Jason Furman
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Economic Analysis by Nobel Laureate Joseph Stiglitz
BEFORE THE UNITED STATES DEPARTMENT OF JUSTICE UNITED STATES OF AMERICA, Plaintiff, v. Civil Action No. 98-1232 (CKK) MICROSOFT CORPORATION, Defendant. STATE OF NEW YORK ex rel. Attorney General Eliot Spitzer, et al., Plaintiffs, v. Civil Action No. 98-1233 (CKK) MICROSOFT CORPORATION, Defendant. DECLARATION OF JOSEPH E. STIGLITZ AND JASON FURMAN TABLE OF CONTENTS I. QUALIFICATIONS ........................................................................................................... 1 II. PURPOSE............................................................................................................................ 2 III. INTRODUCTION............................................................................................................... 2 IV. THE MODERN ECONOMIC THEORY OF COMPETITION AND MONOPOLY .6 A. Acquisition of a monopoly............................................................................................ 7 B. Potential for competition............................................................................................ 10 C. Consequences of monopoly ........................................................................................ 12 D. Monopolies and innovation ........................................................................................ 14 V. FACTS AND LEGAL CONCLUSIONS RELATING TO MICROSOFT.................. 16 A. Monopoly power.......................................................................................................... 16 B. Anticompetitive behavior .......................................................................................... -
Implementing the New Fiscal Policy Activism Alan J. Auerbach Department of Economics University of California Berkeley, CA 9472
Implementing the New Fiscal Policy Activism Alan J. Auerbach Department of Economics University of California Berkeley, CA 94720-3880 tel: 510-643-0711 fax: 510-643-0413 [email protected] Session: “The Revival of Fiscal Policy” Chair: Martin Feldstein Discussants: Douglas Elmendorf and Janet Yellen Implementing the New Fiscal Policy Activism Alan J. Auerbach * In August 1982, after a year in a deep recession that had several months left to run, Congress passed the Tax Equity and Fiscal Responsibility Act (TEFRA), scaling back the large Reagan tax cuts that had been enacted just over one year earlier as part of the Economic Recovery Tax Act (ERTA). Legislation over the same period cut near-term federal spending, with reductions in nondefense spending swamping additions to defense spending (Congressional Budget Office 1983, Table 8). Together, the spending reductions and TEFRA were estimated to have increased the fiscal-year 1983 primary surplus by $50 billion, or about 1.5 percent of GDP. During the next U.S. recession, in October 1990, a budget summit meeting of President Bush and Congressional leaders produced legislation aimed at reducing the cumulative deficit by $500 billion over five fiscal years, including $33 billion in fiscal-year 1991. The summit also produced the Budget Enforcement Act (BEA), introducing new budget rules aimed at controlling budget deficits and discretionary spending. As in the previous recession, budget deficits captured the attention of policy makers and strongly influenced their fiscal policy actions. As 2008 drew to a close one year into the most serious U.S. recession at least since 1982, Congress and the incoming Obama administration were moving toward adopting legislation of a fiscal stimulus package of federal tax cuts and expenditure increases that could well exceed 5 percent of GDP, with little apparent influence exerted by fiscal imbalances that, at least prospectively, are much more severe than those that policy makers faced in 1982 or 1990. -
Politics Aside, a Common Bond for Two Economists by N
The New York Times, June 30, 2013 Politics Aside, a Common Bond for Two Economists By N. GREGORY MANKIW ONE of the cool things about hanging around a place like Harvard, where I have been a professor for almost 30 years, is that you get to meet some supertalented people long before the world recognizes their talents. I had a vivid reminder of this just a few days ago, when President Obama appointed Jason Furman as chairman of the Council of Economic Advisers, a position that I held under George W. Bush. Jason was once a student of mine at Harvard. As the president noted in announcing the appointment, I was chairman of Jason’s Ph.D. dissertation committee. He and I have remained friends ever since. In Washington these days, comity between Republicans and Democrats is rare. Yet my relationship with Jason has never been hampered by our differing political affiliations. During the campaign of 2004, I was part of the Bush administration and he was working for two Democratic candidates, first for Wesley K. Clark in the primary season and then for John Kerry during the general election. Yet the fact that our bosses were steeped in a political battle at the highest level did not stop us from enjoying regular dinners together. For me, and I suspect for Jason as well, friendship trumps politics. Our friendship is based in part on the common bond of all economists. The field of economics offers a lens through which to view the world. For those who buy into it and pursue it as a career, it provides a foundation of a personal and political philosophy. -
A Reconsideration of Fiscal Policy in the Era of Low Interest Rates
A Reconsideration of Fiscal Policy in the Era of Low Interest Rates Jason Furman & Lawrence Summers Presentation to the Hutchins Center on Fiscal & Monetary Policy and Peterson Institute for International Economics December 1, 2020 Interest rates are low despite debt being high Note: Debt-to-GDP forecast is the CBO 10-year ahead forecast (2030 from June 2019 Alternative Fiscal Scenario for 2020). Real interest rates are based on 10-year Treasury Inflation Protected Securities (TIPS) from January 2000 and February 2020. Source: Congressional Budget Office; U.S. Department of the Treasury; authors' calculations. Interest rates have fallen everywhere, starting before the financial crisis and continuing after it Real Ten-Year Benchmark Rate Percent 12 Canada France Germany Italy 10 United Kingdom Japan United States 8 6 4 2 0 -2 -4 1985 1990 1995 2000 2005 2010 2015 2020 Note: Inflation measured by one-year changes in the core consumer price index (core personal consumption expenditures for United States). Source: Bank of Canada; Statistics Canada; Eurostat; Japanese Statistics Bureau; U.S. Bureau of Economic Analysis; Macrobond; authors’ calculations. Interest rates are expected to stay low Ten-Year Treasury Rate Percent 16 2030:Q4 Market expectations: 14 72% probability FFR < 0.25 12 five years from now 10 Historical 1.4% FFR a decade from 8 now 6 -0.9% real FFR a decade from now 4 CBO 2 2% nominal 10-year rate a Market-implied decade from now 0 1964 1974 1984 1994 2004 2014 2024 Note: Dashed lines are projections. Market-implied rates as of November 27, 2020. -
HAMILTON Achieving Progressive Tax Reform PROJECT in an Increasingly Global Economy Strategy Paper JUNE 2007 Jason Furman, Lawrence H
THE HAMILTON Achieving Progressive Tax Reform PROJECT in an Increasingly Global Economy STRATEGY PAPER JUNE 2007 Jason Furman, Lawrence H. Summers, and Jason Bordoff The Brookings Institution The Hamilton Project seeks to advance America’s promise of opportunity, prosperity, and growth. The Project’s economic strategy reflects a judgment that long-term prosperity is best achieved by making economic growth broad-based, by enhancing individual economic security, and by embracing a role for effective government in making needed public investments. Our strategy—strikingly different from the theories driving economic policy in recent years—calls for fiscal discipline and for increased public investment in key growth- enhancing areas. The Project will put forward innovative policy ideas from leading economic thinkers throughout the United States—ideas based on experience and evidence, not ideology and doctrine—to introduce new, sometimes controversial, policy options into the national debate with the goal of improving our country’s economic policy. The Project is named after Alexander Hamilton, the nation’s first treasury secretary, who laid the foundation for the modern American economy. Consistent with the guiding principles of the Project, Hamilton stood for sound fiscal policy, believed that broad-based opportunity for advancement would drive American economic growth, and recognized that “prudent aids and encouragements on the part of government” are necessary to enhance and guide market forces. THE Advancing Opportunity, HAMILTON Prosperity and Growth PROJECT Printed on recycled paper. THE HAMILTON PROJECT Achieving Progressive Tax Reform in an Increasingly Global Economy Jason Furman Lawrence H. Summers Jason Bordoff The Brookings Institution JUNE 2007 The views expressed in this strategy paper are those of the authors and are not necessarily those of The Hamilton Project Advisory Council or the trustees, officers, or staff members of the Brookings Institution. -
Uncorrected Transcript
1 CEA-2016/02/11 THE BROOKINGS INSTITUTION FALK AUDITORIUM THE COUNCIL OF ECONOMIC ADVISERS: 70 YEARS OF ADVISING THE PRESIDENT Washington, D.C. Thursday, February 11, 2016 PARTICIPANTS: Welcome: DAVID WESSEL Director, The Hutchins Center on Monetary and Fiscal Policy; Senior Fellow, Economic Studies The Brookings Institution JASON FURMAN Chairman The White House Council of Economic Advisers Opening Remarks: ROGER PORTER IBM Professor of Business and Government, Mossavar-Rahmani Center for Business and Government, The John F. Kennedy School of Government at Harvard University Panel 1: The CEA in Moments of Crisis: DAVID WESSEL, Moderator Director, The Hutchins Center on Monetary and Fiscal Policy; Senior Fellow, Economic Studies The Brookings Institution ALAN GREENSPAN President, Greenspan Associates, LLC, Former CEA Chairman (Ford: 1974-77) AUSTAN GOOLSBEE Robert P. Gwinn Professor of Economics, The Booth School of Business at the University of Chicago, Former CEA Chairman (Obama: 2010-11) PARTICIPANTS (CONT’D): GLENN HUBBARD Dean & Russell L. Carson Professor of Finance and Economics, Columbia Business School Former CEA Chairman (GWB: 2001-03) ALAN KRUEGER Bendheim Professor of Economics and Public Affairs, Princeton University, Former CEA Chairman (Obama: 2011-13) ANDERSON COURT REPORTING 706 Duke Street, Suite 100 Alexandria, VA 22314 Phone (703) 519-7180 Fax (703) 519-7190 2 CEA-2016/02/11 Panel 2: The CEA and Policymaking: RUTH MARCUS, Moderator Columnist, The Washington Post KATHARINE ABRAHAM Director, Maryland Center for Economics and Policy, Professor, Survey Methodology & Economics, The University of Maryland; Former CEA Member (Obama: 2011-13) MARTIN BAILY Senior Fellow and Bernard L. Schwartz Chair in Economic Policy Development, The Brookings Institution; Former CEA Chairman (Clinton: 1999-2001) MARTIN FELDSTEIN George F. -
Boston Tech Hub Faculty Working Group Annual Report: 2018-2019
BOSTON TECH HUB FACULTY WORKING GROUP Annual Report 2018–2019 Technology and Public Purpose Project Belfer Center for Science and International Affairs Harvard Kennedy School 79 JFK Street Cambridge, MA 02138 www.belfercenter.org/TAPP Harvard John A. Paulson School of Engineering and Applied Sciences 29 Oxford St., Cambridge, MA 02138 www.seas.harvard.edu Statements and views expressed in this report are solely those of the authors and do not imply endorsement by Harvard University, Harvard Kennedy School, Harvard Paulson School, or the Belfer Center for Science and International Affairs. Design and Layout by Andrew Facini Copyright 2019, President and Fellows of Harvard College Printed in the United States of America BOSTON TECH HUB FACULTY WORKING GROUP Annual Report 2018–2019 Contents Foreword ...............................................................................................................1 FWG Members and Guests 2018–2019 .........................................................3 Introduction ..........................................................................................................9 Summary ............................................................................................................ 10 FWG Session Briefs: Fall 2018 ....................................................................... 17 FWG Session Briefs: Spring 2019 ................................................................. 35 FWG participants explore private sector investment in emerging technologies and the impact investing -
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. -
The United States Government Manual 2009/2010
The United States Government Manual 2009/2010 Office of the Federal Register National Archives and Records Administration The artwork used in creating this cover are derivatives of two pieces of original artwork created by and copyrighted 2003 by Coordination/Art Director: Errol M. Beard, Artwork by: Craig S. Holmes specifically to commemorate the National Archives Building Rededication celebration held September 15-19, 2003. See Archives Store for prints of these images. VerDate Nov 24 2008 15:39 Oct 26, 2009 Jkt 217558 PO 00000 Frm 00001 Fmt 6996 Sfmt 6996 M:\GOVMAN\217558\217558.000 APPS06 PsN: 217558 dkrause on GSDDPC29 with $$_JOB Revised September 15, 2009 Raymond A. Mosley, Director of the Federal Register. Adrienne C. Thomas, Acting Archivist of the United States. On the cover: This edition of The United States Government Manual marks the 75th anniversary of the National Archives and celebrates its important mission to ensure access to the essential documentation of Americans’ rights and the actions of their Government. The cover displays an image of the Rotunda and the Declaration Mural, one of the 1936 Faulkner Murals in the Rotunda at the National Archives and Records Administration (NARA) Building in Washington, DC. The National Archives Rotunda is the permanent home of the Declaration of Independence, the Constitution of the United States, and the Bill of Rights. These three documents, known collectively as the Charters of Freeedom, have secured the the rights of the American people for more than two and a quarter centuries. In 2003, the National Archives completed a massive restoration effort that included conserving the parchment of the Declaration of Independence, the Constitution, and the Bill of Rights, and re-encasing the documents in state-of-the-art containers. -
Boston Tech Hub Faculty Working Group Annual Report: 2019-2020
BOSTON TECH HUB FACULTY WORKING GROUP Annual Report 2019–2020 Technology and Public Purpose Project Belfer Center for Science and International Affairs Harvard Kennedy School 79 JFK Street Cambridge, MA 02138 www.belfercenter.org/TAPP Harvard John A. Paulson School of Engineering and Applied Sciences 29 Oxford St., Cambridge, MA 02138 www.seas.harvard.edu Statements and views expressed in this report are solely those of the authors and do not imply endorsement by Harvard University, Harvard Kennedy School, Harvard Paulson School, or the Belfer Center for Science and International Affairs. Design and Layout by Andrew Facini Copyright 2020, President and Fellows of Harvard College Printed in the United States of America BOSTON TECH HUB FACULTY WORKING GROUP Annual Report 2019-2020 Table of Contents Foreword ........................................................................................................................1 FWG Members and Guests .........................................................................................5 Introduction ................................................................................................................ 13 Summary ..................................................................................................................... 14 FWG Session Briefs: Fall 2019 ................................................................................19 FWG Session Briefs: Spring 2020 ..........................................................................31 Carol Rose, Executive Director -
Moneyball for Government Principles Moneyball for Government All-Stars
Two-hundred twenty-seven local, state, federal, nonprofit and academic leaders from all across the political spectrum and throughout the country support the following Moneyball for Government principles. Moneyball for Government Principles Government at all levels should help improve outcomes for young people, families, and communities by: 1) Building evidence about the practices, policies, and programs that will achieve the most effective and efficient results so that policymakers can make better decisions; 2) Investing limited taxpayer dollars in practices, policies, and programs that use data, evidence, and evaluation to demonstrate how they work; and 3) Directing funds away from practices, policies, and programs that consistently fail to achieve desired outcomes. Moneyball for Government All-Stars You can view the full list of Moneyball for Government All-Stars goo.gl/1rBMWW. Founding All-Stars • Melody Barnes (Former Director, White House Domestic Policy Council, President Barack Obama) • Michael Bloomberg (Former Mayor, New York City) • John Bridgeland (Former Director, White House Domestic Policy Council, President George W. Bush) • Jim Nussle (Former Director, White House Office of Management and Budget, President George W. Bush) • Peter Orszag (Former Director, White House Office of Management and Budget, President Barack Obama) Federal All-Stars U.S. Senate: U.S. Senator Michael Bennet (D-CO); U.S. Senator Orrin Hatch (R-UT); U.S. Senator Robert Portman (R-OH); U.S. Senator Jeanne Shaheen (D-NH); U.S. Senator Mark Warner (D-VA); U.S. Senator Todd Young (R-IN); Former U.S. Senator Kelly Ayotte (R-NH); Former U.S. Senator Mary Landrieu (D-LA) U.S. -
10 Big Ideas Inequality & Wealth Concentration
10 Big Ideas Inequality & Wealth Concentration 10 Big Ideas. 8 minutes each. Infinite possibilities. Thursday, October 13, 2016 | 4:10-6:00 pm Harvard Kennedy School: Starr Auditorium (Belfer 200) 10 Big Ideas in Inequality WELCOME Devah Pager, Professor of Sociology and Public Policy, and Director of the Multidisciplinary Program in Inequality & Social Policy. INTRODUCTION David Ellwood, Isabelle and Scott Black Professor of Political Economy and Director of the Malcolm Wiener Center for Social Policy, Harvard Kennedy School MODERATOR Bruce Western, Professor of Sociology and Guggenheim Professor of Criminal Justice Policy. Chair of the Program in Criminal Justice Policy and Management at the Harvard Kennedy School. TEN BIG IDEAS Lawrence Katz, Elisabeth Allison Professor of Economics. Matthew Desmond, John L. Loeb Associate Professor of the Social Sciences. Douglas Elmendorf, Dean of the Harvard Kennedy School and Don K. Price Professor of Public Policy. Theda Skocpol, Victor S. Thomas Professor of Government and of Sociology Stefanie Stantcheva, Assistant Professor of Economics. Dani Rodrik, Ford Foundation Professor of International Political Economy, Harvard Kennedy School. Alexandra Killewald, Professor of Sociology. Khalil Gibran Muhammad, Professor of History, Race, and Public Policy, Harvard Kennedy School; Suzanne Young Murray Professor, Radcliffe Institute. David A. Moss, Paul Whiton Cherington Professor, Harvard Business School. Sendhil Mullainathan, Robert C. Waggoner Professor of Economics. Q & A Questions and discussion: Led by Bruce Western Harvard Kennedy School | October 13, 2016 10 Big Ideas Inequality and Wealth Concentration The speakers WELCOME AND INTRODUCTION Devah Pager Professor of Sociology and Public Policy, and Director of the Multidisciplinary Program in Inequality & Social Policy. Devah Pager is Professor of Sociology and Public Policy at Harvard University.