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Archives for: August 2011


Scientific American, 8/2/2011
Galak suggests memory may magnify painful experiences as a defense mechanism
We magnify painful experiences in our memories so they don’t seem as bad if we experience them again, according to a theory posed by Jeff Galak, assistant professor of marketing. Galak suggests that by understanding this strategy, called bracing, people can overcome it and stop fearing exaggerated pain. URL for this article: http://www.scientificamerican.com/article.cfm?id=the-power-of-negative-thinking

Bloomberg Television, 8/6/2011
Goodfriend: U.S. headed for stagnation, but probably not another recession
The U.S. economy is headed for stagnation, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says in an interview with Bloomberg Television that he does not expect another double-dip recession unless there is some kind of shock that pushes the economy down quickly. URL for this video: http://www.washingtonpost.com/business/goodfriend-says-us-economy-headed-toward-stagnation/2011/08/05/gIQAnj7ywI_video.html

Bloomberg Television, 8/9/2011
Goodfriend appears on Bloomberg Television
Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy, appeared on Bloomberg Television to discuss the outlook for Federal Reserve policy and prospects for further quantitative easing. Goodfriend spoke with Tom Keene on the “Surveillance Midday” program. URL for this item: http://www.bloomberg.com/video/73728744/

Computer World, 8/10/2011
Overinvestment in financial expertise can resemble an arms race, paper suggests
Running a Wall Street financial firm sometimes resembles the arms race of the Cold War era, suggests a paper coauthored by Rick Green, senior associate dean, faculty and research; Richard M. and Margaret S. Cyert Chair, professor of financial economics. The paper, which will appear in the Journal of Finance, says overinvestment in expertise by financial firms can have a destabilizing effect on financial markets. http://news.idg.no/cw/art.cfm?id=EB5E830E-1A64-6A71-CEE68739465922C9

Pittsburgh Tribune-Review, 8/10/2011
U.S. needs more export competitiveness, says Goodfriend
The U.S. needs more export competitiveness, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. In a sense, a stronger dollar works against this goal because goods made in the United States cost more abroad. URL for this article: http://www.americanchronicle.com/articles/yb/162261626

American Banker, 8/10/2011
Meltzer: Fed interest rate policy will be governed by economy’s fluctuations
The Federal Reserve does not know what it will be doing in 2013 any more than it knows what it will do in 2020, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the central bank’s actions will depend on what happens to the economy between now and then, and that will determine whether it maintains current interest rate levels. URL for this article: http://www.bankinvestmentconsultant.com/news/banking-industry-fomc-interest-rates-2674559-1.html

Bloomberg, 8/10/2011
Meltzer: Fed is impotent
The Federal Reserve can’t do much because it has already done too much, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer called the earlier quantitative easing strategy, known as QE2, “foolish” and says it adds to inflationary pressures. URL for this article: http://www.bloomberg.com/news/2011-08-09/meltzer-o-sullivan-say-dissents-highlight-divisions-on-fomc.html

Wall Street Journal, 8/11/2011
Meltzer: U.S. needs to transition to export economy
There is no need for the Federal Reserve to add still more excess reserves to the idle $1.6 trillion that banks already hold, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the U.S. needs to transition from a consumption economy to one that exports more and grows consumer spending more slowly. URL for this article: http://online.wsj.com/article/SB10001424053111903918104576500021477086208.html?mod=googlenews_wsj

Bloomberg, 8/12/2011
Goodfriend: Fed may be signaling that it will take all steps it deems necessary
The Federal Reserve’s decision to keep interest rates near zero through mid-2013 may signal that the central bank is willing to do more if it believes the economy needs it, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says that includes buying government bonds; in June, the Fed ended a $600 billion bond-purchase program. URL for this article: http://www.bloomberg.com/news/2011-08-12/bernanke-seizes-day-with-financial-repression-as-congress-shirks-policies.html

Reuters, 8/12/2011
Meltzer: Despite Fed’s assurances, signs point to inflation
Although the Federal Reserve says long-term inflation projections are stable, there are uncomfortable signs that indicate otherwise, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says money growth has gone way up, the dollar has depreciated even against weak currencies, and productivity growth has slowed. URL for this article: http://www.chicagotribune.com/business/sns-rt-us-crisis-inflationtre77b2ac-20110812,0,3711473.story

Science News, 8/15/2011
Study: Corporate wealth controlled by just a few companies
In 2007, just 147 companies controlled nearly 40 percent of the monetary value of all transnational companies, according to a recent study. Brandy Aven, assistant professor of organizational behavior & theory, says the research is empirical evidence of what has been understood anecdotally for years. URL for this article: http://www.sciencenews.org/view/generic/id/333389/title/Financial_world_dominated_by_a_few_deep_pockets

Slate, 8/16/2011
Fed deserves criticism after becoming politicized, says Meltzer
The Fed has become politicized, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. He says that’s one reason the central bank has become unpopular, and adds that the bank deserves the criticism. URL for this article: http://www.slate.com/id/2301777/

Business News Network, 8/16/2011
Goodfriend appears on Business News Network
Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy, appeared on Business News Network in Canada. Goodfriend discussed ideas for fixing the global economy. URL for this video clip: http://watch.bnn.ca/headline/august-2011/headline-august-16-2011/#clip517387

Pittsburgh Tribune-Review, 8/19/2011
Goodfriend: Europe needs to solve countries’ sovereign debt problem
European leaders have not done enough to address their economic problems, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says Europe has not solved the fundamental problem of sovereign debt in Ireland, Portugal and Greece. URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/business/s_752307.html

MarketWatch, 8/22/2011
Goodfriend: Inflation is nearing Fed’s informal target
The inflation rate is moving closer to the upper bound of the Federal Reserve’s informal target, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend believes it would be a mistake for the central bank to signal an inclination to move ahead with another round of asset purchases. URL for this article: http://www.marketwatch.com/story/bernanke-ready-for-action-but-when-is-in-doubt-2011-08-22

Fox News, 8/22/2011
Woolley appears on Fox News
Anita Williams Woolley, assistant professor of organizational behavior & theory, appeared on Fox News to discuss her research on women in groups. Woolley’s findings show that teams with women in them are more effective. URL for this video clip: http://video.foxnews.com/v/1123701842001/more-women-make-for-a-better-team/?playlist_id=162726

Fox Business News, 8/25/2011
Meltzer previews Fed symposium on Fox Business News
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, appeared on Fox Business News to preview the Federal Reserve symposium in Jackson Hole, Wyoming. Meltzer says he does not think the economy is headed for a double-dip recession, despite slow growth and long-term problems that aren’t being addressed. URL for this article: http://news.yahoo.com/video/business-15749628/carnegie-mellon-professor-economy-not-headed-for-recession-26418519.html

Bloomberg, 8/25/2011
Fed should emphasize reserves, not asset prices, says Goodfriend
The Federal Reserve should talk in terms of reserves, not asset prices, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says that would remind the public of the Fed’s unique authority, independent of the political process, to stabilize the purchasing power of money. URL for this article: http://www.bloomberg.com/news/2011-08-26/granny-s-fate-rides-with-bernanke-in-jackson-hole-caroline-baum.html

Reuters, 8/25/2011
Meltzer: Don’t expect news from Bernanke
The market is kidding itself in thinking Federal Reserve Chairman Ben Bernanke has something new to offer at the symposium in Jackson Hole, Wyoming, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. URL for this video clip: http://www.reuters.com/video/2011/08/25/fed-historian-meltzer-no-quick-fix-for-f?videoId=218688670&feedType=VideoRSS&feedName=Business&videoChannel=5&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FUSVideoBusiness+%28Video+%2F+US

Bloomberg Television, 8/26/2011
Meltzer: Long-term plan discussion from Bernanke is encouraging
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, says he was not disappointed in Federal Reserve Chairman Ben Bernanke’s speech in Jackson Hole, Wyoming. Meltzer applauded Bernanke’s indication that the Fed needs a long-term plan instead of worrying about short-term solutions. URL for this video clip: http://www.washingtonpost.com/business/meltzer-says-corporate-tax-cuts-needed-to-help-economy-video/2011/08/26/gIQAwSETgJ_video.html

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