Economic Policy Working Group

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Housing
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Notable & Quotable – Gary Becker

by Gary S. Beckervia Wall Street Journal
Friday, July 25, 2014

University of Chicago economist Gary Becker writing at www.becker-posner-blog.com:

Euro with a life saver
Analysis and Commentary

Europe’s Options

by Michael J. Boskinvia Project Syndicate
Tuesday, July 22, 2014

Many Europeans have come to believe that they have weathered the economic and financial storm. In the last two years, deficits and debt have stabilized. Yields on the sovereign debt of the eurozone periphery’s weak economies have fallen sharply. Portugal and Ireland have exited their bailout programs. Talk of Greece leaving the euro has subsided.

Economic Crisis
Analysis and Commentary

John Taylor's Reply to Alan Blinder

by John B. Taylorvia Wall Street Journal
Monday, July 21, 2014

In a Wall Street Journal op-ed on July 18 called "An Unnecessary Fix for the Fed," economist Alan Blinder takes aim at legislation now under consideration in the House of Representatives to amend the Federal Reserve Act. Mr. Blinder focuses on what he calls the "meat-and-potatoes" of H.R. 5018: Section 2, Requirements for Policy Rules for the Federal Open Market Committee, which would require the Fed to submit to the Congress and the American people its rule or strategy for monetary policy.

US Economy
Analysis and Commentary

How to Spark Another 'Great Moderation'

by John B. Taylorvia Wall Street Journal
Tuesday, July 15, 2014

Sound money and free markets go hand in hand. In 1776, Adam Smith wrote of the importance of rules for "a well-regulated paper-money" in "The Wealth of Nations." In 1962, Milton Friedman made the chapter "Control of Money," with its rationale for monetary rules, a centerpiece of "Capitalism and Freedom."

In the News

John Taylor Testified Before the House Committee on Financial Services (00:55:45)

by John B. Taylorvia U.S. House Committee on Financial Services
Friday, July 11, 2014

Senior Fellow John B. Taylor testified before the House Financial Services Committee on monetary policy legislation.

Federal Reserve
In the News

House Republicans Resume Efforts to Reduce Fed’s Power

quoting John B. Taylorvia New York Times
Thursday, July 10, 2014

House Republicans frustrated by the Federal Reserve’s expansive economic stimulus campaign and its growing role as a financial regulator are renewing their efforts to constrain the central bank.

Interest Rates
Interviews

John Taylor on Squawk Box

interview with John B. Taylorvia CNBC - Squawk Box
Thursday, July 10, 2014

Senior Fellow John B. Taylor discussed monetary policy legislation on CNBC’s Squawk Box.

Federal Reserve
In the News

US House GOP Set To Give Fed 100th Birthday Political Spanking

mentioning John B. Taylorvia MNI News
Tuesday, July 8, 2014

The House Financial Services Committee's Republican majority is prepared to celebrate the Federal Reserve Board's 100th birthday with a political spanking of sorts, as the panel discusses legislation Thursday that requires the central bank to craft a monetary policy "rule" and adhere to it except under dire circumstances.

Economics Concept
Interviews

John Taylor on the John Batchelor Show

interview with John B. Taylorvia John Batchelor Show
Tuesday, July 8, 2014

Senior Fellow John Taylor discussed the economy on the John Batchelor Show, co-hosted by CNBC's Larry Kudlow.

Economics Abstract
Analysis and Commentary

New Legislation Requires Fed to Adopt Policy Rule

by John B. Taylorvia Economics One
Monday, July 7, 2014

A lot of research and experience shows that more predictable rules-based monetary policy leads to better economic performance—both in terms of price stability and steadier-stronger employment and output growth.  But in practice there have been big swings in Fed policy between rules and discretion, with damaging results as in the 1970s and the past decade of a financial crisis, great recession and slow recovery.  

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

Policy Seminar on the Redistribution Recession: How Labor Market Distortions Contracted the Economy.

Friday, April 26, 2013
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: Casey Mulligan (Professor in Economics and the College at the University of Chicago)

Event

Policy Seminar on Crunch Time: Fiscal Crises and the Role of Monetary Policy.

Friday, April 12, 2013
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: James Hamilton (Professor of Economics at University of California at San Diego)

Event

Policy Seminar on Monetary Policy

Tuesday, February 12, 2013
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: Charles Plosser (President of the Federal Reserve Bank of Philadelphia)

Event

Resolution Project Meeting with the FDIC

Saturday, February 9, 2013
Hoover Institution, Washington, DC

Meeting of the Resolution Project with Attendees from the Financial Deposit Insurance Corporation Hoover Institution, Washington, DC 

 

Event

Resolution Project Meeting with the Bipartisan Policy Center

Friday, February 8, 2013
Tabard Inn, Washington, DC
Meeting of the Resolution Project with the Bipartisan Policy Center Failure Resolution Working Group Tabard Inn, Washington, DC 
Event

Policy Seminar on Mexico and Policy Under the New Administration

Friday, December 14, 2012
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: Pedro Aspe (former Finance Minister of Mexico)

Event

Policy Seminar on the crisis of unfunded liabilities at the state and local level and possible avenues for resolving it

Friday, November 30, 2012
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: Joshua Rauh (Hoover Senior Fellow and Professor of Finance at the Stanford Graduate School of Business)

Event

Resolution Project Workshop on Global Systemically Important Financial Institutions

Saturday, November 10, 2012
Hoover Institution, Stanford, CA
Resolution Project Workshop on Global Systemically Important Financial Institutions Hoover Institution, Stanford, CA 
Event

Policy Seminar on the Future of Central Banking

Thursday, October 25, 2012
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: John Cochrane (Hoover Senior Fellow and Professor of Finance at the University of Chicago Booth School of Business)

Event

Policy Seminar on Dodd-Frank and the Future of Securities Regulation

Tuesday, October 16, 2012
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: Troy Paredes (Commissioner of the U.S. Securities and Exchange Commission)

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.

 

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.

 


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.