Cambridge Forecast Group Blog: Backup

The term austerity was introduced into political discourse by Sir Stafford Cripps, a postwar Labour chancellor known as “Austerity Cripps”. He was a moralist rather than an economist; and Winston Churchill is supposed to have said of him: “There but for the grace of God goes God.” Sir Roy Harrod, a Conservative Keynesian, gave a more erudite refutation, titled “Are these hardships really necessary?” Austerity economics is now being increasingly rejected by European public opinion and for once the popular reaction is right.
http://samuelbrittan.us1.list-manage.com/track/click?u=f3d103dd062d8e2eb1704a4f9&id=50373d4465&e=66c71111bc

Free market fairness
The Financial Times 07/05/12

Review of Free Market Fairness by John Tomasi
Tomasi much prefers the libertarian interpretation (of liberalism). But he notes that most of his friends and colleagues are left liberals, who are sceptical of the moral significance of private economic liberty and believe that a central function of government is to provide a wide range of social services … Being a theorist rather than a party manager, he is not content with an opportunistic compromise between the two ideals. He has his own conception, which he sometimes calls “market democracy” and sometimes “free market fairness”. His position is so sympathetic that I was looking forward to hailing his book as the most important of its kind for several decades; but in the end I could not.
http://samuelbrittan.us1.list-manage2.com/track/click?u=f3d103dd062d8e2eb1704a4f9&id=f569d79ebd&e=66c71111bc

Two new articles by Samuel Brittan

The Financial Times

Andrew Heavens andrew.heavens@gmail.com

Sat 5/19/12

L. JHA LECTURES: INDIA

May 17, 2012 on 11:02 pm | In Asia, Development, Economics, Financial, Globalization, History, Research, Third World, USA, World-System | Comments Off

Lecture No.	Delivered by	Subject	Date
1.	Mr. Robin Leigh-Pemberton	Economic Liberalism, Central Banking and the Developing World	October 16, 1990
2.	Mr. Jacob A. Frenkel	The Strategy of Economic Adjustment	November 30, 1992
3.	Mr. Andrew Crockett	Capital Market Innovations: Challenges and Opportunities	February 20, 1995
4.	Mr. William J. McDonough	Strengthening the Financial Marketplace	December 5, 1996
5.	Mr. Rubens Ricupero	Globalisation, Hot Money and the Seach for Profitable Investment: Is the East Asian Crisis a Global Crisis?	July 17, 1998
6.	Dr. Donald T. Brash	Inflation Targeting: Is New Zealand’s Experience Relevant to Developing Countries?	June 17, 1999
7.	Prof. Willem H. Buiter	Targets, Instruments and Institutional Arrangements for an Effective Monetary Authority	October 16, 2000
8.	Prof. Martin Feldstein,	Budget Deficits and National Debt	January 12, 2004.
9.	Prof. Lawrence H. Summers	Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation	March 24, 2006
10.	Mr.Jean-Claude Trichet	The growing importance of emerging economies in the globalised world and its implications for the international financial architecture	November 26, 2007
11.	Prof. John Brian Taylor	Lessons from the Financial Crisis for Monetary Policy in Emerging Markets	February 24, 2010
12.	Prof. Maurice Obstfeld	Gross Financial Flows, Global Imbalances, and Crises	December 13, 2011

ATLANTA FED: ECONOMIC PROJECTIONS

May 16, 2012 on 3:20 pm | In Economics, Financial, Research, USA | Comments Off

Atlanta Fed Circular Letters‏

AtlantaFed@frbatlanta.org

Wed 5/16/12

Circular Letters
Federal Reserve Bank of Atlanta

The following information is now available on the Federal Reserve Bank of Atlanta’s website.May 16, 2012Minutes of the Federal Open Market Committee, April 24–25, 2012
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 24–25, 2012. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the April 24–25, 2012 meeting is also included as an addendum to these minutes.
http://www.frbatlanta.org/banking/circulars/120516a.cfmFOMC Announces Revised Tentative 2012 Meeting Schedule and Tentative 2013 Meeting Schedule
The Federal Open Market Committee (FOMC) on Wednesday announced a revised tentative meeting schedule for 2012 and a tentative meeting schedule for 2013. In order to provide ample time for the Committee’s usual discussions, these meetings have been scheduled to take place over two days. In addition, the FOMC announced that, going forward, the presentation of the Summary of Economic Projections and the Chairman’s press conference will occur in conjunction with the meetings scheduled for the third month of each quarter (March, June, September, and December).
http://www.frbatlanta.org/banking/circulars/120516b.cfm Visit our website, frbatlanta.org

Atlanta Fed Circular Letters‏

AtlantaFed@frbatlanta.org

Wed 5/16/12

A take on labor force participation and the unemployment rate
The intertwined nature of the unemployment rate and the labor force participation rate is well established. But how do fluctuations in one affect the other? A new macroblog post examines recent data to shed some light on the statistical dynamics.Cooperating competitors? Yes, when it comes to payment standards
Private firms generally work together to develop payment standards through membership organizations. Portals and Rails asks: do standards increase competition in the payments industry by leveling the playing field? Or do they inherently favor the companies that most influenced their development?Regional manufacturing remained strong in April
Southeastern manufacturing continued showing momentum in April, flexing its muscle as the sector adds jobs and production. SouthPoint looks at recent indicators to place the gains in perspective.

CFG ON YOUTUBE: PALESTINIAN “INTIFADA”

May 15, 2012 on 7:49 pm | In Arabs, CFG, Economics, Financial, History, Islam, Israel, Middle East, Palestine | Comments Off

The second Palestinian uprising and the

Israeli invasion of Lebanon: a cfg perspective‏

Cambridge Forecast Group (CFG)

Go to:

http://www.youtube.com/watch?v=UMqMr-ilZ2M

Lawrence Feiner 05-12-12

Published on May 12, 2012 by zoiladejesus27

Cambridge Forecast Group (CFG)

NORWEGIAN OIL: STATOIL NEWS

May 15, 2012 on 7:37 pm | In Economics, Financial, History, Oil & Gas, Research | Comments Off

Statoil : Annual general meeting approves dividend of NOK 6.50 per share‏

Statoil (IR@statoil.com)

http://www.statoil.com

Tue 5/15/12

Statoil : Annual general meeting approves dividend of NOK 6.50 per share

On 15 May 2012 the general meeting in Statoil ASA (OSE: STL, NYSE: STO) adopted the annual report and accounts for Statoil ASA for 2011, as proposed by the board of directors.

The annual accounts and the annual report for Statoil ASA and the Statoil group for 2011 were approved, and a dividend of NOK 6.50 per share will be distributed. The dividend accrues to the shareholders as of 15 May 2012, with expected dividend payment on 30 May 2012. The expected payment date for dividends in USD under the US American Depository Receipts (ADR) program is 11 June 2012.

Statoil’s shares listed on the Oslo Stock Exchange (Oslo Børs) will be traded ex-dividend as of 16 May 2012.

American Depositary Shares (ADS) listed on the New York Stock Exchange will be traded ex dividend as of 17 May 2012.
The following persons are elected as members of the corporate assembly for the period up to the ordinary general meeting in 2014:

1. Olaug Svarva (existing member and chair)
2. Idar Kreutzer (existing member and deputy chair)
3. Karin Aslaksen (existing member)
4. Greger Mannsverk (existing member)
5. Steinar Olsen (existing member)
6. Ingvald Strømmen (existing member)
7. Rune Bjerke (existing member)
8. Tore Ulstein (existing member)
9. Live Haukvik Aker (existing member)
10. Siri Kalvig (existing member)
11. Thor Oscar Bolstad (existing member)
12. Barbro Hætta (existing member)

The following persons are elected as deputy members of the corporate assembly for the period up to the ordinary general meeting in 2014:

1. deputy member: Arthur Sletteberg (existing deputy member)
2. deputy member: Bassim Haj (new deputy member)
3. deputy member: Anne-Margrethe Firing (existing deputy member, former 2. deputy)
4. deputy member: Linda Litlekalsøy Aase (existing deputy member, former 3. deputy)

The general meeting gave its approval of the board’s statement on stipulation of salary and other remuneration for the executive management. It also approved the remuneration to the company’s auditor, the corporate assembly and the nomination committee.

The general meeting approved KPMG AS as new auditor for Statoil ASA.

The general meeting authorised the board to acquire shares in Statoil ASA in the market in order to continue the share saving plan for employees. The general meeting also authorised the board to acquire shares in Statoil ASA in the market for subsequent annulment.

A shareholder proposed that Statoil should divest its interests in oil sands extraction in Canada. The proposal was not adopted.

Please find the complete minutes of the ordinary general meeting enclosed.

Further information:

Investor relations

Hilde Merete Nafstad, senior vice president for investor relations,
Tel: +47 957 83 911

Morten Sven Johannessen, vice president for investor relations USA,
Tel: + 1 203 570 2524

Press

Jannik Lindbæk Jr., vice president for media relations,
Tel: +47 97 75 56 22

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Minutes of the Annual General Meeting of Statoil ASA

This press release was brought to you by Statoil through the Hugin news service.

For further information about Statoil, please visit our home page at: http://www.statoil.com

Statoil : Annual general meeting approves dividend of NOK 6.50 per share‏

Statoil (IR@statoil.com)

Tue 5/15/12

Statoil : Annual general meeting approves dividend of NOK 6.50 per share

BANK FOR INTERNATIONAL SETTLEMENTS MAY 10-14 2012: BERNANKE ON BANK LENDING

May 15, 2012 on 3:12 pm | In Economics, Financial, Globalization, History, Research, USA | Comments Off

Central bankers’ speeches from 10 to 14 May now available‏

Press, Service (press@bis.org)

Tue 5/15/12

Central bankers’ speeches for 14 April 2012
now available on the BIS website

Carlos Gustavo Cano: On the crisis

Philip Lowe: Developments in the mining and non-mining economies

Benoît Cœuré: Unexpected events and the global safety net

Central bankers’ speeches for 11 April 2012
now available on the BIS website

Andreas Dombret: How to manage financial crisis from a systemic viewpoint

Ewald Nowotny: European Monetary Union – lessons from the debt crisis

Peter Praet: Managing financial crises – the role of the European Central Bank

Ben S Bernanke: Banks and bank lending – the state of play

Central bankers’ speeches for 10 April 2012
now available on the BIS website

Prasarn Trairatvorakul: Regional cooperation for improved financial resilience and liquidity support – a decade on and the challenges ahead

All speeches from 1997 onwards are available from the BIS website at:

http://www.bis.org/list/cbspeeches/index.htm.

Communications

Bank for International Settlements

E-mail: press@bis.org

Website: www.bis.org

Phone: +41 61 280 8188

Bank for International Settlements (BIS)

Central bankers’ speeches from 10 to 14 May now available‏

http://www.bis.org/list/cbspeeches/index.htm

Press, Service (press@bis.org)

Tue 5/15/12

LIQUIDITY RISK: “FRBSF ECONOMIC LETTER”

May 14, 2012 on 3:20 pm | In Economics, Financial, Globalization, History, USA, World-System | Comments Off

FRBSF Economic Letter: Liquidity Risk and Credit in the Financial Crisis‏2012-15 May 14, 2012

Liquidity Risk and Credit in the Financial Crisis

by Philip E. Strahan

The 2007–08 financial crisis was the biggest shock to the banking system since the 1930s, raising fundamental questions about liquidity risk. The global financial system experienced urgent demands for cash from various sources, including counterparties, short-term creditors, and, especially, existing borrowers. Credit fell, with banks hit hardest by liquidity pressures cutting back most sharply. Central bank emergency lending programs probably mitigated the decline. Ongoing efforts to regulate bank liquidity may strengthen the financial system and make credit less vulnerable to liquidity shocks.

Read full articleIndex of recent Economic Letters
Researchpubs.sf@sf.frb.org

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Please send editorial comments and requests for reprint permission to Research Library Attn: Research publications, MS 1140 Federal Reserve Bank of San Francisco P.O. Box 7702 San Francisco, CA 94120

FRBSF Economic Research (publicweb@sf.frb.org)

Mon 5/14/12

2012

15	Liquidity Risk and Credit in the Financial Crisis
	Strahan :: May 14
14	Commodity Prices and PCE Inflation
	Hale • Hobijn • Raina :: May 7
13	Worker Skills and Job Quality
	Neumark • Valletta :: April 30
12	Credit: A Starring Role in the Downturn
	Jorda :: April 16
11	The Slow Recovery: It’s Not Just Housing
	Williams :: April 9
10	Why Has Wage Growth Stayed Strong?
	Daly • Hobijn • Lucking :: April 2
09	Emerging Asia: Two Paths through the Storm
	Hale • Kennedy :: March 26
08	Job Creation Policies and the Great Recession
	Neumark :: March 19
07	Do Fed TIPS Purchases Affect Market Liquidity?
	Christensen • Gillan :: March 5
06	U.S. and Euro-Area Monetary Policy by Regions
	Malkin • Nechio :: February 27
05	Mortgage Prepayment: An Avenue Foreclosed?
	Laderman :: February 13
04	Government Spending: An Economic Boost?
	Wilson :: February 6
03	Why Is Unemployment Duration So Long?
	Valletta • Kuang :: January 30
02	The Federal Reserve and the Economic Recovery
	Williams :: January 17
01	Bilateralism, Multilateralism, and Trade Rules
	Evans :: January 9