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Archives for: March 2009


Moment Magazine, 3/1/2009
Meltzer: Current monetary policy could cause future inflation
Current monetary policy could cause inflation in the future, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says it’s a bad idea to have the power to create money to be used to finance the government deficit. URL for this article: http://www.momentmag.com/Exclusive/2009/2009-04/200904-History%20Box.html

WPXI-TV, 3/1/2009
Goodfriend appears on WPXI-TV
Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, appeared as a guest on WPXI-TV’s “Our Region’s Business” program. The topic was the status of the economy and the need to stabilize the banking system. No URL is available.

Bloomberg, 3/1/2009
Geithner didn’t force cushions or control risk, says Meltzer
While banks loaded up on mortgage-backed securities and derivatives, Timothy Geithner failed to use his power to force the firms to build adequate cushions and risk controls, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Citigroup Inc. led the buying frenzy on Wall Street before unraveling under its own weight. URL for this article: http://www.delawareonline.com/article/20090301/BUSINESS/903010317

Daily Markets, 3/2/2009
Goodfriend: Fed, Treasury should reach understanding on credit policy
The Federal Reserve should perform only those functions that must be carried out by an independent central bank, according to Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend has advocated an understanding or agreement between the Fed and Treasury on credit policy. URL for this speech: http://www.dailymarkets.com/releases/2009/03/02/speech-by-richmond-fed-presdient-lacker-full-text/

Wall Street Journal Online, 3/3/2009
Shopping online is better for the environment, study finds
A study by the Green Design Institute finds that shopping online uses a third less energy than traditional retail. The study offers a scientifically rigorous estimate of e-commerce’s green benefits. URL for this article: http://blogs.wsj.com/digits/2009/03/03/the-green-side-of-online-shopping/

Minnesota Daily, 3/3/2009
Trick discusses baseball scheduling in lecture at University of Minnesota
Michael Trick, Professor of Operations Research, discussed his approach to scheduling Major League Baseball in a lecture at the University of Minnesota. Sports schedules impact players, fans, television coverage, and by association, advertising dollars. URL for this article: http://www.mndaily.com/2009/03/02/secrets-sports-scheduling

Irish Independent, 3/4/2009
Alumnus emerging as respected commentator on recession
A Tepper School alumnus has emerged as one of Ireland’s most respected commentators during the current recession. Alan Ahearne, who earned both an MSIA and PhD from Tepper, now teaches at NUI Galway. URL for this article: http://www.independent.ie/education/features/economics-prof-predicts-a-boom-1660208.html

Washington Times, 3/4/2009
Meltzer: Market dips are a vote of no confidence
The stock market is not fluctuating, but rather has been substantially down for the most part, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the market falls especially on days when the administration announces plans and proposals, and the president should not dismiss what he calls a vote of no confidence. URL for this article: http://www.washingtontimes.com/news/2009/mar/04/obama-urges-long-term-view-on-markets/

American Banker, 3/5/2009
Fed expanding too far, Meltzer says
The Federal Reserve is expanding too far and in too many ways, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Nothing will stop the Fed from expanding if they sell debt notes, Meltzer says. This article is available through a free trial subscription at the following URL: http://www.americanbanker.com/article.html?id=20090304F7O89564&id=meltclick

Kansas City Star, 3/6/2009
Kansas City Fed president ‘courageous’ for stance, Meltzer says
Tom Hoenig, president of the Federal Reserve Bank of Kansas City, was “courageous” for urging Washington to stop rescuing banks deemed too big to fail, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Hoenig’s remarks to a private audience in Omaha, Nebraska, drew strong support and opposition.

Pittsburgh Tribune-Review, 3/8/2009
Lave: Pickens plan is self-serving
Lester Lave is among those who think T. Boone Pickens’ energy plan is self-serving. Lave is the 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. URL for this article: http://www.istockanalyst.com/article/viewiStockNews/articleid/3099145

Pittsburgh Post-Gazette, 3/10/2009
Tepper School alum announces mayoral candidacy
A Tepper School alumnus has announced his plans to run for mayor of Pittsburgh. Franco Dok Harris is the son of Steelers Hall of Famer Franco Harris and a 2008 MBA graduate of the school. URL for this article: http://www.post-gazette.com/pg/09068/954296-100.stm

Seeking Alpha, 3/12/2009
Fed matching fund program suggested by Meltzer
The Federal Reserve should offer to match equity investors’ funds in banks, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. For example, if a bank wants $20 billion, it should have to raise $10 billion to get a matching amount by the government. URL for this article: http://seekingalpha.com/article/125723-another-bank-plan-allan-meltzer

American Enterprise Institute, 3/12/2009
Meltzer: Capitalism has weathered worse problems than weak economy
Capitalist systems have weathered many problems more serious than the current economic crisis, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says capitalism now encompasses most of the world’s economies despite almost continuous hostility. URL for this article: http://www.aei.org/publications/pubID.29525,filter.social/pub_detail.asp

Irish Independent, 3/14/2009
Tepper alum appointed to key finance position in Ireland
One of Ireland’s leading economists, Tepper School alum Alan Ahearne, has been appointed economic adviser to the country’s Minister for Finance. The move comes just three weeks before one of the most important budgets in the history of the state. URL for this article: http://www.irishtimes.com/newspaper/ireland/2009/0314/1224242849576.html

Pittsburgh Tribune-Review, 3/15/2009
McGinnis Venture Competition offers opportunities to student entrepreneurs
The McGinnis Venture Competition allows students the chance to impress judges that they have viable concepts and sound business plans, says Arthur Boni, John R. Thorne Chair of Entrepreneurship; Associate Teaching Professor of Entrepreneurship; and Director, Donald H. Jones Center for Entrepreneurship. URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/news/cityregion/s_616170.html

PNN Online, 3/17/2009
Sieg: Key in on social status, visibility
Donors spend more on benefits that convey social status and offer visibility, according to new research co-authored by Holger Sieg, Professor of Economics. Sieg says such donors are key to the sustainability of nonprofit organizations, so it’s important to appeal to what motivates them. URL for this article: http://www.pnnonline.org/article.php?sid=8718&mode=thread&order=0&thold=0

Radio Free Europe, 3/20/2009
Meltzer: India and China ‘bright spots’ in economy
Most of the world economy is declining, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. However, Meltzer reports there are some bright spots, including India and China. URL for this article: http://www.rferl.org/content/Economist_Evaluates_IMF_Report_On_Global_Recession_/1513654.html

Investment News, 3/22/2009
Green: Study shows that lack of transparency in muni market lets broker-dealers act noncompetitively
A muni bond study underscores what researchers have been finding for some time, according to Richard Green, Richard M. and Margaret S. Cyert Chair; Professor of Financial Economics; Associate Dean, Research. That finding is that the lack of transparency in the municipal market gives broker-dealers opportunities to act in noncompetitive ways. URL for this article: http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090322/REG/303229986/1009/TOC

Bloomberg, 3/23/2009
Geithner’s plan helpful, but Congress clobbered rule of law, says Meltzer
Treasury Secretary Timothy Geithner’s plan “will certainly help,” says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. At the same time, Congress has “really clobbered the rule of law,” he says – and that has “terrible implications for the future.” URL for this article: http://www.bloomberg.com/apps/news?pid=20601068&sid=aKIxFGeuTXG8&refer=economy

SNL Financial, 3/23/2009
Lave, Apt co-author study on cap-and-trade system
In addition to creating a cap-and-trade system, Congress should also design a tradable carbon emission portfolio standard, according to a study co-written by 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, and Jay Apt, Executive Director of Carnegie Mellon Electricity Industry Center, Associate Research Professor, Distinguished Service Professor in Engineering and Public Policy. URL for this article: http://www.snl.com/interactivex/article.aspx?CdId=A-9249475-10590

NJ.com, 3/23/2009
Meltzer: Public tolerates wars won at a ‘reasonable cost’
The public tolerates wars if the United States wins them at a reasonable cost, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. He says the public turns against wars that appear to be stalemated and fail to realize a clear objective. URL for this article: http://www.nj.com/us-politics/index.ssf/2009/03/arena_on_the_us_in_afghanistan.html

American Banker, 3/23/2009
Meltzer: Fed should not be taking on so many risky assets
By accepting toxic assets on bank balance sheets as collateral for loans, the Federal Reserve is doing what a central bank should never do: Take on many risky assets, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the Fed sacrificed its independence earlier in the crisis. URL for this article: http://www.americanbanker.com/article.html?id=20090323GNHDO8IU&id=meltclick

Radio Free Europe, 3/24/2009
Obama should let insolvent banks fail, says Meltzer
President Obama should let insolvent banks fail, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. The White House plan was leaked to reporters on March 22. URL for this article: http://www.rferl.org/content/US_Market_Responds_Well_To_Obamas_Toxic_Debt_Plan/1515739.html

Financial Times, 3/24/2009
Goodfriend: Joint statement a good first step, but more needs to happen
A joint statement of principles by the Federal Reserve and the Treasury was a good first step, but more needs to be done, according to Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Without agreed guidelines, the central bank is exposed to actions that could undercut its independence, Goodfriend says. URL for this article (requires free registration): http://www.ft.com/cms/s/0/d66b6496-18a7-11de-bec8-0000779fd2ac,dwp_uuid=a4559040-e7c3-11dd-b2a5-0000779fd2ac.html?nclick_check=1

Pittsburgh Tribune-Review, 3/25/2009
Srinivasan gets named professorship
Kannan Srinivasan, H.J. Heinz II Professor of Management, Marketing and Information Systems, is the first faculty member to hold the Rohet Tolani Distinguished Professorship in International Business. The professorship was established by Tolani, who earned his MSIA from what is now the Tepper School in 1977. URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/business/s_617645.html

Quarterly Journal of Central Banking, 3/27/2009
Goodfriend: More needs to be done to clarify Fed’s role
Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, welcomes a move by the Federal Reserve to clarify its role as a guardian of financial stability. However, he believes more needs to be done. A URL for this article is not available. For a complete copy, please contact Barbara Feldman.

Newsweek, 3/28/2009
Meltzer: Government should spend more on spurring investment
The government is spending too much to redistribute income and too little to spur investment, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer believes the stimulus program addresses old Democratic priorities that do not contribute to recovery. URL for this article: http://www.newsweek.com/id/191395

Bloomberg, 3/30/2009
Meltzer: Let bankers fail if they use poor judgment
The idea that a new regulator will be able to judge what’s risky and what’s not is “a joke,” according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Rather, he believes bankers should be told they fail if they do not exercise good judgment. URL for this article: http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_baum&sid=a8XSXLwtDD9c

Bloomberg, 3/30/2009
Fed won’t be allowed to raise interest rates while Treasury sells debt, says Meltzer
If the economy is slow to recover, Allan Meltzer questions who is going to watch the Federal Reserve raise interest rates as the Treasury sells a mountain of debt. Meltzer, The Allan H. Meltzer University Professor of Political Economy, says politicians will not allow such a scenario. URL for this article: http://www.bloomberg.com/apps/news?pid=20601087&sid=am2iOTHhmoo4&refer=home

The Tartan, 3/30/2009
Ales questions value of note-sharing service
A new note-sharing service that is being introduced at Carnegie Mellon could prompt students to spend time on material unrelated to their coursework, says Laurence Ales, Assistant Professor of Economics. Ales says if students have questions, they should use existing resources such as office hours. URL for this article: http://www.thetartan.org/2009/3/30/news/notes

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