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Archives for: March 2010


BusinessWeek, 3/1/2010
Enrollment doubles in Business, Government, and Strategy course
Enrollment in the Tepper School’s Business, Government, and Strategy course has doubled since 2009, 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 it’s hard to think of running any business in the U.S. without understanding what the federal government is doing. URL for this article: http://www.businessweek.com/bschools/content/mar2010/bs2010031_292440.htm

BusinessWeek, 3/2/2010
Meltzer weighs in on Fed vacancies
President Obama’s picks to fill vacancies at the Federal Reserve will probably be too soft on inflation and more concerned with unemployment, predicts Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Obama’s search is being led by U.S. Treasury Secretary Timothy Geithner. URL for this article: http://www.businessweek.com/news/2010-03-02/geithner-summers-leading-search-for-successor-to-fed-s-kohn.html

New York Times, 3/5/2010
Lave: Utilities can handle wind and solar energy in small doses
As long as the contribution of wind and solar energy is very small, utilities handle it well, 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. But nobody knows what percentage of renewable power will begin to cause a problem, he adds. URL for this article: http://www.gainesville.com/article/20100305/ZNYT01/3053015/1003/NEWS04?Title=The-Newest-Hybrid-Model

Wall Street Journal, 3/13/2010
Meltzer: Fed board could get more “dovish”
President Obama’s expected nominees to the Federal Reserve’s Board of Governors are expected to be more “dovish,” preferring a longer period of lower interest rates when joblessness is high, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. That counters the Fed’s “hawkish” policymakers, who place a higher priority on inflation risks than unemployment. URL for this article: http://online.wsj.com/article/SB10001424052748704131404575117713818507390.html?mod=WSJ_Stocks_RIGHTMoreInMarkets

Pittsburgh Tribune-Review, 3/13/2010
Lave uses Pittsburgh to show positive effects of environmental cleanup efforts
At a keynote speech a few years ago, Lester Lave showed photographs of Pittsburgh before and after the cleanup from its industrial heyday. The photos were a hit because they illustrated the point that nobody has to put up with pollution, says 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. URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/news/pittsburgh/s_671462.html

NPR, 3/15/2010
Meltzer: Fed will soon return to business as usual
The Federal Reserve has been an indifferent regulator, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says he expects the central bank, which is on the verge of getting more power thanks to new legislation, will be stricter for awhile, then return to business as usual. URL for this article: http://www.wbur.org/npr/124700181

Bloomberg, 3/15/2010
Meltzer to testify before House Financial Services Committee
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, is expected to appear on a panel regarding the Federal Reserve’s bank supervision powers. The panel will testify before the House Financial Services Committee. URL for this article: http://news.businessweek.com/article.asp?documentKey=1376-KZ6YXD07SXKX-4

Bloomberg, 3/16/2010
Goodfriend: U.S. not yet past risk of deflation in unit labor costs
The United States is not yet past the risk of deflation in unit labor costs, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Labor costs dropped at a 5.9 percent pace in the fourth quarter. URL for this article: http://www.businessweek.com/news/2010-03-16/fed-pledges-to-keep-rate-low-for-extended-period-update1-.html

New York Times, 3/16/2010
Goodfriend: Fed experimented with ending purchase of mortgage securities
The Federal Reserve was conducting an experiment by trying to end its purchase of mortgage securities, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend says the Fed would like private money to come back to the mortgage market, but the recovery of the housing market could stall if the interest-rate spread on mortgages over government securities necessary to bring private money back is too high. URL for this article: http://www.nytimes.com/2010/03/17/business/17fed.html?adxnnl=1&adxnnlx=1268831605-MN7a88UFT4A24gkiQgCbWA

Traders Magazine, 3/16/2010
Study: Maker-taker model distorts stock prices
A study co-authored by Chester Spatt finds that the maker-taker model deployed by exchanges and ECNs distorts stock prices. Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance; Director, Center for Financial Markets and the former chief economist for the Securities and Exchange Commission. URL for this article: http://www.tradersmagazine.com/news/maker-taker-pricing-study-105364-1.html

Pittsburgh Tribune-Review, 3/17/2010
Lave: Drilling Marcellus Shale could lead to economic boom
In the short term, a “fair number” of jobs will come from drilling for natural gas in the Marcellus Shale, 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 in the long term, the lure of cheap gas could lead to what he calls a “blue-collar boom” in the region. URL for this article: http://www.istockanalyst.com/article/viewiStockNews/articleid/3953990

News Journal (Delaware), 3/17/2010
Lave: Renewable energy goal impossible to meet by 2012
A goal of requiring every U.S. utility to get 10 percent of its energy from renewable resources by 2012 is impossible, 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 wind developers can’t ramp up fast enough to meet that demand in such a short amount of time. URL for this article: http://www.delawareonline.com/article/20100317/BUSINESS/3170318/1003/Governors-push-wind-proposals

Forbes, 3/17/2010
Meltzer testifies before Congress
The government can’t reduce or eliminate threats to the economy without imposing prudence on banks and their stockholders, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer was the lone witness chosen by Republicans to offer testimony before the House Financial Services Committee. URL for this article: http://www.forbes.com/2010/03/17/federal-reserve-bernanke-volcker-business-business-wall-street-fed.html?boxes=businesschanneltopstories

ArcaMax Publishing, 3/17/2010
Goodfriend: Fed must pull out of mortgage market eventually
The Federal Reserve can’t fund the mortgage market forever, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend says there has to be an exit. URL for this article: http://www.arcamax.com/businessnews/s-712806-920536

CNBC, 3/18/2010
Miller talks executive bonuses on CNBC
Robert Miller, professor of economics and strategy, appeared on CNBC’s “Street Signs” program. Miller was part of a panel discussing executive payout bonuses. URL for this video: http://www.cnbc.com//id/15840232?video=1444358744&play=1

Associated Press, 3/18/2010
Meltzer: No regulator can prevent all risks to the financial system
Allan Meltzer says he doubts any regulator could prevent all risks to the financial system. Testifying before the House Financial Services Committee, Meltzer, The Allan H. Meltzer University Professor of Political Economy, also said he feared the money pumped into the economy by the Federal Reserve would spur inflation. URL for this article: http://www.seacoastonline.com/articles/20100318-BIZ-3180384

Wall Street Journal, 3/19/2010
Meltzer: ‘Too big to fail’ is back
New financial regulations show the government has not learned from the mistakes of the past, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says regulations spearheaded by Senator Chris Dodd of Connecticut reinforce the concept of “too big to fail” by authorizing a Systemic Risk Council headed by the Treasury secretary. A URL for this article is not available.

Pittsburgh Tribune-Review, 3/22/2010
Meltzer: Health care reform is ‘missed opportunity’
Increasing insurance coverage is a good thing, but the health care reform bill passed by the House is seriously flawed, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer believes lawmakers missed an opportunity to reform the medical system by limiting malpractice suits. URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/news/s_672826.html

Carbondale News, 3/23/2010
Lave: Cheap gas could spur boom
Cheap natural gas could create a blue-collar boom, according to 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 some of the industries that run on low-cost fuel include glass making, fertilizer, and power plants. http://www.wayneindependent.com/lifestyle/x99764220/Natural-Gas-severance-tax-still-a-bad-idea

Reuters, 3/24/2010
Goodfriend: Fed’s proposed strategy too risky
The Federal Reserve’s plan to drain funds from its system through reverse repurchase agreements is risky, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend says that strategy’s success is too dependent on the whims of the private sector. URL for this article: http://www.itbusinessnet.com/articles/viewarticle.jsp?id=1025964

Christian Science Monitor, 3/25/2010
IMF going easier on Greece than individual countries might, says Meltzer
The International Monetary Fund’s conditions for bailing out financially beleaguered Greece may turn out to be more lenient than what European nations alone might have provided, says Allan Meltzer. Meltzer, the Allan H. Meltzer Professor of Political Economy, says the main problem with the IMF is its weak track record of enforcement. URL for this article: http://www.csmonitor.com/Money/new-economy/2010/0325/Euro-zone-includes-IMF-in-backup-bailout-for-Greece-debt

AFP, 3/26/2010
Meltzer: Some open market committee members influenced by politics
The votes of the Federal Reserve’s open market committee members are often influenced by their proximity to Washington politics, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Of the committee’s 10 voting members, five are members of the Fed’s Washington-based board of governors, and five are presidents of regional federal banks -- and, Meltzer says, the latter are less politically responsive. URL for this article: http://www.freemalaysiatoday.com/fmt-english/business/news-and-analysis/3812-ideological-battle-rages-at-heart-of-the-fed

Bloomberg, 3/26/2010
Goodfriend: Fed needs to return to Treasuries only
The Federal Reserve should return to Treasury securities only as soon as possible, says Marvin Goodfriend, professor of economics; director, The Gailliot Center for Public Policy. Goodfriend says such a switch would make it unnecessary for Congress to audit the Fed balance sheet. URL for this article: http://www.businessweek.com/news/2010-03-26/fed-officials-signal-asset-sales-will-play-bigger-role-in-exit.html

Bloomberg, 3/29/2010
Reliance on overnight lending risky for banks, says Meltzer
Banks should have learned by now that it’s dangerous to rely on overnight lending, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer cites Continental Illinois National Bank & Trust Co. as one example of a bank that failed when overnight lending grew costlier as lenders worried about its viability. URL for this article: http://news.businessweek.com/article.asp?documentKey=1376-L00KM00D9L35-4

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