Found 492 article(s) in category 'Monetary Policy'

Taxation and Innovation in the 20th Century

Taxation and Innovation in the 20th Century. Tom Nicholas, Stefanie Stantcheva, September 2018, Paper, “This paper studies the effect of corporate and personal taxes on innovation in the United States over the twentieth century. We use three new datasets: a panel of the universe of inventors who patent since 1920; a dataset of the employment, location and patents of firms active in R&D since 1921; and a historical state-level corporate tax database since 1900, which we link to an existing database on state-level personal income taxes. Our analysis focuses on the impact of taxes on individual inventors and firms (the micro level) and on states over time (the macro level).Link

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Harvard’s Rogoff Says Next Global Crisis to Come From China

Harvard’s Rogoff Says Next Global Crisis to Come From China. Kenneth Rogoff, September 12, 2018, Video, “Harvard Professor Kenneth Rogoff discusses the risks posed by emerging markets and warns that the next global crisis may potentially come from China. He speaks on “Bloomberg Surveillance.” (Source: Bloomberg).Link

 

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Responding to the Global Financial Crisis, What We Did and Why We Did It

Responding to the Global Financial Crisis, What We Did and Why We Did It – The Fiscal Response to the Great Recession: Steps Taken, Paths Rejected, and Lessons for Next Time. Jason Furman, September 11, 2018, Paper, “The fiscal response to the Great Recession started when President Bush signed the Economic Stimulus Act of 2008 on February 13, 2008 and finished when the payroll tax cut enacted under President Obama expired at the end of 2012. Congress enacted at least 18 different laws that explicitly included discretionary fiscal stimulus totaling over $1.5 trillion during those five years, with about half of that coming from the American Recovery and Reinvestment Act signed into law by Obama on February 17th 2009.2LInk

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Final Thoughts on Secular Stagnation

Final Thoughts on Secular Stagnation. Lawrence Summers, September 6, 2018, Opinion, “Too little was done in the aftermath of the financial crisis a decade ago to stimulate aggregate demand, which would be boosted by a more equal income distribution. And substantially stronger financial regulation than was in place before 2008 needs to be adopted to minimize the risks of future crises.Link

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‘Excessively High’ Equity Prices Are Biggest Risk

‘Excessively High’ Equity Prices Are Biggest Risk.  Martin Feldstein, August 24, 2018, Video, “Martin Feldstein, National Bureau of Economic Research chairman emeritus and a Harvard University economist, discusses the outlook for Federal Reserve monetary policy with Bloomberg’s Mike McKee at the Fed’s annual symposium in Jackson Hole, Wyoming.Link

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The Fed Should Raise Rates, but Not the Ones You’re Thinking

The Fed Should Raise Rates, but Not the Ones You’re Thinking. Jason Furman, August 20, 2018, Opinion, “The Federal Reserve has kept rates too low for too long. I’m not referring to interest rates. It’s high time for the Fed to raise countercyclical capital-buffer rates, which govern the amount of extra equity and cash banks are supposed to hold in good times. Increasing the capital buffer would reduce the risk of financial instability, set a precedent for sound macroeconomic management, and build up a bigger cushion for the next downturn.Link

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Save Low Interest for a Rainy Day

Save Low Interest for a Rainy Day. Martin Feldstein, July 26, 2018, Opinion, “President Trump told a national television audience last week that he disapproves of the Federal Reserve’s decision to continue raising short-term interest rates. He later repeated his concern in a series of tweets. In complaining publicly about the Fed, Mr. Trump is breaking decades of presidential precedent, and he is wrong on the substance. The Fed actually is behind the curve in normalizing short-term interest rates, and it should now raise the federal-funds rate at least four times a year.Link

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