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Archives for: June 2009


NPR, 6/1/2009
Meltzer appears on NPR
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, appeared on NPR’s “On Point” program to discuss the General Motors bankruptcy. Meltzer was part of a panel that debated whether taxpayer participation in GM’s reorganization represents a new era of state bankruptcy. URL for this content: http://www.onpointradio.org/2009/06/gm-bankruptcy-and-uncle-sam

Time, 6/1/2009
Lave: Americans need price signal to commit to fuel efficiency
Price signals are needed to motivate Americans to commit to fuel efficient transportation, 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. However, President Obama has said he is not interested in a gas tax that puts a floor on fluctuating fuel prices. URL for this article: http://www.time.com/time/magazine/article/0,9171,1900250,00.html?imw=Y

Pittsburgh Tribune-Review, 6/2/2009
Lave: GM has long road ahead
General Motors has a lot of problems to resolve long-term, 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. Those problems include dramatically changing work rules and pay, designing vehicles that sell better and lowering oppressive pension and health care costs. URL for this article: http://www.quote.com/news/story.action?id=KRO153e8113

KDKA-TV, 6/2/2009
Lave: Union workers, retirees will bear the brunt of GM reorganization
Chapter 11 bankruptcy is a means for General Motors to reorganize itself and once again become a viable business, 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, who was a GM consultant for 20 years, believes the long-range impact of GM’s reorganization will fall on its union employees and retirees. URL for this article: http://kdka.com/business/GM.Rohrich.dealership.2.1027340.html

Providence Journal, 6/4/2009
Meltzer: GM should have gone through bankruptcy without taxpayers
General Motors “failed the market test,” says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says he would have preferred the automaker go through a Chapter 11 bankruptcy without taxpayer participation. URL for this article: http://www.creators.com/opinion/froma-harrop/motown-wonders-where-did-our-love-go.html

Associated Press , 6/7/2009
Meltzer: Government involvement in business could weaken capitalist mentality
Government involvement in business could weaken the U.S. capitalist mentality, warns Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Citing the General Motors bankruptcy case, Meltzer does not believe the automaker will adjust and start producing cars that people want to buy. http://www.rgj.com/article/20090607/OPED06/906070306/1098/OPED

Washington Post, 6/7/2009
Impact on Fed’s independence is nearly irreparable, says Meltzer
By permitting more government involvement in its affairs, the Federal Reserve has done nearly irreparable harm to its independence, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer predicts that Congress “will look to the Fed every time a constituent has a hard time getting a loan.” http://www.recordtimes.com/adg/Business/261480/

Newsweek, 6/8/2009
Meltzer predicts Fed will be under pressure to keep interest rates low
The Federal Reserve will be under pressure from Congress, the Obama administration and business to prevent interest rates from increasing, predicts Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. The White House and Congress want to hold down borrowing costs, prompting inflation psychology to emerge. URL: http://www3.signonsandiego.com/stories/2009/jun/08/mz1e8samuels182815-inflation-deflation-or-both/?uniontrib

Fortune, 6/9/2009
Meltzer: Higher interest rates ahead
A trend toward higher interest rates and slower economic growth is just the beginning, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says rates can only stay low if foreign investors keep buying U.S. debt, and he predicts rates will increase dramatically during the next few years. URL for this article: http://money.cnn.com/2009/06/05/retirement/next_crisis_americas_debt.fortune/

New Scientist, 6/10/2009
Moore: People value confidence from advisers
People prefer advice from a confident source, even one with a poor track record, according to Don Moore, Carnegie Bosch Faculty Development Chair; associate professor of organizational behavior & theory. Moore argues that in competitive situations, this reality can drive those offering advice to increasingly exaggerate how sure they are. URL: http://www.newscientist.com/article/mg20227115.500-humans-prefer-cockiness-to-expertise.html

Pittsburgh Post-Gazette , 6/11/2009
Professor teaches home-school enrichment classes
In addition to serving as an associate professor of operations management at the Tepper School, Allan Scheller-Wolf is also teaching two math classes as part of an enrichment program for home-schooled children. Scheller-Wolf teaches math and probability. URL for this article: http://www.post-gazette.com/pg/09162/976544-56.stm

Philadelphia Inquirer, 6/11/2009
Crisis could raise oil prices to $250 per barrel, Lave says
A major crisis in an oil-producing nation could cause two to four million barrels per day to be pulled from supply lines. If that happens, prices could reach $250 per barrel, 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. URL for this article: http://www.philly.com/philly/business/homepage/20090611_Oil_prices_rise_behind_belief_that_recovery_is_near.html

Shanghai Daily, 6/12/2009
Meltzer outlines two key causes of economic crisis
The two most important causes of the current economic meltdown are the over-expansion of housing loans across several administrations and the concept of “too big to fail” in the American banking system, says Allan Meltzer. Meltzer, The Allan H. Meltzer University Professor of Political Economy, wrote an epilogue to his history of the Federal Reserve that describes these and what he views as five other principle causes. http://www.shanghaidaily.com/sp/article/2009/200906/20090612/article_403824.htm

Pittsburgh Business Times, 6/12/2009
Boni: Clean tech appealing to some business students
The development of clean technologies requires people who are interested in investing and have expertise to provide for the developmental pathway, according to Arthur Boni, John R. Thorne Chair of Entrepreneurship; associate teaching professor of entrepreneurship; and director, Donald H. Jones Center for Entrepreneurship. Boni says a number of Tepper School students are interested in clean tech careers. This article is available by subscription only.

Talk Radio News Service, 6/12/2009
Expert Finds Problems With The Waxman-Markey Bill
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, raises concerns about the Waxman-Markey Bill currently being discussed in congressional committees. He says that it is too costly and does not give enough weight to natural gas. URL for this item: http://talkradionews.com/2009/06/expert-finds-problems-with-the-waxman-markey-bill/

First Science, 6/15/2009
Extended service contracts: When and how do people buy them?
Research co-authored by Baohong Sun, Associate Professor of Marketing, examines the reasons that people buy extended service contracts against the advice of consumer advocates. The research shows people will pay for the contracts for pleasure-related items more than practical, utilitarian products because they are perceived as more valuable. URL: http://www.firstscience.com/home/news/breaking-news-all-topics/extended-service-contracts-when-and-why-do-people-buy-them_65554.html

Zimbabwe Star, 6/16/2009
Research suggests strategies for recovering from satiation
Research co-authored by Assistant Professor of Marketing Jeff Galak suggests strategies to help people enjoy products and experiences that have started to become tiresome. Simply thinking about the variety of similar experiences one has had since they last were exposed to the now-disliked stimulus speeds up recovery from satiation, the authors write. URL for this article: http://story.zimbabwestar.com/index.php/ct/9/cid/f825b92e19df636a/id/509189/cs/1/

Shanghai Daily, 6/17/2009
Unsold housing stock remains problematic, says Meltzer
Congress limited the federal stimulus plan to people who are buying their first homes, but should have expanded the incentives further, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says cleaning up the stock of unsold housing would be a major step toward improving the banking system and preventing additional failures. URL for this article: http://www.shanghaidaily.com/sp/article/2009/200906/20090617/article_404331.htm

WNBC, 6/17/2009
Obama’s overhaul reflects mixed perceptions about Fed, says Meltzer
President Obama’s financial overhaul both expands and restricts the Federal Reserve's powers, reflecting mixed opinions about the Fed’s role among members of Congress, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the central bank has “a strong, well-developed political machine” to support its agenda. URL: http://www.nbcnewyork.com/news/business/Financial_Reform_Stirs_Debate__How_Much_Power_to_Give_Fed_.html

Forbes, 6/17/2009
Meltzer: Fed never an effective regulator
The Federal Reserve has never been a very effective regulator, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. For example, the central bank was on the sidelines of the savings and loan crisis, the Latin American debt crisis, the dot-com bubble, and the current credit crisis. URL for this article: http://www.forbes.com/2009/06/17/larry-summers-banking-regulation-business-beltway-regulation.html

Associated Press, 6/18/2009
Fed at risk of compromising independence, says Goodfriend
The nature of the Fed’s close cooperation on credit policy with the U.S. Treasury and other government agencies has put the central bank at risk of compromising its independence, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says the Fed also risks becoming the lender of last resort. URL for this article: http://www.bellinghamherald.com/342/story/956450.html

Marketplace, 6/18/2009
Spatt comments on Obama’s financial regulation proposal
President Obama’s proposed new regulations for the financial industry provide a quasi-government guarantee and an unfair competitive advantage, according to Chester Spatt, Pamela R. and Kenneth B. Dunn Professor of Finance; director, Center for Financial Markets. Spatt says this combination of factors heightens the ability of institutions to take on systemic risk. URL for this article: http://marketplace.publicradio.org/display/web/2009/06/18/pm_too_big/

Medical News Today, 6/18/2009
Study shows that people believe political barriers offer health safeguards
Research co-authored by a new member of the Tepper School faculty finds that people tend to treat arbitrary political boundaries as safeguards against things like health threats. The study, co-authored by Jeff Galak, assistant professor of marketing, finds that participants worry less about potential health hazards if they are “protected” by a state or national border, even though that border offers no physical barrier. URL for this article: http://www.medicalnewstoday.com/articles/154316.php

Pittsburgh Business Times, 6/19/2009
Tepper School sees jump in job offers for graduates
Administrators at the Tepper School have seen what John Mather describes as a “huge jump” in job offers for students in the weeks immediately preceding graduation. Mather, executive director of the masters programs and teaching professor of marketing, attributes many of those offers to mid-sized companies that had a harder time competing in the past. This article is available by subscription only.

Pittsburgh Business Times, 6/19/2009
Mather: B-school students can gain international experience through co-ops
Business schools need to offer more international hands-on experience, according to John Mather, executive director, masters programs; teaching professor of marketing. Mather says this experience could be offered through co-ops and more in-school consulting work. This article is available by subscription only.

The Economist (U.K.), 6/19/2009
Meltzer: Avoid short-term judgments when it comes to forecasting
If government policymakers were able to time their actions appropriately, the economy wouldn’t be struggling, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says their forecasts are no better than others, and short-term judgments are best avoided because they are often misleading. URL for this article: http://www.economist.com/blogs/freeexchange/2009/06/romer_roundtable_think_plan_an.cfm

Fortune, 6/19/2009
Meltzer predicts Fed will bow to political pressure, keep rates low
If the Federal Reserve keeps rates artificially low, disaster could strike, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer predicts that political pressure will keep the Fed from raising rates or scaling back on money-supply growth, repeating a scenario from the 1970s. URL for this article: http://finance.yahoo.com/news/Why-higher-interest-rates-are-hftn-2801021864.html?x=0&.v=1

Bloomberg, 6/22/2009
Goodfriend: Fed could cap inflation through combination of moves
By raising interest rates on reserves and increasing the federal funds rate on overnight loans between banks, the Federal Reserve would cause borrowing costs to rise, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. That combination of moves would cap inflation, Goodfriend says. URL for this article: http://www.bloomberg.com/apps/news?pid=20601109&sid=a3icASndPQHE

Quality Digest, 6/23/2009
Defining green design goals
When discussing green design, it’s important to define what “green” actually means and understand why it is the goal of a social movement. According to an initiative co-authored 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, the goal is to create a platform for sustainable development and safeguard natural resources and the environment. URL for this article: http://www.qualitydigest.com/inside/six-sigma-article/dfss-green-design.html

Bloomberg, 6/23/2009
Meltzer: Government needs to forget about ‘too big to fail’
The U.S. government needs to rid itself of the notion that some banks and corporations are too big to fail, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. That mindset perpetuates a system in which bankers make profits and the public takes losses, he says. URL for this article: http://www.bloomberg.com/apps/news?pid=20601110&sid=a05rHorIdIzg

Bloomberg, 6/24/2009
Fed enduring ‘difficult period,’ says Goodfriend
The Federal Reserve is enduring “a very difficult period,” according to Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend notes that the central bank is exposed because it hasn’t committed itself to a low-inflation objective, but may need the flexibility to expand its balance sheet further if the economy underperforms. URL for this article: http://www.bloomberg.com/apps/news?pid=20601087&sid=aVkQkByhQ.jo

Time, 6/24/2009
Goodfriend outlines debate within Federal Reserve
There is no need yet for the Federal Reserve to commit to its next step, and there is clearly a debate going on within the central bank, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend believes the Fed is buying time before it commits to which risk is greater: inflation or disinflation. URL for this article: http://www.time.com/time/business/article/0,8599,1906961,00.html

NPR, 6/26/2009
Meltzer expresses doubts that Fed will curb inflation
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, does not think the Federal Reserve will be able to remove the massive stimulus from the economy before inflation erupts. Meltzer says the only time that has happened was under Fed Chairman Paul Volcker, who had political support for his strategies in the early 1980s. URL for this article: http://www.npr.org/templates/story/story.php?storyId=105871259

Canoe.ca, 6/29/2009
Study: Limited number of women in top executive positions
Women account for just 2 percent of top executive positions such as president, chairperson, and CEO, according to a Tepper School study. The research was conducted by Robert Miller, professor of economics and strategy, along with George-Levi Gayle, assistant professor of economics, and Limor Golan, associate professor of economics. URL for this article: http://lifewise.canoe.ca/Investopedia/2009/06/29/9970001.html

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