Fiscal Policy


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Blueprint for AmericaFeatured

Effective Financial Reform

by John H. Cochranevia
Wednesday, November 29, 2017

Financial crises come from bank runs. An innovative way to prevent bank runs is to use equity-financed banking. Equity-financed banks would replace debt with equity as their method of financing and back up all deposits with liquid assets like Treasury bonds. Since it would not hold any debt, bank runs would become a thing of the past.

In the News

A Tale Of Two Directors

quoting Adam J. Whitevia The Washington Free Beacon
Wednesday, November 29, 2017

Employees of the Consumer Financial Protection Bureau (CFPB) reported to work on Monday unclear as to who, exactly, was directing their agency.


Adam White: The Trouble With The Consumer Finance Protection Bureau

interview with Adam J. Whitevia The Federalist
Tuesday, November 28, 2017

Hoover Institution fellow Adam White discusses the Consumer Financial Protection Bureau, its controversial history, and former CFPB Director Richard Cordray.

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The High Cost Of Good Intentions Featuring John Cogan

interview with John F. Coganvia Uncommon Knowledge
Thursday, November 16, 2017

The Need for Entitlement Reform

In the News

Economists Oppose A Strict Balanced Budget Rule. Could The US Adopt A Sophisticated One?

quoting Robert J. Barrovia Cato Institute
Monday, November 13, 2017

The IGM Economic Experts Panel overwhelmingly opposes a constitutional strict balanced budget amendment.

In the News

How Banks Undermined Federal Foreclosure Assistance

quoting Amit Seru via Stanford Business
Monday, October 16, 2017

Obama’s 2009 mortgage-modification program would have helped 70% more homeowners if lenders had been better organized.

Analysis and Commentary

Hassett's Numbers Are Plausible

by David R. Hendersonvia EconLog
Thursday, October 19, 2017

"In the long run, all of the factor owners' loss from a capital income tax is a loss to labor. Therefore, in the long run, capital-income tax revenue is a LOWER BOUND on labor's loss. Furman and Summers have it backwards." This is from Casey Mulligan, "Furman and Summers revoke Summers' academic work on investment," October 18, 2017.

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Time to Get Growing

by John F. Cogan, R. Glenn Hubbard, John B. Taylor, Kevin Warshvia Hoover Digest
Monday, October 23, 2017

Weak economic performance is not inevitable. 


Yellen At Jackson Hole

by John H. Cochranevia Grumpy Economist
Wednesday, August 30, 2017

Fed Chair Janet Yellen gave a thoughtful speech at the Jackson Hole conference.The choice of topic, financial stability and the Fed's role in financial regulation and supervision, says a lot. Financial regulation, supervision, and other tinkering, is much more centrally a part of what the Fed is...

Fiscal policies and the prices of labor: a comparison of the U.K. and U.S.

by Casey B. Mulliganvia Springer Open
Friday, August 11, 2017

This paper measures the 2007–13 evolution of employment tax rates in the U.K. and the U.S. The U.S. changes are greater, in the direction of taxing a greater fraction of the value created by employment, and primarily achieved with new implicit tax rates. Even though both countries implemented a temporary “fiscal stimulus,” their tax rate dynamics were different: the U.S. stimulus increased rates, whereas the U.K. stimulus reduced them. The U.K. later increased the tax on employment during its “austerity” period. Tax rate measurements are a first ingredient for cross-country comparisons of labor markets during and after the financial crisis.


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