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Analysis and Commentary

Central Banks Are The Fall Guys

by Raghuram Rajanvia Project Syndicate
Wednesday, July 31, 2019

For decades, the freedom of monetary policymakers to make difficult decisions without having to worry about political blowback has proven indispensable to macroeconomic stability. But now, central bankers must ease monetary policies in response to populist mistakes for which they themselves will be blamed.

In the News

Fed’s Regional Structure Aids Policy Independence

mentioning Michael D. Bordovia Yahoo Finance
Tuesday, July 30, 2019

The Federal Reserve’s unique structure helps preserve monetary policy independence, according to a new academic study that comes at a time of heightened tensions between the White House and the central bank.

Interviews

Kevin Warsh: McCloskey Speaker Series 2019: The State Of American Capitalism

interview with Kevin Warshvia Aspen Institute
Tuesday, July 30, 2019

Hoover Institution fellow Kevin Warsh discusses the current state of the economy, how it’s impacted by world affairs, and what tools the Federal Reserve has at its disposal to influence monetary policy.

Featured

A Temporary Deal, A Permanent Increase

by Daniel Heilvia Budget Matters, America Off Balance
Tuesday, July 30, 2019

The Senate’s August recess is almost here. Senators are looking forward to a respite from the DC humidity. Before they depart for their home states, however, they are looking to quickly pass the budget deal the House passed last week.

Analysis and Commentary

Forward Guidance: Is It Useful Away From The Lower Bound?

by Lilia Maliar, John B. Taylorvia The National Bureau Of Economic Research
Tuesday, July 30, 2019

During the recent economic crisis, when nominal interest rates were at their effective lower bounds, central banks used forward guidance announcements about future policy rates to conduct their monetary policy. Many policymakers believe that forward guidance will remain in use after the end of the crisis; however, there is uncertainty about its effectiveness. 

Economic PolicyFeatured

San Francisco’s Flawed “IPO Tax” Proposal Would Tax So Much More

by Lee Ohanianvia California on Your Mind
Tuesday, July 30, 2019

San Francisco supervisors thought they had designed a wealth tax that would hit only those benefiting from the initial public offerings (IPOs) of highly successful San Francisco technology businesses, such as Uber, Pinterest, and Airbnb, among others. Tech companies often compensate employees partially with stock, whose values can rise enormously in an IPO.

In the News

Fed’s Regional Structure Aids Policy Independence, Study Finds

quoting Michael D. Bordovia Bloomberg
Monday, July 29, 2019

The Federal Reserve’s unique structure helps preserve monetary policy independence, according to a new academic study that comes at a time of heightened tensions between the White House and the central bank.

In the News

Britain’s Uncertain Future

mentioning Thomas Sowellvia City Journal
Monday, July 29, 2019

As new prime minister Boris Johnson prepares to take Great Britain out of the EU, his political opponents remain out of touch with the country they represent.

In the News

India’s Central Bank Is Set To Review Foreign Bond Sale Plan

quoting Raghuram Rajanvia Bloomberg
Monday, July 29, 2019

India’s central bank plans to discuss next month the government’s proposal to raise foreign currency debt, people familiar with the matter said, amid risks flagged by economists about the plan.

In the News

McConnell: ‘Hiking The Minimum Wage To $15 Would Kill Jobs And Depress The Economy’

quoting Thomas Sowellvia CNS News
Monday, July 29, 2019

Explaining why he opposed raising the minimum wage to $15 per hour, Senate Majority Leader Mitch McConnel (R-Ky.) said it was because it would “depress the economy at a time when it’s thriving.”

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