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James Ceaser is the Harry F. Byrd Professor of Politics at the University of Virginia, director of the Program for Constitutionalism and Democracy, and was a senior fellow at the Hoover Institution. He is the author of several books on American politics and American political thought, including...
Rethinking Macro Policy III
Hoover fellow John Taylor discusses the future of monetary policy today.
Blanchard On Countours Of Policy
Olivier Blanchard, (IMF research director) has a thoughtful blog post, Contours of Macroeconomic Policy in the Future. In part it's background for the IMF's upcoming conference with the charming title Rethinking Macro Policy III: Progress or Confusion?” (You can guess my choice.)
Did Edwin Cannan Think A 100 Percent Income Tax Rate Was Fair?
The earliest 20th-century reference I have been able to find to a Laffer curve effect is in a 1901 article by London School of Economics professor Edwin Cannan.
Analysts Were Looking For A Number.....
that was [higher, lower] than actual [earnings, jobs created, unemployment rate, trade deficit, last quarter's GDP growth, etc.].
A Monetary Policy For The Future
Yesterday I spoke at a panel on “Monetary Policy in the Future,” with Ben Bernanke and Gill Marcus at an IMF event Rethinking Macro Policy.
Macro Handbook 2
Last week I attended the first half of the conference on the Handbook of Macroeconomics Volume 2, organized by John Taylor and Harald Uhlig, held at Hoover. The conference program and most of the papers are here.
John Taylor On USA Today
At the World Bank 2015 Spring Meetings, Hoover fellow John Taylor discusses the "Taylor rule," which is a formula or strategy that would force policymakers to raise rates a certain amount in response to inflation and the difference between actual and potential economic output.
Taking On Robert Reich And The Myth Of The 'Non-Working Rich'
In his Huffington Post essay The Rise of the Working Poor and the Non-Working Rich, Robert Reich complains that: “America’s legendary ‘self-made’ men and women are being fast replaced by wealthy heirs…” Reich’s proposed remedy: raising taxes on the rich, especially inheritance taxes.
Consumption-Based Model And Value Premium
Sure, the consumption-based model won't work at a 5 minute interval. But is there some essence of truth in it, that stocks which fall more in business cycles, as measured by consumption, must pay a higher rate of return?
Mankiw's Textbook On Determinants Of Demand Elasticity
I like the book, which is why I use it, but each time I use it, I find things that are off. In a section on determinants of elasticity of demand, Mankiw lists four. The first is "Availability of Close Substitutes." The third is "Definition of the Market."
Substitution In Nicotine Consumption
If the FDA regulates, it will not be to make e-cigarettes more available. It will be to make them more costly, either in terms of accessibility or in terms of price, or both. If so, the FDA regulation will slow this healthy substitution away from more-toxic substances.
Scott Sumner On Interest Rates
Scott Sumner, of Bentley University talks with EconTalk host Russ Roberts about interest rates. Sumner suggests that professional economists sometimes confuse cause and effect with respect to prices and quantities.
Just How Leaky Is the Fed? More Than You May Realize
The Federal Reserve is once again confronting uncomfortable questions about possible leaks. So far little has come to light about who might have passed details of a 2012 Federal Open Market Committee meeting to a newsletter that caters to hedge funds.
Praise And Skepticism As One Executive Sets Minimum Wage To $70,000 A Year
When Dan Price announced last week that he would cut his own pay and profits to make it possible to raise the minimum wage at Gravity Payments, his credit card processing company in Seattle, to a hefty $70,000 a year, he had little idea of the whirlwind it would stir.
Did Education Suffer During The Great Recession?
When the Great Recession struck in 2008, it made young people think differently about American higher education, a Stanford economist says.
Not Enough Value To Justify More Of The Same
It is hard getting around the historic facts. Real per pupil spending has more than doubled in the past 40 years, but the mathematics and reading scores of 17-year-olds have barely budged.
Teacher Layoffs Are Coming, And It’s The Great Recession’s Fault
Forty-eight states experienced declines over the last six years, but some drops were nearly cataclysmic. Note the dramatic reductions in some southern and western states, which were particularly hard hit by the housing bust and/or the recession itself.
Basketball Team Composition And Relative Prices
I've been too busy to watch much of the NCAA March/April madness, but I started watching the final game tonight. When I realized that it's a private school (Duke) vs. a government school (U. of Wisconsin), I made a prediction.
A Narrow Focus That Undercuts Trust
President Barack Obama does deserve credit for increasing economic sanctions and espionage against the Iranian nuclear programs. Keeping the Russians, Chinese and Europeans supporting economic and diplomatic isolation of Iran is a major achievement, and probably had more to do with Iran agreeing to negotiate than did the election of a reformist president in Iran.