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Archives for: April 2008


The Economist, 4/3/2008
Meltzer: Regulatory competition is sometimes helpful
Regulatory competition is not always bad, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. For example, the Federal Reserve has been coaxed forward by more proactive agencies many times over the years.

The Guardian, 4/4/2008
Goodfriend: Cyclical declines tend to be triggered by radical events
During the past couple of decades, the industrialized world has successfully tamed inflation, says Marvin Goodfriend, Professor of Economics and Chairman of the Gailliot Center for Public Policy. Goodfriend suggests that it takes a more radical event to trigger a cyclical decline, such as the end of the technology boom or the current sub-prime mortgage crisis.

Pittsburgh Post-Gazette, 4/4/2008
Tepper School alumnus to oversee Schenley Plaza
James Griffin, who earned an MSIA from the Tepper School in 1999, will be working a stone’s throw from his alma mater now that he has been named manager of Pittsburgh’s Schenley Plaza. As such, Griffin will oversee programming events and performances, facility rentals, food concession tenants and the carousel.

Pittsburgh Business Times, 4/4/2008
Small Pittsburgh companies may find buyers among recent college grads
Small Pittsburgh-area companies may find potential buyers among recent college graduates, according to John O’Connor, a business broker who also teaches through the Donald H. Jones Center for Entrepreneurship. O’Connor says he is seeing younger groups at Carnegie Mellon getting together to try and buy companies.

BusinessWeek, 4/7/2008
Alum’s company makes BusinessWeek 50
Cognizant Technology Solutions, one of the fastest-growing Indian outsourcers, ranked 19th on the BusinessWeek 50 list. Chief executive Francisco D’Souza, who graduated from the Tepper School in 1992, projects another growth spurt this year.

Canadian Driver, 4/7/2008
Green Design Institute publishes study on plug-in hybrid electric vehicles
A new study from the Green Design Institute reports that while plug-in hybrid electric vehicles can reduce greenhouse gas emissions by 32 percent over their life cycle compared to conventional vehicles, their benefit over current hybrid vehicles depends largely on the source of electricity used to charge them. The study was published in Environmental Science and Technology.

Pittsburgh Post-Gazette , 4/7/2008
Meltzer photographed at History Makers Gala
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, was among the 250 prominent Pittsburghers featured as part of the History Makers Gala at the Westin Convention Center. Meltzer was photographed for the Pittsburgh Post-Gazette’s Seen column.

Pittsburgh Tribune-Review, 4/7/2008
Two Tepper School ties to History Makers Gala
Two prominent names linked to the Tepper School were included at the History Makers Gala at Pittsburgh’s Westin Convention Center. They included Allan Meltzer, the Allan H. Meltzer University Professor of Political Economy, and the late Herbert Simon, former faculty member and Nobel laureate, who was represented by his daughter, Kathy Simon Frank.

New York Times, 4/9/2008
Meltzer: Criticism of Bernanke by past chairman is unprecedented
The criticism of Federal Reserve chairman Ben Bernanke by past chairmen is unprecedented in the history of the central bank, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Former chairman Paul Volcker chided Bernanke for his bailout of Bear Stearns.

New York Times, 4/14/2008
Current crisis has dampened enthusiasm for Milton Friedman’s ideas
Milton Friedman was “almost brilliant” about getting his ideas into the public domain, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the current economic crisis has dampened enthusiasm for those ideas, and the country is headed into a period of greater regulation.

The Tartan, 4/14/2008
Tepper School well represented in newly elected student government
Three Tepper School undergraduates are among the leaders of Carnegie Mellon’s newly elected student government. Junior Jared Itkowitz is student body president; sophomore Pooja Godbole is student body vice president; and junior Evan Osheroff is vice president of finance.

The Tartan, 4/14/2008
Economics major teaches sneaker course
A Tepper School junior majoring in economics is one of the driving forces behind “Sneakerology 101,” a three-credit course on the history, culture, and design of sneakers. Jesse Chorng co-created and co-teaches the course, which is offered through the Student College, an organization of classes taught by students.

The Tartan, 4/14/2008
Green Design Institute part of campus move toward environmentalism
Carnegie Mellon is moving toward changes in academic affairs related to a growing interest in environmentalism. The Green Design Institute is a multidisciplinary research initiative aimed at forming partnerships with outside organizations to develop design and manufacturing policies that can improve environmental quality.

Desert Dispatch, 4/14/2008
Meltzer: More regulation headed this way
The United States is headed toward a period of more regulation, which will have a negative impact on the economy, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer believes the current crisis has dampened enthusiasm for the free-market policies espoused by Milton Friedman.

Pittsburgh Post-Gazette , 4/15/2008
Tepper School alum running for state rep
A Tepper School alumnus is running for the Democratic nomination to run for the seat held by retiring Pennsylvania Rep. Tom Petrone. John Paul Jones, who earned a BS in 1987, gave up his job with the state Department of General Services to run for the seat.

Seattle Post-Intelligencer, 4/15/2008
McCain proposes gas tax suspension, but Lave has opposite idea
Sen. John McCain proposed a summer-long suspension of the federal gas tax during a speech at Carnegie Mellon, but Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor, Director of Green Design; Co-Director, Electricity Industry Center, has other ideas. Lave says the U.S. should increase its gas tax to $3.50 per gallon, putting it more on par with Europe and allowing big, more stimulating cuts in Social Security payroll taxes.

Atlanta Journal-Constitution, 4/16/2008
Lave: Oil demand will put pressure on airlines
The increasing global demand for oil will put more pressure on airlines to increase efficiency and revenues, 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. However, attempts to boost prices – for better space or premium service on the plane, for example -- have failed in the past, Lave says.

Pittsburgh Post-Gazette , 4/16/2008
MBA student skeptical of McCain’s proposed gas tax suspension
Presidential candidate John McCain’s proposal to suspend the federal gas tax for summer months is just a proposal designed to win the hearts of voters, according to Dirk Pohlers, an MBA candidate at the Tepper School. Pohlers, who was among those who attend McCain’s speech at Carnegie Mellon, says he believes McCain is sincere, but the gas tax idea won’t solve anything and could, in fact, make the energy crisis worse.

Pittsburgh Tribune-Review, 4/16/2008
McCain’s proposal is ‘pandering,’ says Lave
Presidential candidate John McCain is intelligent and understands the potentially negative ramifications of suspending the federal gas tax during the summer, 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. Lave believes the only way to bring prices down is to reduce demand, and he characterized McCain’s proposal as “political pandering.”

Small Business Times, 4/18/2008
Revealing deadlines can give advantage in negotiations, study shows
Research by Don Moore, Carnegie Bosch Faculty Development Chair; Associate Professor of Organizational Behavior & Theory, indicates that setting a deadline gives strategic advantage in negotiations. Moore’s study shows that negotiators who reveal their deadlines to the other party achieve better outcomes than those who keep the deadlines secret.

Red Orbit (Texas), 4/20/2008
Lave: U.S. needs all the ethanol it can get
The United States should import more Brazilian ethanol, 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 U.S. could use all the ethanol it can get.

Bloomberg, 4/21/2008
Meltzer: Bernanke’s monetary policy is flawed
In monetary policy, Federal Reserve Chairman Ben Bernanke has faltered, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the Fed, in ignoring the inflationary potential in its latest interest rate cuts, is creating the possibility of negative real interest rates.

Market News International, 4/21/2008
Goodfriend suggested expansion of monetary base through purchase of some illiquid assets in 2002
The expansion of the monetary base by buying various illiquid assets was an idea offered by Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, in 2002 according to transcripts of the 2002 Federal Open Market Committee meetings. That proposal was offered as a potential solution if the Federal Reserve ran out of room to lower the funds rate.

Detroit News, 4/21/2008
Rising fuel costs drive Delta, Northwest merger
Surging fuel costs were a driving force behind the merger of Delta Air Lines and Northwest Airlines Corp., and prices are expected to continue rising. During the next three years, world demand for oil will increase, 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.

KDKA, 4/23/2008
Lave: Grocery prices likely to continue rising
Rising grocery prices are tied in part to the use of the corn crop to make ethanol, meaning there is less grain for feeding animals, explains Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor, Director of Green Design; Co-Director, Electricity Industry Center. Lave believes that while gasoline prices may fall a bit before the November elections, food costs will likely continue to rise.

BusinessWeek, 4/24/2008
Bezos an ideal speaker for the Tepper School, says dean
Amazon CEO and founder Jeff Bezos is an ideal commencement speaker for the Tepper School because of the way he has combined business and technology, says Dean Kenneth Dunn. That’s because the school is known for producing graduates with great skills in analytical decision-making, he adds.

MSNBC.com, 4/24/2008
Further airline consolidation ‘inevitable,’ says Baybars
Consolidation in the airline industry is inevitable because of rising fuel prices, says Deputy Dean Ilker Baybars, Professor of Operations Management and Manufacturing. Baybars believes mergers will be good for the industry.

Associated Press, 4/25/2008
Baybars: Economics of the oil industry ‘don’t make sense’
Even at current fare levels, the economics of the airline industry don’t make sense, according to Deputy Dean Ilker Baybars, Professor of Operations Management and Manufacturing. Though past recessions have spawned low-cost carriers, that would be tough now due to the rise in oil prices.

The Peninsula, 4/25/2008
Qatar-based professor introduces entrepreneurial concepts to elementary school students
George White, an Associate Teaching Professor at Carnegie Mellon’s Qatar campus, introduced the idea of entrepreneurship to elementary school students in February. White encouraged the students to think of something new that people needed, and then create it.

Pittsburgh Tribune-Review, 4/28/2008
Alum helps seed ultimate Frisbee scholarship
Tepper School alumnus Henry Thorne, who started playing ultimate Frisbee in 1977, got a scholarship fund rolling by donating $5,000 and putting organizers in touch with the Heinz Endowments. The Pittsburgh High School Ultimate League is about halfway to its goal of setting up a $100,000 endowment to fund a $4,000 scholarship for its outstanding players.

Bloomberg, 4/28/2008
Fed needs to pay more attention to price pressures
To avoid squandering gains made by former Federal Reserve Chairman Paul Volcker, incumbent Ben Bernanke may need to start paying more attention to the price pressures that are countering his effort to prop up a weakening economy. The Fed must be willing to risk the possibility of a small recession if it wants to avoid ending up with a big one, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy.

The Herald (U.K.), 4/28/2008
Meltzer: Bernanke’s monetary policy is ‘silly’
Federal Reserve Chairman Ben Bernanke’s monetary policy is silly and is designed to head off a possible recession that hasn’t come yet, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer also says the Fed should never take credit risks, especially to save floundering banks.

The Tartan, 4/28/2008
Undergraduate students oppose plus-minus grading system
A study by a statistics class shows that 68 percent of undergraduates oppose the implementation of plus-minus grading. Among them is Jared Itkowitz, a junior who is double majoring in Business Administration and Chinese studies; he believes the new grading system would not address student stress levels.

The Tartan, 4/28/2008
Graduating seniors turn over reins of student government
Tepper School undergraduate classmates Sean Weinstock and Adi Jain, who also attended high school together in California, have turned over the reins of student government leadership. Both are graduating seniors and have been in office since September.

Canadian Business, 4/28/2008
Fed restrictions exacerbated by lack of members on Board of Governors
Having a fully staffed Board of Governors may not have changed recent policy decisions by the Federal Reserve, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. However, having only five governors instead of the full slate of seven means Fed Chairman Ben Bernanke can only brainstorm with one adviser at a time due to the bank’s so-called sunshine restrictions.

Pittsburgh Business Times, 4/29/2008
Tepper alum turns theater over to nonprofit group
A Tepper School alumnus has turned the Denis Theatre in Mount Lebanon over to a nonprofit group that may reopen it as a cinema and cultural center. D. Raja, who earned his MBA in 2003 and founded a software development firm, also made a $5,000 donation to the group.

Wall Street Journal Blog, 4/29/2008
Goodfriend’s 2002 paper foreshadowed current Fed situation
A 2002 paper by Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, foreshadowed the Federal Reserve’s current situation. Since August, the Fed has sold off or lent out half the $800 billion in Treasurys on its balance sheet in return for less liquid loans and securities to normalize credit markets.

MarketWatch, 4/29/2008
Fed’s bailout of Bear Stearns a good thing to do, but not best course of action, says Meltzer
The Federal Reserve’s bailout of Bear Stearns may not have been the best course of action, but it was a “good thing to do,” says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. One former top Fed staffer, Vincent Reinhart, disagrees and says it was an error of “catastrophic” proportions.

Fortune Small Business, 4/29/2008
Several factors to consider when establishing Web presence
There are several factors to consider when establishing a Web presence, according to Robert Monroe, Associate Teaching Professor, Information Technology and Computer Science. Those factors include the type of business, what you want to do online, and your level of technical savvy.

Dow Jones Newswire, 4/30/2008
Fed may be nearing bottom on interest rate cuts
By moving a quarter point with two dissents and more concerns about inflation, there is some sense that the Federal Reserve is nearing a bottom on interest rate cuts, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Policymakers are struggling to manage the twin forces of inflation and growth.

New York Times, 4/30/2008
Fed using short-term data leading to long-term consequences, says Meltzer
The Federal Reserve, which reduced interest rates for the seventh time in seven months, is repeating the mistakes of the 1970s by using short-term data to make decisions with long-term consequences, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer believes the Fed should return to the Great Moderation period of 1985 to 2003.

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