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Archives for: December 2008


NPR, 12/1/2008
Meltzer unimpressed with government efforts to restore confidence
So far, count Allan Meltzer among those who are unimpressed with the government’s efforts to restore confidence in the economy. Meltzer, The Allan H. Meltzer University Professor of Political Economy, says he has higher hopes for President-elect Barack Obama’s economic team. URL for this broadcast (includes link to audio file): http://www.npr.org/templates/story/story.php?storyId=97629355

Financial Post (Canada), 12/1/2008
Berndt paper gets recognition from Financial Post
Canada’s Financial Post reports that a paper co-written by Antje Berndt, Assistant Professor of Finance, is a worthwhile read. The paper deals with moral hazard and adverse selection in the originate-to-distribute model of bank credit. URL for this article: http://www.financialpost.com/analysis/columnists/story.html?id=60420c99-dac1-4eec-868b-aa507fff5994

USA Today, 12/2/2008
Goodfriend: Deflation discussions ‘premature’
While it’s natural that the discussion of deflation has started amid the weakening economy, that discussion is premature, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend says broader measures of consumer inflation haven’t fallen as much at this point. http://www.usatoday.com/money/economy/2008-12-02-deflation-bargains-recession_N.htm

Associated Press , 12/3/2008
Rousseau describes ‘secret tests’
The academic term for NBA star Stephon Marbury’s behavior is “secret tests,” says Denise Rousseau, H. J. Heinz II Professor of Organizational Behavior and Public Policy, H. J. Heinz III School of Public Policy and Management, and Joint Appointment at Tepper School of Business. By way of example, she cites an unhappy husband who overanalyzes his wife’s every move looking for hidden meaning. URL for this article: http://www.ohio.com/news/ap?articleID=1204244&c=y

Bloomberg, 12/4/2008
Fed purchases of long-term bonds sterilized, says Meltzer
The Fed’s purchases of long-term bonds were “sterilized” by offsetting operations, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. As with sterilized foreign exchange intervention, the effect is short-lived. URL for this article: http://www.bloomberg.com/apps/news?pid=20601110&sid=aQofArgWrTcs

Trading Markets, 12/4/2008
Lave links current shortage of line workers to utility deregulation
A shortage of utility line workers can be linked to hiring and firing practices from the 1990s, 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. That was when many utilities took cost-cutting measures to address deregulation and the need to compete for large contracts. URL for this article: http://www.tradingmarkets.com/hpad/index.cfm?purl=/.site/news/Stock%20News/2065153/

Shoreham Herald, 12/5/2008
Kydland serving on Scotland’s economic advisory council
Finn Kydland, The Richard P. Simmons Distinguished Professorship; University Professor of Economics, Nobel Laureate (2004) is serving on The Council of Economic Advisers. The council was set up last summer to advise on the best way to improve Scotland's growth rate. URL for this article: http://www.shorehamherald.co.uk/latest-scottish-news/Annual-economic-report-due-out.4764946.jp

Pittsburgh Business Times, 12/5/2008
Reputation key to universities planning to open in India, says Goodman
Reputation can be the single biggest asset for a university planning to open up shop in India, according to Paul Goodman, Richard M. Cyert Professorship; Professor of Organizational Psychology; Director, Institute for Strategic Development; Director, Center for the Management of Technology. Experts say it’s also the very thing a university risks in choosing a foreign partner. URL for this article: http://pittsburgh.bizjournals.com/pittsburgh/stories/2008/12/08/focus18.html

National Journal, 12/6/2008
Meltzer: Tax deduction for homebuyers would stabilize prices
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, has suggested that in 2009, homebuyers be allowed to take the value of their down payment as a tax deduction. Increased housing demand will work to stabilize prices sooner than would otherwise occur, he says. URL for this article: http://www.nationaljournal.com/njmagazine/wn_20081206_6113.php

Pittsburgh Post-Gazette , 12/7/2008
Meltzer: Treasury Department reactive, uncertain
The Treasury Department is “completely reactive and in a highly uncertain way,” says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer, an outspoken critic of government bailouts, says he has heard governments cry wolf for 40 years. URL for this article: http://www.post-gazette.com/pg/08342/933110-28.stm

Pittsburgh Business Times, 12/8/2008
Meltzer: Next administration will do better
So far, the federal government’s response to the nation’s economic crisis has been sporadic, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says he believes the next administration will do better. URL for this article: http://columbus.bizjournals.com/columbus/othercities/pittsburgh/stories/2008/12/08/daily8.html?brthrs=1

Forbes.com, 12/8/2008
Falling oil and food prices are not real deflation, Meltzer says
Falling oil and food prices could lead to a quarter of general price declines. But that trend is not really deflation, which is a sustained drop in prices that gets baked into expectations and stifles economic activity, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. URL for this article: http://www.forbes.com/forbes/2008/1208/038.html

Pittsburgh Tribune-Review, 12/9/2008
Meltzer: Pittsburgh lawmakers should plan now for infrastructure
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, was among a group of economists who warned Pittsburgh lawmakers not to miss out on President-elect Barack Obama’s economic stimulus plan. Meltzer says the city should plan now to be at the head of the line for a large federal investment in public infrastructure. URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/news/cityregion/s_602112.html

Wall Street Journal, 12/10/2008
Goodfriend: Fed could be at odds with Treasury if it issues debt
Issuing debt could put the Federal Reserve at odds with the Treasury at a time when it is already issuing mountains of debt itself, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend says the practice creates coordination problems. URL for this article: http://online.wsj.com/article/SB122888021757894023.html?mod=googlenews_wsj

Pittsburgh Business Times, 12/12/2008
Boni: Timing is key for new life-sciences VC
The economy could be a tough hurdle for Corridor Venture Partners, a new fund targeting early-stage life sciences companies. Art Boni, John R. Thorne Chair of Entrepreneurship; Associate Teaching Professor of Entrepreneurship; and Director, Donald H. Jones Center for Entrepreneurship, says timing is key. This article is available by paid subscription only. For a complete copy of the text, please contact Barbara Feldman.

Pittsburgh Post-Gazette, 12/13/2008
Study: Women executives out-earn male counterparts
A study by three members of the Tepper School faculty concludes that women executives out-earn their male counterparts. The research was conducted by Robert A. Miller, Professor of Economics and Strategy; George-Levi Gayle and Limor Golan, both Assistant Professors of Economics. URL for this article: http://www.post-gazette.com/pg/08348/934974-28.stm

The Christian Science Monitor, 12/15/2008
Fed more active in 2008 than ever, says Goodfriend
The Federal Reserve has been more active in 2008 than at any other year in its history, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend believes Fed policy has done much to cushion the current economic downturn. URL for this article: http://www.csmonitor.com/2008/1215/p01s02-usec.html

Financial Times, 12/16/2008
Lave: New coal and nuclear plants may generate electricity by 2020
By 2020, new coal plants with carbon sequestration and a few new nuclear plants may be generating electricity, 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. In the medium term, however, new natural gas, nuclear and renewables will have to meet growth in demand. URL for this article: http://www.ft.com/cms/s/0/ef9f9d36-cbab-11dd-ba02-000077b07658.html?nclick_check=1

McClatchy Newspapers, 12/16/2008
Goodfriend: Fed has powerful weapon against sagging economy
The Fed’s ability to write unlimited checks on itself is a powerful weapon against the economic downturn, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. If used aggressively, that strategy will work, though not immediately, he says. URL for this article: http://www.miamiherald.com/business/nation/story/815708.html

Fast Company, 12/16/2008
Star quality means maximizing tools
People who are stars at work are adept at making the best use of the tools they have, says Robert Kelley, Adjunct Professor of Organizational Behavior and Theory. Kelley has been studying star performers for about 10 years at companies such as Bell Labs, 3M, and Hewlett-Packard. URL for this article: http://www.fastcompany.com/magazine/15/star.html

Bloomberg, 12/16/2008
Goodfriend discusses central bank monetary policy
Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, appeared on Bloomberg’s “On the Economy” broadcast to discuss central bank monetary policy and the impact of rate cuts on the dollar. URL for this podcast (scroll down about halfway for link): http://www.bloomberg.com/tvradio/podcast/ontheeconomy.html

Time, 12/17/2008
Fed can write unlimited checks on itself, says Goodfriend
As the nation’s central bank, the Federal Reserve is the only institution with the capacity to write unlimited checks on itself, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Basically, when the Fed buys something, it can create the money to pay for it out of thin air. URL for this article: http://curiouscapitalist.blogs.time.com/2008/12/16/at-the-fed-rate-cuts-arent-where-the-action-is-any-more-quantitative-easing-is/

The Jewish Chronicle, 12/18/2008
Spatt: Lack of transparency contributed to decline
At a panel in downtown Pittsburgh, Chester Spatt criticized financial institutions for “outsourcing their due diligence.” Spatt, Kenneth B. and Pamela R. Dunn Professor of Finance; Director, Center for Financial Markets, also expressed concern about the lack of transparency of these firms. URL for this article: http://www.pittchron.com/pages/full_story?hash=comments_784911&page_label=news_metro&id=784911&article-Hoffman-Economy-could-rebound-in-second-half-of-%20=&widget=push&instance=secondary_stories_right_column&open=

Washington Post, 12/18/2008
Fed needs to think about its strategy and role, says Goodfriend
The Federal Reserve needs to be thinking about the overall strategy of regulation as well as the role it wants to play in implementing that strategy, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. The Fed’s structure is designed to insulate its leaders from politics. URL for this article: http://www.washingtonpost.com/wp-dyn/content/article/2008/12/18/AR2008121801695.html?hpid=topnews

Pittsburgh Business Times, 12/19/2008
Goodfriend reserves judgment on Obama infrastructure plan
Investing in the nation’s infrastructure is a good idea, but an immediate economic stimulus is not guaranteed, according to Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend says details of President-elect Barack Obama’s plan are still fuzzy, so he cannot proclaim himself for or against it. This article is available by paid subscription only. For a complete copy, please contact Barbara Feldman.

Bloomberg TV, 12/19/2008
Goodfriend appears on Bloomberg Television
Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, granted a live interview to the “In Focus” program on Bloomberg Television. A URL for this broadcast is unavailable.

MSNBC, 12/19/2008
Lave: Bailout money will help automakers ‘stagger on’
If the White House gives automakers bailout money, the companies won’t necessarily go into bankruptcy, 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 the automakers will “continue to stagger on.” URL for this article: http://www.msnbc.msn.com/id/28300781/

Dallas News, 12/19/2008
Meltzer: Recession unlikely to extend much beyond summer
So far, no economic forecast projects the current recession as extending much beyond the summer of 2009, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says people who compare the current situation to the Great Depression “are either scare mongers or don’t know what they are talking about.” URL for this article: http://www.dallasnews.com/sharedcontent/dws/dn/opinion/points/stories/DN-pointofcontact_21edi.State.Edition1.1965ced.html

CNBC, 12/19/2008
Meltzer: Bailouts an example of ‘Congress in action’
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, calls bailouts “Congress in action.” He says the problem is that the government is not paying attention to useful things it could be doing for people who actually need help. URL for this article: http://www.cnbc.com/id/28312014

Valley News Dispatch, 12/21/2008
Lave: Construction in Alle-Kiski Valley will create jobs
Determining what kind of impact a $1.2 billion project will have on Pennsylvania’s Alle-Kiski Valley is speculative, but the consensus is there will be an impact. 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, says construction alone will likely create a tremendous amount of jobs. URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/business/s_603851.html

Get Elastic, 12/22/2008
MAP decision unlikely to hurt online retailers, says Smith
A decision that upholds manufacturers’ rights to set and enforce minimum advertised pricing will not lead to a mass exodus from online shopping because lower prices aren’t the main value people get from the Internet, says Michael Smith, Dean's Career Development Associate Professor in Information Systems Heinz School and Joint Appointment at Tepper School of Business. However, taking away small retailers’ pricing advantages will strengthen the hand of large players, he adds. URL for this article: http://www.getelastic.com/map-pricing/

Miami Herald, 12/22/2008
Solar skeptics cite uncertainty
Though supporters of solar power insist that support from utilities and politicians would make solar energy more cost-effective, economists aren’t so sure. Among the skeptics is Jay Apt, Executive Director of Carnegie Mellon Electricity Industry Center, Associate Research Professor, Distinguished Service Professor in Engineering and Public Policy, who says there are many uncertainties related to solar power. URL for this article: http://www.bradenton.com/916/story/1112661.html

Nextgengop.com, 12/23/2008
Meltzer: U.S. unemployment rate slightly worse than average postwar recession
Most forecasts estimate that unemployment in the U.S. will peak at about 8.5 percent, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. While the state of the economy seems severe, that rate is a bit worse than the average postwar recession, Meltzer says. URL for this article: http://www.nextgengop.com/2008/12/23/exclusive-economist-allan-meltzer-on-the-coming-battle-over-job-creation/

News Blaze (Folsom, California), 12/23/2008
Meltzer: Fed has taken unprecedented expansion in role
In the past year, the Federal Reserve has expanded its economic role more than it had in its previous 94 years, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. In his book, Meltzer describes how monetary policymakers had been cautious in using their authority in the past. URL for this article: http://newsblaze.com/story/20081223093541tsop.nb/topstory.html

Miami Herald, 12/26/2008
Lave: Food into fuel ‘a dumb idea’
Count Lester Lave among the growing number of critics who say subsidies for ethanol have raised food prices and contributed to food shortages in some parts of the world. 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, calls the food-as-fuel strategy “a dumb idea.” URL for this article: http://www.keysnet.com/205/story/52577.html

Pittsburgh Business Times, 12/26/2008
Alum uses business experience as adjunct professor
Art Boni, John R. Thorne Chair of Entrepreneurship; Associate Teaching Professor of Entrepreneurship; and Director, Donald H. Jones Center for Entrepreneurship, tapped Tepper alum Chris Cynkar to serve as an adjunct professor of entrepreneurship. In his day job, Cynkar is the founder and president of Swisshelm Park Investors LLC, a private equity firm in Pittsburgh’s east end. URL for this article: http://pittsburgh.bizjournals.com/pittsburgh/stories/2008/12/29/focus12.html?b=1230526800%5E1752659

New York Times, 12/27/2008
No math model to guide the Fed, says Meltzer
Finding the appropriate point for the Federal Reserve to act is a tricky business, allows Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. He points out that no math model can really tell the Fed when to act or how. http://www.istockanalyst.com/article/viewiStockNews/articleid/2910977

Bloomberg, 12/30/2008
Meltzer: Regulation not the solution for markets
Regulation is unlikely to solve problems with the markets, which have a history of circumventing rules, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. As a case in point, Meltzer pointed to the Basel Accords, which required banks that hold more risky assets to hold more reserves, prompting banks to hold them off their balance sheets. URL for this article: http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_baum&sid=aR6Eq.uqJAyA

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