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Campaign for Liberty — with All Due Respect Mr. President
Campaign For Liberty — With all due respect Mr. President http://www.campaignforliberty.com/blog.php?view=9636 "There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy." — PRESIDENT-ELECT BARACK OBAMA, JANUARY 9 , 2009 With all due respect Mr. President, that is not true. Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we do not believe that more government spending is a way to improve economic performance. More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan's "lost decade" in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policy makers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth. Burton Abrams, Univ. of Delaware Marek Kolar, Delta College Douglas Adie, Ohio University Roger Koppl, Fairleigh Dickinson University Ryan Amacher, Univ. of Texas at Arlington Kishore Kulkarni, Metropolitan State College J.J. Arias, Georgia College & State University of Denver Howard Baetjer, Jr., Towson University Deepak Lal, UCLA Stacie Beck, Univ. of Delaware George Langelett, South Dakota State Don Bellante, Univ. of South Florida University James Bennett, George Mason University James Larriviere, Spring Hill College Bruce Benson, Florida State University Robert Lawson, Auburn University Sanjai Bhagat, Univ. -
Paper Monitoring Ecological Changes Following Historic Waterfront Rehabilitation and Wetland Restoration at Saugus Iron Works NH
GWS2013 abstracts as of November 21, 2012 • Listed alphabetically by lead author / organizer Monitoring Ecological Changes Following Historic Waterfront Rehabilitation and Wetland Restoration at Saugus Iron Works NHS 5079 In 2008, Saugus Iron Works NHS (MA) completed a combined historic and ecological restoration. The project rehabilitated the culturally significant waterfront, recreated open-water in the historic turning basin, Paper and restored tidal mudflat and brackish wetlands along the Saugus River. The design included a comprehensive planning and environmental compliance strategy, and intensive pre- and post-restoration monitoring. Wetland vegetation, fish community, water quality, tidal regime, benthic invertebrates, and wildlife use will be monitored until 2018. The restored wetland is a low marsh-mud flat dominated by dwarf spikerush and frequented by foraging shorebirds. Fish transitioned from a freshwater to estuarine/brackish community dominated by killifish. Inundation by tidal estuarine water increased and water and sediment quality of the river improved. The restoration successfully removed invasive vegetation from the wetland and provided habitat for native wetland plants and shorebirds. The restoration and monitoring serve as a model for integrated historic and natural resource preservation. Value Project serves as a model for integrated historic and natural resource preservation. Outlines comprehensive proposition: planning and environmental compliance strategy involving multiple stakeholders. Keywords: Restoration, historical, wetland Lead author • session organizer • poster / demo / exhibit presenter: Marc Albert Integrated Resource Program Manager, Boston Harbor Islands NRA, Saugus National Park Service, Boston Harbor Islands NRA, Saugus Iron Works NHS, [email protected] Names of additional authors / panelists / presenters (if any): M.J. James-Pirri, Marine Research Associate, Graduate School of Oceanography University of Rhode Island, Narragansett, RI C. -
Some Political Economy of Monetary Rules
SUBSCRIBE NOW AND RECEIVE CRISIS AND LEVIATHAN* FREE! “The Independent Review does not accept “The Independent Review is pronouncements of government officials nor the excellent.” conventional wisdom at face value.” —GARY BECKER, Noble Laureate —JOHN R. MACARTHUR, Publisher, Harper’s in Economic Sciences Subscribe to The Independent Review and receive a free book of your choice* such as the 25th Anniversary Edition of Crisis and Leviathan: Critical Episodes in the Growth of American Government, by Founding Editor Robert Higgs. This quarterly journal, guided by co-editors Christopher J. Coyne, and Michael C. Munger, and Robert M. Whaples offers leading-edge insights on today’s most critical issues in economics, healthcare, education, law, history, political science, philosophy, and sociology. Thought-provoking and educational, The Independent Review is blazing the way toward informed debate! Student? Educator? Journalist? Business or civic leader? Engaged citizen? This journal is for YOU! *Order today for more FREE book options Perfect for students or anyone on the go! The Independent Review is available on mobile devices or tablets: iOS devices, Amazon Kindle Fire, or Android through Magzter. INDEPENDENT INSTITUTE, 100 SWAN WAY, OAKLAND, CA 94621 • 800-927-8733 • [email protected] PROMO CODE IRA1703 Some Political Economy of Monetary Rules F ALEXANDER WILLIAM SALTER n this paper, I evaluate the efficacy of various rules for monetary policy from the perspective of political economy. I present several rules that are popular in I current debates over monetary policy as well as some that are more radical and hence less frequently discussed. I also discuss whether a given rule may have helped to contain the negative effects of the recent financial crisis. -
A Conversation with Dr. Scott Sumner, June 3, 2015 Participants Summary
A conversation with Dr. Scott Sumner, June 3, 2015 Participants • Dr. Scott Sumner – Director, Program on Monetary Policy, the Mercatus Center at George Mason University (Mercatus) • Alexander Berger – Research Analyst, Open Philanthropy Project • Karl Smith – Consultant, Open Philanthropy Project Note: These notes were compiled by the Open Philanthropy Project and give an overview of the major points made by Dr. Scott Sumner. Summary The Open Philanthropy Project spoke with Dr. Sumner of Mercatus as part of its investigation into the economic and policy advocacy landscape around nominal gross domestic product (NGDP) targeting. Conversation topics included support for NGDP targeting from economists, past obstacles to implementing NGDP targeting, the value of prediction markets, and Dr. Sumner’s role at Mercatus. NGDP targeting Support for nominal GDP targeting Dr. Sumner believes that the Federal Reserve (Fed) is likely to adopt a particular monetary policy if there is consensus among economists about its effectiveness. There is now significant support for NGDP targeting from well-known economists on both the left and the right, including: • Christina Romer (University of California, Berkeley) • James Bullard (President, Federal Reserve Bank of St. Louis) • In recent remarks, Larry Summers (Harvard University) seemed to view NGDP targeting positively, though he did not explicitly endorse it • Mark Carney suggested that NGDP targeting should be considered as an option, just before he began serving as Governor of the Bank of England Dr. Sumner sees interest in NGDP targeting increasing steadily. The UK may be the country most likely to adopt NGDP targeting in the near future. Past obstacles to aDopting NGDP targeting Widely used New Keynesian economic models do not include NGDP as a variable, which makes it harder for many economists to see NGDP targeting as optimal. -
Scott Sumner
FEATURE A NEW VIEW OF THE GREAT RECESSION Scott B. Sumner argues US monetary policy has been too tight, not too easy ive years on, economists still don’t agree the ambiguity. Here’s Milton Friedman in 1998 on the causes of the financial crisis of expressing dismay that economists were confusing 2007–08. Nor do they agree on the easy and tight money in Japan: correct policy response to the subsequent Frecession. But one issue on which there is almost Low interest rates are generally a sign that universal agreement is that the financial crisis money has been tight, as in Japan; high caused the Great Recession. interest rates, that money has been easy … In this essay, I suggest that the conventional After the U.S. experience during the Great view is wrong, and that the financial crisis did not Depression, and after inflation and rising cause the recession—tight money did. This new interest rates in the 1970s and disinflation view must overcome two difficult hurdles. Most and falling interest rates in the 1980s, people think it is obvious that the financial crisis I thought the fallacy of identifying tight caused the recession, and many are incredulous money with high interest rates and easy when they hear the claim that monetary policy money with low interest rates was dead. has been contractionary in recent years. The first Apparently, old fallacies never die.1 part of the essay will explain why the conventional view is wrong; monetary policy has indeed been Many pundits claim that the Bank of Japan quite contractionary in the United States, Europe (BoJ) tried an easy money policy in the 1990s and and Japan (but not in Australia.) The second part early 2000s because nominal interest rates were will explain how people have reversed causation, low and the monetary base was growing rapidly. -
The Case for NGDP Targeting Lessons from the Great Recession
The Case for NGDP Targeting Lessons from the Great Recession Scott Sumner 23 Great Smith Street ADAM SMITH London SW1P 3BL INSTITUTE www.adamsmith.org www.adamsmith.org The Case for NGDP Targeting Lessons from the Great Recession Scott Sumner Scott Sumner has taught economics at Bentley University for the past 27 years. He earned a BA in economics at the University of Wisconsin and a PhD at the University of Chicago. His research has been in the field of monetary economics, particularly the role of the gold standard in the Great Depression. © Adam Smith Research Trust 2011 Published in the UK by ASI (Research) Limited Some rights reserved. Copyright remains with the copyright holder, but users may download, save and distribute this work in any format provided that: (1) the Adam Smith Institute is cited; (2) the URL www.adamsmith.org <http://www.adamsmith.org> is published together with a prominent copy of this notice; (3) the text is used in full without amendments (extracts may be used for criticism or review); (4) the work is not resold; and (5) a link to any online use is sent to [email protected]. The views expressed in this publication are those of the author and do not necessarily reflect those of the publisher. They have been selected for their independence and intellectual vigour, and are presented as a contribution to public debate. ISBN 1 902737 73 3 Printed in England by Grosvenor Group (Print Services) Limited, London Contents Executive Summary 5 Introduction 5 1 The advantages of NGDP targeting 6 over inflation targeting 2 NGDP targeting and the crash of 2008 9 3 Level targeting and forecast targeting 16 Executive summary The recent economic crisis has exposed important flaws with inflation targeting, particularly the form practiced by real world central banks. -
The Fisher Relation in the Great Depression and the Great Recession
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Laidler, David Working Paper The Fisher Relation in the Great Depression and the Great Recession EPRI Working Paper, No. 2013-2 Provided in Cooperation with: Economic Policy Research Institute (EPRI), Department of Economics, University of Western Ontario Suggested Citation: Laidler, David (2013) : The Fisher Relation in the Great Depression and the Great Recession, EPRI Working Paper, No. 2013-2, The University of Western Ontario, Economic Policy Research Institute (EPRI), London (Ontario) This Version is available at: http://hdl.handle.net/10419/70277 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen -
LESSONS from QUANTITATIVE EASING in the UNITED STATES: a GUIDE for AUSTRALIAN POLICYMAKERS Stephen Kirchner June 2019 Table of Contents
LESSONS FROM QUANTITATIVE EASING IN THE UNITED STATES: A GUIDE FOR AUSTRALIAN POLICYMAKERS Stephen Kirchner June 2019 Table of contents The United States Studies Centre at the University of Sydney is a university-based research centre, dedicated Executive summary 01 to the rigorous analysis of American foreign policy, Introduction 02 economics, politics and culture. The Centre is a national resource, that builds Australia’s awareness of the dynamics The US experience with quantitative 03 shaping America — and critically — their implications for easing: What did the Fed do? Australia. The Centre’s Trade and Investment Program examines What effect did quantitative easing 06 trends, challenges and opportunities in the trade and have in the United States? investment relationship between Australia and the United States. It places the Australia-US economic relationship in What did the Fed get wrong? 10 the broader context of Australia’s relations with the rest of Lessons for Australia the world and promotes public policy recommendations Myths about quantitative easing 11 conducive to the growth and integration of the Australian, US and world economies. Conclusion 14 United States Studies Centre Endnotes 15 Institute Building (H03) The University of Sydney NSW 2006 About the author 17 Australia Phone: +61 2 9351 7249 Email: [email protected] Twitter: @ussc Website: ussc.edu.au This report may be cited as: Stephen Kirchner, “Lessons from quantitative easing in the United States: A guide for Australian policymakers,” United States Studies Centre at the University of Sydney, June 2019. Research conclusions are derived independently and authors represent their own view, not those of the United States Studies Centre. -
A Comparative Institutional Analysis of Free Banking and Central Bank NGDP Targeting
CORE Metadata, citation and similar papers at core.ac.uk Provided by Southern Methodist University The Journal of Private Enterprise 29(1), 2013, 25–39 A Comparative Institutional Analysis of Free Banking and Central Bank NGDP Targeting Ryan H. Murphy* Suffolk University Abstract This paper argues that the choice between free banking and central bank NGDP targeting is a difficult to answer empirical question, contrary to the position of those on either side of the debate. Public choice concerns, the lack of the signals of profit and loss, and optimal determination of currency areas are points against any form of central banking. However, free banking may be suboptimal relative to central bank NGDP targeting for three reasons explored here. Until more data become available, it is impossible to gauge the relative importance of one set of these tradeoffs against the other. JEL Codes: E24, E42, D70 Keywords: Free banking; NGDP targeting; Public choice; Comparative institutional analysis I. Introduction As the Great Recession continued, some of the most ardent supporters of the free market began entertaining the possibility that “demand-side” problems were causing persistent unemployment. Although the right-wing press has criticized the untraditional behavior of central banks, monetary policy actually appeared tight by the standard set forth by one of the most eminent and stringent inflation hawks of the 20th century, F.A. Hayek. This standard requires constant total overall spending in the economy (Hayek, 1931; White, 1999). This implies that M*V should be kept at a constant level for money to remain “neutral.” Following the equation of exchange, this is in effect the same as a Nominal Gross Domestic Product (NGDP) target of 0%. -
For the Latest News in East Boston That You Need to Know, Check Eastietimes.Com
560 CONDOS Dudley St. FOR Chelsea SALE UnitNEW CONSTRUCTION #21 $559,000 - 2 BED, 2 BATH 2 bed 1 bath loft. 2 parking $549,000spaces BOOK YOUR POST IT Call Your Advertising Rep (781)485-0588 Wednesday, June 2, 2021 Salesians Boys & Girls Club to host fundraiser By John Lynds together to enjoy a fun safe evening with good friends, As things slowly get great auction prizes, de- back to normal with more licious food, and drinks and more residents being while raising money for vaccinated, the Salesian our After School Program Boys & Girls Club staff and Scholarships for our have decided to move Summer Camp Program.” forward with their annual Triant said awards spring fundraiser on June will be presented to the 10. extraordinary frontline Last year, during the healthcare workers at the height of the COVID-19 East Boston Neighbor- pandemic the Salesian hood Health Center for Boys and Girls Club was their tremendous sacrific- forced to cancel its annual es and service to the East- in-person fundraiser that ie community during the raises money for the Club devastating pandemic. Jonathan and Anna’s wedding photo in 1946. The two through an auction and Michael Merullo, a donations. The event also longtime club supporter - were married after Jonathan visited his friend’s grieving William August and his sister Rose just before Wil family after the war. raises money for Salesian with a passion for helping liam left to serve his country in World War II. Summer Camp Scholar- Boys & Girls Club mem- ships. bers, will also be honored After a very challenging at the event with the Don year, Boys & Girls Club Bosco Award. -
Reflections on Allan Meltzer's Contributions to Monetary Economics and Public Policy
REFLECTIONS ON ALLAN MELTZER’S CONTRIBUTIONS TO MONETARY ECONOMICS AND PUBLIC POLICY January 4, 2018 Kimpton Hotel Palomar Philadelphia Sponsored by the Institute for Humane Studies & the Mercatus Center at George Mason University elcome to the Policy Research Seminar on Reflection’s on Allan Meltzer’s WContributions to Monetary Economics and Public Policy, sponsored by the Institute for Humane Studies (IHS) and the Mercatus Center at George Mason University. You have been invited to this event because we hold your work in high esteem for both its scholarly contributions and for its practical application to our understanding of a free society. We encourage you to join in what promises to be an active and lively conversation, and to draw from your own research and experiences throughout the discussion. One of the primary goals for this program is to help facilitate scholarly collaboration among the faculty, graduate students, policy experts, and IHS and Mercatus Center staff members in attendance. I hope you see this as a valuable opportunity to get to know dozens of like-minded scholars with similar research interests. We are hosting several world-class speakers who can share their experience and advice on how to flourish, as they have, in the world of monetary economics and public policy. We have found that some of the best conversations from our seminars occur spontaneously in the hallways and during meals and receptions, so please be present for scheduled events. Thank you again for joining us. We look forward to meeting each of you individually over the course of the seminar, and we hope you benefit as much from this seminar as we benefit from having you in attendance. -
Academyworld
The Magazine of Wilbraham & Monson Academy The Global School ® fall 2017 ACADEMYWORLD Where We Are also in this issue: Student Engagement News from the Hill Reunion 2017 perspectIves by brian p. easler Head of School Where We Are: ‘When You See The Plan ... You Will Feel It, Also’ It Is a very excItIng tIme at intentions within the context of a 30-year vision Wilbraham & Monson Academy, and for the WMA campus. That is a long time to a tremendous privilege to be part of it. consider, but with a healthy dose of flexibility For the first time, WMA alumni, built into the plan, it will serve admirably as our families, staff and friends contributed lodestar long into the future. more than $1 million to the Annual The master planning process spanned three Fund, now called the Atlas Fund. This full weeks of this past school year and included all is a landmark accomplishment, and of the faculty and staff, a broad cross section of a sign of confidence as we continue our the student body, and as many parents and alumni efforts to further evolve the school. as we could involve. As a result, the plan is well Included in those efforts is our mission informed by both those who live the WMA life to balance the operating budget every day and the creativity and experience of our without the need for annual donations; master planning architects, Flansburgh Architects. as you already know, we are flipping Because the plan was created with such a breadth the Annual Fund upside down — from of involvement (some of the most innovative ideas a literal budget standpoint — so that came from students), there is a pervasive sense annual donors to the Atlas Fund of enthusiasm and optimism on campus.