Sarosh Wahla

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Labor Omnia Uicit Improbus

A History of Austan Goolsbee

I just noticed this piece on Council of Economic Advisers member Austan Goolsbee on NPR before he assumed his post. Well worth the listen. His Phd thesis at MIT, “Empirical studies of taxes and capital”, was supervised by Professor Jim Poterba.

A few selected papers by Mr. Goolsbee:

The Value of Broadband and the Deadweight Loss of Taxing New Technologies,” Contributions to Economic Analysis & Policy (B.E. Press Journals), 5(1), 2006.

The TurboTax Revolution? Evaluating the Ability of Technology to Solve the Tax Complexity Dilemma,” in The Crisis in Tax Administration, edited by Henry Aaron and Joel Slemrod, , 124-137, Brookings Institution Press (Washington, D.C.).

“James Heckman’s Contributions to Law and Economics,” Law and Social Inquiry, Winter 2002, 27(1), 1-5.

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Economic Policy Day

Today is a big day for economic policy. Treasury Secretary Geithner is scheduled to speak in just a couple of moments on new ’standards’ and a four-part plan. Update: the speech just started (with an introduction by Sen. Dodd (D-CT)). Secretary Geithner is also scheduled to testify before the Senate Banking Committee on a ‘comprehensive Financial Stability Plan’ to “get credit flowing again” according to Sen. Dodd.

Chairman Bernanke will testify before the House Financial Services Committee on liquidity questions later today.

Analysis to follow once transcripts are made available.

Update at 4:20PM – Sec. Geithner is laying out what he deems as ’systematic failures’ in the analysis of risk that laid the foundation of the crisis. This whole speech warrants careful review given the “fundamental’ change in the architecture of the economic recovery.

Update at 4:24PM – review site at http://financialstability.gov/ and the Financial Stability Trust.

Update at 6:23PM – A transcript of Treasury Sec. Geithner’s speech is now available.

Update at 6:08PM – Chairman Bernanke testifies before the House Financial Services Committee on liquidity, Federal Reserve Act Section 13(3), and the new ‘quantative easing’ tools. Review of the transcript will take some time.

Update at 6:31PM – Review of Federal Reserve Release H41. Question and Answer section is also quite informative, specifically on asset valuation.

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Magnetic Personality + Snow Day

So, recently the ear buds for my iPod have become….magnetized. No idea how it happened. And, honestly, it shouldn’t matter, but every since then I have been getting this weird hum in my ears every night. So, I’ve stopped using them. Time for a new pair.

Also, it snowed quite a bit here in London. The city is till recovering today. Having spent so much time in Connecticut during the winter, I really didn’t understand how much of an issue it was. Until of course I needed to go to the grocery store and realized there were no snow plows!

Dissertation topic has been chosen, but yet to be approved. Stay tuned!

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President Obama’s Inaugural Address

Posting in the last few days has been light due to significant work on the dissertation. Inauguration observation is taking place here in London courtesy of NPR (all times local) with Jim Lehrer.

A complete transcript is available at NPR. Items that were ‘dropped in’ are in italics.

@6:01PM: The first post on the new blog at Whitehouse.gov was made by Director Phillips.

@10:10PM: Analysis of the speech by the Economist paper.

@4:35PM: President GWB is announced.

@4:39PM: VP-elect Biden is announced.

@4:43PM: President-elect Obama is announced.

@4:45PM: Chairman (Sen.) Diane Feinstien’s introductory remarks on the transition. “The supremacy of the power of the ballot over the bullet…”

@4:48PM: Rev. Warren conducts the invocation.

@4:53PM: Ms. Aretha Franklin sings.

@4:56PM: Associate John Paul Stevens is introduced.

@4:57PM: Swearing in of Vice President Joseph Biden by Associate Justice Stevens. [Note: The United States Constitution makes no mention of an oath specific to the Office of Vice President according to Mr. Lehrer, thus the 'standard' oath for governmental office is used.]

@4:59PM: ‘Air and simple gifts’ by John Williams (Itzhak Perlman, Yo-Yo Ma, Gabriela Montero, Anthony McGill).

@5:00PM: Under the 22nd Amendment of the United States Constitution, Sen. Obama becomes President of the United States although the Oath of Office has not been administered, via Jim Lehrer.

@5:04PM: Chief Justice John G. Roberts Jr is introduced.

@5:05PM: The Oath of Office is administered by Chief Justice Roberts and President Obama is sworn in.

@5:07PM: President Obama is introduced and the inaugural address begins.

“I stand here today humbled by the task ahead of us.”

“We are in the midst of crisis is well understood.”

“Our collective failure to make hard choices.”

“Less measurable, but no less profound, is the sagging of confidence….The challenges we face are real…know this America, they will be met.”

“On this day, we gather because we have chosen…unity of purpose.”

“We are a young nation….but the time has come to put away childish things.”

“Greatness is never a given, it must be earned. The makers of things…men and women obscure in their labor…who have carried us…up the path of progress.”

“We must pick ourselves up, dust ourselves off, and begin the work of remaking America. For everywhere we look, there is work to be done.”

“There are some who challenge the scale of our ambition. Their memories are short…the ground has shifted beneath them.”

“Without a watchful eye, the market can spin out of control.”

@5:17PM: “America is a friend of each nation…we are ready to lead once more.”

“We will not apologize for our way of life…for we know that our patchwork heritage is a strength.”

@5:21PM:”To the Muslim world…we seek a new way forward…we will extend a hand if you are willing to unclench your fist.”

“The world has changed and we must change with it.”

“What is required now of us is a new era of responsibility.”

“America, in the face of our common dangers,…let us remember these timeless words…let it be said by our children’s children…and with eyes fixed on the horizon and God’s grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations..”

@5:26PM: Inaugural address concludes.

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Daron Acemoglu on Structural Lessons for Economics

Following the Stamp Memorial Lecture today, I had a lot to catch up on and even more to think about. It was, unsurprisingly, pretty big news and has been followed everywhere, except of course (a) the Economist or (b) any of my preferred explanatory policy sources. Patience is a virtue I am told.

I have not quite gathered my brain around the relevant distinctions between ‘quantitative easing’ and ‘credit easing’ and will have to think about it quite a bit more (mental note: dig through EC321 and Moodle). In the interim, the rumination by Daron Acemoglu on structural lessons for the economic profession from the current crisis is worth reading [CPER Policy Insight No. 28 PDF].

Finally, sadly, there was no art history lesson this evening. Rothko and Simon Schama will have to wait until tomorrow night.

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