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interview with Stephen Habervia Wall Street Journal Live
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by Lee Ohanian, Edward Prescottvia Wall Street Journal

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Analysis and Commentary

The Federal Minimum Wage Increase Hurt Many Low-Skilled Workers

by David R. Hendersonvia EconLog
Friday, March 29, 2019

We find that increases in the minimum wage significantly reduced the employment of low-skilled workers. By the second year following the $7.25 minimum wage’s implementation, we estimate that targeted individuals’ employment rates had fallen by 6.6 percentage points (9%) more in bound states than in unbound states. The implied elasticity of our target group’s employment with respect to the minimum wage is −1, which is large within the context of the existing literature.

In the News

"Not Enough Focus On Joblessness," Raghuram Rajan Tells NDTV: Highlights

featuring Raghuram Rajanvia NDTV
Tuesday, March 26, 2019

Today even if you have a high-school degree you don't get a job. We have great jobs for people leaving premier institutions like IIMs, etc, but that is not the case for a majority of students leaving schools and colleges which are not of that level of repute.

BusinessFeatured

How Many Of California’s 1.5 Million Food-Service Jobs Will Be Lost To The Minimum Wage?

by Lee Ohanianvia California on Your Mind
Tuesday, March 26, 2019

In 2022, California’s minimum wage will rise to $15 per hour (by 2023 for businesses with fewer than 25 employees), including restaurant workers. As one California food wholesaler, who services a number of restaurants, told me, “Get ready for the $25 lunch burger at your favorite decent, non–fast food restaurant.” 

In the News

If $15 Minimum Wage Is Such A Good Idea, Why Did AOC's Bar Close Down?

quoting Thomas Sowellvia Townhall
Thursday, March 21, 2019

The brilliant Thomas Sowell, when in college, considered himself a Marxist. Asked what changed him, Sowell said, "Evidence."

In the News

On Asbestos Blame, Supreme Court Is Still At Sea

quoting Richard A. Epsteinvia Cato Institute
Tuesday, March 19, 2019

With Justices Kavanaugh and Roberts crossing over to join the liberals, the Supreme Court ruled 6-3 today in Air & Liquid Systems v. DeVries that federal maritime law permits seafarers claiming asbestos-related ailments to sue manufacturers of ship components such as boilers and turbines that contained no asbestos, on the grounds that they knew that the mineral would be used in conjunction with their product later in such forms as insulation or connective gaskets.

Analysis and Commentary

Trade Policy Is Upending Markets—But Not Investment

by Steven J. Davisvia Chicago Booth Review
Monday, March 18, 2019

While tariffs and tariff threats have become a leading source of stock market volatility, they have had little impact on US business investment.

The Future of Fed’s Balance Sheet: A Policy Workshop

Thursday, March 7, 2019
Annenberg Conference Room, Lou Henry Hoover Building

The Federal Open Market Committee announced on January 30 that it “intends to continue to implement monetary policy in a regime in which an ample supply of reserves ensures that control over the level of the federal funds rate and other short-term interest rates is exercised primarily through the setting of the Federal Reserve's administered rates, and in which active management of the supply of reserves is not required.” Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization. 

Event

Policy Seminar with Rebecca Diamond

Thursday, February 28, 2019
Annenberg Conference Room, Lou Henry Hoover Building

Rebecca Diamond, Hoover Institution national fellow, and associate professor of economics at the Stanford Graduate School of Business, discussed “The Effects of Rent Control Expansion on Tenants, Landlords, and Inequality: Evidence from San Francisco.”

Event

Policy Seminar with Amit Seru

Thursday, February 21, 2019
Annenberg Conference Room, Lou Henry Hoover Building

Amit Seru, Hoover Institution Senior Fellow and Professor of Finance at the Stanford Graduate School of Business, discussed “Shadow Banking.”

Event
Analysis and Commentary

Jacob Vigdor On The Seattle Minimum Wage

by Russell Robertsvia EconTalk
Monday, March 4, 2019

Jacob Vigdor of the University of Washington talks with EconTalk host Russ Roberts about the impact of Seattle's minimum wage increases in recent years. Vigdor along with others from the Evans School of Public Policy and Governance have tried to measure the change in employment, hours worked, and wages for low-skilled workers in Seattle. He summarizes those results here arguing that while some workers earned higher wages, some or all of the gains were offset by reductions in hours worked and a reduction in the rate of job creation especially for low-skilled workers.

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Economic Policy Working Group

 
The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple