Found 257 article(s) for author 'Lawrence Summers'

Amazon should not be labeled a monopoly for being an effective retailer

Amazon should not be labeled a monopoly for being an effective retailer. Lawrence Summers, April 20, 2018, “Amazon should not be punished by the Trump administration for being an effective retailer, former Obama administration economic advisor Larry Summers said Friday. “I don’t think that growing by providing products at low cost is [a] monopoly,” the former Treasury secretary told CNBC’s Sara Eisen in an interview from the spring meetings of the IMF and World Bank in Washington. “Amazon is just being a really effective retailer. That is not a reason for antitrust.”Link

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The boom in Puerto Rican debt has nothing to do with reality

The boom in Puerto Rican debt has nothing to do with reality. Lawrence Summers, April 17, 2018, Opinion, “Desmond Lachman, Brad Setser and Antonio Weiss have written a very strong analysis of the Puerto Rico situation. If ever there was a disconnect between underlying reality and what is happening in financial markets, it is the boom in Puerto Rican debt that has nearly doubled the value of some of its debt securities during the past few months.” Link

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Taxes for health: evidence clears the air

Taxes for health: evidence clears the air. Lawrence Summers, April 5, 2018, Opinion, “Although this argument may look appealing, clear thinking combined with good evidence reveals its many fallacies. An ethical judgment about taxing harmful products cannot rely on the question of tax regressivity alone. Rather, it requires consideration of all the effects, including the associated health…Link

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Continuing Relevance of Secular Stagnation

Continuing Relevance of Secular Stagnation. Lawrence Summers, March 13, 2018, Paper, “With the election of Donald Trump, increases in interest rates and stock prices and a possible uptick in growth interest in the secular stagnation hypothesis has waned. I argue this is a misreading of current reality. First, there may well be slack in the economy; Second, there is every reason to believe that neutral real rates have declined on a semi-permanent basis and that this will have major implications for economic performance going forward; Third, the kind of “sugar high” we are now seeing in markets is exactly what we would expect to see if neutral rates had, in fact, declined; Fourth, markets continue to forecast well below target inflation in the industrial world.Link

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Saving the heartland: Place-based policies in 21st Century America

Saving the heartland: Place-based policies in 21st Century America. Edward Glaeser, Lawrence Summers, March 8, 2018, Paper, “America’s regional disparities are large and regional convergence has declined if not disappeared. This wildly uneven economic landscape calls for a new look at spatially targeted policies. There are three plausible justifications for place-based policies–agglomeration economies, spatial equity and larger marginal returns to targeting social distress in high distress areas. The second justification is stronger than the first and the third justification is stronger than the second. The enormous social costs of non-employment suggests that fighting long-term joblessness is more important than fighting income inequality. Stronger tools, such as spatially targeted employment credits, may be needed in West Virginia than in San Francisco.Link

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