Economic Policy Working Group

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Inflation Targeting In Emerging Markets: The Global Experience

by John B. Taylorvia Analysis
Friday, December 19, 2014

Working Group on Economic Policy: WP14112 - This paper examines the Federal Reserve’s recent policy of quantitative easing by looking back at the experience of the 1930s and 1940s when the Fed, under Treasury control, kept interest rates at levels comparable to today and its balance sheet increased similarly.

Requirements for Policy Rules for the Fed

by John B. Taylorvia Analysis
Friday, December 19, 2014

Working Group on Economic Policy: WP14111 -This testimony reviews my analysis and evaluation of the legislation, “Requirements for Policy Rules for the Federal Open Market Committee” (Section 2 of The Federal Reserve Accountability and Transparency Act). 

Blogs

A New Fed Centennial Volume with a Twist

by John B. Taylorvia EconomicsOne
Monday, December 1, 2014

As the two year centennial of the founding of the Fed in 1913-14 draws to a close this month, a new centennial volume, Frameworks for Central Banking in the Next Century, is being published as a special issue of the Journal of Economic Dynamics and Control.

Interest Rates

Exiting from Low Interest Rates to Normality: An Historical Perspective

by Michael D. Bordovia Analysis
Sunday, November 30, 2014

Working Group on Economic Policy: WP14110 - This paper examines the Federal Reserve’s recent policy of quantitative easing by looking back at the experience of the 1930s and 1940s when the Fed, under Treasury control, kept interest rates at levels comparable to today and its balance sheet increased similarly.

Featured Commentary

The Next Trade Breakthroughs

by Michael J. Boskinvia Project Syndicate
Tuesday, November 18, 2014

STANFORD – Economic news is grim all around the world. This year’s output growth has been disappointing, and the International Monetary Fund expects only a slight improvement in 2015.

Across the Great Divide: New Perspectives on the Financial Crisis
Other Media

Brookings and Hoover Institutions collaborate on account of causes and effects of financial crisis in Across the Great Divide

featuring John B. Taylorvia Bradley Foundation
Tuesday, November 11, 2014

The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises.  More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises.

Other Media

The guilty men

quoting John B. Taylorvia Economist
Thursday, November 6, 2014

WHO was to blame for the great financial crisis? How effective was the response of the authorities? And how can we stop it happening again? Those questions are at the heart of a fascinating new book of essays by prominent economists and regulators, well-worth reading by anyone with an interest in such topics, and free to download from the Hoover Institution.

Across the Great Divide: New Perspectives on the Financial Crisis

Across the Great Divide: New Perspectives on the Financial Crisis

via Hoover Press
Saturday, November 1, 2014

The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises.

Featured Commentary

Avoiding the Global Slowdown Blues

by Michael J. Boskinvia Wall Street Journal
Monday, October 27, 2014

Despite jitters about where the U.S. is headed, there are specific steps we can take to ensure even stronger growth.

Featured Commentary

Across the Great Divide: New Perspectives on the Financial Crisis

by John B. Taylorvia Economics One
Wednesday, October 1, 2014

A year ago today, the Hoover Institution and the Brookings Institution held an unusual joint conference on the financial crisis, where twenty-four economists and legal scholars reexamined the crisis, its effect on the US economy, and possible policy reforms. The participants were spread between two venues: Hoover at Stanford and Brookings in Washington.

Pages

About

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...

Events

Archive of Working Papers on Economic Policy

Speeches and Testimony

John B. Taylor

Books

Media

Policy Seminar on How Adam Smith Can Change Your Life

Wednesday, December 10, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building
Russell Roberts, the John and Jean De Nault Hoover Research Fellow, discussed his recent book, How Adam Smith Can Change Your Life.
Event

Policy Seminar on “The Economics of Counterinsurgency: Winning, Leasing, and Losing Hearts and Minds.”

Thursday, December 4, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building

Joseph Felter, Research fellow at Hoover, Senior research scholar at CISAC, and retired US Army colonel) discusses "The Economics of Counterinsurgency: Winning, Leasing, and Losing Hearts and Minds."

Event
Across the Great Divide: New Perspectives on the Financial Crisis
Other Media

Across the Great Divide: New Perspectives on the Financial Crisis

Wednesday, November 5, 2014
Hoover Institution, Washington DC

The Hoover Institution and the Brookings Institution cordially invite you to a discussion of the newly released book Across the Great Divide: New Perspectives on the Financial Crisis. 

Event

Policy Seminar on Zero to One: Notes on Startups, or How to Build the Future

Monday, November 3, 2014
Stauffer Auditorium, Stanford University

Peter Thiel spoke about the basic principles that underlie innovative products and startup firms, using examples from his own experience starting up firms such as Paypal and Palantir. He  emphasized the importance of creating a firm or product with characteristics of monopoly, and contrasted that idea with the distinction between monopoly and competition taught in economics.

Event

Conference on Inequality in Memory of Gary Becker

Thursday, September 25, 2014 to Friday, September 26, 2014
Hoover Institution, Stanford University

This conference explores various measures of inequality and pose the question whether or not it is increasing.

Event

Policy Seminar on the European Approach to Bank Resolution and Bail-ins

Monday, August 25, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building

Pierre-Henri Conac (Professor of Financial Markets Law at the University of Luxembourg and Member of the Securities and Markets Stakeholder Group (SMSG) of the European Securities and Markets Authority (ESMA)), discusses the European Approach to Bank Resolution and Bail-ins.

Event
The impact of the cultural obstacles created by the euro’s implementation  is on

Policy Seminar on the economic situation in Europe

Tuesday, July 1, 2014

Fabrizio Saccomanni (former deputy governor of the Bank of Italy and former minister of economy and finances of Italy), and Volker Wieland (professor of monetary theory and policy at Goethe University of Frankfurt, the Willem Duisenberg Research Fellow at the European Central Bank, and member of the German Council for Economic Experts) discusses the economic situation in Europe.

Event
Economic Growth Concept

Frameworks for Central Banking in the Next Century

Thursday, May 29, 2014 to Friday, May 30, 2014
Hoover Institution

The main unifying theme of the conference is that successful policy requires that central bankers’ decisions be based on clearly-understood rules—including legal limits, institutional structures, mandates, traditions, procedures, or formulas—and not solely on discretion. 

Event
The Lincoln Memorial is closed due to the federal government shutdown

Policy Seminar with Bob Hall

Thursday, April 24, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building

Bob Hall, Hoover Institution Senior Fellow and Professor of Economics, discusses quantifying the lasting harm to the U.S. Economy from the financial crisis.

Event

Policy Seminar on “Possible Lessons for Economic and Financial Regulation Based on the Experience of INPO”

Monday, March 17, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building

James Ellis, retired 4-star United States admiral and former chief executive officer of the Institute of Nuclear Power Operations (INPO), explained how INPO became an effective industry regulator and then led the assembled working group in a discussion of how regulation in the financial sector could be improved, based on INPO’s regulatory model.

Event

Pages

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.

 


Contacts

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.