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COVID-19 Is Also a Reallocation Shock

by Jose Maria Barrero, Nick Bloom, Steven J. Davisvia Economics Working Papers
Thursday, June 25, 2020
Economics Working Paper 20113

The Unprecedented Stock Market Reaction to COVID-19

by Scott R. Baker, Nicholas Bloom, Steven J. Davis, Kyle Kost, Marco Sammon, Tasaneeya Viratyosinvia Economics Working Papers
Tuesday, June 16, 2020

Economics Working Paper 20112

Economic Uncertainty Before and During the COVID-19 Pandemic

by David Altig, Scott R. Baker, Jose Maria Barrero, Nick Bloom, Phil Bunn, Scarlet Chen, Steven J. Davis, Julia Leather, Brent Meyer, Emil Mihaylov, Paul Mizen, Nick Parker, Thomas Renault, Pawel Smietanka, Greg Thwaitesvia Economics Working Papers
Thursday, June 11, 2020

Economics Working Paper 20111

Original Sin and the Great Depression

by Michael D. Bordo, Christopher M. Meissnervia Economics Working Papers
Friday, April 24, 2020
Economics Working Paper 20101

On the Importance of Household versus Firm Credit Frictions in the Great Recession

by Patrick J. Kehoe, Pierlauro Lopez, Virgiliu Midrigan, Elena Pastorinovia Economics Working Papers
Wednesday, April 1, 2020
Economics Working Paper 20110

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The Hoover Institution Economics Working Paper Series allows authors to distribute research for discussion and comment among other researchers. Working papers reflect the views of the author and not the views of the Hoover Institution.

 

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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.

 


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