Fiscal Policy


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Analysis and Commentary

The Keynesian Model Is Not A Big Government Or Small Government Model

by David R. Hendersonvia EconLog
Wednesday, May 4, 2016

Co-blogger Scott Sumner has written an excellent post this morning pointing out that the Keynesian model per se is not a big government model. He is right, for the reasons he gives.

In the News

The Misadventures Of Fannie And Freddie

quoting Richard A. Epsteinvia Delaware Online
Tuesday, May 3, 2016

Gigantic government’s complexity and opacity provide innumerable opportunities for opportunists to act unconstrained by clear law or effective supervision. Today’s example, involving the government’s expropriation of hundreds of billions of dollars, features three sets of unsympathetic actors -- a grasping federal government, a few hedge funds nimble at exploiting the co-mingling of government and the private sector, and two anomalous institutions that should never have existed.

In the News

Fed Ponders Catchup With Economic Theory Signaling Rates Too Low

mentioning John B. Taylorvia Bloomberg
Sunday, May 1, 2016

When does treading carefully lead to falling behind? Federal Reserve officials signaled last week that they expect to raise interest rates twice this year, while investors see only one move. If economic theory is any guide, even the central bank’s more hawkish outlook would still leave the target for the benchmark policy rate way too low.

In the News

The US Public Pensions Crisis ‘Is Really Hard To Fix’

mentioning Hoover Institutionvia Financial Times
Sunday, May 1, 2016

Eighteen months after Rahm Emanuel, a former White House chief of staff, became mayor of Chicago, he addressed a news conference about his priorities.

In the News

Will The Fed Raise Rates Before The Election?

quoting Timothy Kanevia CNN
Wednesday, April 27, 2016

The probability of the Federal Reserve hiking rates today is 0%. So what about the rest of the year?


Managing Debt In An Overleveraged World

by Michael Spencevia Project Syndicate
Wednesday, April 27, 2016

What ever happened to deleveraging? In the years since the 2008 global financial crisis, austerity and balance-sheet repair have been the watchwords of the global economy. And yet today, more than ever, debt is fueling concern about growth prospects worldwide.

Analysis and Commentary

Alberto Alesina On Fiscal Policy And Austerity

by Russell Robertsvia EconTalk
Monday, April 25, 2016

Alberto Alesina of Harvard University talks with EconTalk host Russ Roberts about his research on fiscal policy and austerity. Alesina's research shows that spending cuts to reduce budget deficits are less harmful than tax increases. Alesina discusses the intuition behind this empirical finding and discusses other issues such as Greece's financial situation.

Analysis and Commentary

Lessons Learned I

by John H. Cochranevia Grumpy Economist
Saturday, April 23, 2016

I spent last week traveling and giving talks. I always learn a lot from this. One insight I got: Real interest rates are really important in making sense of fiscal policy and inflation.

Analysis and Commentary

Mea Culpa On Fed And Interest Rates

by David R. Hendersonvia EconLog
Friday, April 22, 2016

In my recent post on George Elgin's primer on monetary policy, I wrote: Maybe not surprisingly, what I will excerpt here makes the point that Jeff Hummel and I have been making for some time: the Fed does not set or control interest rates.

Analysis and Commentary

The Case Against A Basic Income Guarantee

by David R. Hendersonvia EconLog
Friday, April 22, 2016

Jason Kuznicki of the Cato Institute has written a piece calling for an "Unconditional Basic Income." (I should note that he did not publish this under the auspices of the Cato Institute. I mention Cato only to identify his affiliation.) Under Kuznicki's proposal, the government, presumably the federal government, would guarantee everyone a basic income. 


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