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November 5, 2010 | Economics One
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Empirical Questions About the Anticipation Effects of QE2

by John B. Taylor (George P. Shultz Senior Fellow in Economics; Chair, Working Group on Economic Policy; and member of the Task Force on Energy Policy)
No doubt there will be many empirical studies evaluating the impact of the Fed’s November 3 decision to begin another dose of quantitative easing (QE2)...How can one determine whether stock prices rose and long-term interest rates fell in anticipation of QE2...?
November 3, 2010 | Corner (National Review Online)
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Obama Doesn’t Get It

by Victor Davis Hanson (Martin and Illie Anderson Senior Fellow)
President Obama came close, but he still just cannot admit that his radical policies and their effects on the economy are the cause of his devastating political rebuke...
November 3, 2010 | Economics One
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Certainly Milton Friedman Would Not Have Supported QE2

by John B. Taylor (George P. Shultz Senior Fellow in Economics; Chair, Working Group on Economic Policy; and member of the Task Force on Energy Policy)
Many have asked whether Milton Friedman would have favored the type of massive quantitative easing which the Fed embarked on today. I have argued that he would not...
October 31, 2010 | Becker-Posner Blog
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Contrasts Between the US’s and UK’s Post-Recession Policies

by Gary S. Becker (Rose-Marie and Jack R. Anderson Senior Fellow; member of the Working Group on Economic Policy; and member of the Task Force on Energy Policy)
So which approach will be more successful: the British one that will sharply reduce government spending and fiscal deficits, or the American one that believes these deficits are necessary, and perhaps even too small, to get this country out of the recession...?
October 30, 2010 | Works and Days
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The Inexplicables

by Victor Davis Hanson (Martin and Illie Anderson Senior Fellow)
All the polls of independents and moderates show radical shifts and express unhappiness with higher taxes, larger deficits, a poor economy, and too much government...
October 30, 2010 | Economics One
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More Evidence on Why the Stimulus Didn't Work

by John B. Taylor (George P. Shultz Senior Fellow in Economics; Chair, Working Group on Economic Policy; and member of the Task Force on Energy Policy)
Polls show that most Americans don't believe that the stimulus package worked, but debate continues among economists...
October 28, 2010 | Thoughtful Ideas
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End the Mortgage Interest Deduction?

by Alvin Rabushka (David and Joan Traitel Senior Fellow)
Last February, President Barack Obama appointed the National Commission on Fiscal Responsibility and Reform (Bowles-Simpson Commission)...To balance the budget in 2015, the commission needs to find $1.2 trillion in savings ($240 billion a year)...
October 27, 2010 | Economics One
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A New Normal for Monetary Policy?

by John B. Taylor (George P. Shultz Senior Fellow in Economics; Chair, Working Group on Economic Policy; and member of the Task Force on Energy Policy)
A year and a half ago when the Fed’s extraordinary quantitative easing (QE) was shifting from emergency liquidity programs to large scale asset purchases, we convened a conference at Stanford’s Hoover Institution to discuss the shift...
October 27, 2010 | Thoughtful Ideas
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Two Kinds of Inflation

by Alvin Rabushka (David and Joan Traitel Senior Fellow)
...[B]y the time fears of deflation have been fully arrested, and the Fed begins to offload the financial assets it has purchased over the past few years, a new bubble may have formed in the financial markets...
October 24, 2010 | Economics One
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Cash for Clunkers in a Macro Context

by John B. Taylor (George P. Shultz Senior Fellow in Economics; Chair, Working Group on Economic Policy; and member of the Task Force on Energy Policy)
More empirical studies are demonstrating that temporary fiscal stimulus actions are a poor way to get the economy moving again on a sustainable basis...perhaps the clearest case is the “cash for clunkers” program of July and August 2009...