Richard Cooper, cutting-edge economist, dies at 86

first_imgIn 1981, he joined the Harvard faculty, where he influenced generations of economists to expand their understanding of their field and recognize the value of real-world experiences in shaping policy and theory. He was a strong presence in seminars, workshops, and lectures, where he could be counted on to share knowledge and opinions.“He asked tough questions, was an incredibly knowledgeable person, and was very vocal about things he didn’t like or didn’t think were important,” said Pol Antràs, Robert G. Ory Professor of Economics. “But he was always very kind and interested in my work. Even though I knew that it wasn’t the type of research he would be doing, I felt like he respected it. That was very uplifting for me.”During his tenure as a professor, Cooper also held numerous senior positions in the federal government. His first was as a senior staff economist on President John F. Kennedy’s Council of Economic Advisers — a job he reportedly rode his bicycle to every day. He also served as Deputy Assistant Secretary of State for International Monetary Affairs under President Lyndon B. Johnson, Under-Secretary of State for Economic Affairs under President Jimmy Carter, and chair of the National Intelligence Council as part of the Clinton administration.In the 1970s, Cooper developed the “locomotive theory” of international fiscal coordination, in which three nations (Japan, Germany, and the U.S.) would “pull” the global economy to safety following a recession in the mid-1970s. The idea was put to the test at the 1978 Bonn Summit of G-7 Leaders attended by Carter, who had appointed Cooper to the State Department post the year before. At the gathering, the nations agreed on a joint statement of commitments regarding economic policy — the first successful agreement of its kind and a model for future such accords.The establishment and continuation of the G-7, and later G-8 and G-20 meetings of world leaders to focus on joint economic policy, years after Cooper’s work, are examples of his influence both as a researcher and policy expert, said Frankel.Cooper was also the chair of the Federal Reserve Bank of Boston from 1990-1992, and was a member of the Trilateral Commission, the Council on Foreign Relations, the executive panel of the U.S. Chief of Naval Operations, and the Brookings Panel on Economic Activity. His many publications include the volumes “Environment and Resource Policies for the Integrated World Economy,” “Boom, Crisis, and Adjustment: The Macroeconomic Experience of Developing Countries,” and “What the Future Holds: Insights from Social Science.”Cooper’s career showed that “you can do research and be engaged in policy as an economist, and find the combination fruitful and productive,” said Antràs. “He was not interested in his own fame. [He] was interested in understanding the world and making the world better.”Cooper, who Frankel said was always “young for his age,” was also an avid home repairer and world traveler, and he enjoyed exploring the bicycle paths around Cambridge, which he rode until last year with his family and friends.“He had boundless intellectual curiosity and energy [and] looked on the bright side of things,” Frankel wrote in his remembrance. “I learned something from him every time we talked.”A memorial is planned for a future date. Most economists live in the world of theory, using careful calculations to predict the future. But Richard N. Cooper believed theory couldn’t tell the whole story when it came to solving real-world problems, particularly when they involve the whole world — which he amply demonstrated after a global recession in the 1970s.The Maurits C. Boas Professor of International Economics “understood that human systems are complex,” said Kenneth Rogoff, professor of economics and Thomas D. Cabot Professor of Public Policy, a colleague of Cooper in Harvard’s economics department. “He wanted to bring realism, institutional understanding, and historical experience to economics, not just mathematical technique.”Cooper, who died Dec. 23 at age 86 from cancer, left his mark on the world of economics from his position at Harvard, where he taught for almost 40 years, and from the White House, where he worked under four different presidents as an adviser and policy expert.As a researcher, Cooper was a trailblazer. Six years after receiving his Ph.D. from Harvard in economics in 1962, he published his landmark book, “The Economics of Interdependence: Economic Policy in the Atlantic Community.”In the book and in associated research on the subject, Cooper argued that “countries could achieve better outcomes if they committed to joint settings of macroeconomic policy,” wrote Jeffrey Frankel, James W. Harpel Professor of Capital Formation and Growth at the Harvard Kennedy School, in a blog post remembering his friend.The argument, widely accepted today in economics, was a departure from established ideas popularized by John Nash’s non-cooperative equilibrium theory, which dictated each country should go it alone on economic policy and implementation. Cooper saw an alternative, in which countries could work in tandem to reduce inefficiencies and promote prosperity in a collaborative and coordinated way.“He was always asking the right question, and always interested in taking the discussion of any piece of work right to the question of why it mattered for economic policy, and what should be done as a result,” added Benjamin Friedman, William Joseph Maier Professor of Political Economy.For the next 60 years, Cooper remained engaged with the world of monetary policy and traditional economic theory and implored his colleagues and students to ask themselves whether the work they were doing would be relevant outside the ivory tower.In economics, “It’s very tempting to make assumptions so that you can proceed with your analysis, but [Cooper] would always give us a hard time when he thought [our] assumptions weren’t reasonable,” said Rogoff. “He was somebody whose feedback you wanted because it might help you shape your work in a more useful way” when it came to practical applications.Born in Seattle, Cooper received a bachelor’s degree at Oberlin College and a master’s degree at the London School of Economics as a Marshall Scholar. After receiving his Ph.D., he taught economics at Yale and was provost there from 1972-74. “He was not interested in his own fame. [He] was interested in understanding the world and making the world better.” — Pol Antràs, Robert G. Ory Professor of Economicslast_img read more

UK vaccine plant evacuated after getting suspicious package

first_imgLONDON (AP) — A British pharmaceutical manufacturing company producing coronavirus vaccines says it had to partially evacuate the factory after receiving a “suspicious package.” Wockhardt UK is an arm of the Mumbai-based pharmaceutical company that is producing the Oxford-AstraZeneca vaccines at its factory in north Wales. The company said later Wednesday that workers were being allowed back inside the plant after the package was “made safe.” Manufacturing was temporarily suspended but the incident did not affect its production schedule, it added.last_img

Saturday Protest To Call Out Governor’s “Overreach Of Power”

first_imgShare:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window),I’ll be there! WNY News Now File Image.JAMESTOWN – Residents in Chautauqua County will once again take to the streets of Jamestown voicing their frustrations with the NY on PAUSE order.Gerrit Cain, the local spokesperson for Open NY, the group organizing the protest, says New York State leaders have overstepped their power during the COVID-19 pandemic and now is the time for people to take control by reopening the community.“We ask that the God-given rights of Americans to responsibly live, work, worship, travel, celebrate, recreate, educate, donate, and medicate be respected by ALL levels of government,” explained Cain. “It is time to get back to work and to the activities that make life worth living.”He says that medical facilities are nowhere near overwhelmed and since testing is widely available, businesses should be allowed to reopen. Cain also notes that it is not fair to high school and college graduates, that continued to work during the pandemic, do not receive a proper graduation.“Our high school seniors and college graduates have worked hard to complete their academic achievements in the midst of this crisis,” furthered Cain. “They deserve to be recognized beyond an online meeting.”The protest will take place Saturday at noon in Jamestown’s Dow Park. Cain asks those in attended to practice physical distancing.The most recent protest drew around 150 demonstrators.last_img read more

Odds & Ends: Jenn Gambatese Joins Steven Pasquale in Carousel

first_img Jenn Gambatese View Comments Here’s a quick roundup of stories you may have missed today.Jenn Gambatese Joins CarouselMister Snow has met his match! Broadway fave Jenn Gambatese (Is He Dead?, Tarzan, Hairspray) will portray Carrie Pipperidge in Chicago’s Carousel, starring the previously announced Steven Pasquale and Laura Osnes. Directed by Rob Ashford, the Lyric Opera production of Rodgers and Hammerstein’s classic tuner will play April 10 through May 3, with opening night set for April 11. We’d like this one on Broadway, STAT, please.Carey Mulligan & Bill Nighy Move In EarlyCarey Mulligan and Bill Nighy will be treading the Great White Way’s boards earlier than expected. The upcoming Broadway transfer of the acclaimed West End production of David Hare’s Skylight will now begin performances on March 13 at the Golden Theatre; the show had been set to start on March 16. The Stephen Daldry-helmed play features Matthew Beard and will officially open on April 2.Tonya Pinkins & More Unite for LiteracyStage faves Tonya Pinkins, Kathleen Chalfant, Brian Murray, Jay O. Sanders, Nilaja Sun and more have been tapped for a benefit reading for The International Theatre and Literacy Project (ITLP) on February 9. Directed by Stephen DiMenna, the actors will perform plays written by groups of teenagers from Africa. Pinkins will conclude the evening with a performance of musical numbers.Nathan Lane Honored With Monte Cristo AwardStage and screen star Nathan Lane will receive the 15th Annual Monte Cristo Award from the Eugene O’Neill Theater Center; past recipients include Meryl Streep and Kevin Spacey. A gala dinner will be held for the two-time Tony winner at the Edison Ballroom in New York City on April 13.NPH on the Oscars: ‘Anything Can Happen’Hollywood is showing some big love to Broadway at the moment. A slew of Great White Way alums have just been nominated for Oscars and we can’t wait to see what host Neil Patrick Harris has in store for us at the ceremony on February 22. As the Tony winner tells us in the teaser video below, “it’s looking like it’s going to be an amazing show. Anything can happen. Anything.” Star Files Laura Osneslast_img read more

James Fanshawe excited at first runner in Breeders’ Cup | Racing News

first_imgFanshawe is well aware of the task facing his charge in America, but is adamant she is not there just to make up the numbers.He said: “It’s a very different track to what she’s been racing on – it’s round two bends and much tighter.“She’s a very well balanced filly, so I don’t think that will be a problem, and what will suit her is a truly-run race.- Advertisement – Impressive in the Group Two Dahlia Stakes at Newmarket in early June, the Godolphin-owned four-year-old was subsequently narrowly denied Group One glory in both the Queen Anne at Royal Ascot and the Falmouth Stakes at Newmarket.However, she could finish only fifth on her latest appearance in the Sun Chariot.Gosden said: “It was very, very soft ground for Newmarket in the Sun Chariot. They seldom called it heavy and that was the description they were giving on the day.“She found that a little bit too testing. Like most horses, she likes what we call good ground.”Aidan O’Brien’s Peaceful and Cayenne Pepper, from Jessica Harrington’s yard, represent Ireland.Following three successive runner-up finishes, Cayenne Pepper ran out an impressive winner of the Group Two Blandford Stakes at the Curragh in September.“I think it probably was a career-best last time,” said Harrington.“I was convinced she was a mile-and-a-half filly, but in the Irish Oaks and in the race at Cork (Give Thanks Stakes), she was in front until the last half-furlong and got run out of it.“Bringing her back in trip for the Blandford, and winning it like she did, I really was absolutely delighted with her.”Saturday’s Breeders’ Cup action gets under way with the Filly & Mare Sprint, for which Bob Baffert’s Gamine is the likely favourite.The following race is the Turf Sprint, in which Kevin Ryan is set to saddle dual Group One-winning filly Glass Slippers, who was last seen finishing second when bidding for back-to-back wins in the Prix de l’Abbaye.Ryan said: “She’s a top-class filly and the Breeders’ Cup is a very important meeting – it’s nice to have a filly that is good enough to run there.“She comes out of her races very well – she’s very tough and genuine.“She’s one of the best I’ve trained. She’s just been a very progressive filly who has kept on improving and I’m very privileged to have her to train.”Chad Brown’s Complexity and the Brad Cox-trained Knicks Go are among the leading contenders for the Big Ass Fans Breeders’ Cup Dirt Mile, while George Weaver’s Vekoma and Steven Asmussen’s unbeaten colt Yaupon lock horns in the Breeders’ Cup Sprint.Cox’s Monomoy Girl is a hot favourite for the Breeders’ Cup Distaff, ahead of Kenny McPeek’s Swiss Skydiver. James Fanshawe is relishing the prospect of sending out his first Breeders’ Cup runner when Audarya contests Saturday’s Maker’s Mark Filly & Mare Turf.The daughter of Wootton Bassett was winning a handicap on the all-weather at Newcastle as recently as early August, but has made huge progress since by claiming a surprise Group One win in the Prix Jean Romanet before finishing a close third in the Prix de l’Opera.- Advertisement – – Advertisement – “At this time of year you’re just hoping your filly is in the same form as she has been for her last two races, as you’re going into the winter and some thrive and some start to hibernate.“She seems well and is showing no signs of that. I hope she’ll run a very big race.”British hopes are also carried by John Gosden’s Terebellum.- Advertisement –last_img read more

Bosnia confirms its first two cases of coronavirus: Health minister

first_imgBosnia confirmed its first two cases of the new coronavirus – a middle-aged man who recently visited Italy and his child, the health minister of Bosnia’s autonomous Serb Republic said on Thursday.Alen Seranic said the man, who returned from Italy late last month, had been confirmed earlier this week as having coronavirus. He is in a stable condition and is being kept in isolation in hospital in the city of Banja Luka.”His wife tested negative for coronavirus but his child was found positive last night,” Seranic told a news conference in Banja Luka. Health authorities will test school children who have had contact with the infected child, as well as all other members of the infected family, he said. The school will be closed for the next couple of days.”This is the first case of infection that was not unexpected, it was expected after the outbreak in Italy, which is among our biggest trade partners,” Seranic said.Bosnia is divided into two regions, one dominated by Serbs and the other by Croats and Bosniak Muslims.So far the health authorities in the two regions have prepared hospital isolation rooms and urged citizens to be particularly careful with hygiene. Many hospitals have halted or limited visits in recent days.The global outbreak of the new coronavirus that began last December in China has spread to nearly 80 countries and territories, killing more than 3,000 people.Topics :last_img read more

Bank of Japan unveils emergency measures over virus

The Bank of Japan on Monday unveiled a series of emergency monetary policy measures to shore up the world’s third-largest economy, as the coronavirus pandemic threatens a global recession.In a meeting brought forward by two days, the BoJ said it would double its annual capacity to purchase exchange-traded funds and Japan real estate investment funds, the latest global central bank to take emergency action. Previously, the bank was buying a maximum of six trillion yen of ETFs and 90 billion yen of J-REITs per year.The BoJ said it would also introduce a new operation to provide loans against corporate debt and raised its annual limit for corporate bond purchases by one trillion yen to 4.2 trillion yen.But it left its main interest rate unchanged at minus 0.1 percent and also kept its upper limit for purchasing government bonds at 80 trillion yen.”There have been significant uncertainties over the consequences of the outbreak of COVID-19 and over the size and persistence of their impact on domestic and overseas economies,” said the bank in a statement.The move followed emergency measures before Asian markets opened from the US Federal Reserve to shore up confidence and keep the financial sector running, including slashing the key interest rate to virtually zero.The Fed made its second emergency rate cut in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25 percent, where it was during the 2008 global financial crisis.The Japanese economy was tottering even before the coronavirus struck, with growing fears of a recession. “Japan’s economic activity is likely to remain weak for the time being, mainly affected by the outbreak of COVID-19,” the BoJ said.The country’s gross domestic product for the October-December quarter contracted by 1.8 percent, with consumer spending hit by a hike in consumption tax last October from eight percent to 10 percent.Concerns are growing that consumption will be hit even harder as people put off big purchases due to coronavirus fears, with the pandemic also predicted to have a huge impact on exports.On top of this looms the possibility that the Olympic Games, scheduled to open on July 24 in Tokyo, could be postponed or cancelled.Estimates vary on what that could cost Japan, which is spending an estimated 1.35 trillion yen on Tokyo 2020. Any change to the Olympic schedule would have a huge impact on tourism — Japan was banking on 40 million visitors in 2020.Economists at research firm Nomura already predict a 0.7-percent contraction in GDP for the 2020 calendar year, but warn that could be up to 1.5 percent if the Games are cancelled.Monday’s measures “will contribute to supporting economic and financial activities”, said the bank.Topics : The moves sent Japanese markets whipsawing, with the Nikkei-225 initially surging two percent but then falling rapidly back into the red as traders digested the statement.The bank said it had decided unanimously to “actively” purchase ETFs (exchange-traded funds) and J-REITs (investment funds tied to Japanese real estate) with an annual upper limit of 12 trillion yen (US$112 billion) and 180 billion yen respectively.Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Institute, said: “What’s big is 12 trillion yen of ETFs buying, which means one trillion yen each month. What investor could ignore this?””It was quite a drastic step,” Suzuki told AFP. “Those who wanted to buy jumped on the occasion.” read more

W. Java military academy cluster detected after cadet visited doctor for boils

first_img“Two of our colleagues went to the hospital […]. They didn’t complain about any breathing difficulties. One of them complained about boils, if I’m not mistaken, some sort of an infection. Whereas the other officer [complained] about back problems,” Andika said during his address, which was streamed on the Indonesian Army’s official YouTube channel.Read also: Seven students at Sukabumi police academy test positiveHe went on to say that there were 1,280 confirmed COVID-19 cases in the cluster, 991 of which were cadets.“I instruct anyone who has interacted with the two cadets to take a rapid test. I have sent rapid test kits to everyone, which means that Indonesian Army leadership has continued to care for and support our fellow colleagues,” Andika said.West Java recorded the highest spike with 962 new cases on Thursday, accounting for most of Indonesia’s latest all-time-high record of 2,657 new cases on a single day.“The significant increase in West Java comes from the Secapa [the Army’s Officer Candidate School] cluster,” national COVID-19 task force spokesperson Achmad Yurianto said during his daily press briefing on Thursday.West Java COVID-19 task force spokesperson Berli Hamdani previously declared the military academy a new COVID-19 cluster in the province after hundreds of cadets tested positive during swab testing in the facility.Topics : The first confirmed COVID-19 cases at the Army’s Officer Candidate School (Secapa) cluster in Bandung, West Java, were detected after one of the cadets visited a doctor because he was suffering from boils, Army Chief of Staff Gen. Andika Perkasa said on Saturday.Addressing an audience of army cadets during his visit to the military academy, Andika said the first two cadets who were diagnosed with the disease had sought medical attention for seemingly unrelated symptoms.Their COVID-19 swab test results came back positive, however, triggering widespread testing at the school, which led to the discovery of hundreds of more cases.last_img read more

Dutch consultant tenders €60m in equity mandates using IPE Quest

first_imgTwo €30m equity mandates – one for developed markets and a second for emerging markets – are being put out to tender by a consultant in the Netherlands on behalf of a charity, according to IPE Quest.The first search is for all or larger-cap equities within global developed markets, using a core style and passive process.The preferred benchmark is the MSCI World.Firms should have a track record of at least two years, though a five-year record is preferable, according to the search. The closing date for responses is 22 April at 5pm UK time.A shortlist will be drawn up on 27 April, with the deadline for submissions of RFPs on 7 May.The second mandate is for all or large-cap equities within emerging markets, using the MSCI EM as the preferred benchmark.For this mandate, asset managers should have a track record for the asset class of at least three years, with five years’ experience preferred.The deadline for responses to the emerging market search is 23 April at 5pm UK time.The shortlist for this mandate will be selected on 26 April, with RFPs to be submitted by 6 May.The consultant said the charity was looking to incorporate ESG factors into its equity exposure, excluding names rather than taking a best-in-class approach.As passive investors, the consultant said there was no problem with tracking error caused by exclusions.For both mandates, managers should have at least €1bn in assets under management in the relevant asset class and €10bn or more in assets overall.The charity’s board is set to make its final choice for both mandates on 27 May, according to the search.The IPE news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information direct from IPE Quest, please contact Jayna Vishram on +44 (0) 20 7261 4630 or email read more

Technology company seals record £4.7bn buyout with Rothesay

first_imgHeather Green, Telent’s chief financial officer, said: “The trustee of the GEC 1972 Plan has done a fantastic job to eliminate the significant funding deficit that existed in the plan only 10 years ago and get the scheme to a position where it can benefit from the hugely more secure future that this transaction provides…“For Telent, being the sponsor of a scheme many times larger than our business was not ideal. We can now look forward to focusing more of our investment in our already successful technology solutions business.”Brian Duffin, chairman of Stanhope Pension Trust, the scheme’s corporate trustee company, said the trustee had decided more than five years ago to target a buyout.“Thanks to support from our sponsor Telent, and to an innovative investment strategy based on credit assets, we are now close to achieving our target,” Duffin said.According to Redington, one of the trustee board’s advisers, the buyout had been secured 15 years ahead of the scheme’s initial target date.Sammy Cooper-Smith, co-head of business development at Rothesay Life, said: “From our very first meeting with Telent, the trustee and Aon, they could not have been clearer as to what was required for the buyout to take place. This direct articulation allowed us to focus our resources and attention to meet these requirements and ensure the completion of the largest full scheme buy-out ever undertaken in the UK.”Rothesay Life, a specialist pension fund insurer, had £37.7bn in assets as of 30 June 2019 and has grown significantly in recent years as a result of the UK’s booming bulk annuity market.Earlier this month the company announced plans to raise £500m from its shareholders to prepare for a bumper period of new deals.According to data from consultancy firm LCP, the Telent transaction meant 2019 was already a record year for buy-in and buyout deals, exceeding the £24.2bn worth of new business completed in 2018. With three months of the year left, most insurers and advisers have reported significant pipelines of deals yet to be completed. Technology company Telent has secured a £4.7bn (€5.3bn) insurance buyout with Rothesay Life, the largest ever completed in the UK.The company’s GEC 1972 Plan, a defined benefit scheme, will be insured by Rothesay through a buy-in – which remains as an asset of the pension fund – before being converted into a full buyout “before the end of 2022”, according to a statement from Aon, which advised on the transaction.Upon conversion to a buyout, Rothesay will take on full responsibility for running the pension fund and serving its 39,000 members.When complete, the deal will be the largest buyout ever completed, and covers 28,000 pensioners and 11,000 deferred members.last_img read more