Christophe Chamley of Boston University and Brian Pinto of the World Bank use recent events in Greece to illustrate that official bailouts tend not to work when countries have fundamental fiscal (insolvency) problems and construct a two-period numerical example to explain why this should not come as a surprise.
{"title":"Why Official Bailouts Tend Not To Work: An Example Motivated by Greece 2010","authors":"Christophe Chamley, B. Pinto","doi":"10.2202/1553-3832.1821","DOIUrl":"https://doi.org/10.2202/1553-3832.1821","url":null,"abstract":"Christophe Chamley of Boston University and Brian Pinto of the World Bank use recent events in Greece to illustrate that official bailouts tend not to work when countries have fundamental fiscal (insolvency) problems and construct a two-period numerical example to explain why this should not come as a surprise.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"8 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1821","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68649980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Were suffering an epidemic of deflation dread disorder, according to Edward Leamer of UCLA who takes on the New York Times and leading talking heads. Leamer's contention is that deflation is not so bad and maybe not coming.
美国加州大学洛杉矶分校(UCLA)的爱德华•利默(Edward Leamer)在接受《纽约时报》(New York Times)采访时表示，我们正遭受一种通货紧缩恐惧症的流行。利默的观点是，通缩并没有那么糟糕，或许不会到来。
{"title":"Deflation Dread Disorder \"The CPI is Falling!\"","authors":"Edward Leamer","doi":"10.2202/1553-3832.1819","DOIUrl":"https://doi.org/10.2202/1553-3832.1819","url":null,"abstract":"Were suffering an epidemic of deflation dread disorder, according to Edward Leamer of UCLA who takes on the New York Times and leading talking heads. Leamer's contention is that deflation is not so bad and maybe not coming.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"8 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1819","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68649697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
What's an $800 billion stimulus worth? Negative $475 billion, according to Burton A. Abrams of the University of Delaware.
8000亿美元的刺激计划值多少钱?负4750亿美元，据特拉华大学的伯顿A.艾布拉姆斯说。
{"title":"What's an $800 Billion Stimulus Worth?","authors":"B. Abrams","doi":"10.2202/1553-3832.1861","DOIUrl":"https://doi.org/10.2202/1553-3832.1861","url":null,"abstract":"What's an $800 billion stimulus worth? Negative $475 billion, according to Burton A. Abrams of the University of Delaware.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"8 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1861","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68650975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
New capital requirements and regulations, aimed at controlling systemic risk in the financial sector, could have the unfortunate, unintended consequence of discouraging insurers from offering long-term care insurance, according to Robin Lumsdaine of American University.
{"title":"Why Systemic Risk Considerations Affect the Market for Long-Term Care Insurance","authors":"R. Lumsdaine","doi":"10.2202/1553-3832.1873","DOIUrl":"https://doi.org/10.2202/1553-3832.1873","url":null,"abstract":"New capital requirements and regulations, aimed at controlling systemic risk in the financial sector, could have the unfortunate, unintended consequence of discouraging insurers from offering long-term care insurance, according to Robin Lumsdaine of American University.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"12 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1873","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68651054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Peter Cramton and Brett Katzman stick to their guns: Medicare auctions remain fatally flawed and must be fixed. They argue that contrary to Hoerger's comment, no comfort can be drawn from the fact that the market was able to withstand price reductions in early pilots.
{"title":"Comment on Hoerger: Early Pilots of Medicare Auctions Bring No Solace to Auction Experts","authors":"P. Cramton, Brett Katzman","doi":"10.2202/1553-3832.1857","DOIUrl":"https://doi.org/10.2202/1553-3832.1857","url":null,"abstract":"Peter Cramton and Brett Katzman stick to their guns: Medicare auctions remain fatally flawed and must be fixed. They argue that contrary to Hoerger's comment, no comfort can be drawn from the fact that the market was able to withstand price reductions in early pilots.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"8 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1857","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68650925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In his 2011 State of the Union address, President Obama stressed investment in infrastructure, education and clean energy in the U.S. economy to "win the future." Edward Barbier of the University of Wyoming argues that to track the progress of such an investment strategy will require replacing GDP per capita as the main economic indicator with a Net Domestic Product (NDP) measure that is "adjusted" for real depreciation or appreciation in the reproducible, human and natural capital stock.
奥巴马总统在2011年的国情咨文中强调，要在美国经济中投资基础设施、教育和清洁能源，以“赢得未来”。怀俄明大学(University of Wyoming)的爱德华•巴比尔(Edward Barbier)认为，要跟踪这种投资策略的进展，就需要用国内生产总值(NDP)指标取代人均GDP作为主要经济指标，该指标根据可再生、人力和自然资本存量的实际贬值或升值进行“调整”。
{"title":"Tracking the Sputnik Economy","authors":"E. Barbier","doi":"10.2202/1553-3832.1833","DOIUrl":"https://doi.org/10.2202/1553-3832.1833","url":null,"abstract":"In his 2011 State of the Union address, President Obama stressed investment in infrastructure, education and clean energy in the U.S. economy to \"win the future.\" Edward Barbier of the University of Wyoming argues that to track the progress of such an investment strategy will require replacing GDP per capita as the main economic indicator with a Net Domestic Product (NDP) measure that is \"adjusted\" for real depreciation or appreciation in the reproducible, human and natural capital stock.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"8 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1833","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68650332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Gregory Rosston of Stanford University and Scott Wallsten of the Technology Policy Institute argue that the switch from voice to broadband services provides a rare opportunity to reform universal service programs. Rossten and Wallsten offer an alternative design to deliver services in an efficient and politically-palatable manner.
{"title":"The Path to Universal Broadband: Why We Should Grant Low-Income Subsidies and Use Experiments and Auctions to Determine the Specifics","authors":"Gregory L. Rosston, S. Wallsten","doi":"10.2202/1553-3832.1791","DOIUrl":"https://doi.org/10.2202/1553-3832.1791","url":null,"abstract":"Gregory Rosston of Stanford University and Scott Wallsten of the Technology Policy Institute argue that the switch from voice to broadband services provides a rare opportunity to reform universal service programs. Rossten and Wallsten offer an alternative design to deliver services in an efficient and politically-palatable manner.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"8 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1791","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68648727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Shillers trills might prevent the flight of capital from developing to developed countries, according to Hammad Siddiqi of Lahore University of Management Sciences, who suggests they could be used to realign the objectives of developing nations and international lending agencies such the World Bank and the IMF.
拉合尔管理科学大学(Lahore University of Management Sciences)的哈马德•西迪奇(Hammad Siddiqi)表示，希勒的颤音可能会阻止资本从发展中国家流向发达国家。西迪奇建议，这些颤音可以用来调整发展中国家和世界银行(World Bank)、国际货币基金组织(IMF)等国际贷款机构的目标。
{"title":"Comment on Kamstra: Reasons for Developing Countries to Be Thrilled about Trills","authors":"Hammad Siddiqi","doi":"10.2202/1553-3832.1836","DOIUrl":"https://doi.org/10.2202/1553-3832.1836","url":null,"abstract":"Shillers trills might prevent the flight of capital from developing to developed countries, according to Hammad Siddiqi of Lahore University of Management Sciences, who suggests they could be used to realign the objectives of developing nations and international lending agencies such the World Bank and the IMF.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"8 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1836","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68650408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Here’s a simple and simply nasty hypothesis that would explain why governments are carrying on policies that will prolong high unemployment: 1. The business community has considerable influence on what governments do and don’t do. 2. Globalization has decreased the concern that managements of large corporations used to have for the well-being of the people in the high-wage economies. 3. The prolonged high unemployment is having the effect of putting downward pressure on wages in the high-wage countries. It is also increasing productivity, as the remaining workforce is being worked harder. 4. That will likely result in higher profits, both now and in the future. 5. The business community likes that.
{"title":"Comment on DeLong: The Pain Has a Purpose, Namely, Higher Profits","authors":"B. Bergmann","doi":"10.2202/1553-3832.1841","DOIUrl":"https://doi.org/10.2202/1553-3832.1841","url":null,"abstract":"Here’s a simple and simply nasty hypothesis that would explain why governments are carrying on policies that will prolong high unemployment: 1. The business community has considerable influence on what governments do and don’t do. 2. Globalization has decreased the concern that managements of large corporations used to have for the well-being of the people in the high-wage economies. 3. The prolonged high unemployment is having the effect of putting downward pressure on wages in the high-wage countries. It is also increasing productivity, as the remaining workforce is being worked harder. 4. That will likely result in higher profits, both now and in the future. 5. The business community likes that.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"8 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1841","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68650451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In his letter commenting on the Constitutionality of the Affordable Care Act, Edward Song compares the mortgage interest “tax deduction scheme” to the penalty imposed for failure to purchase health insurance under the ACA’s individual mandate. He notes that “renters pay a higher proportional income tax than home owners do” and suggests that a deduction for mortgage interest is “an individual mandate to buy a home.” As the German economist Georg Shanz first laid out in the late 19th century (and as was developed by American economists Robert Haig and Henry Simons in the 1920s and 30s) income is equal to consumption plus change in net worth over a specific time period. In determining net income, therefore, interest received is included while interest paid is deducted, including mortgage interest. This has nothing to do with an individual mandate to purchase a house and everything to do with the proper computation of an income tax base. A better tax analogy for Mr. Song would be to the failure of the U.S. to include the rental value of owner-occupied housing in its income tax base. In essence, a homeowner may couple a deduction (of interest expense) with an exclusion (tax-free rental value), which we tax professors often describe as the Promised Land.
{"title":"Comment on Song: Mortgage Interest Deduction","authors":"Richard K. Gordon","doi":"10.2202/1553-3832.1842","DOIUrl":"https://doi.org/10.2202/1553-3832.1842","url":null,"abstract":"In his letter commenting on the Constitutionality of the Affordable Care Act, Edward Song compares the mortgage interest “tax deduction scheme” to the penalty imposed for failure to purchase health insurance under the ACA’s individual mandate. He notes that “renters pay a higher proportional income tax than home owners do” and suggests that a deduction for mortgage interest is “an individual mandate to buy a home.” As the German economist Georg Shanz first laid out in the late 19th century (and as was developed by American economists Robert Haig and Henry Simons in the 1920s and 30s) income is equal to consumption plus change in net worth over a specific time period. In determining net income, therefore, interest received is included while interest paid is deducted, including mortgage interest. This has nothing to do with an individual mandate to purchase a house and everything to do with the proper computation of an income tax base. A better tax analogy for Mr. Song would be to the failure of the U.S. to include the rental value of owner-occupied housing in its income tax base. In essence, a homeowner may couple a deduction (of interest expense) with an exclusion (tax-free rental value), which we tax professors often describe as the Promised Land.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"8 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2011-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1842","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68650273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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