www.tipnews.info
July 31, 2014
Barry Eichengreen
Professor of Economics and Political Science at the University of California, Berkeley; and formerly Senior Policy Advisor at the International Monetary Fund. CEPR Research Fellow
Ugo Panizza
Professor of international economics and Pictet Chair in Finance and Development at the Graduate Institute, Geneva.
Europe’s economies have heavy debts and gloomy growth prospects. This fact raises obvious concerns about the sustainability of public debts, concerns that have manifested themselves periodically in increases in the yields that investors demand to hold governments’ debt securities. As we write, investors are relatively sanguine. The question is whether they will remain so. It is...
Tsuyoshi Kawase
Professor, Faculty of Law, Sophia University, Tokyo; RIETI Faculty Fellow
Trans-Pacific Partnership (TPP) negotiations progressed slowly during the first half of 2014. Marathon negotiation sessions held from mid to late February in Singapore failed to show any signs of an agreement being reached. At the Japan-US Summit held in Tokyo in April, even a fancy sushi dinner couldn’t produce a substantial agreement on the liberalisation of Japan's five key ...
Graziella Bertocchi
University of Modena and Reggio Emilia, CEPR Research Fellow, CHILD and IZA
Alfonso Gambardella
Professor of Corporate Management, Università Bocconi
Tullio Jappelli
Professor of Economics at the University of Naples Federico II, Director of the Center for Studies in Economics and Finance (CSEF)
Carmela A. Nappi
Italian National Agency for the Evaluation of Universities and Research Institutes
Franco Peracchi
Professor of Econometrics, Tor Vergata University; Fellow, Einaudi Institute for Economics and Finance
Measuring research quality is a topic of growing interest to universities and research institutions. It has become a central issue in relation to the efficient allocation of public resources, which – in many countries and especially in Europe – represent the main component of university funding. Many countries – Australia, France, Italy, the Netherlands, Scandinavian countries,...
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Crossroads GPS claims that Colorado Sen. Mark Udall “voted to enact a carbon tax.” Udall did no such thing. Republican Thom Tillis claims that Sen. Kay Hagan “supported a carbon tax” that would destroy “up to 67,000 jobs in North Carolina over the next ten years.” That’s not accurate, either. In fact, Congress has never voted on a specific carbon tax proposal. Udall couldn’t...
Gabriel Chodorow-Reich
Assistant Professor of Economics, Harvard University
In the winter of 2008, the Federal Reserve began an unprecedented campaign to combat the economic downturn. The mix of policy instruments included a near zero federal funds rate, explicit communication regarding the forward path of the funds rate, and a balance sheet that ballooned to more than $4 trillion as of this writing. With memories of the 2008-09 financial crisis still ...
Alex Edmans
Professor of Finance at London Business School (on leave from The Wharton School, University of Pennsylvania); Faculty Research Fellow, NBER; and CEPR Research Fellow
Is employee satisfaction good or bad for firm value? While it may seem natural that companies should do better if their workers are happier, this relationship is far from obvious. The 20th-century way of managing workers (e.g. Taylor 1911) is to view them as any other input – just as managers shouldn’t overpay for or underutilise raw materials, they shouldn’t do so with workers...
Kristian Behrens
Associate Professor of Economics, Université du Québec à Montréal (ESG-UQAM)
Frédéric Robert-Nicoud
Professor of Economics, University of Geneva
Thomas Piketty and the 2014 FIFA World Cup in Brazil have something in common. The bestseller of the former and the social unrest associated with the latter are two recent and vivid reminders of the salience and resurgence of income and wealth inequality. Several explanations for increasing income inequality have been proposed, including skill-biased technological change bro...
Emanuele Massetti
Postdoctoral Fellow, School of Forestry & Environmental Studies, Yale University
The DESERTEC Foundation has suggested that up to 20% of power demand in Europe can be obtained by connecting African deserts to European cities (Figure 1). The idea is to build a large number of concentrated solar power (CSP) plants in Middle Eastern and Northern African (MENA) countries, and to transmit electricity to Europe by means of very efficient high-voltage direct-curre...
Jeffrey Frankel
Professor of Economics, Harvard Kennedy School
US federal courts have ruled that Argentina is prohibited from making payments to fulfil 2005 and 2010 agreements with its creditors to restructure its debt, so long as it is not also paying the few creditors that have all along been holdouts from those agreements. The judgment is likely to stick because the judge (Thomas Griesa, in New York) told American banks on 27 June that...
Masayuki Morikawa
Vice President, Research Institute of Economy, Trade and Industry (RIETI)
Given the declining labour force due to population ageing, accelerating the productivity growth of industries – especially the service industries – is an important element of the growth strategy in Japan and most advanced countries. While there are a variety of factors affecting productivity, innovation is one of the key determinants of productivity growth. However, innovation ...
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Both candidates seeking the Republican nomination in a Georgia House race have repeatedly called for the repeal of the Affordable Care Act. But you wouldn’t know it from the competing ads from Bob Johnson and Buddy Carter, in which each tries to paint the other as a closet fan of “Obamacare.” Both ads use deceptive tactics to make their case. An ad from the Johns...
Jack McKeown
Senior Manager in Monetary Analysis, Bank of England
Lea Paterson
Head of the Inflation Report & Agency Intelligence Division, Bank of England
Nearly two decades ago, Alan Blinder used the Harold Robbins lecture series at the London School of Economics to set out what, at the time, was a minority view on central bank communication – that greater transparency was a good thing, and would help central banks do a better job.1 That view is now widely accepted in mainstream macro thinking, and the past 20 years h...
Richard Layard
Founder and Emeritus Professor, Centre for Economic Performance, London School of Economics
David M. Clark
Professor of Psychology, Oxford University
In rich countries, 38% of all illness is mental illness.1 It particularly affects people of working age where it accounts for 50% of the total (see Fig 1). The overall economic cost has been estimated at 8% of GDP, not to mention the massive suffering involved. Policymakers increasingly wonder what they can do about it. Figure 1. Mental illness is...
Angus Deaton
Dwight D. Eisenhower Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs
Bettina Aten
Chief of Regional Prices at the Bureau of Economic Analysis, US Commerce Department
When the international comparison project (ICP) published its latest estimates of purchasing power parity (PPP) exchange rates in April (World Bank 2014), there was considerable surprise and some consternation. Poor countries became richer overnight, at least relative to the rich countries; expressed in US dollars, world average GDP increased. There was a large downward revisio...
Konstantins Benkovskis
Head of Forecasting and Research Division, Bank of Latvia
Julia Woerz
Expert for Business Cycle and Structural Analyses in the Economic Analysis and Research Department, Oesterreichische Nationalbank
Official price statistics, which mostly reflect price surveys of importers, rely on the so-called overlap method to adjust price observations for changing product baskets. The implicit assumption is that price differences between old and new products entirely reflect differences in quality. Many problems remain: officially reported import prices, even when adjusted for quality,...
Maria Bas
Economist, CEPII
Should trade policy fight or promote imports of intermediate inputs? While several studies have shown the recent increase in imports of intermediate goods, their role in shaping domestic economies is not yet completely understood. Following the work of Feenstra and Hanson (1996), a large literature focuses on the impact of imported intermediate inputs on employment and inequali...
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Rep. Justin Amash and Club for Growth Action make false and distorted claims in TV ads that attack Amash’s Republican primary opponent, Brian Ellis, for wasting taxpayer money on “corporate welfare.” Both ads involve actions taken in 2006 by the Michigan Strategic Fund, a state economic development board, when Ellis was a board member: The Amash ad displays stack...
Richard Wood
Richard Wood is an economist working on macroeconomic issues.
Interrelated economic problems Current high public debt burdens are due to three main forces: Bond-financed fiscal stimulus measures applied in response to the Global Crisis (and the earlier crisis in Japan); Lower revenues and higher welfare payments due to sluggish growth and higher unemployment, particularly in countries that adopted strong a...
Coen Teulings
Professor of Economics, University of Cambridge; and CEPR Research Fellow
Historians tend to stress the particularities in history. Each event is unique, caused by a set of conditions that will never reproduce themselves again. In turn, each event causes new events, which therefore are equally unique and equally irreproducible. Hence, historians conduct painstaking research into the details of these conditions to understand the course of history. ...
Hiromi Ishizuka
Professor at the School of Management, Sanno University
Japan was ranked 104th out of 136 countries on the World Economic Forum (WEF)’s Global Gender Gap sub-index on economic participation and opportunity in 2013. This means that Japan has the second largest labour market gender gap among the advanced economies, next only to South Korea. Meanwhile, Japan’s population peaked in 2008 and has been on the decline since. As such, high h...
Bruno Maçães
Secretary of State for European Affairs, Portuguese Government
The debate on the future of the European Union is now in full swing. Perhaps the most interesting aspect of this debate is the way it harks back to a short clause in the EU's founding document. In the 1957 Treaty of Rome, the signatories pledged to work towards “an ever closer union”. It was never entirely clear what this meant, but that has not stopped many in the UK, the Neth...
Gino Gancia
Senior Researcher, CREI (Barcelona); Adjunct Professor, Universitat Pompeu Fabra; and CEPR Research Fellow
Alessandra Bonfiglioli
Assistant Professor, Universitat Pompeu Fabra; Affiliated Professor, Barcelona Graduate School of Economics; and CEPR Research Affiliate
Developed countries differ markedly in a number of social and economic indicators. Wage inequality, labour productivity, school attainment, and employment rates are all higher in the US than in southern Europe (OECD 2013). The population of active firms differs too, with a larger number of small and less productive firms in the latter group (Bartelsman et al. 2009). While under...
Paul De Grauwe
Professor of international economics, London School of Economics, and former member of the Belgian parliament.
The different macroeconomic adjustment dynamics in Spain – a member of a monetary union – and the UK – a stand-alone country – is stark. Paul Krugman popularised this contrast in his New York Times blog with the title “The Pain in Spain” (Krugman 2009, 2011), and commented on my own analysis in De Grauwe (2011). Following the Greek sovereign debt crisis in 2010, Spain – toge...
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
The issue of executive overreach from President Obama was debated on “Fox News Sunday,” but on two issues, the rhetoric outpaced the facts. Republican Rep. Bob Goodlatte claimed that the Supreme Court’s “9-0 decision last week was the 13th time the Supreme Court has voted 9-0 that the president has exceeded his constitutional authority.” But that’s a stretc...
Eric Monnet
Economist, Bank of France; associate lecturer in economic history, Paris School of Economics
Recent central bank interventions following the Global Crisis have raised new interest in quantitative measures as instruments of monetary or macroprudential policy (Borio 2011, Galati and Moessner 2013). In fact, quantitative controls – especially credit controls – have been used as primary tools of monetary policy for decades in western Europe and east Asia, usually during pe...
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Olympic champions Rudisha, Pearson take centre stage Kenya's David Rudisha competes in the heats of the men's 800m athletics event at Hampden Park during the 2014 Commonwealth Games in Glasgow, Scotland on July 29, 2014
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