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The Fiscal Multiplier and Economic Policy Analysis in the United States: Working Paper 2015-02
February 3, 3015--The recession from 2007 to 2009 sparked wide interest in the economic effects of fiscal policy. That interest is reflected in an ongoing debate over the size of the fiscal multiplier.
This working paper addresses three questions: What models do economists use to estimate that multiplier? Why do estimates of it vary widely? How can economists use those estimates to judiciously analyze U.S. economic policy?
view the CBO working paper-The Fiscal Multiplier and Economic Policy Analysis in the United States
Source: Congressional Budget Office (CBO)
Canada: Oil Price Drop Weighs on Growth
February 3, 2015--Growth solid but unbalanced
Low oil prices weigh on growth, as energy investment suffers
Monetary policy accommodation, neutral federal fiscal stance appropriate
Canada's economic performance has been solid, largely thanks to a stronger U.S. recovery. Growth momentum will ease slightly this year, reflecting substantially lower oil prices, and become more balanced with a cooling housing market, said the IMF in its regular assessment of the country’s economy.
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Source: IMF
Gabelli to adopt Eaton Vance's new breed of exchang--traded funds
February 3, 2015--Gamco Investors Inc, the asset manager headed by Mario Gabelli, said on Tuesday it plans to adopt Eaton Vance Corp's new breed of active exchange-traded funds that can keep their holdings under wraps for months at a time.
For Gamco, the adoption of Eaton Vance's new exchange-traded managed funds (ETMF) structure to launch its own such funds marks the firm's first foray into the fast-growing $2 trillion U.S. exchange-traded products market.
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Source: Reuters
Fed's Bullard Calls For Breaking Up Nation’s Biggest Banks
February 3, 2015--Federal Reserve Bank of St. Louis President James Bullard warned Tuesday regulatory changes haven’t solved the too-big-to-fail problem in banking, adding that he'd support a break-up of the biggest banks in the U.S.
It's naive to think that macro prudential tools as they exist today are sufficient to tackle new bubbles without notable help from Federal Reserve interest rate policy,
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Source: Wall Street Journal
GAMCO Investors, Inc. Announces Initiative to Launch NextSharesTM Exchange-Traded Managed Funds
February 3, 2015--GAMCO Investors, Inc. ("GAMCO") today announced that it has entered into a preliminary agreement with Navigate Fund Solutions LLC ("Navigate"), a subsidiary of Eaton Vance Corp. (NYSE:EV), to support the launch by GAMCO of a family of NextSharesTM exchange-traded managed funds.
GAMCO also announced that it is preparing to file an application with the U.S. Securities and Exchange Commission seeking exemptive relief to permit the firm to offer NextShares. The application incorporates by reference the terms and conditions of the exemptive order granted to Eaton Vance Management and related parties on December 2, 2014.
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Source: Morgan Stanley
ISE Holdings Reports Business Activity for January 2015
February 2, 2015--ISE and ISE Gemini combined represent 13.6% of equity options market share, excluding dividend trades.
ISE and ISE Gemini reported a combined ADV of 2.2 million contracts.
Dividend trades made up 0.5% of industry volume in January 2015.
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Source: ISE (International Securities Exchange)
Why advisers are worried about eMoney's acquisition by Fidelity
Purchase of popular software company causes advisers to wonder whether integration with other custodians will suffer
February 2, 2015--Financial advisers using eMoney Advisor were startled Monday to learn that the firm they relied on for software to create financial plans for clients would now be mostly owned by Fidelity Investments.
Fidelity, the nation's second largest mutual fund company and a brokerage for some advisers and others offering wealth management services, bought Conshohocken, Pa.-based eMoney for an undisclosed amount, the companies announced early Monday
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Source: Investment News
BlackRock Adds Four iShares Core Allocation ETFs for Buy-and-Hold Investors
Offers Investors a Simple Way to Build a Diversified Core Portfolio with a Single ETF
February 2, 2015--BlackRock, Inc. (NYSE:BLK) has expanded its iShares Core exchange traded fund offering for buy-and-hold investors to include four iShares Core Allocations ETFs.
Originally launched in 2008, the existing products have been modified to hold iShares Core ETFs exclusively and have been renamed: iShares Core Conservative Allocation ETF (NYSEArca:AOK), iShares Core Moderate Allocation ETF (NYSEArca:AOM), iShares Core Growth Allocation ETF (NYSEArca:AOR) and iShares Core Aggressive Allocation ETF.
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Source: BlackRock
State Street cuts fees on 41 ETFs as price competition heats up
February 2, 2015--State Street Corp said on Tuesday it has slashed management fees on 41 of its SPDR exchange-traded funds, joining major ETF providers BlackRock Inc and Vanguard in their efforts to lower fees as price competition heats up.
The price cuts at State Street, which affect a range of international and domestic equity and bond funds, come at a time when cost has become an increasingly important factor for ETF providers. Vanguard, which recently surpassed State Street to become the No. 2 U.S. ETF provider, has been winning assets with its razor-thin fees.
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Source: Reuters
CBOE Holdings Reports January 2015 Trading Volume
ADV of 5.4 Million Contacts Up 5% Over December
CBOE, C2 and CFE ADV Increase From Previous Month
Total Volume of 107.2 Million Contracts Traded
February 2, 2015--CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that average daily volume (ADV) during January for options contracts on Chicago Board Options Exchange(R) (CBOE(R)) and C2 Options ExchangeSM (C2SM) and futures contracts
on CBOE Futures Exchange (CFE(R)) was 5.4 million contracts, an increase of five percent from December 2014 and a decrease of seven percent from January 2014.
Monthly ADV at CBOE, C2 and CFE each posted increases over December.
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Source: CBOE
