Found 1614 article(s) for author 'Economic Growth'

Reviewing the Climate Crisis Town Hall

Reviewing the Climate Crisis Town Hall. Joseph Aldy, September 8, 2019, Audio, “Host Steve Curwood sits down with Joe Aldy, economist and Professor of Public Policy at the Harvard Kennedy School, to take a look at carbon pricing, a just transition for fossil fuel workers, and other key topics from the climate crisis town hall.Link

 

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Trump’s Mercantilist Mess

Trump’s Mercantilist Mess. Robert Barro, September 5, 2019, Opinion, “When US President Donald Trump boasted that trade wars are “easy to win” in March 2018, it was convenient to dismiss the remark as a rhetorical flourish. Yet it is now clear that Trump meant it, because he genuinely believes the bizarre and anachronistic macroeconomic theories underlying his approach.Link

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Launch a Pre-Emptive Strike Against Recession

Launch a Pre-Emptive Strike Against Recession. Jason Furman, September 5, 2019, Opinion, “President Trump was right to set aside premature plans for fiscal stimulus last month. Based on the current economic situation, stimulus isn’t yet warranted—but it may be soon. Given the uncertainty, Congress should pass a law immediately that would automatically trigger stimulus if the labor market deteriorates, with unemployment rising rapidly. The package should include not only tax cuts but also relief for states, as well as extra…Link

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If Business Roundtable CEOs are serious about reform, here’s what they should do

If Business Roundtable CEOs are serious about reform, here’s what they should do. Lawrence Summers, September 2, 2019, Opinion, “The Business Roundtable recently announced a major policy change declaring that the purpose of a corporation is not just to serve shareholders (its official position since 1997) but “to create value for all our stakeholders.” At a time of considerable disillusionment with U.S. capitalism, this is a significant statement that could signal meaningful change in the operation of the American economy. Certainly the recognition by leading chief executives that they need to look beyond the narrow metric of their stock price is to be welcomed.Link

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Jeffrey Frankel Says More…

Jeffrey Frankel Says More... Jeffrey Frankel, September 2019, Opinion, “Welcome to Say More, a weekly newsletter that brings Project Syndicate’s renowned contributors closer to readers. Each issue invites a selected contributor to expand on topics covered in their commentaries, address new ones, and share recommendations, offering readers exclusive insights into the ideas, interests, and personalities of the world’s leading thinkers. This week, Project Syndicate catches up with Jeffrey Frankel, Professor of Capital Formation and Growth at Harvard University’s Kennedy School of Government.Link

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On Secular Stagnation in the Industrialized World

On Secular Stagnation in the Industrialized World. Lawrence Summers, August 2019, Paper, “We argue that the economy of the industrialized world taken as a whole is currently – and for the foreseeable future will remain – highly prone to secular stagnation. But for extraordinary fiscal policies, real interest rates would have fallen much more and be far below their current slightly negative level, current and prospective inflation would be further short of the two percent target levels and past and future economic recoveries would be even more sluggish. We start by arguing that, contrary to current practice, neutral real interest rates are best estimated for the bloc of all industrial economies given capital mobility between them and relatively limited fluctuations in their aggregated current account. We show, using standard econometric procedures and looking at direct market indicators of prospective real rates, that neutral real interest rates have declined by at least 300 basis points over the last generation. We argue that these secular movements are in larger part a reflection of changes in saving and investment propensities rather than the safety and liquidity properties of Treasury instruments. We highlight the observation that levels of government debt, the extent of pay-as-you-go old age pensions and the insurance value of government healthcare programs have all ceteris paribus operated to raise neutral real rates. Using estimates drawn from the literature, as well as two general equilibrium models emphasizing respectively life-cycle heterogeneity and individual uncertainty, we suggest that the “private sector neutral real rate” may have declined by as much as 700 basis points since the 1970s.Link

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Innis Lecture – Rethinking Economic Development

Innis Lecture – Rethinking Economic Development. Nathan Nunn, August 28, 2019, Paper, “I provide a summary, reflection, and assessment of the current state of economic development in both the policy and academic worlds. In terms of development policy, currently, the primary focus is on policy interventions, namely, foreign aid, aimed at fixing the ‘deficiencies’ of developing countries. Academic research also has a similar focus, except with an emphasis in rigorous evaluation of interventions to estimate causal effects. A standard set of versatile quantitative tools is used, e.g., experimental and quasi-experimental methods, which can be easily applied in a range of settings to estimate the causal effects of policies, which are typically presumed to be similar across contexts. In this article, I take a step back and ask whether the current practices are the best that we can do. Are foreign aid and policy interventions the best options we have for poverty alleviation? What else can be done? Is our current research strategy, characterized by rigorous but a lack of context-specific analysis, the best method of analysis? Is there a role for other research methods, for a deeper understanding of the local context and for more collaboration with local scholars?Link

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Whither Central Banking?

Whither Central Banking? Lawrence Summers, August 23, 2019, Opinion, “In an environment of secular stagnation in the developed economies, central bankers’ ingenuity in loosening monetary policy is exactly what is not needed. What is needed are admissions of impotence, in order to spur efforts by governments to promote demand through fiscal policies and other means.Link

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