Distinguished economist Michael D. Bordo argues for the importance of monetary stability and monetary rules, offering theoretical, empirical, and historical perspectives to support his case. He shows how the pursuit of stable monetary policy guided by central banks following rule-like behavior produces low and stable inflation, stable real performance, and encourages financial stability. In contrast, he explains how the failure to adhere to rules that produce monetary stability will inevitably produce the dire consequences of real, nominal, and financial instability.
Why is it so much easier for the Democratic Party to win the national popular vote than to build and maintain a majority in Congress? Why can Democrats sweep statewide offices in places like Pennsylvania and Michigan yet fail to take control of the same states' legislatures? Many place exclusive blame on partisan gerrymandering and voter suppression. But as political scientist Jonathan A. Rodden demonstrates in Why Cities Lose, the left's electoral challenges have deeper roots in economic and political geography.
Raghuram Rajan, distinguished University of Chicago professor, former IMF chief economist, head of India's central bank, and author of the 2010 FT-Goldman-Sachs Book of the Year Fault Lines, has an unparalleled vantage point onto the social and economic consequences of globalization and their ultimate effect on our politics. In The Third Pillar he offers up a magnificent big-picture framework for understanding how these three forces--the state, markets, and our communities--interact, why things begin to break down, and how we can find our way back to a more secure and stable plane.
In a rich and varied career, George P. Shultz has aided presidents, confronted national and international crises, and argued passionately that the United States has a vital stake in promoting democratic values and institutions. In speeches, articles, congressional testimony, and conversations with world leaders, he has helped shape policy and public opinion on topics ranging from technology and terrorism to drugs and climate change. The result is a body of work that has influenced the decisions of nations and leaders, as well as the lives of ordinary people.
It’s May 1863. Outgeneraled and outgunned, a demoralized Union Army has pulled back with massive losses at the Battle of Chancellorsville. Fort Sumter, hated symbol of the Rebellion, taunts the American navy with its artillery and underwater mines.
As a response to the Great Depression and an expression of executive power, President Franklin Roosevelt’s New Deal is widely understood as a turning point in American history. In How Public Policy Became War, David Davenport and Gordon Lloyd go even further, calling the New Deal “America’s French Revolution,” refashioning American government and public policy in ways that have grown to epic proportions today.
In this ground-breaking analysis, Terry Moe treats Hurricane Katrina as a natural experiment that offers a rare opportunity to learn about the role of power in the politics of institutional reform. When Katrina hit, it physically destroyed New Orleans’ school buildings, but it also destroyed the vested-interest power that had long protected the city’s abysmal education system from major reform. With the constraints of power lifted, decision makers who had been incremental problem-solvers turned into revolutionaries, creating the most innovative school system in the entire country.
The depth of Hoover’s scholarship is reflected in the numerous books published by our fellows on a broad variety of topics and issues. This timely and prodigious output offers insight on the most pressing issues in public policy.