Newswise — These sources from The Johns Hopkins University are available to help reporters understand the economic crisis, the proposed government bailout packages associated with it and how each affects taxpayers. Listed with each source is a brief description of his area of expertise.
"What happened? How did we get here?"The Department of Economics and the Center for Financial Economics, along with Johns Hopkins alumni from the financial community got together Sept. 29 to discuss the world financial crisis, how it came about and what might be done. See a video or read the transcript at http://www.econ.jhu.edu/recordings/panel.html
"Bailout Plans: What Might Work"Christopher Carroll, professor, Department of Economics, Zanvyl Krieger School of Arts and SciencesRather than having the federal government buy lenders' toxic assets, Carroll favors a stock injection plan allowing the government to buy a stake in the banks' ownership until they can pay off their debt. As he recently told NPR's "Planet Money" podcast, the heart of the problem is that banks are short on money to lend and a stock injection plan would put money directly into the banks' hands so they can get back to business as usual. That would also attract private investors, which Carroll thinks is another key to saving the banks. Also, this strategy will work because banks will want to pay off the government's loan to them so they can get the government off their backs; the fact that they have an incentive to pay it back might be persuasive to some people who might otherwise think this is just dumping money on the banks. Carroll went on to tell NPR that the government would be wise to follow the example set by Warren Buffett, who recently bought a stake in Goldman Sachs. During the NPR podcast, Carroll said, "Warren Buffet " we know he's a smart guy and out to make a buck, so if we are doing the same thing he was doing, then we are probably on the right track." The podcast is available at http://www.npr.org/blogs/money/2008/10/hear_of_devils_and_details.html
Carroll is a research associate at the National Bureau of Economic Research in the programs on Monetary Economics and Economic Fluctuations and Growth. He received his A.B. in Economics from Harvard University in 1986 and his Ph.D. from the Massachusetts Institute of Technology in 1990. After graduating from M.I.T., he worked at the Federal Reserve Board in Washington D.C., where his responsibilities included preparation of the forecast for consumer expenditure. After moving to The Johns Hopkins University in 1995, he spent 1997-98 working at the Council of Economic Advisors in Washington, where his responsibilities included analysis of Social Security reform proposals, tax and pension policy, and bankruptcy reform. Carroll's research has focused on consumption and saving behavior, with an emphasis on reconciling the empirical evidence from both microeconomic and macroeconomic sources with theoretical models. In addition to articles in economics journals, he is the author of Encyclopedia Britannica articles on consumption-related topics. He is an associate editor at the Review of Economics and Statistics (ReStat), the Journal of Business and Economic Statistics (JBES), and the Berkeley Electronic Journal of Macroeconomics (BEJM). His recent research has focused on the dynamics of expectations formation, particularly on how expectations reflect households' learning from each other and from experts. This focus flows from a career-long interest in consumer sentiment and its determinants.
"Weathering the Storm"Steve Hanke, professor of Applied Economics and co-director of the Institute forApplied Economics and the Study of Business EnterpriseA longtime economic policy shaper and trader-investor, Hanke was among those who predicted the current economic crisis more than a year before it hit, warning of its onslaught in a Forbes column in April 2007. He suspected that the high rate of subprime mortgage lending would result in a glut of foreclosures and that an overall slowdown in consumption would follow. Hanke can offer reporters his take on how the nation can turn this crisis around as well as how the individual investor can weather the storm. He was a senior economist on President Reagan's Council of Economic Advisers and served as Reagan's point man on privatization. Hanke's appointments include senior advisor to the Joint Economic Committee of the U.S. Congress from 1984 to 1986, as well as multiple cabinet-level advisory positions in a laundry list of foreign governments from Albania to Yugoslavia. He has participated in the design and implementation of currency reforms that have stopped very high or hyperinflations in Argentina, Bosnia-Herzegovina, Bulgaria, Ecuador, Estonia, Lithuania, Montenegro and Yugoslavia, and is currently working with Zimbabwe to adjust its record-breaking hyperinflation. His most recent book, "Zimbabwe: From Hyperinflation to Growth," was published earlier this year and contains a blueprint for Zimbabwe to halt its record-breaking hyperinflation.
"The Impact of the Mortgage Crisis"Roger Staiger, adjunct professor of real estate, Johns Hopkins Carey Business SchoolStaiger is available to discuss the impact of the current mortgage crisis and the effects of the financial turmoil in general. He holds an MS in finance from George Washington University, an MA in international trade from George Mason University, and an MBA in finance and investments from George Washington. His professional experience includes positions with energy, construction, consulting, finance, and loan companies.
"Business and the Presidential Campaign"Phillip H. Phan, professor of management, Johns Hopkins Carey Business School Phan can address a number of business-related topics, including mergers and acquisitions; strategic alliances; innovation and entrepreneurship; the airline industry, software, and forestry industries; telecommunications and media; and corporate governance. Phan has consulted for numerous organizations including the World Bank, Hewlett-Packard, Nokia, Ernst & Young, and Singapore Airlines, and he is a regular expert contributor to major media outlets around the world. He earned a PhD in strategic management from the University of Washington.
"A Global View"Johns Hopkins can offer numerous sources at the Paul H. Nitze School of Advanced International Studies who can speak to reporters about the global economic crisis.
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