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Index Funds And Voting Shares

by John H. Cochrane via Grumpy Economist
Friday, June 23, 2017

Todd Henderson and Dorothy Shapiro Lund have an interesting OpEd in the Wall Street Journal, "Index funds are great for investors, risky for corporate governance." In brief, index funds don't participate heavily in monitoring companies, finding information about companies, or corporate control contests.

The Federal Reserve
In the News

Former Fed Governor Says Central Bank’s Independence Is Limited

quoting Kevin Warshvia The Wall Street Journal
Thursday, June 22, 2017

[Subscription Required] Hoover Institution fellow Kevin Warsh notes that the Fed isn’t as independent or permanent as many think, and he urges it to be accountable to Congress.

In the News

The Moral Case For Low Taxation

quoting Thomas Sowellvia Daily Caller
Wednesday, June 21, 2017

Recent tax proposals have let loose the dogs of economic war. While debate has raged over the impact of tax cuts on growth and revenue, the moral case for low taxation remains largely neglected.

Analysis and Commentary

Tanenhaus On James Buchanan

by David R. Hendersonvia EconLog
Wednesday, June 21, 2017

I have just read the first serious book review I've seen of historian Nancy MacLean's book on James Buchanan, Democracy in Chains: The Deep History of the Radical Right's Stealth Plan for America. It's by Sam Tanenhaus.

Analysis and Commentary

The Optimal Inflation Rate

by John H. Cochrane via Grumpy Economist
Wednesday, June 21, 2017

Anthony Diercks has a very useful review of the the academic literature on the question, what is the optimal inflation rate? He includes 150 papers, ordered from low to high inflation.

Policy Seminar with Raghuram Rajan

Tuesday, June 20, 2017
Annenberg Conference Room, Lou Henry Hoover Building

Raghuram Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth, former Governor of the Reserve Bank of India, and former Chief Economist and Director of Research at the International Monetary Fund, discussed “What Explains the Rise of Populist Nationalism? Some Speculative Thoughts.”

In the News

Thank You, Allan Meltzer

featuring Allan H. Meltzervia Huffington Post
Tuesday, June 20, 2017

I was saddened to hear of the passing last month of Professor Allan Meltzer of Carnegie-Mellon University. Professor Meltzer was a widely respected macroeconomist and advocate for free markets, and his prolific writings spanned academic journals to the popular press.

Analysis and Commentary

Reis On The State Of Macro

by John H. Cochrane via Grumpy Economist
Tuesday, June 20, 2017

Ricardo Reis has an excellent essay on the state of macroeconomics. "Is something really wrong with macroeconomics?"

Allan H. Meltzer is a distinguished fellow at the Hoover Institution.

Making The Rules And Breaking The Mould (Allan Meltzer: 1928–2017)

by John B. Taylorfeaturing Allan H. Meltzervia Central Banking
Monday, June 19, 2017

John Taylor writes about the extraordinary life of a pioneering economist whose lifelong work defied traditional rules – but one who strongly advocated them for central banks.


Economic Policy Working Group

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

Milton and Rose Friedman: An Uncommon Couple