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Archives for: June 2008


Delaware News Journal, 6/1/2008
Odds favor a wind-production tax credit in 2013, says Lave
The odds favor a wind-production tax credit in 2013, but there is no way to count on it, 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 there are other ways to subsidize renewable energy sources.

Virginia Business , 6/1/2008
Fed steps to contain the credit crisis amount to ‘credit policy’
The Federal Reserve’s steps to contain the credit crisis are distinct from its monetary policy. They are more properly regarded as “credit policy,” to borrow a phrase from Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, and former senior policy adviser for the Richmond Fed.

American Enterprise Institute, 6/1/2008
Fed safeguarding financial system but ignoring inflation risks, Meltzer says
The Federal Reserve is safeguarding the financial system but ignoring inflationary risks, much as it did in the 1970s, warns Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says part of the problem is that the Fed is not independent, but rather too heavily influenced by Congress and Wall Street.

InfoWorld, 6/2/2008
When structuring IT organizations, make sure nobody is indispensable
Before firing an IT employee, companies should make sure someone else knows what that person does and how to do it, says Bob Monroe, Associate Teaching Professor, Information Technology and Computer Science. Monroe says that’s why it’s important to structure an IT organization so that nobody is indispensable.

Bloomberg, 6/3/2008
Interest rates dropped ‘as low as they need to go,’ says Goodfriend
It is clear that the Federal Reserve has dropped interest rates as low as they need to go, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Soaring energy costs have spurred an increase in inflation expectations that’s getting the Fed’s attention.

Arizona Republic, 6/5/2008
Phoenix-Dubai airline route would be a stretch, says Baybars
Phoenix leaders hope to establish an airline route to Dubai by 2010, but that would be a stretch because there aren’t enough business or tourism ties, says Deputy Dean Ilker Baybars, Professor of Operations Management and Manufacturing. Air service from the United Arab Emirates to cities near Phoenix may also decrease the likelihood, he says.

Business Spectator, 6/6/2008
Baybars: Mergers are inevitable in airline industry
Although mergers are not easy, they are inevitable in the airline industry, where competition is high and margins are small, says Ilker Baybars, Professor of Operations Management and Manufacturing, Deputy Dean. However, as with past downturns, airlines will adjust and consumers will be fine, Baybars says.

Business Spectator, 6/7/2008
Predicted recession risk may be materializing
A prediction by Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, may soon come true: Namely, that a central bank unwilling to risk a small recession is destined to inflict a much larger one. Meltzer has warned that the Federal Reserve worried too much about pressure from Wall Street and Congress and too little about the risk of inflation.

Associated Press, 6/8/2008
Free gas promos likely to fade by summer’s end, professor says
A recent trend by of retailers offering free gas in an effort to drum up business will probably fade by summer’s end, says Baohong Sun, Associate Professor of Marketing. Sun says a lot of companies jump onto the bandwagon of doing whatever the competition is doing.

Marketplace Radio, 6/10/2008
Lave: U.S. must reduce oil consumption before asking same of China, India
The era of inexpensive fossil fuel prices, which shaped the overall economy of the U.S. for the past century, is over, 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 while it would be easy for the U.S. to put pressure on China and India to cut back on their oil consumption, Americans must do more to put their own house in order.

National Breakfast (Australian Radio), 6/10/2008
Goodfriend comments on state of U.S. economy
Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, was a guest on the National Breakfast radio program in Australia. Goodfriend commented on the news that the U.S. faced its fifth straight month of job losses, as well as the surge in fuel prices.

Australian Asia Pacific (Australian Radio), 6/10/2008
Goodfriend appears on Australian radio
Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy, was a guest on the Australia Asia Pacific radio program. Goodfriend was in Australia as a guest of the United States Centre at the University of Sydney.

Lateline Business (Australian TV Broadcast), 6/10/2008
Goodfriend: Recession is not inevitable
Unemployment figures, high oil prices and a drop in the Dow all add up to bad news, but don’t necessarily point to a recession, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend says it may take a few months to get an accurate picture of what lies ahead.

Australian Financial Review, 6/11/2008
Central banks face difficult week thanks to volatile oil prices
Oil prices are “a big wild card,” and the current volatility makes this one of the most difficult weeks central banks have had in years, according to Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend met with officials from the Reserve Bank of Australia as well as that country’s treasury.

The Australian, 6/11/2008
Goodfriend: Election is a fight for the middle ground
The U.S. presidential election is characterized by a fight for the middle ground, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend says candidates Barack Obama and John McCain are less specific about their policies because they are trying to win over independents, who are the third of Americans not committed to either party.

The Peninsula , 6/11/2008
Qatar campus will offer entrepreneurship program for second straight year
For the second straight year, Carnegie Mellon’s Qatar campus and Qatar Science & Technology Park will be offering a nine-month part-time program on entrepreneurship. The Corporate Innovation and Entrepreneurship Program has generated a strong response, according to program director Mohamed Dobashi, who is also Associate Dean.

Sydney Morning Herald, 6/12/2008
Central banks must tackle inflation with caution, Goodfriend warns
Central banks should be cautious when attempting to address inflation caused by the soaring price of food and other commodities, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Prices in these sectors were difficult to influence, and higher interest rates imposed a toll on other sectors of the economy unnecessarily, Goodfriend says.

Pittsburgh Tribune-Review, 6/12/2008
Spatt: Foreign investment is a healthy part of globalization
The fact that some leaders are concerned about foreign investment in Pittsburgh is disturbing, says Chester Spatt, Mellon Bank Professor of Finance; Director, Center for Financial Markets. Spatt points out that foreign investment is healthy and a part of globalization.

BusinessWeek, 6/13/2008
Fed can only focus on core inflation if public does the same, says Goodfriend
In the world economy, commodities, food, and fuel are getting scarce, which will reduce the U.S. standard of living but does not have anything to do with monetary policy, says Marvin Goodfriend, Professor of Economics and Chairman of the Gailliot Center for Public Policy. Goodfriend says the Federal Reserve can only focus on the core rate of inflation, which excludes food and energy, if it can somehow persuade the general public to do the same.

Pittsburgh Business Times, 6/13/2008
Boni working to link startups, Qatari business owners
Carnegie Mellon hopes to encourage private-equity investors to back startups in Qatar and possibly the Pittsburgh area as well. Art Boni, John R. Thorne Chair of Entrepreneurship; Associate Teaching Professor of Entrepreneurship; and Director, Donald H. Jones Center for Entrepreneurship, is working to link affluent business owners in Qatar with startups whose founders either attend or just graduated from the Corporate Innovation and Entrepreneurship Program.

Herald Sun (Australia), 6/13/2008
Goodfriend: Economic uncertainty will make for a ‘nervous summer’
Volatility in oil prices and global stock markets will continue until the uncertainty surrounding the U.S. economy begins to clear, says Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend says we’re in for a “nervous summer” because we won’t know until later in the year if the U.S. economy will avoid a recession.

Chicago Tribune, 6/14/2008
Communication helps maintain ties with furloughed workers during corporate downsizing
Committees that keep in touch with furloughed workers keep people from leaving during corporate downsizing because they provide better information than employee grapevines, experts say. Giving people a richer flow of information helps them make sense of what is happening and see that actions aren’t being taken randomly, says Denise Rousseau, H.J. Heinz II Professor of Organizational Behavior and Public Policy, Director, Project on Evidence-Based Organizational Practices, H. J. Heinz III School of Public Policy and Management, Tepper School of Business.

Canberra Times (Australia), 6/14/2008
Goodfriend: Modernization of world’s population happens once in a planet’s lifetime
Roughly half of the planet is modernizing, a phenomenon that might happen once in the history of planet Earth, according to Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy. Goodfriend believes the world is in the middle of a fundamental shift as a result of China and India moving quickly toward Western standards of living.

Gulf Times, 6/18/2008
Qatar program designed to inspire entrepreneurial spirit
The Corporate Innovation and Entrepreneurship Program at Carnegie Mellon’s Qatar campus is designed to inspire students with well-developed project plans to support their ideas within existing business or new ventures, says Mohamed Dobashi, Associate Dean. The program lasts for nine months and can be completed on a part-time basis.

Pop City, 6/18/2008
MBA student developing the “Ebay for advice”
Tepper MBA candidate Brian Wirtz and his team of three students are developing a Web site that they hope will create a global marketplace for knowledge. From learning how to tie a Windsor knot to complex medical or technology questions, AskBright.com hopes to become the “Ebay for advice.”

Houston Chronicle, 6/19/2008
Question for refining industry is: What happens next?
After three years of record profits, the party may be over for the U.S. refining industry, which has a longer history of “lousy returns,” 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 question now is what will happen next.

WTAE-TV, 6/23/2008
Lave: Harvesting methane gas from landfills makes good economic, environmental sense
Methane produced by landfills can be turned into a high-grade pipeline gas, an idea that makes sense given the price of natural gas right now, 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 addition, Lave notes that releasing the gas into the air creates ozone smog, a large contributor to global warming, so harvesting the gas is also good for the environment.

Bloomberg, 6/23/2008
Meltzer: Bernanke panicked
Federal Reserve Chairman Ben Bernanke “panicked” as financial market losses spread, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Bernanke has cut the Fed’s target to 2 percent from 5.25 percent in September.

Triangle Business Journal, 6/23/2008
Tepper alumnus chosen to lead Kenan-Flagler Business School
Jim Dean, who earned his master’s degree from the Tepper School in 1980 and his PhD in 1983, has been selected as the dean of the Kenan-Flagler Business School at the University of North Carolina. The appointment of Dean, who currently holds the school’s top academic position, still must be approved by UNC’s Board of Trustees.

U.S. News & World Report, 6/24/2008
Professor’s research shows that when it comes to wine, there’s no such thing as bad publicity
Research by Ray Reagans, Associate Professor of Organizational Behavior and Theory, and Peter Roberts of Emory University, shows that the price that people will pay for a bottle of wine depends almost entirely on whether critics have had anything to say about it. There's no such thing as bad publicity, they found: Wineries that received reviews — even less-than-stellar ones — could charge a premium for their products.

Forbes, 6/25/2008
Bernanke bowed to pressure from Wall Street, says Meltzer
Federal Reserve Chairman Ben Bernanke began his tenure with a view that the Fed should aim for immediate results, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. However, pressure from Wall Street has resulted in Bernanke reverting to the ill-fated strategies of the 1970s, which gave too much weight to the possibility of a recession, he says.

CNBC, 6/25/2008
Meltzer: Fed must now work to correct its earlier mistakes
The Federal Reserve has made several mistakes in overreacting to the housing slump and job losses, and underestimating the effect of inflation, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the only thing the central bank can do now is aim for a low level of inflation for the short term and try to correct its earlier errors.

Pittsburgh Post-Gazette, 6/29/2008
Conservation first, then offshore drilling, recommends Lave
The U.S. should open up some of its offshore areas for oil drilling, but only after first pursuing a comprehensive policy of energy efficiency, 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 conservation would have an effect sooner and would save more oil than could be found offshore.

The Bond Buyer, 6/30/2008
Doctoral thesis reveals pennies added up to more than $1 billion when price of muni bonds was rounded up
Research that economist Dan Li completed for her doctoral thesis at the Tepper School reveals that dealers may have made more than $1 billion in profits by rounding up the price of municipal bonds charged to retail investors, often by just a few pennies. Li, who now works for the Federal Reserve’s division of research and statistics in Washington, studied the muni market at the suggestion of Rick Green, Richard M. and Margaret S. Cyert Professor of Economics and Management; Associate Dean for Research.

The Miami Herald, 6/30/2008
Florida utility gets praise for effective wind operation
FPL Energy, the sister company to Florida Power & Light, is one of the country’s most efficient wind operators, says Jay Apt, Executive Director, Electricity Industry Center; Associate Research Professor; Distinguished Service Professor in Engineering and Public Policy. At present, wind provides only 1 percent of U.S. electricity, but a federal report predicts it could provide 20 percent of American power by 2030.

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