Beware of Runaway Headline Inflation
In VoxEU on May 3, 2011.
The latest figures from the US show that the consumer price index rose 0.5% in March, whilst the core personal consumption expenditure price index rose only 0.1%. This column explains the roles of these competing measures and argues that US monetary policymakers should pay close attention to headline inflation. It warns that neglecting headline inflation risks feverish boom-and-bust cycles with prolonged periods of high unemployment.
U.S. Monetary Policy and the Saving Glut
In VoxEU on March 24, 2011.
Is U.S. easy monetary policy in the early 2000s to blame for the global saving glut? This column argues that the Federal Reserve’s policy triggered the refinancing boom and ensuing spending spree, which spurred economic growth and savings in China. The prolonged decline in long-term interest rates in the mid-2000s is largely to blame for the housing boom in the United States.
Lost in Transmission
In VoxEU on June 21, 2011
With the US economy still faltering, some are suggesting it may be time for a third round of quantitative easing. This column explores the transmission mechanism of monetary policy and how it has broken down in recent years. It argues that, in this climate, the Fed would be wise to avoid another bond-buying programme.
The Global Saving Glut Will Hold Bond Yields Down
In VoxEU on August 8, 2011.
As fears mount of another phase in the global crisis, this column points out that despite the growing uncertainty, US Treasury and German Bund yields have actually declined in recent weeks. The reason, it argues, is the global saving glut theory.
Real Money in China, Money Illusion in America
In VoxEU on November 20, 2011.
Are the Chinese prone to money illusion? This column uses a unique Chinese dataset and finds that, unlike their American counterparts, Chinese people are more likely to base decisions on the real value and not be fooled by inflation.
The Perils of Loose Living
Foreign Policy, October 11, 2011.
For decades, Americans have looked to monetary policy as an engine of economic growth -- and suffered the dire consequences.
How China's Boom Caused the Financial Crisis
Foreign Policy, January 17, 2012.
The immediate cause of the housing bubbles in the United States and the eurozone periphery was not regulatory oversight failure, but the precipitous drop in interest rates in the early 2000s. Without China's rise, China and other emerging economies' savings would not have depressed long-term interest rates worldwide.
The Zero Man
Foreign Policy, April 3, 2012.
Although Alan Greenspan has taken the fall for the 2008 financial crisis, Bernanke was the ideologue who provided the intellectual backing for the aggressive rate cuts in the early 2000s that set us up for the Great Recession.
Only Germany Can Save Europe
Foreign Policy, April 24, 2012
Through innovation, moderation, and sheer hard work, Germany turned itself from the sick man of Europe at the end of the 1990s into one of the few Western economies that seems truly globalization-proof. Now Berlin has an opportunity to use its newfound economic leadership to rescue its neighbors from the worst of the euro crisis.
Foreign Policy on June 12, 2012.
Yes, Jamie Dimon should lose his seat on the New York Fed board. But why stop there when America's financial regulation is such a mess?
LGBT Youth in America’s Schools
University of Michigan Press
Cianciotto, Jason and Sean Cahill
In LGBT Youth in America’s Schools, Jason Cianciotto
and Sean Cahill, experts on lesbian, gay, bisexual,
and transgender public policy advocacy, combine an
accessible review of social science research with analyses
of school practices and local, state, and federal
laws that affect LGBT students. In addition, portraits
of LGBT youth and their experiences with discrimination
at school bring human faces to the issues the
This is an essential guide for teachers, school administrators,
guidance counselors, and social workers interacting
with students on a daily basis; school board
members and officials determining school policy;
nonprofit advocates and providers of social services
to youth; and academic scholars, graduate students,
and researchers training the next generation of
school administrators and informing future policy and
State of New York City's Housing and Neighborhoods 2011
Furman Center for Real Estate and Urban Policy, New York University
Been, V., S. Dastrup, I.G. Ellen, B. Gross, A. Hayashi, S. Latham, M. Lewit, J. Madar, V. Reina, M. Weselcouch, and M. Williams.
The Furman Center is pleased to present the 2011 edition of the State of New York City’s Housing and Neighborhoods. In this annual report, the Furman Center compiles statistics on housing, demographics and quality of life in the City, its five boroughs and 59 community districts.This year we examine the distribution of the burden of New York City’s property tax, analyze the changing racial and ethnic makeup of city neighborhoods, evaluate the state of mortgage lending in New York City, and compare federally-subsidized housing programs across the five most populous U.S. cities.
Searching for the Right Spot: Minimum Parking Requirements and Housing Affordability in New York City
Furman Center for Real Estate and Urban Policy
Increasingly, local governments are trying to meet the parking needs of their residents and visitors more efficiently, and in ways that are more consistent with broader sustainability, transportation, and land use goals. Concerns about traffic congestion, housing affordability, and anticipated population growth have even prompted some policy analysts and policymakers to reexamine the well-entrenched practice of mandating a minimum number of parking spaces that developers must include in residential developments
Growing Older in Hong Kong, New York and London
The Hong Kong Jockey Club Charities Trust. Hong Kong, 2012.
P. Chau, J. Woo, M. Gusmano, D. Weisz, and Rodwin, V.
Declining birth rates, increasing longevity and urbanization have created a new challenge for cities: how to respond to an ageing population. Although population ageing and urbanization are not new concerns for national governments around the world, the consequences of these trends for quality of life in cities has only recently started to receive attention from policy makers and researchers. Few comparative studies of world cities examine their health or long-term care systems; nor have comparisons of national systems for the provision of long-term care focused on cities, let alone world cities.
By extending the work of the CADENZA and World Cities Projects , this report investigates how three world cities -- Hong Kong, New York and London -- are coping with this challenge. These world cities are centers of finance, information, media, arts, education, specialized legal services and advanced business services, and contribute disproportionate shares of GDP to their national economies. But are these influential centers prepared to meet the challenge posed by the “revolution of longevity?” How will these world cities accommodate this revolutionary demographic change? Are they prepared to implement the health and social policy innovations that may be required to serve their residents, both old and young? Will they be able to identify the new opportunities that increased longevity may offer? Can they learn from one another as they seek to develop creative solutions to the myriad issues that arise? Finally, can other cities learn from the experience of these three cities as they confront this challenge?
To address these questions, we examine comparable data on the economic and health status of older persons, as well as the availability and use of health, social and long-term care across and within these cities. In the report “How Well Are Seniors in Hong Kong Doing? An International Comparison”, a first attempt was made to compare the situation in Hong Kong with five economically developed countries. This report extends this study by comparing the situation in Hong Kong with two other world cities—New York City and London, which are more comparable in terms of population size and economic characteristics.
The Emergence of the "Super-Commuter"
Rudin Center for Rudin Center for Transportation, New York University Wagner School of Public Service, February, 2012
Moss, Mitchell L. and Carson Qing.
The twenty-first century is emerging as the century of the "super-commuter," a person who works in the central county of a given metropolitan area, but lives beyond the boundaries of that metropolitan area, commuting long distance by air, rail, car, bus, or a combination of modes. The super-commuter typically travels once or twice weekly for work, and is a rapidly growing part of our workforce. The changing structure of the workplace, advances in telecommunications, and the global pattern of economic life have made the super-commuter a new force in transportation.
Many workers are not required to appear in one office five days a week; they conduct work from home, remote locations, and even while driving or flying. The international growth of broadband internet access, the development of home-based computer systems that rival those of the workplace, and the rise of mobile communications systems have contributed to the emergence of the super-commuter in the United States. Super-commuters are well-positioned to take advantage of higher salaries in one region and lower housing costs in another.
Many workers are not expected to physically appear in a single office at all: the global economy has made it possible for highly-skilled workers to be employed on a strictly virtual basis, acquiring clients anywhere and communicating via email, phone and video conference. Furthermore, the global economy has rendered the clock irrelevant, making it possible for people to work, virtually, in a different time zone than the one in which they live. Simply put, the workplace is no longer fixed in one location, but rather where the worker is situated. As a result, city labor sheds (where workers live) have expanded over the past decade to encompass not just a city's exurbs, but also distant, non-local metropolitan regions, resulting in greater economic integration between cities situated hundreds of miles apart.
NYU's Rudin Center has found that super-commuting is a growing trend in major United States regions, with growth in eight of the ten largest metropolitan areas.
Efficiency Considerations of Donor Fatigue, Universal Access to ARTs and Health Systems
Sex Transm Infect 2012;88:75-78
Objectives: To investigate trends in official development assistance for health, HIV and non-HIV activities over time and to discuss the efficiency implications of these trends in the context of achieving universal access to treatment and health systems.
Methods: Official development assistance for health, HIV programmes and non-HIV programmes were tracked using data from 2000 to 2009. A review of the literature on efficiency, treatment and health systems was conducted. Findings The rate of growth of donor funding to HIV programmes has slowed in recent years at levels below those required to sustain programmes and to move towards universal access to treatment. These trends are likely due to increased pressure on foreign aid budgets and donor fatigue for HIV programmes.
Conclusions: There is great need to consider how the limited resources available can be used most efficiently to increase the number of lives saved and to ensure that these resources also benefit health systems. Improving efficiency is much more than just improving the productive efficiency and also about ensuring that resources are going to where they will be the most beneficial and making investments that are the most efficient over time. These choices may be essential to achieving the goal of universal access to treatment as well as the sustainability of these programmes.
Medicare’s Flagship Test Of Pay-For-Performance Did Not Spur More Rapid Quality Improvement Among Low-Performing Hospitals
Health Affairs; 31(4):797-805.
Ryan, Andrew M., Jan Blustein, Lawrence P. Casalino.
Medicare’s flagship hospital pay-for-performance program, the Premier Hospital Quality Incentive Demonstration, began in 2003 but changed its incentive design in late 2006. The goals were to encourage greater quality improvement, particularly among lower-performing hospitals. However, we found no evidence that the change achieved these goals. Although the program changes were intended to provide strong incentives for improvement to the lowest-performing hospitals, we found that in practice the new incentive design resulted in the strongest incentives for hospitals that had already achieved quality performance ratings just above the median for the entire group of participating hospitals. Yet during the course of the program, these hospitals improved no more than others. Our findings raise questions about whether pay-for-performance strategies that reward improvement can generate greater improvement among lower performing providers. They also cast some doubt on the extent to which hospitals respond to the specific structure of economic incentives in pay-for-performance programs.
Public Administration Review
Special Issue: The Federalist Papers Revised for Twenty-First-Century Reality
Paul C. Light, Editor
The Greatest Grid: The Master Plan of Manhattan, 1811-2011
Laying out Manhattan's street grid and providing a rationale for the growth of New York was the city's first great civic enterprise, not to mention a brazenly ambitious project and major milestone in the history of city planning. The grid created the physical conditions for business and society to flourish and embodied the drive and discipline for which the city would come to be known. Published to coincide with an exhibition at the Museum of the City of New York celebrating the bicentennial of the Commissioners' 1811 Plan of Manhattan, this volume does more than memorialize such a visionary effort, it serves as an enduring reference full of rare images and information.
The Greatest Grid shares the history of the Commissioners' plan, incorporating archival photos and illustrations, primary documents and testimony, and magnificent maps with essential analysis. The text, written by leading historians of New York City, follows the grid's initial design, implementation, and evolution, and then speaks to its enduring influence. A foldout map, accompanied by explanatory notes, reproduces the Commissioners' original plan, and additional maps and prints chart the city's pre-1811 irregular growth patterns and local precedent for the grid's design. Constituting the first sustained examination of this subject, this text describes the social, political, and intellectual figures who were instrumental in remaking early New York, not in the image of old Europe but as a reflection of other American cities and a distinct New World sensibility. The grid reaffirmed old hierarchies while creating new opportunities for power and advancement, giving rise to the multicultural, highly networked landscape New Yorkers thrive in today.
How New York City Won the Olympics
Rudin Center for Transportation Policy and Management. New York University. November 2011
This report demonstrates that New York City has successfully achieved almost all of the key elements in the NYC2012 Olympic Plan, despite the fact that it was not chosen to host the 2012 Games. For New York City, planning for the 2012 Olympics provided the framework to shape the future of the city, through new mass transit, rezoning, and investment in parks, recreational facilities, and housing throughout the city. Long neglected and underused industrial areas have been transformed as a result of the NYC2012 Plan, including the far west side of Manhattan, which will soon be linked to the rest of the city through an extension of the #7 subway line. This report describes how many projects, long the subject of public discussion and civic debate, were able to be carried out as a result of the NYC2012 Olympic Plan.