Economists VoicePub Date : 2011-02-14DOI: 10.2202/1553-3832.1821
Christophe Chamley, B. Pinto
{"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}
Economists VoicePub Date : 2011-02-07DOI: 10.2202/1553-3832.1819
Edward Leamer
{"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}
Economists VoicePub Date : 2011-01-26DOI: 10.2202/1553-3832.1861
B. Abrams
{"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}
Economists VoicePub Date : 2011-01-24DOI: 10.2202/1553-3832.1873
R. Lumsdaine
{"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}
Economists VoicePub Date : 2011-01-18DOI: 10.2202/1553-3832.1857
P. Cramton, Brett Katzman
{"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}
Economists VoicePub Date : 2011-01-14DOI: 10.2202/1553-3832.1833
E. Barbier
{"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}
Economists VoicePub Date : 2011-01-11DOI: 10.2202/1553-3832.1791
Gregory L. Rosston, S. Wallsten
{"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}
Economists VoicePub Date : 2011-01-03DOI: 10.2202/1553-3832.1836
Hammad Siddiqi
{"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}
Economists VoicePub Date : 2011-01-01DOI: 10.2202/1553-3832.1841
B. Bergmann
{"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}
Economists VoicePub Date : 2011-01-01DOI: 10.2202/1553-3832.1842
Richard K. Gordon
{"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}