Found 15 article(s) for author 'Jason Furman'

The Trump Tax Cuts Boosted Growth and Jobs, but at What Cost?

The Trump Tax Cuts Boosted Growth and Jobs, but at What Cost? Jason Furman, December 18, 2018, Opinion, “It has been nearly a year since President Trump signed sweeping tax changes into law. The macroeconomic data already rule out some of the more extravagant claims about immediate jumps in wages and capital. But the more serious debate over the tax cuts’ long-run impact is still far from decided. Here’s what we do know..Link

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The Case for Pausing the Interest-Rate Climb

The Case for Pausing the Interest-Rate Climb. Jason Furman, November 27, 2018, Opinion, “The Federal Reserve has done an outstanding job fulfilling its dual mandate of maximum employment and price stability. To keep the economy in this happy Goldilocks position, the Fed should hold off on raising rates at its December meeting and consider incoming data before deciding when—or even whether—to resume tightening.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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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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The real reason you’re not getting a pay raise

The real reason you’re not getting a pay raise. Jason Furman, July 31, 2018, Opinion, “Wages are growing much more slowly than the last time we had sustained low unemployment rates, the late 1990s. This is the notorious “wage puzzle,” a topic that has been the subject of much speculation by everyone from Federal Reserve Chair Jay Powell to pretty much every economist I follow on Twitter.Link

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Nationalism, Immigration, and Economic Success

Nationalism, Immigration, and Economic Success. Jason Furman, July 18, 2018, Opinion, “There can be no question that immigration provides a net economic benefit to advanced economies, particularly those experiencing a retirement boom. But as long as anti-immigrant sentiment dictates the political narrative, growth will suffer, and resurgent populist forces will grow stronger.Link

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Is tax reform working? Not if you’re a worker in need of a raise

Is tax reform working? Not if you’re a worker in need of a raise. Jason Furman, July 10, 2018, Opinion, “We now have about six months of macroeconomic data since the passage of the 2017 tax cut, reform, scam, or whatever you want to call it — since the “Tax Cut and Jobs Act” name was removed in the amendment process.Link

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The Economy Is Growing Faster Than the Government Says

The Economy Is Growing Faster Than the Government Says. Jason Furman, July 9, 2018, Opinion, “If you’re looking for the most accurate view of economic growth, you won’t find it in the government’s top-line statistics. Last month the Bureau of Economic Analysis revised its estimate for the first quarter of 2018; the BEA now says gross domestic product grew 2%, annualized, down from the previous figure of 2.2%. This dramatically understates the economy’s actual performance. A better measure, factoring in statistics on incomes, shows growth steaming along at a much stronger 2.8%.” Link

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Slower Productivity and Higher Inequality: Are They Related?

Slower Productivity and Higher Inequality: Are They Related? Jason Furman, June 2018, Paper, “Income growth for typical American families has slowed dramatically since 1973. Slower productivity growth and an increase in income inequality have both contributed to this trend. This paper addresses whether there is a relationship between the productivity slowdown and the increase in inequality, specifically exploring the extent to which reduced competition and dynamism can explain both of these phenomena. Productivity growth has been uneven across the economy, with top firms earning increasingly skewed returns. At the same time, the between-firm disparities have been important in explaining the increase in labor income inequality.Link

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