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Archives for: September 2011


Pittsburgh Post-Gazette, 9/1/2011
Apt: During recession, natural gas siphoned business from King Coal
Traditional dynamics of the energy industry started shifting significantly during the recession, threatening coal’s top place in the energy market, according to Jay Apt, professor of technology and executive director of the Electricity Industry Center. Apt says natural gas took much of the market away from coal. URL for this article: http://www.post-gazette.com/pg/11244/1171281-28-0.stm

New York Times, 9/2/2011
Meltzer: Raising inflation is easy; lowering it is painful
People who suggest the inflation rate should go up to 5 percent forget that lowering inflation can be painful, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer argues that any further action by the Federal Reserve will have little effect on the economy. URL for this article: http://www.nytimes.com/2011/09/03/business/economy/almost-out-of-tricks-fed-may-train-sights-on-longer-term-rates.html?_r=2

The Australian, 9/7/2011
Meltzer: Banks can use idle reserves
Meltzer: Banks can use idle reserves The Federal Reserve can’t know that a zero-rate policy will be required two years from now, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says banks can use the trillions of dollars in idle reserves at the Fed. http://www.theaustralian.com.au/business/wealth/central-bankers-musings-grab-nations-interest-with-interest-rates/story-e6frgac6-1226127677633

Bloomberg Television, 9/7/2011
Meltzer discusses Chicago Fed’s proposal on Bloomberg Television
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, appeared on Bloomberg Television’s “Bottom Line” program. Meltzer discussed Federal Reserve Bank of Chicago President Charles Evans’ call for stimulus to lower unemployment. URL for this video clip: http://www.washingtonpost.com/business/meltzer-says-fed-stimulus-wont-lower-unemployment-rate/2011/09/07/gIQA9Zx79J_video.html

Pittsburgh Business Times, 9/9/2011
Public will glimpse i6 companies in October
The i6 project promotes agile innovation for participating entrepreneurs, says Dave Mawhinney, assistant teaching professor of entrepreneurship; associate director, Donald H. Jones Center for Entrepreneurship. The public will get its first glimpse of some of the i6 companies at Innovation Works’ Demo Day event in mid-October. URL for this article: http://www.bizjournals.com/pittsburgh/print-edition/2011/09/09/innovation-works-cmu-commercialization.html

Pittsburgh Tribune-Review, 9/9/2011
Meltzer praises Obama’s support for eliminating corporate tax loopholes
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, praised President Obama’s support for eliminating corporate tax loopholes. He says he believes Congress will pass the measure. Pittsburgh Tribune-Review, 9/9/11 URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/news/s_755851.html

Reuters, 9/13/2011
Apt: Occasional blackouts do not warrant cost hikes to improve grid reliability
Major blackouts are rare enough that they do not justify much higher rates to improve grid reliability, says Jay Apt, professor of technology and executive director of the Electricity Industry Center. Apt says the U.S. does not have the excess generation that some other nations have, and its efficiency means American electric rates are about half of some rates in Europe. URL for this article: http://www.zimbio.com/Reuters+News/articles/Yf58SZSUbjw/Insight+Power+reliability+will+cost+Americans

Wall Street Journal, 9/14/2011
Meltzer: European policymakers mishandling debt crisis
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, is criticizing the European approach to its worsening debt crisis. Meltzer says policymakers are too willing to spare bankers for past mistakes by trying to shift the cost of bad debt to unwilling taxpayers. URL for this article: http://online.wsj.com/article/SB10001424053111904353504576566960800871004.html?KEYWORDS=meltzer#articleTabs=article

Bloomberg Television, 9/14/2011
Goodfriend appears on Bloomberg Television
Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy, appeared on Bloomberg Television to discuss Federal Reserve policy and the outlook for inflation. Goodfriend spoke with Tom Keene on the “Surveillance Midday” program. URL for this video clip: http://www.bullfax.com/?q=node-goodfriend-says-fed-cant-let-downturn-become-deflation

Bloomberg, 9/14/2011
Goodfriend: Fed should delay decision on QE3
The Federal Reserve should wait for more evidence the economy is slowing before starting a third round of quantitative easing, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says the Fed needs to see whether disinflation develops into an incipient deflation before it acts. URL for this article: http://www.bloomberg.com/news/2011-09-14/goodfriend-says-fed-needs-more-data-before-new-round-of-asset-purchases.html

Bloomberg Television, 9/16/2011
Meltzer appears on Bloomberg Television
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, appeared on Bloomberg Television. Meltzer spoke on the “Surveillance Today” program. URL for this video clip: http://www.youtube.com/watch?v=j0YzMPq1YL4&feature=youtube_gdata

Wall Street Journal, 9/19/2011
Meltzer: “This is the most politicized Fed I’ve ever seen”
Count Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, among those who think bank bailouts and quantitative easing make the Federal Reserve look like an arm of the Treasury Department. Meltzer calls the current central bank the most politicized Fed he has ever seen. URL for this article: http://online.wsj.com/article/SB10001424053111903374004576578771634089028.html

Associated Press, 9/19/2011
Goodfriend: Fed endures political pressure because it’s the only game in town
Because the Federal Reserve is the only game in town, it endures political pressure from the outside, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. The Fed remains under intense scrutiny because it seems to be the only U.S. financial institution capable of doing anything that might help the economy. URL for this article: http://customwire.ap.org/dynamic/stories/U/US_FEDERAL_RESERVE_BERNANKE?SITE=NDBIS&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-09-19-14-33-46

Bloomberg BusinessWeek, 9/19/2011
Meltzer estimates deflation if Greece sticks with euro
If weaker members of the European Union stick with the euro and the European Central Bank balks at inflation in the core, the only way for the periphery to adjust is through nominal wage cuts. Greece can remain with the euro and deflate prices and wages 2 to 3 percent a year for six to 10 years, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. URL for this article: http://www.businessweek.com/news/2011-09-19/strong-countries-not-greece-should-ditch-euro-ramesh-ponnuru.html

Kansas City Star, 9/19/2011
Meltzer: Fed can’t control where QE2 money ends up
A central limit to the Fed’s efforts to pump money into the financial system is that it can’t direct where the money ends up, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says much of the money created from the Fed’s second round of quantitative easing ended up right back at the Fed as excess reserves. URL for this article: http://www.kansascity.com/2011/09/18/3151625/fed-may-try-operation-twist-to.html

Fox News, 9/20/2011
Meltzer: Debt is 100 percent of GDP
The nation should not look for an economic tipping point, witnesses told a congressional committee. Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, points out that the debt is now approximately 100 percent of gross domestic product, not including unfunded liabilities, Fannie Mae and Freddie Mac. URL for this article: http://www.foxnews.com/politics/2011/09/20/committee-searches-for-economic-tipping-point-prefer-not-to-find-it/

Knoxville Times, 9/21/2011
Meltzer: Tax-rate uncertainty is delaying economic recovery
Uncertainty about future tax rates has deterred investment and slowed the economy’s recovery, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Some economists believe a federal jobs program is ill-advised in part because it increases the likelihood of higher taxes. URL for this article: http://story.knoxvilletimes.com/index.php/ct/9/cid/420d9e49bcaa69d0/id/847959/cs/1/

Politico.com, 9/21/2011
Goodfriend: Fed’s independence creates pressure
Since the Federal Reserve has fewer political constraints than Congress, monetary policy can become a poor replacement for policies that should go through Capitol Hill, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says the Fed’s independence is creating pressure for the central bank to use that power as a substitute for government action. URL for this article: http://www.politico.com/news/stories/0911/64071.html

Globe and Mail, 9/28/2011
Tough times call for tough leaders, research suggests
While people might prefer to work for a saintly personality, when the going gets tough, most would rather be led by a tough person, according to research coauthored by Taya Cohen, assistant professor of organizational behavior and theory. The study suggests that the most effective leaders in tough economic times are more dominant and less altruistic. URL for this article: http://www.theglobeandmail.com/report-on-business/careers/sheep-in-wolfs-clothing-the-best-leaders-in-tough-times/article2182252/

Russia Today, 9/30/2011
Meltzer appears on Russia Today’s “Cross Talk”
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, appeared on Russia Today’s “Cross Talk” program to discuss the aftermath of the 2008 financial meltdown. URL for this video clip: http://rt.com/programs/crosstalk/welfare-nofair-become-world/

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