www.tipnews.info
March 03, 2015
Jon Danielsson
Jon Danielsson
Director of the Systemic Risk Centre at the London School of Economics
Everybody seemed to be caught off guard by the Global Financial Crisis that started in 2007, not the least the financial regulators. They missed all the excessive risk-taking, the build-up of financial imbalances and the accumulation of vulnerabilities in the years and decades before the Crisis. What went wrong and how can we fix it? The common refrain has it that there was ...
Wyplosz Charles
Wyplosz Charles
Professor of International Economics at the Graduate Institute, Geneva; Director of the International Centre for Money and Banking Studies.
For the first time, the ECB has released the minutes of its policymaking meetings. This is a new step towards ‘normalising’ a central bank that long insisted on wearing the old-fashioned mantle of the Bundesbank. Unsurprisingly, perhaps, the minutes do not include any major surprise. They mainly confirm previous leaks. Yet, they are helpful for all those who strive to understan...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
The head of the Environmental Protection Agency told Congress her agency’s proposed rules governing carbon dioxide emissions from power plants will not affect the reliability of electricity service. That’s debatable. Various analyses have arrived at differing conclusions on this issue, and some electricity grid operators say there is a potential for service disruption under ...
Daniel C Hardy
Daniel C Hardy
Advisor, International Monetary Fund
Severe disruption to funding and a liquidity crunch are central features of almost all systemic banking crises. A major fire can break out when a small spark lands on combustible material – so long as there is oxygen available. Likewise, a financial crisis often starts with some relatively minor disturbance to an already-vulnerable system, which is propagated and amplified by l...
Lutz Kilian
Lutz Kilian
Professor of Economics, University of Michigan; and Research Fellow at CEPR.
What played a role in the oil price decline in 2014 After a period of relative stability, the Brent price of crude oil – commonly considered a proxy for the global price of oil – recently experienced a sustained decline that rivalled some of the most dramatic oil price declines to date. Figure 1 shows that the cumulative decline between June and December 2014 alone wa...
Anya Samek
Anya Samek
Assistant Professor, University of Wisconsin-Madison
Marco Piovesan
Marco Piovesan
Associate Professor at the Department of Economics, University of Copenhagen
John List
John List
Professor of Economics, University of Chicago
Daniel Houser
Daniel Houser
Professor of Economics at theInterdisciplinary Center for Economic Science (ICES), George Mason University
Dishonesty is a widespread and multifaceted phenomenon – every day, the news brings reports of corporate dishonesty generating millions of dollars of costs to society. These public scandals, however, account only for a small part of dishonesty in society. Many ordinary people who consider themselves honest nevertheless sometimes cheat on taxes, steal from the workplace, illegal...
John Whalley
John Whalley
Professor and William G. Davis Chair in International Trade, Department of Economics, University of Western Ontario
Since September 2013 China has been operating a new form of free trade zone based in a small area of Shanghai, called the China (Shanghai) Pilot Free Trade Zone (SPFTZ). It reflects new thinking in China as to how to move forward to a new policy regime to maintain or even accelerate growth through liberalised capital account transactions and speeded trade clearance at one and t...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Sen. Rand Paul made several misleading statements about the National Institutes of Health and some of the research that it funds. Paul claimed the NIH’s budget has been increasing “for years.” That’s not accurate even in raw dollars. And when adjusted for inflation, the budget has actually decreased over the last decade. He also suggested the NIH wasted $...
Jason Furman
Jason Furman
Chairman, Council of Economic Advisers
The US economy has strengthened considerably. GDP grew at an annual rate of 2.8% over the past two years, compared with 2.1% in the first three-and-a-half years of the recovery. The improvement was particularly clear in the labour market, where 2014 recorded the highest job gains – on both an absolute and a percentage basis – since the late 1990s. The unemployment rate has decl...
Alex Edmans
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
Competitive success of firms In the 20th century, firms were predominantly capital-intensive and competed on cost efficiency. Companies with the most efficient factories could manufacture goods more cheaply than their rivals, and became market leaders. The 21st-century firm is different. Nowadays, competitive success depends increasingly on product quality and inno...
Moritz Schularick
Moritz Schularick
Professor of Economics at the University of Bonn
Alan Taylor
Alan Taylor
Professor of Economics, University of Virginia and CEPR Research Fellow
scar Jord
Òscar Jordà
Research Advisor, Federal Reserve Bank of San Francisco; Professor of Economics, UC Davis
Although the nexus between low interest rates and the recent house price bubble remains largely unproven, observers now worry that current loose monetary conditions will stir up froth in housing markets, thus setting the stage for another painful financial crash. Central banks are struggling between the desire to awaken economic activity from its post-crisis torpor and fear of ...
Plamen Iossifov
Plamen Iossifov
Senior Economist in the European Department, IMF
Ji? Podpiera
Ji?í Podpiera
Economist in the European Department, IMF
Inflation has been falling sharply across Europe since 2012 (Figure 1). Across Central and Eastern Europe (CEE), inflation expectations have also drifted down, especially among countries who peg their currencies to the euro (Bulgaria, Croatia, as well as Lithuania, which has since adopted the euro on 1 January 2015), but also in those that targe...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Rep. Gary Palmer falsely claimed on a radio show that temperature data used to measure global climate change have been “falsified” and manipulated. Palmer, a Republican from Alabama, cited the so-called Climategate episode of five years ago, in which emails written by climate scientists purportedly showed evidence of data manipulation, and a more recent accusation of climate...
Dani Rodrik
Dani Rodrik
Albert O. Hirschman Professor at the School of Social Science, Institute for Advanced Study; and CEPR Research Fellow
Mention ‘deindustrialisation’ and the image comes to mind of advanced economies making their way into the post-industrial phase of development (Ramaswamy and Rowthorn 1997). But the more dramatic trend is deindustrialisation in the developing countries. This is appropriately called premature deindustrialisation, since it means that many (if not most) developing nations are beco...
Arito Ono
Arito Ono
Senior Economist, Mizuho Research Institute; and visting lecturer at the Graduate School of Economics, Waseda University
Hirofumi Uchida
Hirofumi Uchida
Professor of Banking and Finance at the Graduate School of Business Administration, Kobe University
Economic impact of natural disasters Natural disasters such as earthquakes, floods, typhoons, and hurricanes inflict serious damage and so seem to be bad for the economy. For firms, natural disasters destroy tangible assets such as buildings and equipment – as well as human capital – and thereby deteriorate their production capacity. These adverse impacts may sometime...
Thomas Philippon
Thomas Philippon
Assistant Professor of Finance, Stern School of Business, NYU and CEPR Research Affiliate
Fairness is a loaded word, but, whether we like it or not, it is at the heart of the political economy of debt restructuring in Europe. Until we reach some understanding on this issue, the conversation will continue to run in circles. Clearly the odious debt argument does not apply to Greece (Beck 2015). Greece was and is a democracy. Greek citizens elected the governments that...
Juan Dolado
Juan Dolado
Professor of Economics, European University Institute; and CEPR Research Fellow
A slight twist on the title of the Coen brothers’ Oscar-winning film No Country for Old Men seems to match well the growing concern in Europe of having a lost generation. This is especially the case in those peripheral economies badly hit by the Great Recession and the subsequent sovereign debt crisis. Yet, the problem is far from being new. It has been around for s...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Rep. Mo Brooks and potential presidential hopeful Ben Carson both suggested a connection between illegal immigration and the spread of diseases such as measles in the United States. Though it is often difficult to pinpoint precise origins of disease outbreaks, there is no evidence supporting a link between the recent outbreaks and illegal immigration. Brooks, a Republican fr...
Michael Huberman
Michael Huberman
McConnell Chair in American Studies, Université de Montréal, and research fellow at CIREQ and CIRANO
Christopher M. Meissner
Christopher M. Meissner
Professor of Economics at the University of California, Davis
Kim Oosterlinck
Kim Oosterlinck
Professor of Finance at the Solvay Brussels School of Economics and Management, Université libre de Bruxelles
A fundamental proposition of economics is the positive relationship between trade and growth. But in a recent Vox contribution, Constantinescu et al. (2015) find the relationship, while positive, to be unstable over time. An explanation consistent with this type of findings is that the benefits of trade are more difficult to realise at higher degrees of openness – a case of squ...
Sebastian Edwards
Sebastian Edwards
Henry Ford II Professor of International Economics at the University of California, Los Angeles
Throughout his long and distinguished career, Ronald I. McKinnon embarked on many crusades. Perhaps his best-known concern was related to the need to end ‘financial repression’ and liberalise the financial sector in developing countries (McKinnon 1973). In the last 25 years the policy issue that occupied most of McKinnon’s time had to do with exchange rate regimes. Ron McKinnon...
Thorsten Beck
Thorsten Beck
Professor of Economics and Chairman of the European Banking Center at Tilburg University
In the movie Groundhog Day, a weatherman finds himself living the same day over and over again. Eurozone policymakers might be forgiven if they also feel like they are stuck in a time loop, forced into a déjà-vu experience with a possible Grexit scenario. After a quiet 2014, the Eurozone is back in crisis mode, though not in a panic. The new Greek governmen...
Coen Teulings
Coen Teulings
Professor of Economics, University of Cambridge; and CEPR Research Fellow
This column is a lead commentary in the VoxEU Debate "Secular Stagnation" The notion of secular stagnation goes back to Alvin Hansen’s 1938 presidential address, “Economic Progress and Declining Population Growth”. The idea received new interest after Larry Summers’ speech at the IMF last year. At the heart...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
In announcing his new “Precision Medicine Initiative” on Jan. 30, President Obama repeated an outdated and questionable number for the Human Genome Project’s return on investment,...
Simon Wren-Lewis
Simon Wren-Lewis
Professor, Economics Department and Merton College, Oxford
This column is a lead commentary in the VoxEU Debate "Secular Stagnation" Coen Teulings and Richard Baldwin start their introduction to VoxEU’s eBook on secular stagnation (Teulings and Baldwin 2014) with the followin...
Coen Teulings
Coen Teulings
Professor of Economics, University of Cambridge; and CEPR Research Fellow
This column is a lead commentary in the VoxEU Debate "Secular Stagnation" With last week’s decision to start buying Eurozone bonds for €60bn a month, the ECB entered a new phase in its struggle to revive the European ...
More Posts
US stocks retreat from recordsFive minutes into trade on March 3, 2015 the Dow Jones Industrial Average was at 18,251.99, down 36.64 points (0.20 percent)
Wall Street stocks retreated from record peaks Tuesday, losing ground after lackluster US auto sales.The Dow Jones Industrial Aver...
Weather chills US auto sales in FebruaryHarsh winter storms hit US auto sales in February, with Ford especially taking a hit
Harsh winter storms chilled US auto sales in February, with Ford especially taking a hit with a surprise 1.9 percent fall while To...
'Saudi prince' New York apartment on sale for $48.5mA luxurious New York apartment, city skyline seen here, furnished with bullet-proof panic rooms and a sushi island bar is on the market for an eye-watering $48.5 million, reportedly the property of Saudi royalty
A luxurious New York apartment furnished with bullet-proof panic rooms and a sushi island bar is on the market for an eye-watering...
Ubisoft game aims to be what the doctor orderedUbisoft senior producer Mathieu Ferland shows off a Dig Rush video game seeking approval from US regulators to be used as a prescribed medical treatment for an eye condition effecting millions of people on March 2, 2015 in San Francisco, California
Ubisoft on Tuesday unveiled a tablet video game crafted as a prescription for a medical condition known as "lazy eye," blending th...
US crackdown on Chinese 'maternity tourism' in LA US investigators launched dawn raids Tuesday on two dozen Los Angeles locations suspected of offering maternity tourism for mostly Chinese mothers wanting to give birth in the United States
US investigators launched dawn raids Tuesday on dozens of Los Angeles locations suspected of offering "maternity tourism" services...
Georgia halts executions after lethal drug problemOpponents of the death penalty hold signs in front of the Supreme Court in Washington, DC
The US state of Georgia temporarily halted executions Tuesday after the drug used for lethal injections appeared faulty, authoriti...
Homeless man shot in LA was French nationalA makeshift memorial for a homeless man, known by the name of Africa, who was allegedly shot and killed by LA police is seen on March 2, 2015, in Los Angeles, California
A homeless man shot by police in Los Angeles was a French national and convicted criminal, the LA Times reported Tuesday, as prote...
Boston bombings jury approved on eve of trial openingUndated image released by the FBI shows Marathon bombing suspect Dzhokhar Tsarnaev
The two-month process to select a jury for the trial of Boston bombings suspect Dzhokhar Tsarnaev was completed Tuesday, authoriti...
California lawyer proposes ballot measure to execute gaysA rainbow flag is waved in front of the US Supreme Court in Washington, DC
A California lawyer has submitted a referendum proposal to outlaw homosexuality in the famously liberal western US state, on pain ...
Phone firms and the quest for the 5G Holy GrailThe mobile device Ara by Yezz with other gadgets during the 2015 Mobile World Congress in Barcelona on March 3, 2015
Lightning-quick downloads, driverless cars and remote surgery: telecom firms are racing to develop a new generation of "5G" mobile...
European police nab VAT fraud gangView of Europol headquarters, the alliance of the European Union police and a multinational research organization, in The Hague, Netherlands on July 1, 2011
European police arrested nine suspects in a continent-wide crackdown on a gang of suspected VAT fraudsters who robbed countries of...
Sweden moves to scrap budget surplus goalPrime Minister of Sweden Stefan Loefven during a press conference at the Rosenbad government office in Stockholm on October 27, 2014
Sweden's left-wing government said Tuesday it wants to scrap the country's budget-surplus target, aiming to axe a policy that crit...
Talk of third Greek bailout gains ground in EuropeSpain's finance minister Luis de Guindos (L) speaks with his Greek counterpart Yanis Varoufakis during an emergency Eurogroup finance ministers meeting at the European Council in Brussels, February 20, 2015
Fresh talk of a third international bailout for debt-hit Greece spread through European capitals on Tuesday, despite Brussels insi...
Ryanair says open to offer for Aer Lingus stakeRyanair said Tuesday it will consider any offer for its stake in Aer Lingus, flights seen here, which is currently being pursued for a takeover by British Airways owner IAG
Ryanair said Tuesday it will consider any offer for its stake in Aer Lingus, which is currently being pursued for a takeover by Br...
Canadian economy grew 0.6% in 4th quarter of 2014Canada's economy grew 0.6 percent in the fourth quarter of 2014
Canada's economy grew 0.6 percent in the fourth quarter of 2014 as households boosted expenditure, the government statistical agen...
Turkish lira slides to new low on inflation concerns Turkey's currency has sunk to a series of historic lows during the past month as President Recep Tayyip Erdogan pressures the central bank to ease monetary policy
The Turkish lira hit a new all-time low in value against the dollar on Tuesday, extending recent losses after accelerating inflati...
Japan's Sharp drops on bank aid reportShares in Sharp tumbled nearly 10 percent in early trade after the Nikkei business daily reported that the struggling electronics maker plans to request aid
Sharp shares dropped on Tuesday after a report said the struggling Japanese electronics firm will ask its key lenders for aid, as ...
European stocks decline awaiting central bank stimulusLondon's benchmark FTSE 100 index dipped 0.16 percent to stand at 6,928 points in midday deals after reaching an intra-day high on Monday
Europe's main stock markets slipped on Tuesday after recent strong gains, with traders sitting tight as the eurozone awaits fresh ...
Oil prices rise on Libya unrestGlobal oil prices rise but gains are limited as dealers eye negotiations aimed at ending a strike at some US crude refineries
Oil prices turned higher Tuesday on unrest in exporter Libya and as the market expected another rise in US inventories.In New York...
China rate cuts just the start as growth slows: analystsChinese GDP expanded 7.4 percent in 2014, its slowest pace in 24 years
Factory employment has been falling for more than a year in the workshop of the world as Chinese growth slows, and analysts expect...
Ukraine hikes interest rates, triples gas prices as economy totters
Ukraine's central bank moved to shore up the country's battered currency Tuesday by hiking interest rates to 30 percent as the gov...
Development bank EBRD to invest in Greece to 2020European Bank for Reconstruction and Development (EBRD) president Suma Chakrabarti speaks during a press conference in Brussels on March 3, 2015
The European Bank for Reconstruction and Development (EBRD) said Tuesday it would begin funding critically needed investment in ca...
Slovenian parliament votes to legalise same-sex marriageResidents watch the Gay Pride parade passing through their street in Ljubljana, Slovenia, on June 14, 2014
Slovenia's parliament voted Tuesday to legalise same-sex marriages and grant such unions equal rights to those of heterosexual cou...
Chilean leader's popularity hit by son's scandalChile's President Michelle Bachelet delivers a speech upon her arrival at the Simon Bolivar air base in Guayaquil, Ecuador, on December 4, 2014
Chilean President Michelle Bachelet's popularity has plunged to the lowest level of her current administration, a poll found Tuesd...
Bat-filled cave, donkeys and cake: A drug lord's fallMexican federal police escort Servando Gomez, aka La Tuta at the airport in Mexico City on February 27, 2015
During his months on the run, Mexican drug baron Servando Gomez fled on donkeys and hid in a bat-filled cave -- a far cry from his...
Bereaved to view MH17 wreckage at Dutch baseThe wreckage of the Malaysia Airlines flight MH17, which was shot down over Ukraine in July 2014, is laid out in a hangar on Gilze-Rijen airbase in the southern Netherlands, March 2, 2015
The first of around 500 relatives of those killed in the shooting down of Malaysia Airlines flight MH17 over Ukraine visited the w...
Venezuela launches new US visa requirementVenezuelan President Nicolas Maduro delivers a speech in Caracas on February 28, 2015
Venezuela began requiring visas for US travelers to the country Tuesday, implementing a measure announced by President Nicolas Mad...
Jailed Ukrainian pilot 'may be transferred to hospital'Ukrainian helicopter pilot Nadia Savchenko featured on election posters ahead of last year's poll in October 2014
A Ukrainian airforce pilot who has been on hunger strike in a Russian jail for 81 days might be transferred to a civilian hospital...
Kenyan president torches 15-tonne ivory stockpileA Kenyan soldier stands near a burning pile of 15 tonnes of elephant ivory at Nairobi National Park on March 3, 2015
Kenyan President Uhuru Kenyatta set fire to a giant pile of 15 tonnes of elephant ivory Tuesday, vowing to destroy the country's e...
Al-Jazeera reporter fined for drone flights over ParisFlying drones Paris landmarks such as the Eiffel Tower is illegal
A French court Tuesday fined a British journalist 1,000 euros ($1,100) for flying a drone over central Paris and confiscated the m...
Nobel Peace committee demotes controversial headThorbjoern Jagland took over the Norwegian Nobel Committee in 2009
Norway's Nobel Peace Prize committee on Tuesday demoted its controversial chairman Thorbjoern Jagland in a move unprecedented in t...
Edward Snowden 'ready to return to States'Edward Snowden was given political asylum by Russia in 2013
Edward Snowden, the fugitive whistleblower who has been given refuge in Russia, is willing to return to the United States if he is...
Indian state bans beef, introduces jail time for possessionIndian butchers sell beef to Muslims who make up 13 percent of the country's population
India's western state of Maharashtra has introduced a ban on beef so strict that even possession could land you in jail for five y...
OSCE to monitor truce violation areas: KievUkrainian fighters with the Azov volunteer battalion take part in military exercises near the southeastern city of Mariupol, on February 27, 2015
The leaders of Ukraine, Russia, France and Germany have agreed to send observers to flashpoint sites in eastern Ukraine as sporadi...
Iraq jihadists slow Tikrit advance with bombs and snipersIraqi government forces and allied militias fire weaponry from a position in the northern part of Diyala province, bordering Salaheddin province, as they take part in an assault to retake the city of Tikrit from IS jihadists, on March 2, 2015
Iraqi forces closed in on Tikrit Tuesday, their progress slowed by jihadist snipers and booby traps, on the second day of Baghdad'...
Last-gasp Benteke gives Sherwood first winSunderland's English midfielder Lee Cattermole (L) vies with Hull City's English midfielder Jake Livermore during their English Premier League football match in Kingston upon Hull, England on March 3, 2015
Christian Benteke scored a nerveless stoppage-time penalty as Aston Villa edged West Bromwich Albion 2-1 on Tuesday to earn new ma...
Immobile eases Dortmund into cup quartersDortmund's Italian striker Ciro Immobile shoots to score the first goal during the German football Cup DFB Pokal round of 16 game against Dynamo Dresden in Dresden, Germany, on March 3, 2015
Borussia Dortmund eased to a 2-0 victory at third-division Dynamo Dresden on Tuesday to book their place in the German Cup quarter...
Ivory Coast hero 'Copa' announces international retirementIvory Coast's goalkeeper Boubacar Barry dives to stops Ghana's last penalty during the shout out of the Africa Cup of Nations final match in Bata on Febuary 8, 2015
Ivory Coast goalkeeper Boubacar "Copa" Barry who became a national hero when he scored the decisive penalty in the Africa Cup of N...
Nuggets sack coach Shaw after disappointing startHead coach Brian Shaw of the Denver Nuggets looks on during a game with the Los Angeles Lakers on February 10, 2015 in Los Angeles, California
Brian Shaw was fired as coach of the NBA's Denver Nuggets on Tuesday after going 56-85 in a season and a half in the job, the team...
Williams confirm Wolff test scheduleWilliams Martini Racing's Scottish test driver Susie Wolff takes part in the Formula One pre-season first test day in Montmelo, near Barcelona, on February 19, 2015
Williams test driver Susie Wolff will compete in practice at three Grand Prix, as well as other testing, during the 2015 season, t...
Lin calls for more freedom for playersLin Dan, widely regarded as the greatest men’s singles player in badminton history, marks his return to the All-England Open with an appeal for his fellow professionals to be given more freedom
Lin Dan, widely regarded as the greatest men's singles player in badminton history, marked his return to the All-England Open wi...
Man Utd boss Van Gaal confident Di Maria will flourishAngel Di Maria joined Manchester United for £59.7 million from Real Madrid in 2014
Manchester United manager Louis van Gaal says British record signing Angel Di Maria should be given more time to justify his price...
Wozniacki survives first round in MalaysiaDenmark's Caroline Wozniacki, pictured in action in Dubai, beat China's Wang Yafan in straight sets in Malaysia on March 3, 2015
Top-seeded Caroline Wozniacki atoned for a first-round exit last year by cruising past China's Wang Yafan on Tuesday at the WTA Ma...
Champions League spot doesn't interest Dortmund boss KloppDortmund coach Jurgen Klopp supervises training on February 23, 2015 in Turin ahead of his side's UEFA Champions League clash against Juventus
Jurgen Klopp says he has little interest in Champions League qualification for next season as he fights to keep Dortmund in the Bu...
Terry to get new Chelsea deal: MourinhoChelsea captain John Terry celebrates winning the League Cup final against Tottenham Hotspur at Wembley on March 1, 2015
Chelsea captain John Terry will be awarded a contract extension to keep him at the club beyond this season, manager Jose Mourinho ...
Tenacious Torino grab a slice of city's football bragging rightsTorino celebrate victory against Napoli on March 1, 2015 at the Olympic Stadium in Turin
Juventus may be powering towards a fourth consecutive title in Serie A but unfashionable city neighbours Torino are Italy's form t...
Pacquiao down to work for 'fight of my life'Philippine boxer Manny Pacquiao has stepped up preparations for his May 2, 2015 blockbuster fight against Floyd Mayweather
Manny Pacquiao called his boxing showdown with Floyd Mayweather "the fight of my life" as he got down to work pounding the streets...
Alonso to miss season-opening Australian Grand PrixFernando Alonso will miss the opening race of the Formula One season in Australia after suffering concussion on February 22, 2015
Two-time Formula One world champion Fernando Alonso will miss 2015's opening Grand Prix in Australia after suffering concussion in...
Power-packed South Africa flatten Ireland in World CupSouth Africa's Rilee Rossouw (left) celebrates taking a catch with David Miller during a World Cup match against Ireland in Canberra on March 3, 2015
Hashim Amla and Faf du Plessis hit centuries, while Dale Steyn shone in his 100th one-day international, as South Africa showcased...