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Allan Meltzer and the History of the Federal Reserve

by Michael D. Bordovia Economics Working Papers
Wednesday, October 11, 2017

Economics Working Paper WP17107

Central Bank Digital Currency And The Future Of Monetary Policy

by Michael D. Bordo, Andrew T. Levinvia Economics Working Papers
Thursday, August 10, 2017

We consider how a central bank digital currency (CBDC) can transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy. 

Incentives and the Welcome-Mat Effect

by Stephen Langloisvia Economics Working Papers
Monday, April 24, 2017

Economics Working Paper WP16118

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The Hoover Institution Economics Working Paper Series allows authors to distribute research for discussion and comment among other researchers. Working papers reflect the views of the author and not the views of the Hoover Institution.

 

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The Working Group on Economic Policy brings together experts on economic and financial policy at the Hoover Institution to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

For twenty-five years starting in the early 1980s, the United States economy experienced an unprecedented economic boom. Economic expansions were stronger and longer than in the past. Recessions were shorter, shallower, and less frequent. GDP doubled and household net worth increased by 250 percent in real terms. Forty-seven million jobs were created.

This quarter-century boom strengthened as its length increased. Productivity growth surged by one full percentage point per year in the United States, creating an additional $9 trillion of goods and services that would never have existed. And the long boom went global with emerging market countries from Asia to Latin America to Africa experiencing the enormous improvements in both economic growth and economic stability.

Economic policies that place greater reliance on the principles of free markets, price stability, and flexibility have been the key to these successes. Recently, however, several powerful new economic forces have begun to change the economic landscape, and these principles are being challenged with far reaching implications for U.S. economic policy, both domestic and international. A financial crisis flared up in 2007 and turned into a severe panic in 2008 leading to the Great Recession. How we interpret and react to these forces—and in particular whether proven policy principles prevail going forward—will determine whether strong economic growth and stability returns and again continues to spread and improve more people’s lives or whether the economy stalls and stagnates.

Our Working Group organizes seminars and conferences, prepares policy papers and other publications, and serves as a resource for policymakers and interested members of the public.

 


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