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In the News

How The Great Recession Turned America’s Student-Loan Problem Into A $1.5 Trillion Crisis

quoting Caroline M. Hoxbyvia Market Watch
Friday, September 7, 2018

The financial crash, which began 10 years ago this month with the collapse of Lehman Brothers, created a perfect storm

In the News

Stocks May Dip, But Experts Don't See Crash If Trump Is Impeached

quoting John H. Cochrane via CT Post
Thursday, September 6, 2018

"Markets did not crash when President Clinton was impeached, so it's not obvious they would crash if Trump is impeached," said John Cochrane, a senior fellow at the Hoover Institution.

Policy BriefsFeatured

Michael Boskin On When a Tax Cut Isn't Actually A Tax Cut

by Michael J. Boskinvia PolicyEd
Thursday, September 6, 2018

A tax cut is not a true tax cut unless it is accompanied by reduced spending, because eventually the loss of revenue has to be paid for.

California PoliticsFeatured

Will Corporate California Go The Way Of Quotas?

by Bill Whalenvia California on Your Mind
Thursday, September 6, 2018

To the adage “let’s keep politics out of the bedroom,” what about California’s government intervening in the boardroom?

In the News

Ten Years After Lehmans, It’s As If We’ve Learned Nothing From The Crash

quoting Raghuram Rajanvia The Guardian
Wednesday, September 5, 2018

August 2005, and the people who steer the world economy gather in the mountains of Wyoming. Flying in are finance ministers and central bank chiefs. In front of this global elite, the International Monetary Fund’s chief economist will sound the gravest warning of his life. Raghuram Rajan must try to avert a catastrophe, yet as he leaves home he tells his wife, “Either this talk will make me or I’ll look a fool for evermore.”

Federal Reserve
Analysis and Commentary

Fed Nixes Narrow Bank

by John H. Cochrane via Grumpy Economist
Wednesday, September 5, 2018

A narrow bank would be a great thing. A narrow bank takes deposits, and invests 100% of the money in interest-paying reserves at the Fed. (The Fed, in turn, mostly invests in US treasuries and agency securities.)


Rubio’s Family-Leave Benefit Will Go The Way Of All Entitlements

by John F. Coganvia The Wall Street Journal
Wednesday, September 5, 2018

[Subscription Required] Senator Marco Rubio has introduced legislation to establish a modest federally funded family-leave program. Mr. Rubio proposes to finance the benefit by requiring recipients to forgo their first three to six months’ Social Security checks. Mr. Rubio’s well-intentioned plan begins by promising a small, carefully targeted benefit and assuring us that it won’t add to the long-run public debt. But history demonstrates that is how costly entitlement programs begin.

In the News

Lee Ohanian: Economist Foresees Greater Impact From Tariffs

interview with Lee Ohanianvia WKSU
Tuesday, September 4, 2018
Northeast Ohio continues to feel the effects of the Trump Administration’s tariffs and the retaliatory tariffs those have brought.

Prone to Fail: The Pre-Crisis Financial System

by Darrell Duffievia Stanford Graduate School of Business
Thursday, July 19, 2018

In the years leading up to the financial crisis that began in 2007, the core of the financial system was vulnerable to major shocks emanating from any of a variety of sources. While this particular crisis was triggered by over-levered home owners and a severe downturn in U.S. housing markets (Mian and Sufi, 2015), a reasonably well supervised financial system would have been much more resilient to this and other types of severe shocks. (Slides)


Policy Seminar with Guy Rolnik

Wednesday, May 30, 2018

Guy Rolnik, Clinical Associate Professor for Strategic Management at the University of Chicago Booth School of Business, and Founder of TheMarker, a financial news media company in Israel, will present “Digital Platforms and the Political Economy of Fake News.”



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