Fiscal Policy

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Yellen At Jackson Hole

by John H. Cochrane via Grumpy Economist
Wednesday, August 30, 2017

Fed Chair Janet Yellen gave a thoughtful speech at the Jackson Hole conference.The choice of topic, financial stability and the Fed's role in financial regulation and supervision, says a lot. Financial regulation, supervision, and other tinkering, is much more centrally a part of what the Fed is...

Fiscal policies and the prices of labor: a comparison of the U.K. and U.S.

by Casey B. Mulliganvia Springer Open
Friday, August 11, 2017

This paper measures the 2007–13 evolution of employment tax rates in the U.K. and the U.S. The U.S. changes are greater, in the direction of taxing a greater fraction of the value created by employment, and primarily achieved with new implicit tax rates. Even though both countries implemented a temporary “fiscal stimulus,” their tax rate dynamics were different: the U.S. stimulus increased rates, whereas the U.K. stimulus reduced them. The U.K. later increased the tax on employment during its “austerity” period. Tax rate measurements are a first ingredient for cross-country comparisons of labor markets during and after the financial crisis.

Uncommon Knowledge 130x130
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The Budget Crisis in the Land of Lincoln

interview with Bruce Raunervia Uncommon Knowledge
Monday, June 26, 2017

AUDIO ONLY

With the end of the fiscal year deadline (June 30) looming ever closer Governor Rauner and House majority Democrats will have to come to an agreement to get the budget passed and prevent Illinois’s bond rating from being downgraded to junk, causing Illinois to lose investment-grade status.

Governor of Illinois, Bruce Rauner
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The Budget Crisis In The Land Of Lincoln

interview with Bruce Raunervia Uncommon Knowledge
Monday, June 26, 2017

With the end of the fiscal year deadline (June 30) looming ever closer Governor Rauner and House majority Democrats will have to come to an agreement to get the budget passed and prevent Illinois’s bond rating from being downgraded to junk, causing Illinois to lose investment-grade status.

In the News

Six Terrifying Graphs That Summarize America's Public Pension Crisis

quoting Joshua D. Rauhvia ZeroHedge
Wednesday, May 24, 2017

A new report from the Hoover Institution written by Senior Fellow Joshua Rauh and entitled "Hidden Debt, Hidden Deficits: How Pension Promises Are Consuming State And Local Budgets," does a masterful job illustrating the true severity of America's public pension crisis, a topic to which we've dedicated a substantial amount of time over the past couple of years. 

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Inconvenient Math?

by Michael S. Bernstamvia Hoover Digest
Monday, April 24, 2017

On climate change, the uncertainties multiply—literally. 

Policy Seminar with Sir John Vickers

Tuesday, March 21, 2017
Annenberg Conference Room, Lou Henry Hoover Building

Sir John Vickers, Warden of All Souls College, University of Oxford, presented “Banking Reform in the UK.” 

Event
The Effect of Tax Preferences on Health Spending
Analysis and Commentary

How To Repeal And Replace Obamacare And Pass Tax Cuts/Tax Reform By April 15, 2017

by Alvin Rabushkavia Thoughtful Ideas
Tuesday, February 21, 2017

The first law of Congressional dynamics states that Congress will delay action on any important policy as long as possible until it’s too late to pass legislation in any given two-year Congressional session.  As an illustration, the last overhaul of the federal income tax was President Reagan’s Tax Reform Act of 1986, 31 years ago.

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In the News

Oroville Dam Is Just Part Of California's Crumbling Infrastructure

quoting Victor Davis Hansonvia Los Angeles Times
Saturday, February 18, 2017

Dams don’t just deteriorate overnight, so how did we get here? Victor Davis Hanson, a scholar at the Hoover Institution, blames unfocused political leaders who diverted their attention from maintaining the critical network of dams and aqueducts built by a previous generation of Californians, and instead focused on dubious progressive causes...

Tax cuts and reforms
Analysis and Commentary

Why Tyler Cowen's Pessimism Fails To Persuade Me

by David R. Hendersonvia EconLog
Friday, February 17, 2017

In his excellent post on taxes and the incidence of taxes, co-blogger Scott Sumner does not mention another important issue in taxation: deadweight loss. The deadweight loss from a tax is the part of the loss to those who bear the tax that does not go to the government. Thus the term "deadweight." (Scott's graph shows a small deadweight loss, but he does not elaborate on this.)

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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