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Interviews

Thomas Sowell: Sowell Strikes Again

interview with Thomas Sowellvia Ricochet
Monday, April 15, 2019

Hoover Institution fellow Thomas Sowell talks about equality, diversity, IQ, immigration, free enterprise, and a host of other issues.

Analysis and Commentary

Cowen On Optimal Marginal Tax Rates On CEOs

by David R. Hendersonvia EconLog
Monday, April 15, 2019

A week ago, I sent to my editor my review of Tyler Cowen’s latest book, Big Business: A Love Letter to an American Anti-Hero. The book is outstanding. There are valuable facts and/or bits of economic reasoning on virtually every page. To give you an idea of how much I liked the book, I titled my review “A Love Letter to Tyler Cowen.” I’m not sure the editor will use that title. 

Analysis and Commentary

Buyback Realities (Page 12)

by Steven J. Davisvia Goldman Sachs
Thursday, April 11, 2019

Hoover Institution fellow Steven Davis argues that banning stock buybacks could trap resources in older/larger firms, hindering efficient capital allocation and job creation.

Analysis and Commentary

State Taxation And The Reallocation Of Business Activity: Evidence From Establishment-Level Data

by Joshua D. Rauh, Xavier Giroudvia Journal of Political Economy
Tuesday, April 9, 2019

Using census microdata on multistate firms and their organizational forms, we estimate the impact of state taxes on business activity. For C corporations, employment and the number of establishments have short-run corporate tax elasticities of −0.4 to −0.5 and do not vary with changes in personal tax rates. Pass-through entity activities show tax elasticities of −0.2 to −0.4 with respect to personal tax rates and are invariant with respect to corporate tax rates. 

In the News

All That US Help To Poor Kids In School Makes No Difference At All

quoting Eric Hanushek, Paul E. Petersonvia Continental Telegraph
Sunday, April 14, 2019

At least, no great difference in the gap between poor kids and richer kids in achievements at school. Which is something of a pity because the US does spend a fortune on these things.

In the News

ECB Faces Stimulus Pressure Over Falling Inflation Outlook

quoting Melvyn B. Kraussvia Financial Times
Sunday, April 14, 2019

A technical measure of the inflation expectations of eurozone investors has fallen to its lowest level for three years, putting pressure on the European Central Bank to convince doubters that it is willing to use fresh stimulus to boost the region’s economy.

Analysis and Commentary

Bernie Sanders Discovers Value And Sanctity Of Private Property

by David R. Hendersonvia EconLog
Sunday, April 14, 2019

“This is an event that we paid [the Bernie Sanders campaign] for. This is an event — we bought this space,” the campaign official explained when [Kaitlin] Bennett protested. “I’m going to ask you one more time,” he said before threatening to turn the matter over to security.

Analysis and Commentary

A Strong Indicator Of Economic Well-Being

by David R. Hendersonvia EconLog
Saturday, April 13, 2019

For over a week, some neighbors of mine up the street put 3 nice-looking chairs in front of their house. It was their way of inviting passersby on a busy street to take the chairs. As I said, though, the chairs were there for over a week. I think they were finally picked up by the trash collector.

Interviews

Raghuram Rajan: Global Economy Is ‘Slowing’ But Should 'Stabilize’

interview with Raghuram Rajanvia Yahoo Finance
Friday, April 12, 2019

Hoover Institution fellow Raghuram Rajan discusses the stimulus that has been injected back into the system in China, and the Fed backing off in the US, which should be enough to stabilize the global economy even though we are slowing.

Analysis and Commentary

Perpetually Wrong Forecasts

by John H. Cochrane via Grumpy Economist
Friday, April 12, 2019

Torsten Slok of Deutsche Bank sends along the following fascinating graphs. The titles seem a little off. Yes, the market is expecting rate cuts (forward rate) but the market has been exactly wrong about everything for 10 years (and longer) first forecasting the recovery that never came, then forecasting much slower interest rate rises than actually happened. Survey expectations seem to match the forward curves well except perhaps at the very end.

Pages

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