Recently I had the opportunity to participate in several conferences on monetary policy: the annual Hoover monetary policy conference at Stanford in May, the 2019 Fed Review conference in Chicago in June, and the Macro Model Comparison Conference in Frankfurt also in June. There are many takeaways, but one was very evident. I will call it a “Revival of Research on Monetary Policy Rules for the Instruments.”
Richard Nixon, who tied Franklin Roosevelt’s record by running on a national presidential ticket five times, said that he ran to the right to win the Republican nomination but then ran back toward the center in the general election. In the 2004 presidential campaign, however, President George W. Bush and Karl Rove found a new path to electoral victory by turning out their base rather than attracting the undecided.
In August 1920, in the Parisian suburb of Sèvres, envoys of the allied powers signed an eponymous treaty dividing into zones of influence the fallen Ottoman Empire and Islamic Caliphate. The regime of "mandates" it instituted was simultaneously the culmination of European imperialism in the Middle East, and its final undertaking. Mandates were not meant to last: it was a phase of foreign trusteeship, in anticipation of independence that, by the 1970s, would be the norm across the region.
Earlier this millennium, a series of power brownouts and blackouts in California led to the recall of a sitting governor and a special election for his replacement: Arnold Schwarzenegger. Argentina’s leadership is running for reelection this October, and if it can’t keep the lights on, it may not be welcomed back to power.
Tyler Cowen’s latest book, Big Business: A Love Letter to an American Anti-Hero, is excellent. Cowen, an economics professor at George Mason University, makes a strong evidence-based case that big business in America is an important—probably the most important—contributor to our well-being.
Hoover Institution fellow Margaret Raymond discusses a new study that shows many students enrolled in Pennsylvania’s cyber charter schools are not getting a quality education as well as the pros and cons of digital classrooms, and what the future holds for these types of programs.
Former Secretary of State Condoleezza Rice made it clear that she doesn’t think racism in America has gotten “worse” under President Trump, calling the claim “hyperbole” on Thursday during an interview on NBC’s “Today” show.
This blog item is just one longish “Quote of the Day.” That’s because former secretary of state Condoleezza Rice made a sensible and realistic statement about race relations in the U.S.—made under intense pressure from an NBC reporter, who was fishing for derogatory comments—that deserves wide circulation. So, we’re doing our bit.
While President Donald Trump indicated Thursday that Iran may have shot down an American drone accidentally, Iran war boosters throughout the media bellowed that any note of caution by the president would be interpreted as weakness inside the Islamic Republic.
On June 20, U.S. military officials confirmed media reports that Iranian military forces successfully shot down a U.S. drone in the vicinity of the Persian Gulf. Though several relevant details regarding the incident remain unclear or in dispute—including whether the drone had ventured into Iranian airspace before it was shot down—this is the most significant encounter between the two sides in the current period of high tensions and may prove to be a major step toward a broader armed conflict.
It is foolish to think that Trumpism and Trumpistas are merely a product of personality. To believe that is to assume that Donald Trump is sui generis, elected under unique circumstances and that the politics and polices produced under him are tied to him.
I’m a fan and faithful listener of EconTalk, a podcast hosted by Russ Roberts of Stanford University’s Hoover Institution. A few weeks ago, I was stopped in my tracks by his interview with Mauricio “Lim” Miller, an Oakland, California-based social services pioneer and MacArthur “Genius” fellowship recipient, an honor he earned as the founder of the non-profit Family Independence Initiative (FII). I haven’t stopped thinking about it since.