General Meeting (11.5.2013)

Undergraduate Economics AssociationGeneral Meeting(11/5/13)

Undergraduate Economics Association

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Announcements

Econ Talk Sunday, Nov. 10th, 12:00pm in GSU Starbucks

Writing Committee + STATA Workshop Sunday, Nov. 10th, 1:00-2:00 pm in CAS 322

Undergraduate Economics Association

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ArticlesPublic Services Losing Money? Good?L. Rebecchi [Syndicated]

The Other Side of Wealth in ‘Wealth of Nations’J. Sinitsky

The Economics of Massachusetts

Environmental Policy

Carson Robers

“There is no winning! Only degrees of losing!” - Danny DeVito , The War of the Roses

(1989)

P Is Everything

Regional Greenhouse Gas Initiative

310 CMR 7.70 –The MA CO2 Budget Trading Program

Launched: 2005

10 States

Applies To: Fossil fuel fired electricity generating units 25 megawatts in size or larger. (28 facilities)

Is: A regional carbon cap and trade system . A quarterly auction of carbon permits.

Results:

100% Compliance

Unprecedented CO2 Reductions

Decrease: 60.7 Million Tons of CO2

Benefits

- Reduction of the long term costs of addressing climate change

- Capture of Environmental co-Benefits

- Development of new technology

- Promotion of expanded energy efficiency

- Stimulation of economic development

“Macroeconomic analysis indicated the overall regional economic impacts resulting from the 91 cap were slightly positive”

“The average commercial customer monthly electric bill of $455 would increase by less than $4 (less than a 1% increase). MassDEP notes that RGGI auction revenues are used to fund energy efficiency investments throughout the Commonwealth”

Spring 2013 Amendments The regional emissions cap in 2014 will be 91 million tons of CO2. The cap will be reduced by 2.5 percent per year in the years 2015 through 2020.

Mean High Water + 5’ : Projected to occur by mid- to late-centuryEquivalent to flooding from Hurricane Sandy if it hit during high tide

Mean High Water + 7.5’: Could occur by late-centuryCharles River Dam is over-topped

Sandy at mid-century

Key floors above 2085 High Estimate

100-year Flood

Mechanical, electrical and emergency

services on roof out of harm’s way

Operable windows keyed open in event of

systems failure

Critical patient programs above ground

floor

Spaulding Rehabilitation Hospital

Top 16 Most Costly World Insurance Losses 1970-2012*

(Insured Losses, 2012 Dollars, $ Billions)

$11.1$13.4 $13.4$13.4

$20.0$23.9 $24.6$25.6

$38.6

$48.7

$7.8 $8.1 $8.5 $8.7 $9.2 $9.6

$0

$10

$20

$30

$40

$50

$60

Hugo (1989)

WinterStormDaria(1991)

ChileQuake(2010)

Ivan (2004)

Charley(2004)

TyphoonMirielle(1991)

Wilma(2005)

ThailandFloods(2011)

NewZealandQuake(2011)

Ike (2008)

Sandy(2012)**

Northridge(1994)

WTC TerrorAttack(2001)

Andrew(1992)

JapanQuake,

Tsunami(2011)**

Katrina(2005)

*Figures do not include federally insured flood losses

Source: Insurance Information Institute

Top 12 Most Costly Hurricanesin U.S. History

(Insured Losses, 2012 Dollars, $ Billions)

10 of the 12 most costly hurricanes in insurance history occurred over the past 9 years (2004—2012)

$9.2 $11.1$13.4

$20.0$25.6

$48.7

$8.7$7.8$6.7$5.6$5.6$4.4

$0

$10

$20

$30

$40

$50

$60

Irene(2011)

Jeanne(2004)

Frances(2004)

Rita (2005)

Hugo (1989)

Ivan (2004)

Charley(2004)

Wilma(2005)

Ike (2008)

Sandy*(2012)

Andrew(1992)

Katrina(2005)

*Estimate as of 12/09/12 based on estimates of catastrophe modeling firms and reported losses as of 1/12/13. Estimates range up to $25B.

Source: Insurance Information Institute

Transportation

2011: 2,051,961 tons CO2e

2020 reduction goal: 28%

Gaso-line73%

Diesel15%

MBTA12%

Transportation Emissions by Source

Launched July 2011,

132 stations system wide with 90 in Boston &

over 1,000 bikes, 142,000 rides in 1st 4

months and 675,000

since the launch,

Mitigated 230 tons of carbon, 2,400 rides per

day in Oct 2012,9,202 Active Annual

Members

BIKE SHARE

Greenovate Boston

Undergraduate Economics Association

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BU Federal Reserve Challenge

Taper Tiger Consulting Group

Fed Challenge In-depth analysis of the Federal Reserve’s

monetary policy Fall Semester

Learn about the Federal Reserve, monetary policy and its impacts

Fantastic opportunity to meet some incredibly smart people

Michael Clawarmjclawar@bu.edu

bufedchal@gmail.com