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Archives for: March 2008


Bloomberg, 3/1/2008
Meltzer criticizes Fed for approach to interest rates
Allan Meltzer is faulting some Federal Reserve officials for a plan to reverse interest rate cuts when its insurance against slow economic growth is no longer needed. Meltzer, The Allan H. Meltzer University Professor of Political Economy, describes that approach as “we’re going to solve one problem and create another, and then we’re going to try to solve that.”

The Forward, 3/1/2008
Lerrick: U.S. criticism weakens IMF’s authority to comment on China
U.S. criticism will weaken the authority of the International Monetary Fund 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. Lerrick believes the Chinese are likely to point out that even the U.S. doesn’t trust the IMF’s view.

Foreign Policy, 3/1/2008
Meltzer offers some kudos, some criticism for Bernanke
Federal Reserve Chairman Ben Bernanke deserves credit for finding creative ways to provide cash to the market, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. However, Meltzer faults Bernanke for dropping interest rates and putting up $30 billion at the taxpayers’ risk to help JPMorgan Chase acquire Bear Stearns.

Seeking Alpha, 3/2/2008
Bernanke insists that inflation will come down
Federal Reserve Chairman Ben Bernanke insists that the economy is not experiencing stagflation and says he believes inflation will come down this year. That assessment stands in sharp contrast to that of Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, who wrote in the Wall Street Journal that inflation will lead to a recession.

London Times, 3/2/2008
Meltzer: Fed actions ‘unseemly and dangerous’
Faced with the risk of a recession, Federal Reserve Chairman Ben Bernanke has decided that inflation is the lesser evil. That philosophy has drawn a harsh response from Alan Meltzer, The Allan H. Meltzer University Professor of Political Economy, who has criticized the central bank for its “unseemly and dangerous response to pressures from Wall Street.”

New York Times, 3/2/2008
Class contributes to design of truck cab
A class at the Tepper School has contributed to the design of LoneStar, a truck cab for 18-wheel tractor-trailers. The Integrated Product Design Class, taught by Associate Professor of Marketing Peter Boatwright and others, analyzed the historical typology of International trucks.

Pittsburgh Tribune-Review, 3/5/2008
Electricity rates higher in competitive states
Customers in states that restructured their power industry to create a more competitive market now pay more for electricity than consumers in noncompetitive states, according to a study by the Electricity Industry Center. Those results were surprising, says one of its authors, Jay Apt, Executive Director, Electricity Industry Center; Associate Research Professor; Distinguished Service Professor in Engineering and Public Policy.

Gulf Times, 3/5/2008
Lecture series seeks to make connection between classroom, real world
Undergraduate students at Carnegie Mellon University in Qatar can learn about real-life experiences from prominent professionals through the new “Money Talks” finance lecture series. The idea is to show students how their skills can be applied in the real world, says Aziz Lookman, Assistant Professor of Finance, who also earned an MSIA and PhD from the Tepper School.

January Magazine, 3/5/2008
Alum’s debut novel gets warm reception
Tepper School alumnus Diane Wei Liang’s debut novel, The Eye of Jade, is getting strong reviews. Liang, who earned a PhD in 1994 and an MSIA in 1992, was one of the students who took part in China’s Tiananmen Square protest in 1989.

Sun Herald (Biloxi, Miss.), 3/6/2008
Tepper School team wins Corporate Finance Case Competition
A team from the Tepper School solved a case involving auction-rate bonds to win the school’s 16th annual Corporate Finance Case Competition. Team members, who are all students in the Tepper School’s full-time MBA program, are Curtis Stratman, Guy Levit, Uri Halfon, Jeff Strine and Sheridan Hodson.

Fox Business News, 3/7/2008
Meltzer appears on Neil Cavuto’s program
Tepper School professor and Federal Reserve expert Allan Meltzer appeared on Neil Cavuto’s Fox Business News Program. Meltzer, who is The Allan H. Meltzer University Professor of Political Economy, discussed the impact on the economy of interest rate cuts, the weak dollar, and high oil prices.

Pittsburgh Tribune-Review, 3/7/2008
Lave: No money set aside to fix gas lines
Many of the steel natural gas pipes in Western Pennsylvania need to be replaced with more durable plastic lines, but public officials have not appropriated money to fix the infrastructure, says Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor, Director of Green Design; Co-Director, Electricity Industry Center. Lave says many Americans seem to believe that “once you put something down, it lasts forever.”

KQV-AM, 3/8/2008
Lave discusses Daylight Savings Time
Tepper School professor Lester Lave gave an interview to Pittsburgh AM radio station KQV regarding daylight savings time. Lave is the Harry B. and James H. Higgins Professor of Economics and University Professor; Director of Green Design; and Co-Director of the Electricity Industry Center.

TCPalm.com (Florida), 3/10/2008
Telecommuting reduces job stress, improves morale
Thinking of a telecommuting arrangement as temporary may be useful in protecting a career, according to Denise Rousseau, H. J. Heinz II Professor of Organizational Behavior and Public Policy, Director, Project on Evidence-Based Organizational Practices. Research from Penn State indicates that telecommuting results in higher employee morale and job satisfaction, while reducing employee turnover and job stress.

Pittsburgh Business Times, 3/14/2008
Qatar campus offering executive education to energy company
Carnegie Mellon is working with about 50 top managers from Qatargas, a Doha-based energy company, to offer executive education courses on subjects such as global competitiveness, smart value creation, and other topics. John Lankford, Executive Director of Executive Education, says the goal is to help the company achieve its objectives in leadership.

San Diego Union-Tribune, 3/15/2008
Lave: Investors look to hedge against declining dollar through crude-oil futures
By investing in contracts for future deliveries of crude oil, investors see an opportunity to benefit from rising prices while hedging against the declining value of the dollar, says Lester Lave, the Harry B. and James H. Higgins Professor of Economics, University Professor and co-director, Carnegie Mellon Electricity Industry Center. Investors who would normally buy foreign bonds are increasingly seeing crude-oil futures as a better bet.

Bloomberg, 3/15/2008
Fed nervous about extending its lending reach, Goodfriend says
The Federal Reserve has been nervous about extending its lending reach beyond banks that have a role in the payment system, says Marvin Goodfriend, Professor of Economics and Chairman, The Gailliot Center for Public Policy. The central bank became a creditor to Bear Stearns by invoking a law that hasn’t been used since the 1960s; three days earlier, the Fed said it would swap Treasury notes on its balance sheet for privately issued mortgage-backed securities held by Wall Street firms.

MasterCard.com, 3/17/2008
Evidence-based practice helps managers reflect, think more about problems
By taking an approach that combines scientific research with an organization’s own experiences, managers can reflect and think more about problems, says Denise Rousseau, H. J. Heinz II Professor of Organizational Behavior and Public Policy; Director, Project on Evidence-Based Organizational Practices. Too often, managers rely on past practices to guide them in making decisions.

WTAE-TV, 3/17/2008
Goodfriend: Economic picture not as gloomy as portrayed
The Federal Reserve’s decision to cut interest rates is positive in the sense that it will eventually ease the mortgage crunch and help people move out of crisis, says Marvin Goodfriend, Professor of Economics and Chairman, The Gailliot Center for Public Policy. Goodfriend believes the country will work through its current economic troubles and notes that it takes time to repair markets, and the media is making the situation sound worse than it actually is.

Dow Jones Newswire, 3/18/2008
Fed should shape up eventually, Goodfriend predicts
Despite the uncertainty in the market, the fact that most mortgages remain solid means that over time, the Federal Reserve should be in good shape, says Marvin Goodfriend, Professor of Economics and Chairman, The Gailliot Center for Public Policy. However, Goodfriend warns that policy makers will face a lot of risk over the short term.

Associated Press, 3/18/2008
Goodfriend: Public may perceive desperation in Fed’s aggressive moves
The recent flurry of activity by the Federal Reserve carries the risk that people will perceive desperation in the moves, according to Marvin Goodfriend, Professor of Economics and Chairman, The Gailliot Center for Public Policy. Goodfriend believes the central bank’s aggressive actions are helpful for the economy, however.

USA Today, 3/18/2008
Meltzer: Fed was right to allow Bear Stearns to fail
The Federal Reserve’s decision to allow Bear Stearns to fail won kudos from Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. However, Meltzer is less enthusiastic about the Fed’s agreement to assume $30 billion worth of risk for the collateral put up by Bear Stearns.

Bloomberg TV, 3/19/2008
Goodfriend appears on Bloomberg TV
Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, appeared on Bloomberg Television. The segment aired March 19, 2008.

Associated Press, 3/19/2008
Goodfriend: Market is seeking stability
Volatility in the stock market is to be expected, with good news one day and bad news the next, according to Marvin Goodfriend, Professor of Economics and Chairman, The Gailliot Center for Public Policy. Goodfriend says the market is trying to find a stable point in being buffeted by good and bad revelations of matters involving credit.

BusinessWeek, 3/21/2008
Job prospects not dire, Keeley says
Today’s job market isn’t dire; in fact, 85 percent of MBAs had job offers this year, up from 79 percent last year, according to Kenneth Keeley, Executive Director of the Career Opportunities Center. However, Keeley notes, the job prospects are not as bright for those who are interested in financial services.

Pittsburgh Business Times, 3/21/2008
Tepper School team wins life sciences track in McGinnis Venture Competition
A team from the Tepper School is among the winners of the 2008 McGinnis Venture Competition, which aims to bring new technologies to market through entrepreneurship. The team of Alberto Gandini and Salman Mukhtar won in the life sciences segment by pitching a business called Tropical Health Systems, which hopes to cure malaria with a medical device that uses a magnetic filter to purify infected blood cells.

National Public Radio, 3/22/2008
Goodfriend appears on NPR to discuss economy’s affect on ordinary Americans
During a week of troubling economic news, Marvin Goodfriend, Professor of Economics and Chairman, The Gailliot Center for Public Policy, talked to National Public Radio about how the events affect ordinary Americans. Goodfriend’s interview with Andrea Seabrook aired March 22, 2008.

The Tartan, 3/24/2008
Preparations for Cornerstones Symposium under way
Preparation has begun for the Tepper School’s 2008 Cornerstones Symposium, “Entrepreneurial Pittsburgh: Building Bridges to a City’s New Future.” Attendees share ideas on methods and techniques for the improvement of city economies and infrastructure with references to energy sources, health services, robotics, and electronic graphic systems.

Pittsburgh Tribune-Review, 3/25/2008
Pittsburgh’s economic development will emerge from hospitals, universities
A new economy is emerging from organizations that are helping to translate the research base of institutions into economic development, according to Art Boni, John R. Thorne Chair of Entrepreneurship; Associate Teaching Professor of Entrepreneurship; and Director, Donald H. Jones Center for Entrepreneurship. That’s the premise behind the Tepper School’s “Cornerstones Symposium,” which suggests that fuel to grow Pittsburgh’s economy must emerge from its acclaimed hospitals and universities.

BusinessWeek Online, 3/25/2008
Tepper School experiencing ‘most competitive year ever’ for applicants
This has been the most competitive year ever for applicants to the MBA program at the Tepper School, according to Laurie Stewart, Executive Director of Master’s Admissions. Stewart says application volume is up about 14 percent so far this year, representing the fourth straight year of increase.

CNN, 3/25/2008
CNN features Goodfriend
Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, appeared on CNN. The segment aired March 25, 2008.

Bloomberg, 3/26/2008
Meltzer: Regulators shouldn’t count on luck in assuming risk for Bear Stearns collateral
Regulators are “playing with fire” by assuming $30 billion worth of risk for the collateral put up by Bear Stearns, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says with good luck, none of those liabilities will come due, but the Federal Reserve can’t rely on luck.

WRAL Local Tech Wire, 3/26/2008
Tepper School alum: Internet, lack of restrictions make competitive advantage difficult to maintain
The Internet and a lack of restrictions across the global economy make it harder for firms to sustain a competitive advantage, according to Tepper alumnus Jay Swaminathan, who now teaches at Kenan-Flagler Business School at the University of North Carolina. In the future, Swaminathan says companies will have to fight harder than ever to maintain an edge.

Providence Business News, 3/26/2008
Meltzer quoted in Providence Business News
The Providence Business News is reprinting a quote from Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer told the Bloomberg news service that regulators are “playing with fire” by assuming risk for the collateral put up by Bear Stearns.

Sun Herald (Mississippi), 3/27/2008
Lave: Cost of oil is still too low
Though the continuing rise in the price of oil is causing much lament around the country, fuel costs are actually well below what they should be to reflect actual market value, says Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor, Director of Green Design; Co-Director, Electricity Industry Center. Lave says if gas rose to $7 a gallon, it would help to curb demand, stimulate the economy and break America’s dangerous addiction to oil.

The American, 3/27/2008
Meltzer gives the Fed ‘a C or a C-‘
If Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, were grading the Federal Reserve, he would give the central bank a C or a C-, reflecting an average of one good grade and one poor grade. Meltzer says monetary policy is currently too lax, but the Fed’s credit policy has been good.

Wall Street Journal, 3/27/2008
U.S. does not need more regulation for economic stability, says Meltzer
The claim that the U.S. needs more regulation to bring stability to the economy is wrong, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. In fact, mistaken regulation greatly contributed to the current problems in financial markets, he says.

Washington Post, 3/27/2008
Lerrick: Markets a generation ahead of regulators
Regulators will always have a hard time keeping up with financial advances because markets tend to be a generation ahead, says Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. According to Lerrick, regulators might not even be able to catch up to the current crisis.

Toronto Globe and Mail, 3/28/2008
Guaranteeing Bear Stearns’ portfolio sets a bad precedent, Meltzer says
Guaranteeing Bear Stearns’ portfolio of troubled investments sets a bad precedent by transferring potential losses from the market to taxpayers, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer does not believe the current system can remain if bankers make the profits and taxpayers share losses.

Pittsburgh Business Times, 3/28/2008
Doing business in foreign countries can redefine ethics lines for U.S. companies
For companies doing business in foreign countries, including the Middle East, it can be difficult to distinguish between necessary relationship-building, kickbacks, and bribery, says John Hooker, T. Jerome Holleran Professor of Business Ethics and Social Responsibility; Professor of Operations Research. Hooker says it’s important for American companies to realize that their representatives overseas may have to do favors in order to build relationships with foreign officials.

Pittsburgh Tribune-Review, 3/29/2008
Lester Lave offers a modest proposal: $7-a-gallon gasoline
Doubling the price of gasoline is a smart move that would force motorists to conserve and reduce the nation’s reliance on foreign oil, says Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor, Director of Green Design; Co-Director, Electricity Industry Center. Lave says the $300 billion the U.S. spent on additional imported crude oil between 2003 and 2007 could have wiped out the federal deficit.

France24.com, 3/30/2008
Fed’s guarantee of Bear Stearns assets is a mistake, Meltzer says
The Federal Reserve’s decision to guarantee $30 billion in assets for Bear Stearns transfers protential losses from the market to the taxpayers, points out Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer believes the Fed’s action was a mistake.

KDKA-AM, 3/31/2008
Lave gives interview to KDKA Radio
Lester Lave gave an interview to KDKA Radio morning host Larry Richert detailing his reasons for wanting gasoline prices to increase to $7 a gallon. Lave said a gasoline tax could be used toward Social Security and high prices would do more to change consumer behavior.

CNN Money, 3/31/2008
Market-driven slowdown is not unprecedented, says Meltzer
The fact that the markets are dragging down the economy, as opposed to the economy driving financial problems, is unusual but not unprecedented, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. The last time it happened in the United States was 1929, although Meltzer does not suggest that another Depression is upon us.

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