Monday, August 3, 2009
The Global Recession
Since the beginning of the economic crisis, Carnegie Mellon's economics and monetary policy experts have played significant roles in identifying the catalysts of the financial collapse and discussing the global implications of proposed policies aimed at recovery. Their perspectives continue to inform U.S. and international policymakers, and journalists covering the ensuing debates.
Tepper School economics professor Allan Meltzer, the world’s preeminent Federal Reserve historian, offered testimony before the U.S. House Financial Services Committee. In response to the Obama administration’s proposed regulatory changes, he offered a five-step alternative proposal aimed at eliminating or reducing the cost to taxpayers of financial failures. Meltzer has also testified before the U.S. Senate Banking, and the Council on Foreign Relations.
Former U.S. Securities and Exchange Commission Chief Economist Chester Spatt took a three-year sabbatical from the Tepper School to be the Chief Economist of the U.S. Securities and Exchange Commission. Spatt recently served as distinguished speaker at the Annual Conference of the Western Finance Association, where he stressed the enormous cost of policy uncertainty; the true effectiveness of the federal government fiscal stimulus strategy; and the mammoth challenge of reducing systemic risks. Professor Spatt is a member of the Shadow Financial Regulatory Committee, a group of independent experts who meet regularly to study and critique regulatory policies that affect the financial services industry.
Macroeconomics expert Marvin Goodfriend — chairman of the Tepper School's Gailliot Center for Public Policy and former senior vice president, policy advisor and research director at the Federal Reserve Bank of Richmond — has weighed in extensively on actions taken by the Federal Reserve. He has called for the Fed to stop unlimited spending and not pursue a consumer protection role. Professor Goodfriend is also a leading scholar on Chinese monetary policy, and has authored works on the topic for such organizations as the International Monetary Fund.
Global policy issues are a topic of research and discussion across the university campus. At Carnegie Mellon’s H. John Heinz III College, economist Lee Branstetter focuses on China and Japan. An associate editor of the Journal of International Economics, Branstetter has served as a consultant to the World Bank and the Advanced Technology Program of the U.S. Department of Commerce. He was recently a visiting fellow of the Research Institute of Economy, Trade, and Industry in Japan.