary policy. URL for this video: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amcB7YmsTQwI

The Tartan, 1/18/2010
Professor suggests model for better flu vaccine distribution
Soo-Haeng Cho, assistant professor of operations management, has developed a model designed to make flu vaccines more effective and applicable to several diseases. His research, which was published in October 2009, seeks to better match vaccine supply and demand through an optimal dynamic policy. URL for this article: http://thetartan.org/2010/1/18/scitech/flumodel

Pittsburgh Tribune-Review, 1/21/2010
Meltzer: Deficits impair United States’ ability to lead
Because U.S. deficits are at a peacetime peak, with no plan to reduce them, the country is more dependent on China and other larger lending governments, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says that detracts from the United States’ ability to lead and demonstrates poor management. URL for this article: http://www.individual.com/story.php?story=113367258

New York Times, 1/22/2010
Meltzer: History points to Bernanke reappointment
Although there is some opposition to the proposed reappointment of Federal Reserve Chairman Ben Bernanke, the Senate has never voted to outright reject a Fed nominee, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says he knows of no instance in which a president withdrew the nomination of a Fed chairman after it was clear that the Senate would not confirm. URL for this article: http://www.theledger.com/article/20100122/NEWS/1225045/0/NEWS36

Politico, 1/22/2010
Meltzer praises Supreme Court decision lifting campaign restrictions
Allan Meltzer is applauding a Supreme Court decision to lift restrictions on campaign spending by corporations. Meltzer says the law which imposed the restrictions, the McCain-Feingold Act, is “bad law” and weakens parties while inhibiting compromise within Congress. URL for this article: http://www.politico.com/news/stories/0110/31819.html

News-Journal (Delaware), 1/24/2010
Lave: Efficiency, costs will contribute toward lower energy use
America’s energy future is changing as economists project a slower rate of economic growth and consumption than was predicted earlier, says Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor; director, Carnegie Mellon Green Design Initiative; co-director, Carnegie Mellon Electricity Industry Center. Lave says greater strides toward efficiency and higher costs of coal-fired electricity will drive a reduction in usage. URL for this article: http://www.delawareonline.com/article/20100124/BUSINESS/1240342

California Job Journal, 1/24/2010
Kelley: Many have ability and drive, but can’t access potential
Most people have the ability to be star performers at work, according to Robert Kelley, adjunct professor of organizational behavior and theory and author of “How to Be a Star at Work.” Kelley says most people genuinely want to be more productive and live up to their potential, but they don’t know how to do it. URL for this article: http://www.jobjournal.com/article_full_text.asp?artid=2875

Fortune, 1/25/2010
Meltzer: Banks aren’t lending, hence the credit crunch
Even though banks are loaded with cheap money, they aren’t lending, which is why the United States is in a credit crunch, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says he would be a lot more concerned if loan demand were higher. URL for this article: http://money.cnn.com/2010/01/25/news/economy/assets_bubbles.fortune/index.htm

Fortune, 1/25/2010
Meltzer: Anger toward Fed is unprecedented
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, says he has never seen so much anger directed at the Federal Reserve. Meltzer has been testifying about the Fed in Congress since 1962. URL for this article: http://money.cnn.com/2010/01/22/news/economy/paul_sanders_fed.fortune/

Financial Times, 1/25/2010
Tepper School sees big jump in Financial Times rankings
The Financial Times has ranked the Tepper School 34th in its global MBA rankings. That’s up from 51 in 2009. URL for this article: http://rankings.ft.com/businessschoolrankings/global-mba-rankings

Financial Times, 1/25/2010
Meltzer: Fed made a mistake in aggressive interpretation of powers
Chairman Ben Bernanke’s aggressive interpretation of Federal Reserve powers during the economic crisis was a mistake that opened up the central bank to attack, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the Fed should not have been used for fiscal operations and credit allocation. URL for this article: http://www.ft.com/cms/s/0/0ee495fa-09e7-11df-8b23-00144feabdc0.html

Bloomberg, 1/25/2010
Goodfriend discusses Fed’s use of balance sheet to revive credit
Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy, spoke with Bloomberg’s Julie Hyman about the Federal Reserve’s use of its balance sheet to revive credit, including the purchase of $1.25 trillion in mortgage-backed securities. URL for this video: http://www.topix.com/personal-finance/mortgage/2010/01/goodfriend-says-fed-could-swap-its-mortgage-securities-video

New York Times, 1/26/2010
Meltzer: Bernanke not as politically adept as Volcker
The last time a Federal Reserve chairman faced as much opposition as incumbent Ben Bernanke was in 1983, when the Senate confirmed Paul Volcker to a second term by a vote of 84 to 16, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says Bernanke has not been as politically adept as Volcker was, and the Fed has not done enough to push banks to expand lending and help the economy. URL for this article: http://www.starnewsonline.com/article/20100126/ZNYT01/1263009?p=1&tc=pg

Bloomberg, 1/26/2010
Goodfriend: Fed needs policy rate in place to keep inflation in check
To keep inflation in check, the Federal Reserve needs to have an effective policy rate in place when it starts to raise interest rates from record lows, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says the central bank’s choice of a benchmark interest rate is the front line of defense against inflation. URL for this article: http://www.bloomberg.com/apps/news?pid=20601092&sid=akYMsCezpjlk

Wall Street Journal (blog), 1/26/2010
Goodfriend opposes term limits for Fed chairmen
Imposing term limits on the Federal Reserve chairman is not an idea with merit, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says term limits would not be necessary or sufficient to produce effective monetary policy independence. URL for this article: http://blogs.wsj.com/economics/2010/01/26/a-modest-proposal-for-the-fed-term-limits-for-chairmen/

CBS MoneyWatch, 1/26/2010
Meltzer gives Obama a “D” for handling of economy
Allan Meltzer is giving President Obama a grade of “D” for the way he handled the economy during his first year in office. Meltzer, The Allan H. Meltzer University Professor of Political Economy, says Obama’s first priority should be restoring full employment, and he faults Obama’s policies for increasing the deficit. URL for this article: http://moneywatch.bnet.com/economic-news/article/state-of-the-union-how-well-has-obama-handled-the-economy/386943/

Wall Street Journal, 1/27/2010
Meltzer expresses doubts over Fed’s anti-inflation strategy
Fed Chairman Ben Bernanke’s strategy for preventing future inflation will not work, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the strategy, which involves the Fed paying interest to banks on the reserves they hold in their vaults, is incomplete and an example of practicing economics without prices. URL for this article: http://online.wsj.com/article/SB10001424052748704375604575023632319560448.html?mod=googlenews_wsj

Fox Business News, 1/27/2010
Goodfriend discusses the Fed on Fox Business News
Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy, appeared on Fox Business News to share perspective on the Fed’s independence amid current issues affecting monetary policy. A URL for this segment is not available.

New York Times, 1/28/2010
Meltzer: Anger at Fed is largely justified
The Federal Reserve has brought some of its problems on itself through its erratic conduct during the financial crisis, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer criticized Fed Chairman Ben Bernanke for engaging the Fed in fiscal policy and giving up most of the central bank’s independence. URL for this blog entry: http://dealbook.blogs.nytimes.com/2010/01/28/senate-moves-toward-vote-on-bernanke/

CNBC.com, 1/28/2010
Congress reflects public dissatisfaction with Fed, says Meltzer
Congress’ somewhat underwhelming vote to confirm Fed Chairman Ben Bernanke to a second term reflects public dissatisfaction with the central bank, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the public feels the Fed bailed out automakers, AIG, and banks but hasn’t done much for them. URL for this article: http://www.cnbc.com/id/35124202

Kansas City Star, 1/28/2010
Meltzer praises dissent from Kansas City Fed president
Tom Hoenig, the president of the Kansas City Fed, is earning praise from Allan Meltzer for his dissenting vote on the central bank’s decision to stick with its current monetary policy. Meltzer, The Allan H. Meltzer University Professor of Political Economy, says Hoenig has been unhappy with the policy for some time. URL for this article: http://www.kansascity.com/business/story/1712558.html

Los Angeles Times, 1/28/2010
Bernanke still faces dissent from within, says Meltzer
Despite Fed Chairman Ben Bernanke’s confirmation to a second term, he won’t have an easy time keeping the central bank’s committee unified, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says there is already dissent over the Fed’s pledge to keep benchmark interest rates near zero for an extended period. URL for this article: http://www.latimes.com/business/la-fi-bernanke29-2010jan29,0,6182178.story

Pittsburgh Business Times, 1/29/2010
Nissan is partner for Integrated Product Development Project
A class that partners with Nissan Motor Company helps Tepper School students work on a team with diverse disciplines, says Peter Boatwright, associate professor of marketing. The Integrated Product Development Project breaks students into groups of six or seven to work on ideas for the company. This article is available by subscription only.

Council on Foreign Relations, 1/29/2010
Meltzer: Obama’s economic proposals more political than practical
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, criticizes President Obama’s recent economic proposals as mostly “cosmetic.” He says the proposals do more to build a constituency for the election than to fix economic problems. URL for this podcast: http://www.cfr.org/publication/21340/obamanomics_considered.html

Associated Press, 1/29/2010
Meltzer: Bernanke rounds on Capitol Hill illustrate lack of independence
Fed Chairman Ben Bernanke made the rounds on Capitol Hill trying to shore up support for his confirmation to a second term, illustrating how far the central bank has strayed from its independent role under his watch, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer points out that nobody knows what Bernanke might have promised in those meetings regarding interest rates or other Fed policies. URL for this article: http://www.dailyfinance.com/article/analysis-bernankes-senate-fight-may/639353/

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