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Archives for: October 2010


Erie Times-News, 10/3/2010
Gaynor: Hamot affiliation could help UPMC compete with Highmark
If Erie’s Hamot Health Foundation affiliates with UPMC, Hamot employees and their families could switch their health insurance from Highmark to the UPMC Health Plan. That would help UPMC compete with Highmark for non-Hamot employees, says Martin Gaynor, E.J. Barone Professor of Economics and Health Policy. URL for this article: http://www.pharmacychoice.com/news/article.cfm?Article_ID=637815

Wall Street Journal, 10/7/2010
Meltzer: Permitting higher inflation would be a mistake
The Federal Reserve would be making a mistake if it lifted inflation above its informal target, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says any gain from higher inflation would be temporary. URL for this article: http://online.wsj.com/article/SB10001424052748704689804575536391713801732.html?mod=WSJ_Banking_leftHeadlines

Wall Street Journal, 10/11/2010
Meltzer: Don’t raise inflation
The Federal Reserve should not repeat past mistakes by increasing inflation to reduce unemployment, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says any gain in employment would be temporary. URL for this article: http://online.wsj.com/article/SB10001424052748704696304575538532260290528.html

Pittsburgh Tribune-Review, 10/11/2010
Mortensen’s work advanced study of job creation, professor says
The Nobel Prize-winning work shared by Tepper School alumnus Dale Mortensen, PhD 1967, has really brought the study of job creation to the forefront, says Nicolas Petrosky-Nadeau, assistant professor of economics. Mortensen shares the prize with Peter Diamond from MIT and Christopher Pissarides of the London School of Economics. URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/news/pittsburgh/s_703782.html

Bloomberg, 10/12/2010
Meltzer: Fed could set stage for higher long-term inflation
The Federal Reserve’s efforts to boost the economy by expanding its balance sheet won’t work, but might set the stage for higher long-term inflation, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says bond market hawks are likely to notice that the Fed has no plan for getting rid of $2 trillion in excess reserves. URL for this article: http://www.bloomberg.com/news/2010-10-12/further-fed-easing-could-alarm-bond-market-hawks-historian-meltzer-says.html

Pittsburgh Post-Gazette, 10/12/2010
Miller: Quant focus helps produce Nobel Prize winners
The Tepper School is fertile ground for producing Nobel Prize winners in part because of its focus on quantitative analysis, says Robert Miller, professor of economics and strategy. Miller says the school is not afraid of using mathematical equations and the latest statistical method to reach scientific answers. URL for this article: http://www.post-gazette.com/pg/10285/1094418-53.stm

Wall Street Journal, 10/13/2010
McCallum: Weber would make a good ECB president
Criticism by Axel Weber, Germany’s top central banker, over the European Central Bank’s purchases of government debt of Greece and Ireland were characteristic of the hard-nosed Weber, says Bennett McCallum, H.J. Heinz Professor of Economics. McCallum says he would like to see Weber become ECB president. URL for this article: http://online.wsj.com/article/SB10001424052748704164004575548610687067550.html?mod=WSJ_economy_LeftTopHighlights

CNBC, 10/13/2010
Meltzer: Fed less independent than law permits
The Federal Reserve has become less independent than the law permits, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the central bank is doing what the Treasury wants and is under pressure from the administration to follow its current course of action. URL for this article: http://www.cnbc.com/id/39654222

Wall Street Journal, 10/16/2010
Fed should get a capital transfer from Treasury, Goodfriend says
The Federal Reserve should get a capital transfer from the U.S. Treasury, suggests Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend suggests that if the Fed must push up the interest rate it pays on bank reserves to fight inflation while also running big losses because its older bonds don’t pay much interest, it could be in the unusual position of printing money to cover its costs while also trying to tame inflation. URL for this article: http://blogs.wsj.com/economics/2010/10/16/fed-economist-says-it-should-build-up-capital/

MarketWatch, 10/16/2010
Goodfriend: Bagehot comparison doesn’t hold water
Fed officials and commentators have loved to throw around the name of Walter Bagehot, the 19th-century editor of The Economist, during the recent crisis because he once wrote a set of rules for how central banks should respond to bank runs. However, Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy, says there are stark differences between the Bank of England and the current Federal Reserve system. URL for this article: http://research.tdameritrade.com/public/markets/news/story.asp?dockey=4018-8D03003CD96911DFB83A002128049AD6-7SSL77EPQ37AO4OEFRA723OCPO

Washington Post, 10/17/2010
Meltzer: U.S. will eventually experience big inflation
Sooner or later, the U.S. will experience big inflation, says Allan Meltzer, the Allan H. Meltzer University Professor of Political Economy. Meltzer says it won’t happen right away, because there is no demand now. URL for this article: http://www.presstelegram.com/opinions/ci_16364451

Wall Street Journal, 10/18/2010
Goodfriend: Unemployment has bigger structural component
The increase in U.S. unemployment has a bigger structural component in part because people who owe more on their houses than they can sell them for are less able to move for a job, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. If that is the case, and with deflation not yet an immediate risk, “it's not completely clear to me what (the Fed) has in mind” when it comes to the rationale for further stimulus, he said. URL for this article: http://www.theaustralian.com.au/business/news/trichet-weber-divided-on-solution-to-unemployment-slow-growth/story-e6frg90x-1225940291238

NPR, 10/20/2010
Meltzer appears on “On Point”
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, appeared on “On Point with Tom Ashbrook.” He discussed the economy. URL for this article: http://www.onpointradio.org/2010/10/robert-reich-equality-democracy

Chemical & Engineering News, 10/21/2010
Apt: Study quantifies theories about relevance of wind farm location on cost
Earlier studies have hinted that wind farms close to consumers might deliver cheap power. But Jay Apt, professor of technology and executive director of Carnegie Mellon Electricity Industry Center, says a more current study took that qualitative statement and “made it superbly quantitative,” concluding that local sites with weaker winds may provide cheaper energy option than distant farms with big gusts. URL for this article: http://pubs.acs.org/cen/news/88/i43/8843news5.html

The Telegraph, 10/25/2010
Woolley: Study’s findings change thinking on intelligence
A new study’s findings alter the existing notions of intelligence. According to Anita Williams Woolley, assistant professor of organizational behavior & theory, it is becoming less relevant what a person can do alone and more relevant to understand what they can accomplish with others and with technology. URL for this article: http://www.telegraphindia.com/1101025/jsp/knowhow/story_13094762.jsp

Wall Street Journal, 10/25/2010
Goodfriend: Higher inflation strategy is risky
It is risky for the Federal Reserve to argue that it wants higher inflation, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend says the strategy plays with the public’s beliefs about the longer run, and the central bank should try to stabilize beliefs about long-run inflation at a low level. URL for this article: http://online.wsj.com/article/SB10001424052702304354104575568520820836054.html

Globe and Mail, 10/25/2010
Fed’s job to focus on domestic stability of prices, employment, Goodfriend says
The Federal Reserve’s job is to focus on the domestic stability of prices and employment, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend says while the dollar’s weakness might be a consequence of easing, it’s not the point. URL for this article: http://www.theglobeandmail.com/report-on-business/economy/currencies/bernanke-treads-fine-line-with-dollar/article1772303/

Globe and Mail, 10/25/2010
Fed’s job to focus on domestic stability of prices, employment, Goodfriend says
The Federal Reserve’s job is to focus on the domestic stability of prices and employment, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend says while the dollar’s weakness might be a consequence of easing, it’s not the point. URL for this article: http://www.theglobeandmail.com/report-on-business/economy/currencies/bernanke-treads-fine-line-with-dollar/article1772303/

BNN-Canada, 10/27/2010
Goodfriend appears on BNN-Canada
Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy, appeared on “Headline,” the flagship program of Business News Network in Canada. Goodfriend discussed the global currency debate, monetary policy, trade balances, and the implications of further quantitative easing by the Federal Reserve. URL for this broadcast: http://www.bnn.ca/Shows/Headline.aspx

Bloomberg, 10/31/2010
Goodfriend: Fed’s credibility over inflation, deflation intertwined
Credibility against deflation is tied to credibility against inflation, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. That means the Federal Reserve has the ability to fight both with its control over bank reserves, but it doesn’t have the luxury of overshooting to fight deflation. URL for this article: http://www.bloomberg.com/news/2010-11-01/fed-risks-its-credibility-on-a-bowlful-of-mush-caroline-baum.html

Globe and Mail, 10/31/2010
Goodfriend: Fed has questions to answer about quantitative easing
The world is rightly concerned that the Federal Reserve may be acting prematurely with a plan of quantitative easing, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend says the Fed is facing so much doubt because it hasn’t adequately explained how it would implement the program or why. URL for this article: http://www.theglobeandmail.com/report-on-business/bernanke-could-take-some-pointers-from-thatcher/article1779808/

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