www.tipnews.info
May 04, 2015
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Rep. Lamar Smith made several incorrect claims in a Wall Street Journal opinion piece regarding connections between climate change and severe weather. Smith wrote that a connection between worsening storms and climate change has been “widely debunked,” and that the United Nations doesn’t believe that warming is related to “more severe weather disasters.” Bo...
Emily Blanchard
Emily Blanchard
Assistant Professor at the Tuck School of Business, Dartmouth College
Policy attention is increasingly focused on understanding how global production networks are reshaping the world trading system, and what this means for trade policy. Baldwin (2012, 2014) makes a compelling argument that global supply chain interests underlie “21st Century Regionalism,” the recent shift away from WTO negotiations in favour of mega-regional trade deals like the ...
Andrew Powell
Andrew Powell
Principal Advisor in the Research Department, Inter-American Development Bank
Commodity prices are very persistent. During booms we seem to forget that they have always (yes, always) been followed by busts (see Figure 1). And during a slump we forget that a boom is surely going to come along— we just have to wait long enough. What determines such booms and busts? Was the last boom exceptional? Where are prices today relative to long-run trends? And the b...
Wyplosz Charles
Wyplosz Charles
Professor of International Economics at the Graduate Institute, Geneva; Director of the International Centre for Money and Banking Studies.
When thinking about Greece’s dilemma, two facts from Reinhart and Rogoff (2009) research are highly relevant: Defaults on public debts are pretty mundane events; and Greece is historically the world’s leading serious defaulter. What makes the coming event interesting is that it will be the first time that a default occurs within a monetary un...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Hillary Clinton repeatedly has said “more than half the nations in the world” have no laws on domestic violence. That’s wrong. The United Nations reports that 125 countries — two-thirds of all nations — had such laws on the books as of April 2011. Clinton, who has made women’s rights a central theme of her nascent presidential campaign, gave her first speech as a presidentia...
Mariassunta Giannetti
Mariassunta Giannetti
Professor of Finance, Stockholm School of Economics and CEPR Research Fellow
Giovanni Favara
Giovanni Favara
Senior Economist in the Division of Research and Statistics, Federal Reserve Board
During financial crises, fire sales or forced asset sales are mentioned to aggravate financial fragility because they deplete the balance sheets of market participants. But why do not market participants take actions to mitigate fire sales? And are there any financial structures that can avoid or reduce forced asset sales? Defining fire sales Fire sales occur if in a...
Francesco Bianchi
Francesco Bianchi
Assistant Professor in Economics, Duke University and Cornell University; Research Fellow, CEPR
The most recent financial crisis triggered the longest and most severe recession in the United States since WWII. The possibility of a complete financial meltdown suddenly became a real concern and commentators and policymakers alike feared that the economy could be heading toward a second Great Depression (Krugman 2009). The Great Depression can certainly be considered a rare ...
Natalia Tente
Natalia Tente
Senior Economist in the Financial Stability Department, Deutsche Bundesbank
As countries around the world begin to implement their countercyclical capital buffer (CCB) frameworks, the question arises for the authorities responsible for operating the buffer regime: Besides the domestic buffer, for which other countries should we care about setting appropriate countercyclical capital rates? This is a legit question since, according to the BCBS’s Guidance...
Olivier Blanchard
Olivier Blanchard
Chief economist, IMF, on leave from MIT
On 15 and 16 April 2015, the IMF hosted the third conference on “Rethinking Macroeconomic Policy”. I had initially chosen as the title and subtitle “Rethinking Macroeconomic Policy III. Down in the trenches”.1 I thought of the first conference in 2011 as having identified the main failings of previous policies, the second conference in 2013 as having identified gener...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Rick Santorum misrepresented the Environmental Protection Agency’s impact analysis of a new agency rule that would reduce power plant emissions of mercury and other toxins: Santorum falsely claimed that the EPA’s cost-benefit analysis assumed hundreds of thousands of pregnant women eat six pounds of fish caught in lakes per week, potentially exposing their unborn ch...
Marco Buti
Marco Buti
Director General of EMU at the Directorate-General for Economic and Financial Affairs
Alessandro Turrini
Alessandro Turrini
Economist and a Head of Unit, DG Economic and Financial Affairs, European Commission; and Research Affiliate, CEPR
There is a widespread view that the monetary union is now acting as a straitjacket on countries in the periphery, that it’s no longer delivering convergence in living standards. In this vein, the Euro Summit of 24 October 2014 called for work to continue to "develop concrete mechanisms for stronger economic policy coordination, convergence, and solidarity", and invited the Pres...
Thorvaldur Gylfason
Thorvaldur Gylfason
Professor of Economics, University of Iceland and CEPR Research Fellow
It is a widely held view that the history of the US from 1776 onward bears beautiful witness to the foresight and wisdom of its founding fathers. Accordingly, it is often argued, there is no need for revising the US constitution from 1787 because the 27 amendments to the document since that time have sufficed to keep it modern. Others claim that the cohesion and clout of the US...
Voxeu.org
Voxeu.org
VoxEU.org is a policy portal set up by the Centre for Economic Policy Research (www.CEPR.org) in conjunction with a consortium of national sites.
For a while, the storm seemed to have passed and the Eurozone entered a welcome tranquil period. Now, Greece has once again triggered the alarm and, while the financial and economic resilience of many member countries has improved, their political resilience has not. Greece is special in many ways and will have to be dealt with in a different wa...
Juan Carluccio
Juan Carluccio
Research Economist, Banque de France; Senior Lecturer in International Trade, University of Surrey
Denis Fougre
Denis Fougère
Senior Research Fellow, CNRS; Research Fellow, CREST and LIEPP; Research Fellow, CEPR
Erwan Gautier
Erwan Gautier
Professor of Economics, University of Nantes
Wage inequality has increased in the past three decades, affecting both developed and developing countries alike. During the same period, international trade flows have grown significantly, with trade in intermediate goods and global production chains taking an increasingly predominant role. Put together, these developments have led researchers ...
Marianne Bertrand
Marianne Bertrand
Chris P. Dialynas Distinguished Service Professor of Economics the Booth School of Business, University of Chicago
Despite the fact that more women than men go to college these days, the reduction of the gender gap in labour market outcomes has stalled. Recent research suggests that one of the culprits might be gender identity norms. Akerlof and Kranton (2000) import insights about the importance of social identity from sociology into economics. They define social identity as one’s sense...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
A new TV spot claims Americans will be “stuck with the tax bill” for President Obama’s order giving legal status to millions of immigrants. What bill? Those immigrants will produce more in taxes than they will consume, according to the very authority cited by the ad’s sponsor.   The ad was announced April 7 by Californians for Population Stabilization, a group advoca...
Puriya Abbassi
Puriya Abbassi
Financial Stability Expert, Deutsche Bundesbank
Puriya Abbassi, Rajkamal Iyer, José-Luis Peydró, Francesc R. Tous   The role of securities trading by banks has assumed significant importance in the modern financial system (Langfield and Pagano 2014). Commercial banks today hold a significant amount of securities in their asset portfolio (20% in US and 19% in Germany). Recently, initiatives like th...
Urszula Szczerbowicz
Urszula Szczerbowicz
QE, ‘European style’: Be bold but parsimonious
Sovereign bonds are a natural target for the ECB’s Public Sector Purchase Programme (PSPP), the latest – and by far the biggest – of the Quantitative Easing (QE) policy conducted in the Eurozone. The pool of outstanding sovereign debt instruments is indeed the deepest and the most liquid, especially for highly rated bonds. Sovereign purchases are also expected to compress bond ...
Yunus Aksoy
Yunus Aksoy
Reader in Economics at Birkbeck, University of London
Henrique Basso
Henrique Basso
Economist in the Research Division, Bank of Spain
Tobias Grasl
Tobias Grasl
PhD student in Economics, Birkbeck College
Ron Smith
Ron Smith
Professor of Applied Economics, Birkbeck College
The demographic age profiles in OECD economies are significantly changing. The average proportion of the population aged 60+ is projected to increase from 16% in 1970 to 29% in 2030, with most of the corresponding decline experienced in the 0-19 age group. Demographic changes, in particular their effect on labour supply, are often mentioned as one of the ‘headwinds’ of the obse...
Harold James
Harold James
Professor of History and International Affairs and the Claude and Lore Kelly Professor of European Studies, Princeton University
Michael Bordo
Michael Bordo
Professor of Economics, Rutgers University
Policy trade-offs in impossible trinities or trilemmas are intrinsic to responses to globalisation. The analysis of a policy trilemma was developed first as a diagnosis of exchange rate problems – namely the incompatibility of free capital flows with monetary policy autonomy and a fixed exchange rate regime. It can, however, be usefully extended into other issues, such as discu...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Highlights from our latest update of the statistical record of President Obama’s time in office: Under Obama, the economy has added 7.2 million jobs, and the unemployment rate is now lower than the historical median. The number of job openings is up to its highest point in 14 years, and the number of long-term jobless has now dropped below where it was wh...
Michael W Klein
Michael W Klein
William L Clayton Professor of International Economic Affairs, Tufts University
Andrs Fernndez
Andrés Fernández
Economist at the Research Department, Inter-American Development Bank
Alessandro Rebucci
Alessandro Rebucci
Assistant Professor of Finance, Johns Hopkins Carey Business School
Martin Schindler
Martin Schindler
Deputy Director, Joint Vienna Institute
Martn Uribe
Martín Uribe
Professor of Economics, Columbia University
The Great Recession has spurred a reconsideration of the appropriate role of capital controls.  The prevailing view among economists in the 1990s was reflected in the title of Rudiger Dornbusch’s 1998 article “Capital Controls: An Idea Whose Time is Gone”. Attitudes began to shift in response to the economic crises of the late 1990s.  More recently, IMF staff studies and pol...
Fang Guo
Fang Guo
Assistant Professor at the Department of International Economics, School of Business, Hubei University
Faced with the rapidly ageing population, increasing women’s labour force participation has become an essential pillar of the government’s reform programme in both Japan and Korea. Yet, balancing work and family remains a paramount challenge for women, not only in advanced Asian countries but around the world. Although female labour force participation has been on a rising t...
Peter E. Robertson
Peter E. Robertson
Professor of Economics, University of Western Australia
China’s rapid economic growth has led to a spate of comparisons between the sizes of the economies of China and the US. Authors wishing to make China look big use exchange rates adjusted for local prices. Frankel (2014) argues that GDP converted at market exchange rates is a better measure of economic power since international spending power but not local spending power is w...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Sen. Ted Cruz cited a 1975 Newsweek article on “global cooling” to question the evidence of global warming, and in the process made several incorrect and unsubstantiated claims. The Newsweek story, which did warn of a “cooling world,” has been criticized and largely debunked — by its own author. Cruz’s claim that “advocates of...
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