Found 201 article(s) for author 'Lawrence Summers'

Larry Summers: This $13 trillion question is more important than ever

Larry Summers: This $13 trillion question is more important than ever. Lawrence Summers, November 10, 2015, Opinion. “The Hutchins Center for Fiscal and Monetary Policy at Brookings is having a conference on Tuesday launching an important new volume on federal debt management policy. Just as in the Great War it became clear that war is too important to be left to generals, so too in the Great Recession it became clear that (government) debt management is too important to be left to the parochial world of debt managers. The composition of federal debt is itself often a useful tool for economic policy, particularly in the current low-rate environment in which the Federal Reserve will frequently be unable to cut rates as much as it would like and will instead be reliant on “unconventional” policies intended to effect the price of government debt.Link

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The Permanent Effects of Fiscal Consolidations

The Permanent Effects of Fiscal Consolidations. Lawrence Summers, 2015, Paper, “The global financial crisis has permanently lowered the path of GDP in all advanced economies. At the same time, and in response to rising government debt levels, many of these countries have been engaging in fiscal consolidations that have had a negative impact on growth rates. We empirically explore the connections between these two facts by extending to longer horizons the methodology of Blanchard and Leigh (2013) regarding fiscal policy multipliers. Using data seven years after the beginning of the crisis as well as estimates on potential output our analysis suggests that attempts to reduce debt via fiscal consolidations have very likely resulted in a higher debt to GDP ratio through their negative impact on output.Link

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This Critique of the Fed isn’t Backed by Logic nor Evidence

This Critique of the Fed isn’t Backed by Logic nor Evidence. Lawrence Summers, October 28, 2015, Opinion. “My friends Mike Spence and Kevin Warsh, writing in yesterday’s Wall Street Journal, have produced what seems to me the single most confused analysis of US monetary policy that I have read this year (Brad DeLong has expressed related views). Unless I am missing something — which is certainly possible — they make a variety of assertions that are usually exposed as fallacy in introductory economics classes. My problem is not with their policy conclusion, though I do not share their highly negative view of QE.  There are many…Link

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Uniting Behind the Divisive ‘Cadillac’ Tax on Health Plans

Uniting Behind the Divisive ‘Cadillac’ Tax on Health Plans. N. Gregory Mankiw, Lawrence Summers, October 24, 2015, Opinion. “One of us, a former member of the Obama administration, remains a fan of the president. The other, not so much. But we agree on one thing: The excise tax on high-cost health care plans, the so-called Cadillac tax, is good policy. Congress should side with President Obama and resist calls to scrap it. Let’s start with the basics. Health insurance should be an ingredient of every family’s financial plan. Medical expenses are necessary and unpredictable, and they can be large. When a family receives an adverse health surprise…Link

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Foreword to “A Comparative Study of Two Global Crises”

Foreword to “A Comparative Study of Two Global Crises”. Graham Allison, Lawrence Summers, 2015, Book Chapter. “For the past decade, Liu He has been an influential economist and policy advisor in Beijing. An alumnus of the Harvard Kennedy School (MPA ’95), Liu was a trusted advisor to President Hu Jintao during the global financial crisis of 2008. Since Xi Jinping became president in 2012, he has emerged as Xi’s right-hand man on economic policy. As head of the Office of the Central Leading Group on Financial and Economic Affairs, comparable to the National Economic Council in the United States, Liu frames policy options for the Politburo Standing Committee and has been named in the press as “chief architect” of the major reform program announced at the conclusion of the Third Plenum in November 2013. At the Summit between Presidents Obama and Xi at Sunnylands, Liu was one of two assistants President Xi included in the conversations.Link

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U.S. Debt Prioritization Won’t Work

U.S. Debt Prioritization Won’t Work. Lawrence Summers, October 21, 2015, Video. “Harvard University President Emeritus Lawrence Summers talks with Betty Liu about the nation’s looming debt ceiling limit, the strength of the U.S. economy and the threat of a recession and the public and private investment in the United States. He speaks at the Creating Long-Term Value event hosted by the Center for American Progress on Bloomberg Markets.Link

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Larry Summers: Fixing America’s roads would essentially pay for itself

Larry Summers: Fixing America’s roads would essentially pay for itself. Lawrence Summers, October 13, 2015, Opinion. “There are many compelling arguments for increasing American infrastructure investment. Capital costs are exceptionally low. Construction labor is highly available. Materials costs are low as commodity prices have fallen. Investment is low by historic standards. Investing today relieves the burden of deferred maintenance for future generations. Here is another one. Maintaining our infrastructure directly benefits American families and businesses because with fewer potholes they have to spend less maintaining their vehicles…Link

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Summers Grades Janet Yellen’s Fed Performance ‘Incomplete’

Summers Grades Janet Yellen’s Fed Performance ‘Incomplete.’ Lawrence Summers, October 7, 2015, Opinion. “Former Treasury Secretary Larry Summers joined hosts Stephanie Ruhle and David Westin on Bloomberg TV’s new flagship morning program, Bloomberg <GO>. He discussed the economy, the 2008 financial crisis, and Janet Yellen’s job performance as Federal Reserve Chair. On what grade he would give Janet Yellen, Summers said: “I’d give her an incomplete because the term is not yet over. But she’s done, as I say, I’ve got great respect for Janet Yellen.” On whether there should have been criminal prosecutions for the 2008…” Link

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