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Archives for: December 2007


Pittsburgh Tribune-Review, 12/5/2007
Today’s space shuttle missions more complex than ever, says Apt
Shuttle missions today are more complicated than ever, according to Jay Apt, Executive Director, Electricity Industry Center; Associate Research Professor; Distinguished Service Professor in Engineering and Public Policy. Apt, a former astronaut who flew on four shuttle missions, says missions now are more ambitious and crews are able to pull off “incredible tasks.”

MSNBC, 12/9/2007
Unethical behavior can happen unintentionally, professor says
Unethical behavior is not always intentional, according to Francesca Gino, Visiting Assistant Professor in Organizational Behavior and Theory; Manager of the Center for Behavioral Decision Research. Gino says it can happen because people often fail to see small changes that lead to the behavior.

Associated Press , 12/11/2007
Oil prices up, but energy use dropping
Since the oil shock of the early 1980s, America has halved its energy use per unit of gross domestic product, according to Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor, Director of Green Design; Co-Director, Electricity Industry Center. The economy depends less on manufacturing, and transportation technology has improved, allowing consumers to go further on less fuel.

Seattle Times, 12/11/2007
Goodfriend: Potential capital shortage is culprit in banking system
The problem with the banking system is not liquidity, but rather a potential shortage of capital, says Marvin Goodfriend, Professor of Economics and Chairman of The Gailliot Center for Public Policy. The Federal Reserve is weighing whether another short-term interest rate cut will aid the faltering economy.

Wall Street Journal Online, 12/12/2007
Central banks use swap lines to get dollars moving
The creation of “swap” lines between the European Central Bank and the Swiss National Bank are not new methods, according to Marvin Goodfriend, Professor of Economics and Chairman of The Gailliot Center for Public Policy. Goodfriend describes the swap lines as a way of getting dollars in the hands of foreign central banks which don’t have the right to produce them at will.

Reuters, 12/12/2007
Fed’s efforts may not satisfy markets, but could still be good policy
Steps taken by the Federal Reserve to boost bank liquidity may not satisfy markets, but may still be the best policy, according to Marvin Goodfriend, Professor of Economics and Chairman of the Gailliot Center for Public Policy. The move represents the first collective central bank effort since the aftermath of the September 11 attacks on the United States.

Bloomberg, 12/12/2007
Meltzer: Greenspan lets himself off ‘much too easy’
Former Federal Reserve Chairman Alan Greenspan is being too easy on himself when he looks for reasons outside his tenure to blame for today’s housing and mortgage problems, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer believes Greenspan ignored warnings about the Fed’s low interest rates that fueled real estate speculation and the current housing crunch.

Bloomberg, 12/13/2007
No evidence that U.S. is headed for recession, says Meltzer
The media is pushing the idea that the United States is headed for a recession, despite a lack of real evidence, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. As a result, Meltzer believes the Federal Reserve is being pressured into doing things it has every reason to know will lead it “down the wrong path.”

USA Today, 12/13/2007
CEO predicts 15 percent growth for General Electric next year
General Electric revenue will grow but as much as 15 percent next year, CEO Jeffrey Immelt said at a forum given at Carnegie Mellon in conjunction with the Tepper School. Immelt has pushed the company to expand in growth markets overseas.

Bloomberg, 12/13/2007
Meltzer: Fed caving to pressure from Congress, administration
The Federal Reserve is caving to pressure from Congress and the Bush administration, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer spoke in the wake of a decision by the Fed to make up to $24 billion available to the European Central Bank and Swiss National Bank to boost the dollar supply in Europe.

Bloomberg, 12/14/2007
Meltzer: “Reasonable” sales growth, no recession on horizon
The United States can expect reasonable sales growth and no recession, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says it is reasonable to expect that high energy prices will slow business investment and eventually consumer spending, but adds that the unemployment rate is low.

Pittsburgh Business Times, 12/14/2007
Property owners in Lawrenceville hope for new investment
Average home values in Pittsburgh’s 6th and 9th wards, which are Lower and Central Lawrenceville, have appreciated 8 percent a year since 1997, according to a recent study by students at the Tepper School. Property owners are hopeful that a new Children’s Hospital facility in the area will mean even more investment for the once-struggling neighborhood.

Pittsburgh Tribune-Review, 12/16/2007
Acquisitions signal optimism over value of U.S. dollar
The acquisition mentality is not static, according to Chris Telmer, Associate Professor of Financial Economics. Telmer says acquisition of American companies by foreign interests signals international optimism about the value of the U.S. dollar.

Miami Herald, 12/16/2007
Success of acid rain program shows global warming solutions can work
The success of an international policy aimed at cutting acid rain emissions indicates that global warming can be dealt with in the same way, according to Jay Apt, Executive Director, Electricity Industry Center; Associate Research Professor; Distinguished Service Professor in Engineering and Public Policy. Apt says the acid rain program, which began in 1995, shows that handling global warming through a cap-and-trade process is neither unprecedented nor unaffordable.

Bloomberg, 12/17/2007
Meltzer: Fed’s decision to keep recommendations private is ‘peculiar’
The Federal Reserve’s decision to keep the views of two of its most senior banking officials private is peculiar, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. The Fed has suppressed recommendations by Atlanta Fed President Dennis Lockhart and Michael Collins, who heads the Philadelphia Fed’s bank supervision group.

Bloomberg, 12/17/2007
Meltzer: Government bailout for homeowners a mistake
Former Federal Reserve Chairman Alan Greenspan’s proposal for a cash bailout for homeowners at risk of foreclosure might cost hundreds of billions of dollars and would reward risky behavior, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer believes the markets are starting to come to grips with the crisis and bailing them out would be a big mistake.

BusinessWeek, 12/18/2007
Acting classes in demand for business students
Thanks to growing demand, the Tepper School is offering nine sections of its Business Acting elective this year and recently added a more advanced-level acting class. Many business programs use the classes to teach a variety of soft skills to students.

Central Banks News, 12/20/2007
Revaluation could help curb price increases in China, Goodfriend says
Chinese authorities could gain more control over inflation with an appreciation of the renminbi against the greenback, but it would have little effect on the size of the United States trade deficit, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend’s research shows that a revaluation would help curb price increases in China.

Voice of America, 12/20/2007
China’s investment in Morgan Stanley an example of world economy integration
A large flow of capital is coming back from the emerging world and being reinvested in major industrialized nations, according to Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. Lerrick says the recent $5 billion investment by China into Morgan Stanley is an example of the integration of the world economy and world financial system.

Financial Times Deutschland, 12/21/2007
Film helps B-school students, managers look at supply chain issues
Business schools and executive training programs are screening the film Dabbawallas, made by Paul Goodman, Richard M. Cyert Professorship and Professor of Organizational Psychology; Director, Institute for Strategic Development; Director, Center for the Management of Technology. The film, which chronicles the low-tech work of lunch delivery men in India, is meant to give managers and students a new way of looking at supply chain issues.

Pioneer Press, 12/26/2007
Inflation much lower today than 15 years ago, Goodfriend says
Inflation today is much lower than it was even 15 years ago in developing countries as well as rich ones, according to Marvin Goodfriend, Professor of Economics and Chairman of The Gailliot Center for Public Policy. Goodfriend’s perspective emphasizes the positive impact of monetary policy.

Pittsburgh Tribune-Review, 12/27/2007
Company began with test facility at Carnegie Mellon
After launching a napping test facility while he was an MBA student at the Tepper School, Arshad Chowdhury parlayed his experience into a real-world company. Chowdhury’s MetroNaps specializes in selling napping products and services to businesses worldwide.

Pittsburgh Post-Gazette, 12/31/2007
Economic paradox piques interest of research scientist
Christina Fong is pursuing a research question that has puzzled her since childhood: Why do people support economic systems that appear to be against their self-interest? Fong, Research Scientist and a visiting faculty member at the Tepper School, grew up near Purdue University, where she met poor people who believed strongly in free enterprise, and she traveled to Sweden, where she met wealthy people who supported heavy taxes for social welfare.

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