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Blank Section (Placeholder)Analysis and Commentary

The Follies Of Income Redistribution

by Allan H. Meltzervia Defining Ideas
Friday, July 17, 2015

Progressives think that taxing the rich will help the poor, but only a pro-growth economic platform can help lift them out of poverty. 

Firm Investment And The Term Structure Of Uncertainty

by Ian J. Wrightvia Working Group on Economic Policy
Monday, May 4, 2015

Working Group on Economic Policy: WP15104 - Why has firm activity been slow to recover from the Great Recession? This paper presents theoretical and empirical evidence suggesting long-term uncertainty may be one reason. Specifically, it identifies the current level of uncertainty and expectations of future uncertainty -- that is, the entire term structure of uncertainty -- are negatively correlated with firm investment rates.

Analysis and Commentary

A Recovery Waiting To Be Liberated

by John B. Taylorvia Wall Street Journal
Tuesday, March 3, 2015

Bad government policy has kept the economy caged. Here’s how to spur growth quickly.

Measuring Job-Finding Rates and Matching Efficiency with Heterogeneous Jobseekers

by Robert E. Hall, Sam Schulhofer-Wohlvia Working Group on Economic Policy
Friday, February 13, 2015

Working Group on Economic Policy: WP15103 - Matching efficiency is the productivity of the process for matching jobseekers to available jobs. Job-finding is the output; vacant jobs and active jobseekers are the inputs.

Analysis and Commentary

It’s Not About Conspiracy Theorizing, It’s About Effectiveness

by John B. Taylorvia Economics One
Friday, February 13, 2015

Yesterday Paul Krugman took some pot shots at an op-ed that Paul Ryan and I wrote nearly five years ago—an op-ed that was critical of quantitative easing. Here’s why Krugman missed his mark and the QE critics are correct.

If Hayek and Coase Were Environmentalists: Linking Economics and Ecology

by Terry Andersonvia Working Group on Economic Policy
Thursday, February 5, 2015

Working Group on Economic Policy: WP15102 - This essay argues that the focus of ecology and economics on equilibria and externalities misses the dynamic connection between humans and nature and that there is a better alternative for linking ecology with economics, one that builds on the teachings of Nobel laureates Friedrich Hayek and Ronald Coase.

Analysis and Commentary

Paul Krugman Pontificating On Policy Rules

by John B. Taylorvia Economics One
Tuesday, February 3, 2015

In a recent blog post Paul Krugman talks a lot about policy rules and the Taylor rule in particular.

Analysis and Commentary

Reply To Alan Blinder Redux

by John B. Taylorvia Economics One
Wednesday, January 28, 2015

Alan Blinder has written another Wall Street Journal article criticizing legislation that would simply require the Fed to describe its rule or strategy for monetary policy.  As with his earlier article, Blinder still “shoots at a straw man of his own making, not at the proposed law itself” as I wrote in another John Taylor’s Reply to Alan Blinder for the Wall Street Journal.

Why City Pension Problems Have Not Improved, and a Roadmap Forward

by Joshua D. Rauhvia Working Group on Economic Policy
Tuesday, January 20, 2015

Working Group on Economic Policy: WP15101 - This paper studies the evolution of city-level pension liabilities over the period 2009-2013 for ten large U.S. municipalities: New York City, Los Angeles, Chicago, Houston, Philadelphia, Jacksonville, San Francisco, Baltimore, Boston, and Atlanta.

In the News

Free Markets Remain Our Best Friends

quoting John B. Taylor, John H. Cochrane via Go Upstate
Tuesday, January 13, 2015

For most of his six years in office, President Barack Obama utilized virtually every means a Keynesian imagination can cook up to give us the worst economic recovery since World War II.



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. Read more...


Archive of Working Papers on Economic Policy

Speeches and Testimony

John B. Taylor



Policy Seminar with Glenn Hubbard

Tuesday, September 29, 2015
George Shultz Conference Room, Herbert Hoover Memorial Building

Glenn Hubbard, dean and Russell L. Carson Professor of Finance and Economics at Columbia Business School, reviewed his recent book with Tim Kane, Balance: The Economics of Great Powers from Ancient Rome to Modern America. 


Policy Seminar with Agustín Carstens

Monday, September 14, 2015
Lou Henry Hoover Building Room 101

Agustín Carstens, Governor of the Bank of Mexico, presented on the topic “Challenges for Emerging Economies’ Central Banks in the Face of Quantitative Easing in Advanced Economies.”


Policy Seminar with Avik Roy

Monday, June 8, 2015
George Shultz Conference Room, Herbert Hoover Memorial Building

Avik Roy, a senior fellow at the Manhattan Institute and the Opinion Editor at Forbes, discussed his recent book Transcending Obamacare: A Patient Centered Plan for Near-Universal Coverage and Permanent Fiscal Solvency.


Policy Seminar with George Tavlas

Wednesday, May 27, 2015
George Shultz Conference Room, Herbert Hoover Memorial Building

George Tavlas, member of the Monetary Policy Council at the Bank of Greece, discussed his recent research on the origins of Milton Friedman’s work on monetary economics and policy rules.

Bank Vault
Analysis and Commentary

Central Bank Governance And Oversight Reform: A Policy Conference

Thursday, May 21, 2015
Hoover Institution, Stanford University

This conference aims to consider central bank reforms relating to governance, oversight, and effectiveness. Since the Hoover conference “Frameworks for Central Banking in the Next Century,” held in May 2014, debates about central bank policy have intensified. This second conference will be in a round-table format, with short opening presentations, a lead discussant, and general discussion.


Policy Seminar on Stresses and Strains in China’s Financial System

Thursday, April 2, 2015
George Shultz Conference Room, Herbert Hoover Memorial Building

Darrell Duffie, the Dean Witter Distinguished Professor of Finance at Stanford University’s Graduate School of Business, presented his recent research on “Stresses and Strains in China’s Financial System.”


Policy Seminar on Unfunded Retiree Healthcare: The Elephant in the Room

Thursday, March 5, 2015
George Shultz Conference Room, Herbert Hoover Memorial Building

Bob Pozen, Senior Lecturer at Harvard Business School and Senior Fellow at the Brookings Institution, discussed his work on “Unfunded Retiree Healthcare: The Elephant in the Room.”


Policy Seminar on Lessons from the History of U.S. Trade Policy

Thursday, February 26, 2015
George Shultz Conference Room, Herbert Hoover Memorial Building

Douglas Irwin, the John Sloan Dickey Third Century Professor in the Social Sciences at Dartmouth College, discussed “Lessons from U.S. Trade Policy History.” 


Policy Seminar on Labor Market Fluidity and Economic Performance: The Policy Implications

Thursday, February 19, 2015
George Shultz Conference Room, Herbert Hoover Memorial Building
Steven Davis, the William H. Abbott Professor of International Business and Economics at the University of Chicago’s Booth School of Business, discussed his work with John Haltiwanger on “Labor Market Fluidity and Economic Performance.”

Policy Seminar on a review of the Bank of England’s transparency practices

Monday, February 9, 2015
George Shultz Conference Room, Herbert Hoover Memorial Building

Kevin Warsh, distinguished visiting fellow at Stanford University’s Hoover Institution and lecturer at Stanford’s Graduate School of Business, discussed his recent experience in being appointed by the Bank of England to review its practices and procedures relating to transparency in monetary policy. 



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.



For general questions about the Working Group, please contact John Taylor or his assistant Marie-Christine Slakey at (650) 723-9677. For media inquiries, please contact our office of public affairs.