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Archives for: August 2008


Chicago Tribune, 8/3/2008
Americans suffering from loss of wealth, says Meltzer
Americans are not suffering from weak or negative economic growth, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Rather, they have suffered a loss of wealth stemming from high oil prices and the housing bust, he says.

Your Money Radio, 8/4/2008
Doctoral student explains lottery’s ‘tax on the poor’ reputation
A study by Tepper School doctoral candidate Emily Haisley offers some insight into why lotteries have a reputation for impacting poor people. Since the poor are spending a higher percentage of their income on lottery tickets, and the proceeds go to generate revenue for states, in a sense the poor are being taxed at a higher rate, Haisley says.

Microsoft Small Business, 8/5/2008
Factor in the cost of capital when determining initial start-up expenses, Emerson advises
Small business start-ups should figure in the cost of capital when determining initial expenses and cash flow, says Tom Emerson, David T. and Lindsay J. Morgenthaler Professor of Entrepreneurship. The cost is usually a few percentage points or more above the prime rate based on what the interest would be if the cash were invested in something with similar risk on the market, he says.

The Economist (U.K.), 8/7/2008
Fed plan dances close to credit allocation, Meltzer says
The Federal Reserve’s decision to accept any AAA-rated securities as collateral, including those backed by student loans, makes the central bank look like it caved to political pressure, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the plan gets close to the idea of credit allocation, a concern of every chairman in the Fed’s history.

Chicago Tribune, 8/10/2008
When playing the lottery, perception of wealth is key
People who think of themselves as poor are twice as likely to buy scratch-off lottery tickets as those who feel more affluent, says research led by Tepper School doctoral candidate Emily Haisley. Those findings occur even when there is little difference in actual income levels, she notes.

Miami Herald, 8/10/2008
Apt: Slap fines on polluting companies, then let market decide best alternatives
When it comes to fighting global warming, it’s better to fine companies for the pollution they cause and then let free markets determine the best alternatives, says Jay Apt, Executive Director, Electricity Industry Center; Associate Research Professor; Distinguished Service Professor in Engineering and Public Policy. Apt says that’s because intermittent power, such as solar or wind, “will significantly increase the cost of power to consumers."

Baltimore Sun, 8/10/2008
Extra dollars at the pump are headed to the Middle East, says Lave
Ever wonder where the extra money motorists pay at the pump is going? Forget refiners, gas stations, or the federal government -- the answer is overwhelmingly to Middle Eastern concerns that own the oil being pumped out of the ground, 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.

Bloomberg, 8/12/2008
Meltzer: Fed isn’t doing enough to limit inflation
Policymakers at the Federal Reserve are failing to prevent high oil prices from pushing up the cost of other goods, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer points to the European Central Bank as an example of a central bank that is doing a better job of limiting inflation.

USA Today, 8/12/2008
Trimming trees can reduce possibility of blackouts, says Apt
Although human error and computer failures also contributed to the 2003 electricity blackout, a nationwide order to trim trees near power lines can help reduce the possibility of a reoccurrence, says Jay Apt, Executive Director, Electricity Industry Center; Associate Research Professor; Distinguished Service Professor in Engineering and Public Policy. The federal rules affect only high-voltage transmission lines, not neighborhood wires.

CNN Money, 8/14/2008
Fuel prices are creating hardships for many, Lave says
Skyrocketing fuel prices are making it hard for the average person to make ends meet, 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. The latest consumer inflation report says prices in July rose at an annual rate of 5.6 percent, with energy costs increasing nearly 30 percent.

Pittsburgh Business Times, 8/14/2008
Tepper School students ring NASDAQ opening bell
Students from the Tepper School were invited to ring to opening bell at the NASDAQ stock exchange in New York City. That’s part of the estimated $100,000 prize package that the student team won at the Global Moot Corp competition.

SupplyChainBrain.com, 8/14/2008
Agility can help companies cope with longer supply chains
Boosting inventory is only one answer to the problem of coping with longer supply chains. According to Sridhar Tayur, Ford Distinguished Research Chair; Professor of Manufacturing and Operations Management, agility can be a less expensive alternative.

BusinessWeek, 8/17/2008
Orientation takes on revival flavor
John Mather, Executive Director, Masters Programs, and Teaching Professor of Marketing, led the Tepper School’s incoming MBA class in a revival-style pledge of loyalty during orientation. For many schools, orientation is now a highly programmed event lasting a week or more.

Bloomberg, 8/18/2008
Meltzer: Fed is trying to placate Congress, markets by expanding protective role
The Federal Reserve is setting a “terrible precedent” by expanding its protective role over investment banks and mortgage firms Fannie Mae and Freddie Mac, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the bank is trying to placate Congress and the financial markets.

The Peninsula, 8/18/2008
Entrepreneurs face uphill battle in pitching to wealthy investors
Convincing those who control wealth to invest in an entrepreneurial business idea is a “monumental task,” says George White, Associate Professor of Entrepreneurship. White, who works at Carnegie Mellon University in Qatar, says entrepreneurs must have money, personal connections, or excellent pitches.

CEO Daily, 8/19/2008
Alum appears in interview on Web site
A video clip featuring an interview with Manoj Singh, MSIA 1976, appears on the CEO Daily Web site. The interview with Singh, who is the CEO of Deloitte Asia Pacific, originally appeared on the Tepper School’s Web site.

Bloomberg, 8/20/2008
Meltzer praises efforts to remove secrecy from Bank of Japan
Bank of Japan Governor Masaaki Shirakawa is working to make one of the world’s most opaque major banks transparent. “At last, major central banks have given up secrecy,” says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy and an honorary adviser to the BOJ between 1986 and 2002.

Star-Ledger (New Jersey), 8/22/2008
Study: Setting a price on carbon emissions will reduce energy demand
A study by the Tepper School shows that establishing a price for carbon emissions would reduce energy demand. The study explores a price as low as $35 per metric ton of CO2.

Wall Street Journal, 8/25/2008
Government policies needed in conjunction with globalization, Kydland says
Globalization ought to be good for all countries, but it isn’t unless government policies are up to snuff, says Finn Kydland, The Richard P. Simmons Distinguished Professorship; University Professor of Economics, Nobel Laureate (2004). As examples, Kydland contrasts Brazil — where global growth has boosted low-wage workers’ income levels more than those of high earners — with Argentina, where government policies led to a 20 percent slide in the per capita GDP during the 1980s.

Bloomberg, 8/25/2008
Meltzer: Practice may trump theory when it comes to Fed
While lawmakers and regulators try to figure out how to write new rules, how any expansion of the Federal Reserve’s authority works in practice may be out of the central bank’s control, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. In Meltzer’s words, “lawyers and bureaucrats make regulation, and markets decide how to circumvent them.”

Wall Street Journal, 8/25/2008
Government response to Fannie Mae, Freddie Mac at a critical turning point
Lending giants Fannie Mae and Freddie Mac have “already gone too gar to the edge of the cliff,” says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Some of the nation’s top economists believe the government’s response to the two lenders has come to a critical turning point.

Standard Speaker (Pennsylvania), 8/30/2008
Lave: Industry, not government, more likely to fund coal-to-oil initiatives
A major oil or chemical company would be more likely to fund coal-to-oil projects than the government, 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. Though the government has expressed interest in generating electricity from coal, it did not provide any support for coal-to-liquid technology in the 2005 or 2007 energy bills.

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