Economic Policy Working Group

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In the News

Stop the Money Presses!

with John B. Taylorvia Washington Times
Wednesday, January 1, 2014

Leading up to Janet Yellen's Jan. 6 confirmation vote, the Federal Reserve recently announced that it will taper back its bond-buying program, known as quantitative easing. This was encouraging news for inflation hawks, if barely so.

Analysis and Commentary

The Economic Hokum of 'Secular Stagnation'

by John B. Taylorvia Wall Street Journal
Wednesday, January 1, 2014

The evidence continues to mount that government policy has been to blame for the disappointing economic performance in recent years.

In the News

Open Doors to Those Who Want to Come to the U.S. to Work

with Gary S. Beckervia Washington Examiner
Tuesday, December 31, 2013

No one better illustrates the need for immigration reform in 2014 than Felicity, a young British engineer who wants to work in California. A graduate with a master's degree in product design engineering from a top UK university, Felicity (not her real name) is working as a paid intern on a temporary visa in San Jose. She has job offers from two high-tech firms in Silicon Valley, and has chosen the one that is most likely to get her an H-1B visa. That visa would allow her to stay and eventually apply for permanent residency. Each year the Center for Immigration Services accepts applications for 85,000 H-1B visas. That is not enough. Visa applications can be filed on April 1 of each year. In 2013, the cap was reached during the first week in April. During the early 2000s, Congress temporarily raised the quota to 195,000, a number that did not exceed demand, but the quota reverted to 65,000 in 2004.

Analysis and Commentary

Redistribution and the Well-Being of the Poor

by Gary S. Beckervia Becker-Posner Blog
Sunday, December 29, 2013
Rice on America leading again
Analysis and Commentary

The Young, the Restless and Economic Growth

by Edward Paul Lazearvia Wall Street Journal
Sunday, December 22, 2013

Countries with a younger population have far higher rates of entrepreneurship.

Analysis and Commentary

5 Takeaways on How Bernanke Will Be Remembered

with John B. Taylor, Michael D. Bordovia Wall Street Journal
Thursday, December 19, 2013

Mark Gertler, John B. Taylor,  Mohamed El Erian, Michael Bordo,  and Lars E.O. Svensson on Bernanke.

Interviews

John Taylor on CNBC's "Squawk on the Street" (00:45)

with John B. Taylorvia Squawk on the Street (CNBC)
Wednesday, December 18, 2013

CNBC's Rick Santelli discusses the U.S. Treasury's move to auction $35 billion in 5-year Notes. And John Taylor, Stanford University professor of economics, weighs in on Fed policy and the likely outcome of exiting quantitative easing.

Interviews

John Taylor on PBS NewsHour (2:54)

with John B. Taylorvia PBS NewsHour
Wednesday, December 18, 2013
Analysis and Commentary

How Will the History Books Remember Ben Bernanke?

by John B. Taylorvia Wall Street Journal
Tuesday, December 17, 2013
The following short essay was written for the Wall Street Journal as part of a symposium in 
which five economists were asked this same question. 

Pages

About

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. Read more...

Events

Archive of Working Papers on Economic Policy

Speeches and Testimony

John B. Taylor

Books

Media

Chair
George P. Shultz Senior Fellow in Economics
Member
Wohlford Family Senior Fellow
Rose-Marie and Jack Anderson Senior Fellow
Leonard and Shirley Ely Senior Fellow
Senior Fellow
Senior Research Fellow
Buzz and Barbara McCoy Senior Fellow
Thomas W. and Susan B. Ford Distinguished Fellow

Policy Seminar on the Response to the Financial Crisis during 2008 from the Perspective of Inside the Treasury

Friday, May 22, 2009
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest speaker: Jim Wilkinson (The Brunswick Group, LLC), former Chief of Staff at the U.S. Treasury

Event

Workshop on the Future of Central Banking

Monday, March 30, 2009
Stauffer Auditorium

The financial crisis has given rise to numerous, large, and unprecedented actions by the Federal Reserve. At the time of our previous workshop on this topic last July, these actions included the Bear Stearns intervention, the new lending facilities for banks and primary dealers, and a decision to authorize the Fed to lend to Fannie Mae and Freddie Mac. Since then the list has expanded enormously to include the AIG intervention, the creation of a commercial paper funding facility, large loans to foreign central banks, and the purchase of assets backed by mortgages, credit card debt, and student loans. Recently the Treasury has proposed a large expansion of these purchases.

These developments raise important policy questions about the future of central banking policy. Many of the questions are best considered as part of a longer term overhaul of the financial regulatory structure including ways to reduce “the too big or too interconnected to fail” problem by creating new market mechanisms or alternative resolution systems. But there are also urgent policy issues to be addressed in the weeks and months ahead.

Event

Policy Seminar on the Mortgage Markets

Friday, February 27, 2009
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest speaker: Frank Nothaft (Chief Economist, Freddie Mac)

Event

Policy Seminar with Peter Fisher

Monday, January 26, 2009
George Shultz Conference Room, Herbert Hoover Memorial Building
Policy Seminar with Peter Fisher 
Event

Policy Workshop on the Financial Crisis: Root Causes, Policy Evaluation, Next Steps

Wednesday, December 3, 2008

Distinguished guests included John Lipsky, first deputy managing director of the International Monetary Fund. For further details, click on the above link. 

Event

Meeting on CDS and Mortgage Market Reforms

Monday, November 10, 2008
George Shultz Conference Room, Herbert Hoover Memorial Building

Guests: John Taylor, George Shultz, Andrew Crockett (JP Morgan), Joe Grundfest, John Gunn, Kenneth Scott, Darrell Duffie, John Shoven, Michael Boskin, John Ciorciari, and Matthew Gunn.

Event

Meeting to Analyze Financial Rescue Plan Options

Friday, October 10, 2008
George Shultz Conference Room, Herbert Hoover Memorial Building
Guests: John Taylor, Joe Grundfest, John Gunn, Kenneth Scott, Darrell Duffie, John Shoven, Michael Boskin, John Ciorciari, and Matthew Gunn
Event

Policy Seminar on Financial Markets and Credit Losses

Wednesday, September 17, 2008

Guest Speaker: Wesley Phoa (Capital Strategy Research)

Event

Policy Seminar with Charles Schwab

Monday, July 28, 2008
George Shultz Conference Room, Herbert Hoover Memorial Building

Guests: Charles Schwab, George Shultz, John Taylor, John Cogan, Joe Grundfest, John Shoven, Michael Boskin, Darrell Duffie, Kenneth Scott, and John Ciorciari.

Event

Policy Workshop: The Future Role of Central Banking Policy: Urgent and Precedent-Setting Next Steps

Tuesday, July 22, 2008

Severe stress in the financial markets has given rise to a host of unprecedented actions by the Federal Reserve, including the Bear Stearns intervention, new lending facilities for primary dealers, and a decision to authorize the Fed to lend to Fannie Mae and Freddie Mac should such lending become necessary. 

Event

Pages

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.

 

Working Group Meeting - March 9, 2018
Working Group Meeting - March 9, 2018

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.

Working Group Meeting - April 9, 2008
Working Group Meeting - April 9, 2008

 


Contacts

For general questions about the Working Group, please contact John Taylor or his assistant Marie-Christine Slakey at (650) 723-9677. For media inquiries, please contact our office of public affairs.