www.tipnews.info
July 23, 2014
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...
David Berger
Assistant Professor of Economics, Northwestern University
Joseph Vavra
Assistant Professor of Economics at the Booth School of Business, University of Chicago
Over the course of the Great Recession, purchases of new vehicles and other consumer durables fell by $153 billion. Purchases of new homes and other forms of residential investments declined by more than $260 billion. All-told, declines in broadly defined durable spending accounted for more than half of the total decline in GDP during the Recession. Various stimulus programs...
Joshua Aizenman
Professor of Economics, University of California Santa Cruz and Research Associate, the NBER
The short history of the Eurozone has been remarkable and unprecedented – the euro project has moved from the planning board to a vibrant currency within less than ten years. Otmar Issing’s optimistic speech in 2006 reflects well the buoyant assessment of the first decade of the euro – an unprecedented formation of a new currency without a state.1 Observers viewed th...
Laurence Ball
Professor, Johns Hopkins University; Research Associate, NBER; and Visiting Scholar, IMF
According to macroeconomics textbooks, a fall in aggregate demand causes a recession in which output drops below potential output – the normal level of production given the economy’s resources and technology. This effect is temporary, however. A recession is followed by a recovery period in which output returns to potential, and potential itself is not affected significantly by...
Jayant Menon
Lead Economist at the Office for Regional Economic Integration, Asian Development Bank
Introduction Why is the Trans-Pacific Partnership (TPP) taking so long to conclude? It has already missed three deadlines, the latest October 2013. And President Barrack Obama’s recent Asia visit did not produce the widely anticipated push towards the finish line. Delays aside, the other big question is what the TPP will look like when finally concluded (Winters 2014)...
Joan Costa-i-Font
Reader in Political Economy at the London School of Economics and Political Science
Policymaking on addictive substances is a tricky business, since the choices of addicts should not be expected to follow the neoclassical view of consumer choice. The additional problems are many: People have limited will power, Time preferences tend to excessively favour the short run, and Certain social norms can create an unhealthy social en...
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
A TV ad falsely claims Tennessee Sen. Lamar Alexander is “responsible” for a surge of “illegal aliens” who are “overrunning our border” because he voted for “amnesty.” The surge in illegal border crossings is the result of poverty and violence in parts of Central America and has been fueled by false rumors being spread in Guatemala, El Salvador and Honduras that the U.S. is ...
Chad P Bown
Senior Economist, Development Research Group, Trade and International Integration (DECTI), World Bank
How countries apply their trade policies has been of heightened interest since the early days of the Great Recession (Baldwin and Evenett 2009). While applied import tariffs have proven resilient to change, the temporary trade barriers of antidumping, safeguards, and countervailing duties have become important to understanding the year-to-year churning that arises under modern ...
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