SEMI-MONTHLY NATIONAL AND INTERNATIONAL TOP NEWS COVERAGE FOR JULY 15-JULY 31, 2015

U.S. MEDIA

Liberal Arts, a Lost Cause?

New York Times - Jul 31, 2015 - The cost of college has soared and students are having to borrow more. These things tend to make the liberal arts look like a luxury. The economics profession has had a severe influence on this. Gary Becker, the University of Chicago economist, used the term “human capital.” He looked at education as an investment, like buying a machine. He won a Nobel Prize. We’ve got a whole way of thinking about college that focuses on the rate of return. And that dismisses the intangible benefits.

The Minimum-Wage Muddle

New York Times - Jul 24, 2015 - One survey of economists by the University of Chicago (IGM Forum) found that 59 percent believed that a rise to $9 an hour would make it “noticeably harder” for poor people to find work. But a slight majority also thought the hike would be worthwhile for those in jobs.

Kroszner, Blinder, Blankfein on Fed Policy in Two Minutes

Bloomberg Business (video) - Jul 29, 2015 - Former Federal Reserve Governor Randall Kroszner, who teaches economics at the University of Chicago, former Fed Vice Chairman Alan Blinder, a professor at Princeton University, and Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., offer their views on today's Fed decision to leave interest rates unchanged and the outlook for policy.

Former Fed Governor Kroszner, ’Fed Left Options Open’

Bloomberg Radio (audio) - Jul 29, 2015 - Professor Randy Kroszner with Kathleen Hays, Bloomberg radio.

Housing Bust Legacy? Too Much Fear of Debt

Bloomberg View - Jul 27, 2015 - A duo of well-known economists, Princeton University's Atif Mian and the University of Chicago's Amir Sufi, have advanced this idea in a magisterial recent book, "House of Debt." The debt hypothesis is appealing both to many conservatives (who think government policy encouraged over borrowing), and to many liberals (who think that the unscrupulous finance industry tricked borrowers into piling on too much debt).

There's Just One Way to Reach 4 Percent Growth

Bloomberg View - Jul 21, 2015 - The open borders crusaders are so zealous that moderate supporters of increased immigration, such as tech entrepreneur Vivek Wadhwa, are often the targets of their ire. University of Chicago economist John Cochrane has also voiced support for the open borders idea. Also in OregonLive.com.

Two Grants Advance Research On New Macroeconomic Models And Systemic Risk

Bloomberg Businessweek - Jul 21, 2015 - The Becker Friedman Institute at the University of Chicago has been awarded grants totaling $1.5 million from the Alfred P. Sloan Foundation and the CME Group Foundation to expand its efforts to generate better quantitative models for assessing the economy's vulnerabilities to disruptions from financial markets. The institute is a collaboration of the University of Chicago Booth School of Business, the Department of Economics, the Law School, and the Harris School of Public Policy. Article also in Yahoo Finance (US, India), Businesswire, Morningstar, InvestorPoint, Benzinga, Digital Journal, Technology News and Enhanced Online News.

This Is How Quickly Greece's Future Is Deteriorating

Bloomberg Business - Jul 17, 2015 - Some time ago University of Chicago economist Luigi Zingales wrote about a "horrifying joke" he heard from his colleagues that asked, "What's the difference between Japan and Greece?" The punchline was "three years." Now, even that seems too long.

Germany, Not Greece, Should Exit the Euro

Bloomberg View - Jul 17, 2015 - If Germany left the euro area -- as influential people including Citadel founder Kenneth Griffin, University of Chicago economist Anil Kashyap and the investor George Soros have suggested -- there really would be no losers. Also in Yahoo Finance and Chicago Tribune.

Growth Fantasy of Tax Cuts and Small Government

Bloomberg View - Jul 17, 2015 - Jeb Bush says that if he's elected president he wants to get us to sustained gross domestic product growth of 4 percent a year. I'm highly skeptical, and I'm far from the only one. But there are some true believers, who think that if we just do the right structural reforms, we can get there. University of Chicago economist John Cochrane, for example, has a long list of structural reforms that he thinks will do the trick. Also in Yahoo Finance.

Bill Gross Gets Inside Fed's Head on Rates

Bloomberg View - Jul 16, 2015 - But suppose the economy doesn’t explode? What happens then? A small group of macro economists, including John Cochrane of the University of Chicago, have been arguing that a permanent interest rate peg must eventually cause the rate of inflation to move in the direction of the interest rate.

Scott Walker's 'Kohl's Curve,' Explained

NPR - Jul 20, 2015 - In a 2012 University of Chicago Booth School survey (IGM Forum), economists were more likely than not to say lower tax rates would speed economic growth. However, they also overwhelmingly said that lower tax rates would not mean higher tax revenues.

What Does Uber Medicine Look Like?

Forbes - Jul 24, 2015 - Uber is completely revolutionizing the market for urban transportation. Could a similar revolution occur in other fields, including the market for medical care? That’s what University of Chicago economist John Cochrane wondered the other day. But we no longer have to speculate. Uber medicine has already arrived.

Why The Fed Is Stalling On Rate Hike

Forbes - Jul 22, 2015 - Bond guru and president of Bianco Research, Jim Bianco's argument for Fed inaction in 2015 stems from his detailed reading of weak economic signals, which he outlined in a talk at the CFA Institute’s Financial Analysts Seminar at the University of Chicago Booth School of Business on Monday.

Will Hillary's econ speech bring together Democrats?

CNBC - Jul 24, 2015 - "This is a theme she has identified and she clearly wants to orient the economy toward long-term growth and investment," Austan Goolsbee, a University of Chicago professor and former senior economic adviser to President Barack Obama, told me this week. "and this is a solid, market-based approach to doing that." Also in Yahoo Finance, ABC-7.com and Politico.com.

The adult in the room is IMF, not Greece, Germany

CNBC (video) - Jul 20, 2015 - Richard Thaler, professor of behavioral science and economics at University of Chicago Booth School of Business, discusses Greece and Germany's economy. Also in Yahoo Finance.

How to stay happy after the vacation is over

CNN - Jul 17, 2015 - "When one buys an experience, they seem to be buying themselves a story as well," said Dr. Amit Kumar, a social psychologist and postdoctoral researcher at the University of Chicago's Booth School of Business who studies the relationship between money and happiness. "So one way vacations continue to provide hedonic benefits even after they've long since passed is because they live on in the stories we tell."

Economic consequences of illegal immigration

Fox Business (video) - Jul 23, 2015 - David Leopold of David Wolfe Leopold and Associates, Policy Studies for the Center for Immigration Director Jessica Vaughan and University of Chicago Booth School Professor Austan Goolsbee discuss border patrol and the immigration debate. Also in Yahoo Finance.

The Friday Exit: Tech drives revolutions in logistics, trucking

Chicago Tribune - Jul 24, 2015 - A study out of Chicago Booth (Ayelet Fishbach) has implications for marketing, suggesting that saying you want something is more likely to motivate action in someone else than your saying you have already had something. Desire is contagious, apparently. Also in Bloomberg.

World's economic crisis isn't over, and won't be for a while

Chicago Tribune - Jul 21, 2015 - The hurt should have been predictable, University of Chicago Booth School of Business finance professor Amir Sufi told financial analysts from throughout the world this week at a CFA Institute seminar in Chicago.

Booth study hints at how to motivate people to do what you like

Chicago Tribune - Jul 21, 2015 - Business marketing and political campaigns aim to move people to action — and a new study has some interesting implications on the art of persuasion. Ayelet Fishbach, professor of behavioral science and marketing from University of Chicago’s Booth School of Business, led the study with Yanping Tu. They found people are more likely to be influenced by other people’s preferences than their actions. Fishbach explains why.

Hate to burst your bubble, but tech investment is healthy

Chicago Tribune - Jul 16, 2015 - The way to look at the tech sector is to think of it like an hourglass, explained Waverly Deutsch, a clinical professor of entrepreneurship at the University of Chicago Booth School of Business. (Disclaimer: I attend Booth. Deutsch previously coached a startup I founded.)

Commentary: Don't give up on the Iran deal

Chicago Tribune - Jul 16, 2015 - Marvin Zonis. professor emeritus at the University of Chicago's Booth School of Business. writes "Iran is bound to get tough after the nuclear deal comes into force. Its foreign policy will become more strident. Its support for Syrian President Bashar Assad will deepen. Its anti-Israel rhetoric will sharpen. Its Shiite militias in Iraq will take the attack to the Islamic State. It will double down on the Houthis."


MEDIA OUTSIDE THE U.S.

A shipping disaster’s lessons for Dodd-Frank

Financial Times - Jul 30, 2015 - Professor Randy Kroszner writes, "The fate of the Eastland is one of America’s great unremembered tragedies, yet it carries important lessons for policymakers today, specifically about how a regulatory response to one disaster can unleash unintended consequences that could contribute to another. The fifth anniversary this month of the Dodd-Frank Act reforming financial regulation seems like a particularly good time to consider this."

MBA teams focus on immunisation in Uganda

Financial Times - Jul 26, 2015 - “As someone who has done the challenge before, I’ve learnt a lot about the problems charities face and why my skills can help solve these complex problems,” says Alfa Bumhira, an MBA student at the University of Chicago Booth School of Business working with students based in London and South Africa.

Free Lunch: Change of the guard at the IMF's brain trust

Financial Times - Jul 21, 2015 - Maurice Obstfeld has been named the new top economist of the International Monetary Fund, to succeed Olivier Blanchard. High quality global journalism requires investment. Obstfeld is nothing if not qualified: he is an accomplished economist and world-class expert on international economics. For an easy way into the man's thinking, try his responses for Chicago Booth's Economic Experts Panel.

Britain's Nudge Unit

BBC News - Jul 22, 2015 - University of Chicago Prof. Richard Thaler, the Godfather of Britain's Nudge Unit, speaks with BBC News about the Team's assistance with how the government communicates with tax payers and consumers to improve the way they deliver public services.

Greece Debt Crisis

BBC World News - Jul 16, 2015 - Gavin Grey, BBC World News, speaks with University of Chicago economics professor Randall Kroszner after Greek parliament approves bailout austerity measures.

Fed Left All Options Open on Rate Hike Timing: Kroszner

Bloomberg Asia (video) - Jul 29, 2015 - Former Federal Reserve Governor Randall Kroszner, who teaches economics at the University of Chicago, talks about the US economy and the timing of the Central Bank’s first interest rate increase since 2006.

Quest Means Business

CNN-I Transcripts - Jul 16, 2015 - Let's talk about Yellen's comments and the impact with Randall Kroszner. He joins us now - he's a professor at the University of Chicago's Booth School of Business. Thank you for being with us, sir. The Fed has a dual mandate, and she's very confident that unemployment is going to tick down and she's very confident that inflation is going to tick higher and closer to the 2 percent sort of target rate. Do you agree with her assessment? Randall Kroszner, professor, University of Chicago Booth School of Business: Well I think those are perfectly reasonable criteria that she has.

Every picture tells a story

The Economist - Jul 23, 2015 - The University of Chicago’s Booth School of Business is also changing the way that it selects its cohort. Instead of a traditional question (such as “Chicago Booth values adventurous inquiry, diverse perspectives, and a collaborative exchange of ideas. This is us. Who are you?”), it is asking applicants to submit an essay based on one of 16 photographs.

From zombies to misbehavers

Livemint - Jul 28, 2015 - Incumbents fight hard to keep status quo in place. And when you have devoted your working life to an idea, you fight harder to keep that idea in currency, no matter what newer evidence shows. Richard H. Thaler, professor at Booth School of Business, University of Chicago, in his new book, Misbehaving: The Making of Behavioral Economics, is calling the end of the tyranny of neo-classical economics and has built the theoretical base for a more pragmatic version of the dismal science that is no longer that dreary.

Gordon Gekko, Goldman Sachs and Culture's Role In High Finance

Livemint - Jul 26, 2015 - Economists Luigi Guiso of the Einaudi Institute for Economics and Finance (Rome), Paola Sapienza of the Northwestern University (Evanston, Illinois) and Luigi Zingales of the University of Chicago have written a number of influential research papers in recent years which analyse the links between culture and finance.

Does it Matter where you Work?

South China Morning Post - Jul 31, 2015 - Associate Dean Bill Kooser writes, "What does Hong Kong need to solidify its position as one of the world’s nerdopolis cities? It may simply come down to luck – having the founder of the next Microsoft or Facebook decide that he or she likes Hong Kong and wants to set up shop here. One successful major firm could easily attract other entrepreneurs and tip the scales decidedly in Hong Kong’s favour."

Fame & Fortune: The rich read Sport (nudge, nudge . . .)

The Sunday Times - Jul 19, 2015 - Richard Thaler, distinguished service professor of behavioural science and economics at the University of Chicago Booth School of Business, has a tip for young people wanting to invest: buy a diversified portfolio of shares and then forget about them; stick to the sports pages and “not the financial section”.


ALUMNI

Ruth Ann M. Gillis and Byron H. Pollitt, Jr. Join Voya Financial Board of Directors

Bloomberg Business - Jul 30, 2015 - Voya Financial, Inc. announced that Ruth Ann M. Gillis and Byron H. Pollitt, Jr. have been elected to the company's board of directors, effective today. Gillis She received an MBA degree in finance from the University of Chicago Graduate School of Business and a bachelor's degree in economics from Smith College. Also appeared in Yahoo Finance (US, Singapore), CNN Money, MarketWatch, Morningstar, International Business Times, Hawaii News Now, Benzinga and local CBS, ABC, NBC and Fox channels.

Moynihan tightens BofA grip as friction said to spur shakeup

Bloomberg - Jul 23, 2015 - Paul Donofrio, 55, will replace Bruce Thompson, the company said late Wednesday in announcing a series of changes and promotions. Thompson, once considered a potential successor to the CEO, is leaving to pursue opportunities elsewhere, according to two people with knowledge of the situation. A graduate of the U.S. Naval Academy, Donofrio served six years in the Navy. He then earned an MBA at the University of Chicago before almost a decade as an investment banker covering health care at smaller firms. Also in the Chicago Tribune.

Joule Appoints Peter Matrai Chief Financial Officer

Bloomberg Business - Jul 22, 2015 - Joule, the pioneer of liquid fuels from recycled CO2, today announced the appointment of Peter Matrai as Senior Vice President and Chief Financial Officer. He joins the company with nearly 20 years of experience in finance, global strategy and corporate development, including a decade spent in the biofuels sector for BP. Mr. Matrai holds an MBA from the University of Chicago Booth School of Business, in addition to Master's degrees in Finance and Economics from the Budapest University of Economics and Université Paris II. Also in Yahoo Finance (US, Singapore, India), Morningstar, BusinessWire, InvestorPoint, Technology News.

Howard Marks on Why People Repeat Financial Errors

Bloomberg View (includes audio) - Jul 21, 2015 - This week on our Masters in Business radio podcast, we speak with Howard Marks, co-chairman of Oaktree Capital Group. Marks, who holds an MBA from the University of Chicago's Booth School of Business, started as an equity researcher for Citigroup, and later led the TCW Group in distressed debt, high-yield bonds and convertible securities.

Xcel Energy Names Corporate Development Leader, New Treasurer

Yahoo Finance UK - Jul 27, 2015 - Xcel Energy, the nation’s leading wind energy provider, announced today it has named George E. Tyson II senior vice president, corporate development, a new position. Tyson earned a Master of Business Administration degree in finance and accounting from the University of Chicago and a bachelor’s degree in economics from the University of Virginia.

Theralase Appoints Experienced Sales and Marketing Team to Launch Next Generation Therapeutic Laser

Yahoo Finance - Jul 17, 2015 - David Smith, Director of Sales--David possesses 25 years' experience at the executive level managing medical device sales in Canada, the U.S, and international markets. David's educational background includes completion of an Executive Program for Strategic Sales Management from the Graduate School of Business, University of Chicago. Also in Morningstar, Money, TD Waterhouse, InvestorPoint, Globe Newswire, Stockwatch, Digital Journal.

Rising Rates: Threat Or Opportunity?

MSN Money - Jul 27, 2015 - In a recent interview, Eric Stein and Andrew Szczurowski, co-portfolio managers for Eaton Vance Short Duration Strategic Income Fund, discussed these issues and how investors might seek to navigate a changing interest-rate landscape. Stein earned a B.S. cum laude from Boston University and an MBA with honors from the University of Chicago Booth School of Business.

How I Made It: Taco Bell CEO Brian Niccol

Los Angeles Times - Jul 19, 2015 - "What I've always seen is the brands that have a youthful mindset, a youthful vigor, they have a great value proposition," Brian Niccol said. While working at Procter & Gamble, Niccol earned an MBA from the University of Chicago.

American Century Investments Appoints Emerging Markets Debt Co-Manager

Morningstar - Jul 17, 2015 - American Century Investments has named Phil Yuhn vice president and portfolio manager. He will serve as co-portfolio manager of the firm's Emerging Markets Debt strategy. He earned a bachelor's degree in chemical engineering and a master's degree in engineering, both from Cornell University, and an MBA from The University of Chicago Booth School of Business. Also in American Public Media, Globe Newswire, University Chronicle.