Fiscal Policy

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Red Ink in the Golden State

by Clifton B. Parker interview with Joshua D. Rauhvia Hoover Digest
Wednesday, April 24, 2019

California owes hundreds of billions of dollars in pension obligations it can’t meet. Hoover fellow Joshua D. Rauh says the overpromising needs to stop—now.

Featured

An Equation To Ensure America Survives The Age Of AI

by Elizabeth Cobbsvia Financial Times
Thursday, April 11, 2019

Tech investors celebrate a future of self-driving taxis and low labour costs as gig economy platform companies such as Lyft and Uber go public. But workers spy disaster. In more and more industries, the low-skilled suffer declining pay and hours. McKinsey estimates that 60 per cent of occupations are at risk of partial or total automation.

Analysis and Commentary

The Minimum Wage As A Perpetual Motion Machine

by David R. Hendersonvia EconLog
Tuesday, April 9, 2019

Jubal Harshaw at the blog GrokInFullness had an excellent post last month on the minimum wage that I had missed.

Analysis and Commentary

Less Listing

by John H. Cochrane via The Grumpy Economist
Wednesday, March 20, 2019

Torsten Slok at DB sent along this lovely graph. The underlying paper "Eclipse of the Public Corporation or Eclipse of the Public Markets?" by  Craig Doidge, Kathleen M. Kahle, G. Andrew Karolyi, and René M. Stulz,  has a lot more.

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 Lawrence Summers

Monday, February 11, 2019
Annenberg Conference Room, Lou Henry Hoover Building

Lawrence Summers, President Emeritus and Charles W. Eliot University Professor at Harvard University, and former U.S. treasury secretary, talked about “Secular Stagnation and Fiscal Policy.”

Event

Policy Seminar with Michael Bordo

Thursday, January 24, 2019
Annenberg Conference Room, Lou Henry Hoover Building

Michael Bordo, Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University, New Brunswick, and Distinguished Visiting Fellow at the Hoover Institution, discussed “The Imbalances of the Bretton Woods System 1965 to 1973: U.S. Inflation - The Elephant in the Room.”

Event
In the News

'Illusions' Of Heavy Bank Regulation Obscure Risks, Warns Niall Ferguson

featuring Niall Fergusonvia Australian Financial Review Magazine
Wednesday, February 13, 2019

British historian Niall Ferguson is urging Australia to avoid the mistakes of US and European regulators who sought, in the aftermath of the 2008 crisis, to regulate "with great specificity every single aspect of a bank's operation."

Thomas Sowell discusses Intellectuals and Society on Uncommon Knowledge.

Thomas Sowell discusses his essay “‘Trickle Down Theory’ and ‘Tax Cuts for the Rich.’”

with Thomas Sowellvia Uncommon Knowledge
Monday, September 17, 2012

This week on Uncommon Knowledge, Hoover fellow and author Thomas Sowell discusses his essay “‘Trickle Down Theory’ and ‘Tax Cuts for the Rich.’” (39:52)
“Now anyone who studied history knows that for the first 150 years of this country the federal government did not intervene when the economy turned down. And all that time the downturns all corrected themselves; one of the most classic examples was under Warren G. Harding when, during his first year in office, he found the unemployment rate at 11.7 percent. He did absolutely nothing; he did not spend more government money, he cut back on spending. The Federal Reserve had the interest rates up at 6 or 7 percent, not down at 1 percent, where they are now. The next year unemployment was at 6.7 percent; the year after that it was 2.4 percent. So the economy has recuperative powers. I mean employers have an incentive to hire people. Workers have an incentive to get jobs. Lenders have incentives to lend.”

George W. Bush

George W. Bush

with George W. Bushvia Uncommon Knowledge
Wednesday, July 18, 2012

This week on Uncommon Knowledge President George W. Bush discusses postpresidential life and his work at the Bush Institute. (1:03:21)
“I believe we are a blessed nation; that is, therefore, we have a sense of responsibility to the extent we can to help others. In this case there was a pandemic destroying an entire generation of people. And I didn’t see how I could be president of a powerful, the most powerful, and the richest nation and not lend our support to saving lives. It would have been unconscionable not to act. So I thought it was in our moral interest to act. I also knew it was in our national security interest to act.”

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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