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Fiscal policies and the prices of labor: a comparison of the U.K. and U.S.

by Casey B. Mulliganvia Springer Open
Friday, August 11, 2017

This paper measures the 2007–13 evolution of employment tax rates in the U.K. and the U.S. The U.S. changes are greater, in the direction of taxing a greater fraction of the value created by employment, and primarily achieved with new implicit tax rates. Even though both countries implemented a temporary “fiscal stimulus,” their tax rate dynamics were different: the U.S. stimulus increased rates, whereas the U.K. stimulus reduced them. The U.K. later increased the tax on employment during its “austerity” period. Tax rate measurements are a first ingredient for cross-country comparisons of labor markets during and after the financial crisis.

Long-Term Issues For Central Banks

by Jaime Caruana, Kevin Warshvia Bank for International Settlements
Wednesday, August 9, 2017

The global political, economic and financial landscape is constantly evolving. Some of the changes may prove short-lived. But others may be slow-moving and persistent, and only detectable over time as evidence accumulates. Although central banks’ day-to-day operations and policymaking tend to focus on near- or medium-term developments, longer-term trends and structural changes will at some point come into the picture – not least because of their impact on the economic relationships that are central to policy formulation and analysis.

The US Arms Control And Disarmament Agency In 1961–63

by James Goodbyvia Analysis
Tuesday, July 18, 2017

Public policy issues involving a complex mix of problems, exemplified today by climate change and the threat of nuclear war, require governance by institutions whose mandates and cultures embrace technological expertise as well as diplomatic and military skills. This paper is a case study of how such an institution operated during the Kennedy Administration to deal with the growing threat of radioactive debris in the environment and the threat of nuclear proliferation, and also put US-Soviet relations on a new trajectory. The 1963 Limited Test Ban Treaty might not have been concluded during the Kennedy Administration had the US Arms Control and Disarmament Agency not been established in 1961.

On The Prospects For Higher Economic Growth

by John F. Cogan, R. Glenn Hubbard, John B. Taylor, Kevin Warshvia Analysis
Tuesday, July 18, 2017

Hoover and AEI economists release white paper on comprehensive economic policy reforms to achieve 3 percent growth.

Ayatollah Machiavelli

by Karim Sadjadpourvia Analysis
Tuesday, June 20, 2017

The Islamic Republic of Iran and its Supreme Leader Ayatollah Ali Khamenei have arguably become the most powerful country, and leader, in the Middle East. A Machiavellian combination of ruthlessness, radicalism, and realism—underpinned by a 2500-year history of subtle statecraft—has helped Tehran fill political vacuums created by the Iraq war and Arab uprisings. Though American and Iran share numerous common interests—and adversaries—as long as Iran continues to define itself as a revolution rather than a nation-state cooperation will be minimal, containment will be necessary, and confrontation may be unavoidable

The Follies Of Democracy Promotion

by Samuel Tadrosvia Analysis
Tuesday, June 6, 2017

President Obama’s election was warmly greeted in Egypt by both the country’s leader and population. In Cairo, Obama promised a new beginning, not only in America’s relationship with Egypt, but the whole Muslim world. By the time he left office, the American Egyptian relationship was in shambles. In this essay, Samuel Tadros examines the illusions that shaped Obama’s adventure in Egypt in pursuit of an imaginary transition to democracy, offering a cautionary tale for the Trump administration. If the US Egyptian alliance is to be strengthened and Egypt is to survive the regional upheaval, President Trump should forgo the illusions Washington holds about the country and base his strategy toward Egypt not on Egypt as it should be, but on Egypt as it is.

Jihadism On Its Own Terms

by Cole Bunzelvia Hoover Institution
Wednesday, May 17, 2017

In this essay Cole Bunzel argues that jihadism, the modern movement in Sunni Islam identified with al-Qaida and the Islamic State, is best understood on its own terms, rather than in terms of terrorism, violent extremism, or the larger Islamist movement. Examining the jihadis’ own writings and ideas and emphasizing their self-perception as a distinct movement—“the jihadis,” “the jihadi current”—he explains the nature and contours of their movement as it has developed during the past decades to the present day. As jihadism grows increasingly popular, it has also become increasingly divided.

Hidden Debt, Hidden Deficits: 2017 Edition

by Joshua D. Rauhvia Analysis
Monday, May 15, 2017

Hidden Debt, Hidden Deficits – a data-rich study by Hoover Institution Senior Fellow Joshua Rauh -- that calls attention to the fact that almost no state or local government is running a balanced budget, with the reality being that runaway pension costs are consuming state and local budgets. Building off last year’s 2016 report, this year’s study of 649 U.S. pension systems found that systems in 2015 realized average investment returns of only 2.87%, yet the average discount rate that they chose was 7.36%.  This differs from last year's report, where they realized higher average returns.

The Structural Foundations of Monetary Policy: The Battle of Ideas

by Kevin Warshvia Analysis
Friday, May 5, 2017

Kevin Warsh delivers speech at the 2017 Hoover Institution Monetary Policy conference on The Structural Foundations of Monetary Policy. View Speech.

Once Upon A Time Jews Lived Here

by Samuel Tadrosvia Analysis
Thursday, March 16, 2017

For over six decades, Arabic-speaking people have undertaken a deliberate effort to erase the memory of the Jews who lived amongst them. The collective decision was successful with governments and citizens joining in eradicating the physical presence of the Jewish presence in Arabic-speaking countries, which had lasted for over twenty-five centuries. For the past decade, Arabic-speaking people have begun to show interest in this erased memory. In this essay, Samuel Tadros reviews two recent novels dealing with the presence and loss of Jews from Arabic-speaking countries. He explores how the authors attempt to depict these Jews against the background of the Arab Israeli conflict, as well as the limitations and taboos still shaping the attempt to remember.

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