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Archives for: October 2007


American.com, 10/3/2007
IMF could find new life as forum, information source
A limited role as an impartial forum and information source could help the International Monetary Fund resolve its funding difficulties, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Small programs acquired over years of bureaucratic creep, including the Fund’s poverty reduction initiative, could be delegated to the World Bank.

Brettonwoodsproject.org, 10/5/2007, 10/5/2007
U.S. criticism will weaken IMF’s authority to comment on China
U.S. criticism will weaken the authority of the IMF to comment on China’s currency, says Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. The U.S. wants the IMF to start regulating sovereign wealth funds.

Pittsburgh Business Times, 10/5/2007
Tepper MBA starting salaries are up
Starting salaries for this year’s MBA graduates from the Tepper School of Business are the highest in Carnegie Mellon’s history. They averaged $97,394, up 4.19 percent from $93,479 in 2006.

Press Trust of India, 10/5/2007
Central banks need strategic commitments on inflation, interest rates
Central banks should announce long-run strategic commitments to lower inflation and a transparent medium-term objective on interest rate policy, says Marvin Goodfriend, Professor of Economics and Chairman of the Gailliot Center for Public Policy. Goodfriend believes there is no other way for a central bank to reliably influence longer-term interest rates.

Los Angeles Times, 10/6/2007
Meltzer: Unemployment rate nothing to worry about
The current unemployment rate of 4.7 percent is nothing to be alarmed about, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says even if the rate rises over the next few months, an unemployment rate of 5 percent used to be considered terrific.

The Tartan, 10/8/2007
Women, men, differ in negotiation drive
Female students are more likely to take a negotiation class to address their discomfort with negotiating, whereas males are there to hone their skills, says Laurie Weingart, Professor of Organizational Behavior and Theory; Director, Center for Interdisciplinary Research on Teams. Society’s examples may make women reluctant to argue for themselves, but they are natural negotiators when it comes to protecting others they care for, she adds.

Wall Street Journal Online, 10/9/2007
Meltzer: New World Bank president is no reformer
The World Bank’s new president, Robert Zoellick, has already shown he won’t make major reforms, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Zoellick plans to increase lending and other services to developing nations, though Meltzer chaired a commission that recommended the bank focus on giving grants, not loans.

Business Standard (India), 10/9/2007
U.S. monetary policy contributed to ‘Great Moderation’
Mistakes and subsequent successes of the last quarter century of monetary policy in the U.S. are largely responsible for the sustained decline in inflation and inflation volatility, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend delivered the Foundation Day lecture at the Reserve Bank in Mumbai.

Pittsburgh Tribune-Review, 10/10/2007
Sheetz exec: Motorists haven’t embraced E85
Motorists have yet to embrace E85, the fuel made from 85 percent corn-based ethanol and 15 percent gasoline, according to Louis Sheetz, executive vice president of marketing for Sheetz Inc. He and representatives of General Motors were participants in a program hosted by the Green Design Institute.

Voice of America, 10/10/2007
Lerrick: World Bank should focus on poor nations, not middle-income countries
Conservative critics say the World Bank no longer has a role to play in countries like China, which can easily finance its own development projects. Among those critics is Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of The Gailliot Center for Public Policy, who says the bank should instead focus on poor countries without access to private capital, such as those in sub-Saharan Africa.

Voice of America, 10/10/2007
Zoellick is leading World Bank astray, says Lerrick
New World Bank President Robert Zoellick is taking the bank down the wrong path, according to Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. Lerrick believes Zoellick is wrong to emphasize and increase the bank’s business in middle income countries.

Ad Hoc News, 10/12/2007
Spatt: Ross’ influence was ‘transforming’
The influence that MIT professor Stephen Ross had over Chester Spatt’s life was “transforming,” according to Spatt, Mellon Bank Professor of Finance and Director of the Center for Financial Markets. He spoke at an event unveiling a major new prize in Ross’ name to honor outstanding papers in his field.

Pittsburgh Business Times, 10/12/2007
Academia looking for ways to facilitate small business acquisition
Academia is exploring ways to facilitate small business acquisition. A class in the practice is being taught at the Donald H. Jones Center for Entrepreneurship, and the course is expected to trigger a transaction, according to center director Arthur Boni, John R. Thorne Chair of Entrepreneurship; Associate Teaching Professor of Entrepreneurship.

The Tartan, 10/15/2007
Alumnus earning academic recognition
Tepper School alumnus David Klahr (MSIA 1965, PhD 1968) is earning academic recognition at Carnegie Mellon as a faculty member. Klahr has been named Walter van Dyke Bingham Professor of Cognitive Development and Education Sciences.

MarketWatch, 10/15/2007
Meltzer scoffs at Treasury Secretary’s dollar policy
Treasury Secretary Henry Paulson’s dollar policy is simply to pray every night that the dollar’s decline will be orderly, says Allan H. Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer expressed that opinion at a panel discussion of the American Enterprise Institute.

Pittsburgh Post-Gazette, 10/16/2007
Study: Smart meters make cost-effective impact
A study from Carnegie Mellon University finds that providing smart meters for electricity used by industrial and commercial customers would make the most cost-effective impact on peak demand. Smart meters measure not only consumption, but also the time when the energy is consumed.

Bloomberg, 10/16/2007
Meltzer says he is surprised by administration involvement in markets
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, says he is surprised by how willing the administration is to be involved in markets. Meltzer was commissioned by Republican lawmakers in 1998 to review the International Monetary Fund and World Bank.

Washington Post, 10/16/2007
Treasury Department’s strategy echoes J.P. Morgan, says Lerrick
The Treasury Department has pushed leading U.S. banks to create a fund to buy assets in a troubled segment of the credit market. Adam Lerrick, the Friends of Allan H. Meltzer Chair in Economics and Director of the Gailliot Center for Public Policy, is comparing the move to financier J.P. Morgan’s cajoling of bankers to help one another and soften the banking panic of 1907.

Accepted.com, 10/16/2007
Early indicators point to strong year for recruiting at Tepper School
Early indicators point to another good year for recruiting at the Tepper School, according to Ken Keeley, Executive Director of the Career Opportunities Center. Keeley says many students entering their last year appear to have received an offer from the company with which they interned, and the number of companies booking on-campus recruiting dates is higher than last year.

Associated Press , 10/19/2007
Rise in oil prices boosting U.S. economy’s total energy expenses
The rise in oil prices has increased the U.S. economy’s total energy expense by an additional $250 billion a year, says Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor, Director of Green Design; Co-Director, Electricity Industry Center. Prices have risen by almost $60 a barrel in the past four years.

Wall Street Journal, 10/19/2007
Lerrick: Audience weary of World Bank message
When the World Bank convenes for its annual meeting in Washington, it will face a wider audience that is weary of its message, says Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. Lerrick says rich donor nations should not rubber-stamp the bank’s requests without conditions.

Washington Post, 10/19/2007
Without radical change, World Bank headed for irrelevance, says Lerrick
The World Bank has been marginalized in the global economy, says Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. Without radical reform, Lerrick believes the bank will soon become irrelevant.

National Center for Policy Analysis, 10/19/2007
Lerrick: World Bank has lost its lending advantage
As globalization transforms the world economy, the World Bank’s comparative advantage for lending to poor countries is gone, says Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. Lerrick says the bank’s role is diminished as a result.

BBC News, 10/22/2007
IMF rescue loans won’t work, says Lerrick
Bail-outs by the International Monetary Fund will no longer work as a strategy for international financial stability, says Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. If the IMF provided loans for the benefit of a large emerging economy, such as Brazil, China, or India, its resources would be gone in a matter of hours, Lerrick says.

Pittsburgh Business Times, 10/26/2007
Startup environment is vibrant at CMU
Carnegie Mellon is experiencing a more vibrant environment for startups thanks to outreach efforts by the tech transfer office and the successes of some spinoff companies, says Frank Demmler, Adjunct Professor of Entrepreneurship. The number of startups that have spun out of CMU fell in the past year from 14 to seven, but are still up from the one formed five years ago.

The Tartan, 10/29/2007
Apt says his career is guided by both emotional and rational thought
Both emotional and rational ways of thinking continue to guide the professional life of Jay Apt, Executive Director, Electricity Industry Center; Associate Research Professor; Distinguished Service Professor in Engineering and Public Policy. Apt says while many people divorce science from exploration, the two are inextricably intertwined.

WTAE-TV, 10/31/2007
Even when turned off, some appliances siphon power
Appliances that sip power from outlets, even when shut off, are appropriately nicknamed vampires, says Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor, Director of Green Design; Co-Director, Electricity Industry Center. The appliances drive up the power bill in homes.

Reuters, 10/31/2007
Fed has time to stop and think, says Goodfriend
The Federal Reserve does not need to commit itself and probably has time to see what direction the data will take, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend says a second decision to cut interest rates was a natural follow-through from an earlier rate cut in September.

BusinessWeek, 10/31/2007
Economic climate leaving some students nervous about jobs
Second-year student Danny Fang, who is pursuing dual degrees at the Tepper School, admitted during a recruiting event in New York that recent events have left some students feeling anxious about their job prospects. Some observers are forecasting a recession as part of the fallout from the mortgage crisis.

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