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MICHECON NEWS Winter 2007/2008 for University of Michigan Economics Department Alumni and Friends
MICHECON NEWS Winter 2007/2008 for University of Michigan Economics Department alumni and friends Celebrating With Pomp and Circumstance he 2007 Undergraduate Commencement Celebration in- sity of Michigan has meant to him and encouraged them to stay Tcluded all the pomp due the circumstance of the event. For involved with the Department, sharing both his own experience the first time in Department history, the celebration began with as an alumnus, as well recent contacts he had with international academic-gowned faculty, graduates, and guest speaker Ralph C. alumni in India, France, and Italy. Heid, ’70 econ, marching into Rackham Auditorium as a Univer- sity-student string quartet played Elgar’s celebrated piece. Heid told the graduates that, “I use what I learned at Michigan every day,” adding that whatever vocation they pursue, they will Following welcoming remarks by Department Chair Matthew find that, “Michigan has prepared you very well in the fundamen- Shapiro, and Director of Undergraduate Studies Jim Adams, tals. Heid, senior vice-president of international finance, Comerica Bank, and a member of the Department’s Economics Leadership “You will find that you carry with you a hard-earned degree from Council, gave the first commencement address ever presented at one of the most prestigious economic programs in the world. the Department’s undergraduate commencement celebration. In You will find that you will get job interviews where others might his speech, titled “Terms of Engagement” Heid spoke to gradu- not and that you may have an edge when applying to graduate ates about what his own degree in economics from the Univer- school.” continued on page 4 Michigan take at least one economics course during their studies. -
Albums Are Dead - Sell Singles
The Journal of Business, Entrepreneurship & the Law Volume 4 Issue 1 Article 8 11-20-2010 Notice: Albums Are Dead - Sell Singles Brian P. Nestor Follow this and additional works at: https://digitalcommons.pepperdine.edu/jbel Part of the Entertainment, Arts, and Sports Law Commons Recommended Citation Brian P. Nestor, Notice: Albums Are Dead - Sell Singles, 4 J. Bus. Entrepreneurship & L. Iss. 1 (2010) Available at: https://digitalcommons.pepperdine.edu/jbel/vol4/iss1/8 This Article is brought to you for free and open access by the Caruso School of Law at Pepperdine Digital Commons. It has been accepted for inclusion in The Journal of Business, Entrepreneurship & the Law by an authorized editor of Pepperdine Digital Commons. For more information, please contact [email protected], [email protected], [email protected]. NOTICE: ALBUMS ARE DEAD - SELL SINGLES BRIAN P. NESTOR * I. The Prelude ........................................................................................................ 221 II. Here Lies The Major Record Labels ................................................................ 223 III. The Invasion of The Single ............................................................................. 228 A. The Traditional View of Singles .......................................................... 228 B. Numbers Don’t Lie ............................................................................... 229 C. An Apple A Day: The iTunes Factor ................................................... 230 D. -
Economic Analysis by Nobel Laureate Joseph Stiglitz
BEFORE THE UNITED STATES DEPARTMENT OF JUSTICE UNITED STATES OF AMERICA, Plaintiff, v. Civil Action No. 98-1232 (CKK) MICROSOFT CORPORATION, Defendant. STATE OF NEW YORK ex rel. Attorney General Eliot Spitzer, et al., Plaintiffs, v. Civil Action No. 98-1233 (CKK) MICROSOFT CORPORATION, Defendant. DECLARATION OF JOSEPH E. STIGLITZ AND JASON FURMAN TABLE OF CONTENTS I. QUALIFICATIONS ........................................................................................................... 1 II. PURPOSE............................................................................................................................ 2 III. INTRODUCTION............................................................................................................... 2 IV. THE MODERN ECONOMIC THEORY OF COMPETITION AND MONOPOLY .6 A. Acquisition of a monopoly............................................................................................ 7 B. Potential for competition............................................................................................ 10 C. Consequences of monopoly ........................................................................................ 12 D. Monopolies and innovation ........................................................................................ 14 V. FACTS AND LEGAL CONCLUSIONS RELATING TO MICROSOFT.................. 16 A. Monopoly power.......................................................................................................... 16 B. Anticompetitive behavior .......................................................................................... -
The BET HIP-HOP AWARDS '09 Nominees Are in
The BET HIP-HOP AWARDS '09 Nominees Are In ... Kanye West Leads The Pack With Nine Nominations As Hip-Hop's Crowning Night Returns to Atlanta on Saturday, October 10 and Premieres on BET Tuesday, October 27 at 8:00 p.m.* NEW YORK, Sept.16 -- The BET HIP-HOP AWARDS '09 nominations were announced earlier this evening on 106 & PARK, along with the highly respected renowned rapper, actor, screenwriter, film producer and director Ice Cube who will receive this year's "I AM HIP-HOP" Icon Award. Hosted by actor and comedian Mike Epps, the hip-hop event of the year returns to Atlanta's Boisfeuillet Jones Civic Center on Saturday, October 10 to celebrate the biggest names in the game - both on the mic and in the community. The BET HIP-HOP AWARDS '09 will premiere Tuesday, October 27 at 8:00 PM*. (Logo: http://www.newscom.com/cgi-bin/prnh/20070716/BETNETWORKSLOGO ) The Hip-Hop Awards Voting Academy which is comprised of journalists, industry executives, and fans has nominated rapper, producer and style aficionado Kanye West for an impressive nine awards. Jay Z and Lil Wayne follow closely behind with seven nominations, and T.I. rounds things off with six nominations. Additionally, BET has added two new nomination categories to this year's show -- "Made-You-Look Award" (Best Hip Hop Style) which will go to the ultimate trendsetter and "Best Hip-Hop Blog Site," which will go to the online site that consistently keeps hip-hop fans in the know non-stop. ABOUT ICE CUBE Veteran rapper, Ice Cube pioneered the West Coast rap movement back in the late 80's. -
Unemployment Insurance and Macroeconomic Stabilization
153 Unemployment Insurance and Macroeconomic Stabilization Gabriel Chodorow-Reich, Harvard University and the National Bureau of Economic Research John Coglianese, Board of Governors of the Federal Reserve System Abstract Unemployment insurance (UI) provides an important cushion for workers who lose their jobs. In addition, UI may act as a macroeconomic stabilizer during recessions. This chapter examines UI’s macroeconomic stabilization role, considering both the regular UI program which provides benefits to short-term unemployed workers as well as automatic and emergency extensions of benefits that cover long-term unemployed workers. We make a number of analytic points concerning the macroeconomic stabilization role of UI. First, recipiency rates in the regular UI program are quite low. Second, the automatic component of benefit extensions, Extended Benefits (EB), has played almost no role historically in providing timely, countercyclical stimulus while emergency programs are subject to implementation lags. Additionally, except during an exceptionally high and sustained period of unemployment, large UI extensions have limited scope to act as macroeconomic stabilizers even if they were made automatic because relatively few individuals reach long-term unemployment. Finally, the output effects from increasing the benefit amount for short-term unemployed are constrained by estimated consumption responses of below 1. We propose five changes to the UI system that would increase UI benefits during recessions and improve the macroeconomic stabilization role: (I) Expand eligibility and encourage take-up of regular UI benefits. (II) Make EB fully federally financed. (III) Remove look-back provisions from EB triggers that make automatic extensions turn off during periods of prolonged unemployment. (IV) Add additional automatic extensions to increase benefits during periods of extremely high unemployment. -
Optimal Automatic Stabilizers⇤
Optimal Automatic Stabilizers⇤ Alisdair McKay Ricardo Reis Boston University Columbia University and London School of Economics June 2016 Abstract Should the generosity of unemployment benefits and the progressivity of income taxes de- pend on the presence of business cycles? This paper proposes a tractable model where there is a role for social insurance against uninsurable shocks to income and unemployment, as well as inefficient business cycles driven by aggregate shocks through matching frictions and nominal rigidities. We derive an augmented Baily-Chetty formula showing that the optimal generosity and progressivity depend on a macroeconomic stabilization term. Using a series of analytical examples, we show that this term typically pushes for an increase in generosity and progressivity as long as slack is more responsive to social programs in recessions. A calibration to the U.S. economy shows that taking concerns for macroeconomic stabilization into account raises the optimal unemployment benefits replacement rate by 13 percentage points but has a negligible impact on the optimal progressivity of the income tax. More generally, the role of social insur- ance programs as automatic stabilizers a↵ects their optimal design. JEL codes: E62, H21, H30. Keywords: Counter-cyclical fiscal policy; Redistribution; Distortionary taxes. ⇤Contact: [email protected] and [email protected]. First draft: February 2015. We are grateful to Ralph Luetticke, Pascal Michaillat, Vincent Sterk, and seminar participants at the SED 2015, the AEA 2016, the Bank of England, Brandeis, Columbia, FRB Atlanta, LSE, Stanford, Stockholm School of Economics, UCSD, the 2016 Konstanz Seminar on Monetary Policy, and the Boston Macro Juniors Meeting for useful comments. -
Peter Conti-Brown*
CONTI-BROWN 64 STAN. L. REV. 409 (DO NOT DELETE) 2/16/2012 3:58 PM ELECTIVE SHAREHOLDER LIABILITY Peter Conti-Brown* Government bailouts are expensive, unjust, and unpopular, and they usually represent dramatic deviations from the rule of law. They are also, in some cases, necessary. The problem that bailouts pose, then, is that they are almost always inimical to the interests of society, except when they are not. This complexity is ignored under the recent Dodd-Frank Act, which improbably guarantees an end to taxpayer bailouts. Indeed, much of the Act makes bailouts more likely, not less, by making the wrong kind of bailouts available far too often. This Article proposes to solve the problem of bailouts by retaining governmental ability to make the right kinds of bailouts possible through forcing the bailed-out firms to internalize the bailout costs. The proposal—called “elective shareholder liability”—allows bank shareholders two options. They must either change their bank’s capital structure to include dramatically less debt, consistent with the consensus recommendation of leading economists; or alternatively, they must add a bailout exception to their bank’s limited- shareholder-liability status, thus requiring shareholders—not taxpayers—to cover the ultimate costs of the bank’s failure. This liability would be structured as a governmental collection, similar to a tax assessment, for the recoupment of all bailout costs against the shareholders on a pro rata basis. It would also include an up-front stay on collections to ensure that there are, in fact, taxpayer losses to be recouped and to mitigate government incentives for overbailout, political manipulation, and crisis exacerbation. -
The Future of Work of Future The
Communications and Society Program Bollier THE FUTURE OF WORK What It Means for Individuals, Businesses, Markets and Governments THE FUTURE OF WORK By David Bollier Publications Office P.O. Box 222 109 Houghton Lab Lane Queenstown, MD 21658 11-003 THE FUTURE OF WORK What It Means for Individuals, Businesses, Markets and Governments By David Bollier Communications and Society Program Charles M. Firestone Executive Director Washington, D.C. 2011 To purchase additional copies of this report, please contact: The Aspen Institute Publications Office P.O. Box 222 109 Houghton Lab Lane Queenstown, Maryland 21658 Phone: (410) 820-5326 Fax: (410) 827-9174 E-mail: [email protected] For all other inquiries, please contact: The Aspen Institute Communications and Society Program One Dupont Circle, NW Suite 700 Washington, DC 20036 Phone: (202) 736-5818 Fax: (202) 467-0790 Charles M. Firestone Patricia K. Kelly Executive Director Assistant Director Copyright © 2011 by The Aspen Institute This work is licensed under the Creative Commons Attribution- Noncommercial 3.0 United States License. To view a copy of this license, visit http://creativecommons.org/licenses/by-nc/3.0/us/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. The Aspen Institute One Dupont Circle, NW Suite 700 Washington, DC 20036 Published in the United States of America in 2010 by The Aspen Institute All rights reserved Printed in the United States of America ISBN: 0-89843-543-9 11/004 Contents FOREWORD, Charles M. Firestone .............................................................vii THE FUTURE OF WORK: WHAT IT MEANS FOR INDIVIDUALS, BUSINESSES, MARKETS AND GOVERNMENTS, David Bollier Introduction ............................................................................................... -
Chapter 11 - Fiscal Policy
MACROECONOMICS EXAM REVIEW CHAPTERS 11 THROUGH 16 AND 18 Key Terms and Concepts to Know CHAPTER 11 - FISCAL POLICY I. Theory of Fiscal Policy Fiscal Policy is the use of government purchases, transfer payments, taxes, and borrowing to affect macroeconomic variables such as real GDP, employment, the price level, and economic growth. A. Fiscal Policy Tools • Automatic stabilizers: Federal budget revenue and spending programs that automatically adjust with the ups and downs of the economy to stabilize disposable income. • Discretionary fiscal policy: Deliberate manipulation of government purchases, transfer payments, and taxes to promote macroeconomic goals like full employment, price stability, and economic growth. • Changes in Government Purchases: At any given price level, an increase in government purchases or transfer payments increases real GDP demanded. For a given price level, assuming only consumption varies with income: o Change in real GDP = change in government spending × 1 / (1 −MPC) other things constant. o Simple Spending Multiplier = 1 / (1 − MPC) • Changes in Net Taxes: A decrease (increase) in net taxes increases (decreases) disposable income at each level of real GDP, so consumption increases (decreases). The change in real GDP demanded is equal to the resulting shift of the aggregate expenditure line times the simple spending multiplier. o Change in real GDP = (−MPC × change in NT) × 1 / (1−MPC) or simplified, o Change in real GDP = change in NT × −MPC/(1−MPC) o Simple tax multiplier = −MPC / (1−MPC) B. Discretionary Fiscal Policy to Close a Recessionary Gap Expansionary fiscal policy, such as an increase in government purchases, a decrease in net taxes, or a combination of the two: • Could sufficiently increase aggregate demand to return the economy to its potential output. -
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. -
Download Full Issue
FIRST QUARTER 2018 FEDERALFEDERAL RESERVE RESERVE BANK BANK OF OF RICHMOND RICHMOND Are Markets Too Concentrated? Industries are increasingly concentrated in the hands of fewer firms. But is that a bad thing? Do Entrepreneurs Pay Private Currency Interview with Jesús to be Entrepreneurs? Before Cryptocurrency Fernández-Villaverde VOLUME 23 NUMBER 1 FIRST QUARTER 2018 Econ Focus is the economics magazine of the Federal Reserve Bank of Richmond. It covers economic issues affecting the Fifth Federal Reserve District and the nation and is published on a quarterly basis by the Bank’s Research Department. The Fifth District consists of the District of Columbia, Maryland, North Carolina, COVER STORY South Carolina, Virginia, 10 and most of West Virginia. Are Markets Too Concentrated? DIRECTOR OF RESEARCH Industries are increasingly concentrated in the hands Kartik Athreya of fewer firms. But is that a bad thing? EDITORIAL ADVISER Aaron Steelman EDITOR Renee Haltom FEATURES 14 SENIOR EDITOR David A. Price Paying for Success MANAGING EDITOR/DESIGN LEAD State and local governments are trying a new financing Kathy Constant model for social programs STAFF WRITERS Helen Fessenden Jessie Romero 17 Tim Sablik EDITORIAL ASSOCIATE Do Entrepreneurs Pay to Be Entrepreneurs? Lisa Kenney Some small-business owners are motivated more by CONTRIBUTORS Selena Carr values than financial gain Santiago Pinto Michael Stanley DESIGN Janin/Cliff Design, Inc. DEPARTMENTS 1 President’s Message/Taxes and the Fed Published quarterly by 2 Upfront/Regional News at a Glance -
Paid Family and Medical Leave
Paid Family and Medical Leave AN ISSUE WHOSE TIME HAS COME AEI-Brookings Working Group on Paid Family Leave MAY 2017 Paid Family and Medical Leave AN ISSUE WHOSE TIME HAS COME AEI-Brookings Working Group on Paid Family Leave MAY 2017 AEI-Brookings Working Group on Paid Family Leave Aparna Mathur, Codirector Isabel V. Sawhill, Codirector Heather Boushey Ben Gitis Ron Haskins Doug Holtz-Eakin Harry J. Holzer Elisabeth Jacobs Abby M. McCloskey Angela Rachidi Richard V. Reeves Christopher J. Ruhm Betsey Stevenson Jane Waldfogel ii Contents A Note from the Directors of the AEI-Brookings Paid Family Leave Project ............................................................... v Executive Summary ...................................................................................................................................................................... 1 I. An Introduction to Paid Leave ............................................................................................................................................... 3 II. Existing Leave Policies in the United States and the OECD ...................................................................................... 12 III. Principles and Parameters Underlying the Provision of Paid Family Leave ........................................................ 19 IV. Toward a Compromise ........................................................................................................................................................ 24 About the Working Group ........................................................................................................................................................