Nomination of Janet L. Yellen
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Christina and David Romer
The Region Christina and David Romer In times of financial turmoil, it is comforting—or at a minimum, illuminating— to receive counsel from those with long-term perspective. Tempered with the lessons of history, their views extract true trend from distracting noise. Guided by precedent, shaped by narrative, checked against data, the conclusions of economic historians are formed slowly and carefully. In the realm of U.S. monetary history, few economists are as qualified to provide such counsel as Christina Romer and David Romer of the University of California, Berkeley. Since 1985, when both received their doctorates from the Massachusetts Institute of Technology, the two have co-authored some of the field’s central analyses of Federal Reserve policymaking, based on thorough scrutiny of Fed documents and painstaking empirical investigation. They’ve made fundamental contributions to the literature on fiscal policy as well. Individually, Christina is well known for her research on the Great Depression and David for his work on microeconomic foundations of Keynesian economics. While their topics and methods are orthodox, their conclusions are often unsettling. Attempts by members of the Federal Open Market Committee to add information to Fed staff forecasts “may lead to misguided actions,” the Romers wrote recently. Monetary policymaking has improved since World War II but not steadily, they’ve concluded; policymakers have gone astray when they deviated from sound economic theory. Contrary to conventional wisdom, the Romers have found, government spending is not reined in by tax cuts. And, according to a celebrated, if “offbeat,” analysis by David, football coaches should be much more aggressive on fourth down. -
API-119: Advanced Macroeconomics for the Open Economy I, Fall 2020
Sep 1, 2020 API-119: Advanced Macroeconomics for the Open Economy I, Fall 2020 Harvard Kennedy School Course Syllabus: prospectus, outline/schedule and readings Staff: Professor: Jeffrey Frankel [email protected] Faculty Assistant: Minoo Ghoreishi [email protected] Teaching Fellow: Can Soylu Course Assistants: Julio Flores, Alberto Huitron & Yi Yang. Email address to send all questions for the teaching team: [email protected]. Times: Lectures: Tuesdays and Thursdays, 10:30-11:45 a.m. EST.1 Review Sessions: Tuesdays, 12:30-1:30 pm; Fridays, 1:30-2:30 pm EST.2 Final exam: Friday, Dec. 11, 8:00-11:00 am EST. Prospectus Course Description: This course is the first in the two-course sequence on Macroeconomic Policy in the MPA/ID program. It particularly emphasiZes the international dimension. The general perspective is that of developing countries and other small open economies, defined as those for whom world income, world inflation and world interest rates can be taken as given, and possibly the terms of trade as well. The focus is on monetary, fiscal, and exchange rate policy, and on the determination of the current account balance, national income, and inflation. Models of devaluation include one that focuses on the price of internationally traded goods relative to non-traded goods. A theme is the implications of increased integration of global financial markets. Another is countries’ choice of monetary regime, especially the degree of exchange rate flexibility. Applications include Emerging Market crises and problems of commodity-exporting countries. (Such topics as exchange rate overshooting, speculative attacks, portfolio diversification and debt crises will be covered in the first half of Macro II in February-March.) Nature of the approach: The course is largely built around analytical models. -
The Fair Wage-Effort Hypothesis and Unemployment Author(S): George A
The Fair Wage-Effort Hypothesis and Unemployment Author(s): George A. Akerlof and Janet L. Yellen Source: The Quarterly Journal of Economics, Vol. 105, No. 2 (May, 1990), pp. 255-283 Published by: Oxford University Press Stable URL: http://www.jstor.org/stable/2937787 . Accessed: 09/10/2013 09:57 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. Oxford University Press is collaborating with JSTOR to digitize, preserve and extend access to The Quarterly Journal of Economics. http://www.jstor.org This content downloaded from 216.164.44.3 on Wed, 9 Oct 2013 09:57:21 AM All use subject to JSTOR Terms and Conditions THE QUARTERLY JOURNAL OF ECONOMICS Vol. CV May 1990 Issue 2 THE FAIR WAGE-EFFORT HYPOTHESIS AND UNEMPLOYMENT* GEORGE A. AKERLOF AND JANET L. YELLEN This paper introduces the fair wage-effort hypothesis and explores its implica- tions. This hypothesis is motivated by equity theory in social psychology and social exchange theory in sociology. According to the fair wage-effort hypothesis, workers proportionately withdraw effort as their actual wage falls short of their fair wage. Such behavior causes unemployment and is also consistent with observed cross- section wage differentials and unemployment patterns. -
RESTORING AMERICAN LEADERSHIP Restoring American Leadership
RESTORING AMERICAN LEADERSHIP Restoring American Leadership The United States today faces a daunting array of international crises and simmering transnational problems. The current administration has committed itself to “effective multilateralism” and a world in which strong alliances play a key role in solving transnational challenges. | Cooperative Restoring American Leadership provides analysis and 13 COOPERA recommendations on 13 critical issues from international cooperation in the war on terror to curbing proliferation Steps of nuclear weapons to advancing the rights of women across the globe. Each paper offers a specific set of recommendations for action by the president consistent TIVE STEPS TO ADV with his stated values. Restoring American Leadership is to Advance Global Progress offered as a constructive contribution to the ongoing debate about how America can best assert responsible leadership in a new era. ANCE GLOBAL PROGRESS 13 Open Society Institute | Security and Peace Institute Open Society Institute | Security and Peace Institute Restoring American Leadership Cooperative Steps 13to Advance Global Progress Open Society Institute | Security and Peace Institute Copyright © 2005 by Open Society Institute and The Century Foundation All rights reserved. No part of this publication can be reproduced, stored in a retrieval system, or transmitted in any form or by any means without the prior permission of the publishers. This book is cosponsored by the Open Society Institute, a private operating and grantmaking foundation which aims to shape public policy to promote democratic governance, human rights, and economic, legal, and social reform, and by the Security and Peace Institute (SPI), a joint initiative of the Center for American Progress and The Century Foundation, which works to advance a responsible U.S. -
Report: the Federal Role and School Integration
The Federal Role and School Integration Brown’s Promise and Present Challenges Janel George and Linda Darling-Hammond FEBRUARY 2019 The Federal Role and School Integration: Brown’s Promise and Present Challenges Janel George and Linda Darling-Hammond Acknowledgments In 1951, a 16-year-old sophomore at Robert Russa Moton High School in Farmville, VA—Barbara Rose Johns—staged a student protest of the segregated school’s deplorable conditions and set in motion events that would change the course of history. Those events would culminate in the U.S. Supreme Court decision of Brown v. Board of Education, which signaled the death knell for Jim Crow education and the “separate but equal” doctrine. We thank her and the countless other students who demanded—and continue to demand—quality educational opportunities. We would like to acknowledge the educators, parents, families, and students who courageously stood—and continue to stand—on the front lines of integration efforts in service of securing access to quality educational opportunities for all children. The authors thank their LPI colleagues Jessica Cardichon, Peter Cookson Jr., and Kathryn Bradley for their support and feedback on this report. We acknowledge the work of organizations and advocates who have identified, developed, and implemented evidence-based strategies included in this report that serve to promote diverse and inclusive learning environments in which all children can succeed. For their contributions to editing, design, and production on this project, we thank Bulletproof Services, River Graphics, Aaron Reeves, Caitlin Scott, and Erin Chase. Without their generosity of time and spirit, this work would not have been possible. -
High Frequency Identification of Monetary Non-Neutrality
NBER WORKING PAPER SERIES HIGH FREQUENCY IDENTIFICATION OF MONETARY NON-NEUTRALITY Emi Nakamura Jón Steinsson Working Paper 19260 http://www.nber.org/papers/w19260 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2013 We thank Matthieu Bellon, Vlad Bouchouev, Nicolas Crouzet, Jesse Garret and Shaowen Luo, for excellent research assistance. We thank Michael Abrahams, Tobias Adrian, Richard K. Crump, Matthias Fleckenstein, Michael Fleming, Refet Gurkaynak, Hanno Lustig, Emanuel Moench, and Eric Swanson for generously sharing data and programs with us. We thank Marco Bassetto, Gauti Eggertsson, Mark Gertler, Refet Gurkaynak, Samuel Hanson, Sophocles Mavroeidis, Emanuel Moench, Serena Ng, Roberto Rigobon, David Romer, Christoph Rothe, Eric Swanson, Michael Woodford, Jonathan Wright and seminar participants at various institutions for valuable comments and discussions. We thank the National Science Foundation (grant SES-1056107) and the Columbia Business School Dean’s Office Summer Research Assistance Program for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Emi Nakamura and Jón Steinsson. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. High Frequency Identification of Monetary Non-Neutrality Emi Nakamura and Jón Steinsson NBER Working Paper No. 19260 July 2013, Revised December 2013 JEL No. -
Alan Stuart Blinder February 2020
CURRICULUM VITAE Alan Stuart Blinder February 2020 Address Department of Economics and Woodrow Wilson School of Public & International Affairs 284 Julis Romo Rabinowitz Building Princeton University Princeton, NJ 08544-1021 Phone: 609-258-3358 FAX: 609-258-5398 E-mail: blinder (at) princeton (dot) edu Website : www.princeton.edu/blinder Personal Data Born: October 14, 1945, Brooklyn, New York. Marital Status: married (Madeline Blinder); two sons and four grandchildren Educational Background Ph.D., Massachusetts Institute of Technology, l97l M.Sc. (Econ.), London School of Economics, 1968 A.B., Princeton University, summa cum laude in economics, 1967. Doctor of Humane Letters (honoris causa), Bard College, 2010 Government Service Vice Chairman, Board of Governors of the Federal Reserve System, 1994-1996. Member, President's Council of Economic Advisers, 1993-1994. Deputy Assistant Director, Congressional Budget Office, 1975. Member, New Jersey Pension Review Committee, 2002-2003. Member, Panel of Economic Advisers, Congressional Budget Office, 2002-2005. Honors Bartels World Affairs Fellow, Cornell University, 2016. Selected as one of 55 “Global Thought Leaders” by the Carnegie Council, 2014. (See http://www.carnegiecouncil.org/studio/thought-leaders/index) Distinguished Fellow, American Economic Association, 2011-. Member, American Philosophical Society, 1996-. Audit Committee, 2003- Fellow, American Academy of Arts and Sciences, 1991-. John Kenneth Galbraith Fellow, American Academy of Political and Social Science, 2009-. William F. Butler Award, New York Association for Business Economics, 2013. 1 Adam Smith Award, National Association for Business Economics, 1999. Visionary Award, Council for Economic Education, 2013. Fellow, National Association for Business Economics, 2005-. Honorary Fellow, Foreign Policy Association, 2000-. Fellow, Econometric Society, 1981-. -
Getting Ready for Health Reform 2020: What Past Presidential Campaigns Can Teach Us
REPORT JUNE 2018 Getting Ready for Health Reform 2020: What Past Presidential Campaigns Can Teach Us Jeanne M. Lambrew Senior Fellow The Century Foundation ABSTRACT KEY TAKEAWAYS ISSUE: The candidates for the 2020 presidential election are likely to Campaign plans are used by emerge within a year, along with their campaign plans. Such plans will supporters and the press to hold presidents accountable. Though include, if not feature, health policy proposals, given this issue’s general voters are unlikely to believe that significance as well as the ongoing debate over the Affordable Care Act. politicians keep their promises, GOAL: To explain why campaign plans matter, review the health policy roughly two-thirds of campaign components of past presidential campaign platforms, and discuss the promises were kept by presidents likely 2020 campaign health reform plans. from 1968 through the Obama years. METHODS: Review of relevant reports, data, party platforms, and policy documents. Health policy will likely play FINDINGS AND CONCLUSIONS: Proposals related to health care have a significant role in the 2020 grown in scope in both parties’ presidential platforms over the past election, with Republicans focused on deregulation and century and affect both agendas and assessments of a president’s capped federal financing success. Continued controversy over the Affordable Care Act, potential and Democrats backing the reversals in gains in coverage and affordability, and voters’ concern Affordable Care Act and a suggest a central role for health policy in the 2020 election. Republicans Medicare-based public plan will most likely continue to advance devolution, deregulation, and option. capped federal financing, while Democrats will likely overlay their support of the Affordable Care Act with some type of Medicare-based public plan option. -
Peter R. Orszag
PETER R. ORSZAG Peter R. Orszag is Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group at Citigroup, Inc. He is also a Nonresident Senior Fellow in Economic Studies at the Brookings Institution and a Contributing Columnist at Bloomberg View. Prior to joining Citigroup in January 2011, Dr. Orszag served as a Distinguished Visiting Fellow at the Council on Foreign Relations and a Contributing Columnist at the New York Times. He previously served as the Director of the Office of Management and Budget in the Obama Administration, a Cabinet-level position, from January 2009 until July 2010. From January 2007 to December 2008, Dr. Orszag was the Director of the Congressional Budget Office (CBO). Under his leadership, the agency significantly expanded its focus on areas such as health care and climate change. Prior to CBO, Dr. Orszag was the Joseph A. Pechman Senior Fellow and Deputy Director of Economic Studies at the Brookings Institution. While at Brookings, he also served as Director of The Hamilton Project, Director of the Retirement Security Project, and Co-Director of the Tax Policy Center. During the Clinton Administration, he was a Special Assistant to the President for Economic Policy and before that a staff economist and then Senior Advisor and Senior Economist at the President's Council of Economic Advisers. Orszag has also founded and subsequently sold an economics consulting firm. Dr. Orszag graduated summa cum laude in economics from Princeton University and obtained a Ph.D. in economics from the London School of Economics, which he attended as a Marshall Scholar. -
1 April 2009 DAVID ROMER Department of Economics University of California Berkeley, California 94720-3880
April 2009 DAVID ROMER Department of Economics University of California Berkeley, California 94720-3880 (510) 642-1785 International Monetary Fund 700 19th St., N.W. Washington, D.C. 20431 (202) 623-7026 Current Positions Herman Royer Professor in Political Economy, University of California, Berkeley, 2000- present Senior Resident Scholar, International Monetary Fund, 2009-present Previous Positions University of California, Berkeley: Professor, 1993-2000 Associate Professor, 1990-1993 Acting Associate Professor, 1988-1990 Assistant Professor, Princeton University, 1985-1988 Visiting Professor, Stanford University, Fall Quarter, 1995 Visiting Associate Professor, Stanford University, Spring Quarter, 1993 Visiting Assistant Professor, Massachusetts Institute of Technology, 1988 Visiting Scholar, National Bureau of Economic Research, 1987-1988 Junior Staff Economist, Council of Economic Advisers, 1980-1981 Education Ph.D., Massachusetts Institute of Technology, 1985 A.B., Princeton University, 1980 Honors, Fellowships, and Grants National Science Foundation Grants: SES-0550912 (Co-Principal Investigator with Christina D. Romer), 2006-2009 SBR-9911443 (Co-Principal Investigator with Christina D. Romer), 2000-2004 SBR-9422584 (Principal Investigator), 1995-1999 SES-9122325 (Co-Principal Investigator with Laurence Ball), 1992-1994 1 SES-9008977 (Principal Investigator), 1990-1992 SES-8707950 (Co-Principal Investigator with Laurence Ball), 1987-1989 Henry George Lecturer, University of Scranton, October 2007 Fellow, American Academy of Arts -
Fed Leadership Transition Looms
Issue: The Federal Reserve Short Article: Fed Leadership Transition Looms By: Victoria Finkle Pub. Date: April 10, 2017 Access Date: September 28, 2021 DOI: 10.1177/237455680311.n5 Source URL: http://businessresearcher.sagepub.com/sbr-1863-102582-2776875/20170410/short-article-fed-leadership-transition-looms ©2021 SAGE Publishing, Inc. All Rights Reserved. ©2021 SAGE Publishing, Inc. All Rights Reserved. “Uneasy politician” Yellen likely to be replaced Executive Summary President Trump will have the opportunity to reshape the leadership of the U.S. Federal Reserve by naming a new chair and appointing several members to the central bank’s governing board. A key takeaway: The departure of Governor Daniel Tarullo will allow the president to name a vice chairman for supervision, the official in charge of bank regulation at the Fed. Full Article Federal Reserve Chair Janet Yellen discusses the central bank’s decision to raise its benchmark interest rate at a news conference in March. (Chip Somodevilla/Getty Images) The Federal Reserve is bracing for a significant transformation of its top brass over the next few years. The biggest change will be at the helm: the likely replacement of Janet Yellen as Fed chair. President Trump has indicated that he will name someone else to fill the job when Yellen’s term expires next February. “She is not a Republican. When her time is up, I would most likely replace her because of the fact that I think it would be appropriate,” he said in May 2016, during the campaign. 1 Ending Yellen’s tenure after just one term would be a departure from how the White House has operated in recent decades: President Barack Obama reappointed Ben S. -
Richard D. Kahlenberg Individual State University Profiles by Halley Potter
A Century Foundation Report ABetter Affirmative StateAction: Universities that Created Alternatives to Racial Preferences Headquarters: One Whitehall Street, 15th Floor New York, NY 10004 212.452.7700 212.535.7534 (fax) D.C. Office: 1333 H Street, NW, 10th floor Washington, DC 20005 202.387.040 202.483.9430 (fax) [email protected] www.tcf.org Richard D. Kahlenberg Individual State University Profiles by Halley Potter COVER.indd 1 9/21/12 7:33 PM A Century Foundation Report A Better Affirmative Action State Universities that Created Alternatives to Racial Preferences Richard D. Kahlenberg Individual State University Profiles by Halley Potter Section4.indd 1 9/21/12 7:33 PM The Century Foundation is a progressive nonpartisan think tank. Originally known as the Twentieth Century Fund, it was founded in 1919 and initially endowed by Edward Filene, a leading Republican businessman and champion of fair workplaces and employee ownership strategies, all with an eye to ensuring that economic opportunity is available to all. Today, TCF issues analyses and convenes and promotes the best thinkers and thinking across a range of public policy questions. Its work today focuses on issues of equity and opportunity in the United States, and how American values can be best sustained and advanced in a world of more diffuse power. Board of Trustees of The Century Foundation Bradley Abelow Lewis B. Kaden Jonathan Alter Alicia H. Munnell H. Brandt Ayers Janice Nittoli Alan Brinkley, Chairman P. Michael Pitfield Joseph A. Califano, Jr. John Podesta Alexander Morgan Capron Richard Ravitch Hodding Carter III Alan Sagner Edward E.