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MICHECON NEWS Winter 2007/2008 for University of Michigan Economics Department Alumni and Friends
MICHECON NEWS Winter 2007/2008 for University of Michigan Economics Department alumni and friends Celebrating With Pomp and Circumstance he 2007 Undergraduate Commencement Celebration in- sity of Michigan has meant to him and encouraged them to stay Tcluded all the pomp due the circumstance of the event. For involved with the Department, sharing both his own experience the first time in Department history, the celebration began with as an alumnus, as well recent contacts he had with international academic-gowned faculty, graduates, and guest speaker Ralph C. alumni in India, France, and Italy. Heid, ’70 econ, marching into Rackham Auditorium as a Univer- sity-student string quartet played Elgar’s celebrated piece. Heid told the graduates that, “I use what I learned at Michigan every day,” adding that whatever vocation they pursue, they will Following welcoming remarks by Department Chair Matthew find that, “Michigan has prepared you very well in the fundamen- Shapiro, and Director of Undergraduate Studies Jim Adams, tals. Heid, senior vice-president of international finance, Comerica Bank, and a member of the Department’s Economics Leadership “You will find that you carry with you a hard-earned degree from Council, gave the first commencement address ever presented at one of the most prestigious economic programs in the world. the Department’s undergraduate commencement celebration. In You will find that you will get job interviews where others might his speech, titled “Terms of Engagement” Heid spoke to gradu- not and that you may have an edge when applying to graduate ates about what his own degree in economics from the Univer- school.” continued on page 4 Michigan take at least one economics course during their studies. -
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. -
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FIRST QUARTER 2018 FEDERALFEDERAL RESERVE RESERVE BANK BANK OF OF RICHMOND RICHMOND Are Markets Too Concentrated? Industries are increasingly concentrated in the hands of fewer firms. But is that a bad thing? Do Entrepreneurs Pay Private Currency Interview with Jesús to be Entrepreneurs? Before Cryptocurrency Fernández-Villaverde VOLUME 23 NUMBER 1 FIRST QUARTER 2018 Econ Focus is the economics magazine of the Federal Reserve Bank of Richmond. It covers economic issues affecting the Fifth Federal Reserve District and the nation and is published on a quarterly basis by the Bank’s Research Department. The Fifth District consists of the District of Columbia, Maryland, North Carolina, COVER STORY South Carolina, Virginia, 10 and most of West Virginia. Are Markets Too Concentrated? DIRECTOR OF RESEARCH Industries are increasingly concentrated in the hands Kartik Athreya of fewer firms. But is that a bad thing? EDITORIAL ADVISER Aaron Steelman EDITOR Renee Haltom FEATURES 14 SENIOR EDITOR David A. Price Paying for Success MANAGING EDITOR/DESIGN LEAD State and local governments are trying a new financing Kathy Constant model for social programs STAFF WRITERS Helen Fessenden Jessie Romero 17 Tim Sablik EDITORIAL ASSOCIATE Do Entrepreneurs Pay to Be Entrepreneurs? Lisa Kenney Some small-business owners are motivated more by CONTRIBUTORS Selena Carr values than financial gain Santiago Pinto Michael Stanley DESIGN Janin/Cliff Design, Inc. DEPARTMENTS 1 President’s Message/Taxes and the Fed Published quarterly by 2 Upfront/Regional News at a Glance -
Fighting the Coronavirus Recession and the Path Forward
equitablegrowth.org Webinar: Fighting the coronavirus recession and the path forward The Washington Center for Equitable Growth will host a virtual lecture on Claudia Sahm Wednesday, May 13 led by Claudia Sahm, director of macroeconomic policy at Director of Equitable Growth, who will discuss promising research ideas that support a robust Macroeconomic response to fight the coronavirus recession, as well as longer-term efforts to ensure Policy a more resilient U.S. economy in the years to come. Sahm will build upon evidence Washington Center in Recession Ready, with a focus on policies that stabilize the economy through for Equitable Growth supporting families, small businesses, and communities. Her presentation will be followed by a conversation with Heather Boushey, president & CEO of Equitable Growth, on various themes, including the role of fiscal and monetary policy to protect workers and their families, as well as the importance of diversity, equity, and inclusion within the field of macroeconomics. This event will be part of a new series that seeks a deeper understanding of cutting-edge research and analysis on economic inequality and growth. Our lectures will bring together leading scholars to explore how new research is shifting important conversations in academia and economic policy. Agenda Heather Boushey President and CEO 2:00 p.m. – 2:05 p.m. Introduction by Heather Boushey, president & CEO, Washington Center Washington Center for Equitable Growth for Equitable Growth 2:05 p.m. – 2:25 p.m. Presentation by Claudia Sahm 2:25 p.m.– 2:45 p.m. Conversation with Claudia Sahm and Heather Boushey 2:45 p.m. -
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. -
1 Fixing the Leaky Pipeline: Strategies for Making Economics Work For
Fixing the Leaky Pipeline: Strategies for Making Economics Work for Women at Every Stage Kasey Buckles† University of Notre Dame, NBER, and IZA Abstract While women comprise over half of all undergraduate students in the United States, they account for less than one-third of economics majors. From there, the proportion of women at each stage of the academic tenure track continues to decrease, creating a “leaky pipeline.” In this paper, I provide a toolkit of interventions that could be implemented by individuals, organizations, or academic units who are working to attract and retain women students and faculty at each stage of this pipeline. I focus on smaller-scale, targeted interventions that have been evaluated in a way that allows for the credible estimation of causal effects. † [email protected]. I would like to thank Lisa Argyle, Mary Flannery, Claudia Goldin, Nora Gordon, Gary Hoover, Laura Kramer, Elira Kuka, Stephanie Rennane, Claudia Sahm, Rhonda Sharpe, and Abigail Wozniak for helpful comments and conversations. I am also grateful to Alison Doxey for her superb research assistance. 1 It is often said that the first step to solving a problem is to admit that you have one, and with regard to the representation of women in the economics profession, many economists now seem to have taken this step. Awareness of the gender gap in economics and interest in addressing it have been building slowly over recent years, but the issue was moved to the forefront by Alice Wu’s (2018) study describing biased language on a widely-read web forum for economists. -
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FISCAL-2020/12/01 1 THE BROOKINGS INSTITUTION WEBINAR FISCAL POLICY ADVICE FOR JOE BIDEN AND CONGRESS Washington, D.C. Tuesday, December 1, 2020 PARTICIPANTS: Welcome: ADAM POSEN President, Peterson Institute for International Economics DAVID WESSEL Senior Fellow and Director, Hutchins Center on Fiscal & Monetary Policy, The Brookings Institution COVID-19 and the Near Term: WENDY EDELBERG Senior Fellow and Director, The Hamilton Project The Brookings Institution DOUGLAS ELMENDORF Dean and Don K. Price Professor of Public Policy, Harvard Kennedy School MICHAEL STRAIN Director of Economic Policy Studies and Arthur F. Burns Scholar in Political Economy, American Enterprise Institute ADAM POSEN, Moderator President Peterson Institute for International Economics ‘What About the Federal Debt’ Presentation: JASON FURMAN Professor of the Practice of Economic Policy Harvard Kennedy School LAWRENCE SUMMERS Charles W. Eliot University Professor and President Emeritus, Harvard University Discussion: BEN BERNANKE Distinguished Fellow in Residence, Hutchins Center on Fiscal & Monetary Policy OLIVIER BLANCHARD C. Fred Bergsten Senior Fellow, Peterson Institute for International Economic ANDERSON COURT REPORTING 1800 Diagonal Road, Suite 600 Alexandria, VA 22314 Phone (703) 519-7180 Fax (703) 519-7190 FISCAL-2020/12/01 2 PARTICIPANTS (CONT’D): JASON FURMAN Professor of the Practice of Economic Policy, Harvard Kennedy School KENNETH ROGOFF Professor of Economics and Thomas D. Cabot Professor of Public Policy, Harvard University LAWRENCE SUMMERS Charles W. Eliot University Professor and President Emeritus, Harvard University LOUISE SHEINER, Moderator Senior Fellow and Policy Director, Hutchins Center on Fiscal & Monetary Policy The Brookings Institution * * * * * ANDERSON COURT REPORTING 1800 Diagonal Road, Suite 600 Alexandria, VA 22314 Phone (703) 519-7180 Fax (703) 519-7190 FISCAL-2020/12/01 3 P R O C E E D I N G S MR. -
The C-SPAN Archives: an Interdisciplinary Resource for Discovery, Learning, and Engagement
The Year in C-SPAN Archives Research Volume 1 Article 1 10-15-2014 The C-SPAN Archives: An Interdisciplinary Resource for Discovery, Learning, and Engagement Robert X. Browning Purdue University, [email protected] Follow this and additional works at: https://docs.lib.purdue.edu/ccse Part of the American Politics Commons Recommended Citation Browning, Robert X. (2014) "The C-SPAN Archives: An Interdisciplinary Resource for Discovery, Learning, and Engagement," The Year in C-SPAN Archives Research: Vol. 1 , Article 1. Available at: https://docs.lib.purdue.edu/ccse/vol1/iss1/1 This document has been made available through Purdue e-Pubs, a service of the Purdue University Libraries. Please contact [email protected] for additional information. The C-SPAN Archives: An Interdisciplinary Resource for Discovery, Learning, and Engagement Cover Page Footnote To purchase a hard copy of this publication, visit: http://www.thepress.purdue.edu/titles/format/ 9781557536952 This article is available in The Year in C-SPAN Archives Research: https://docs.lib.purdue.edu/ccse/vol1/iss1/1 Browning: The C-SPAN Archives: An Interdisciplinary Resource for Discovery, THE C-SPAN ARCHIVES An Interdisciplinary Resource for Discovery, Learning, and Engagement Published by Purdue e-Pubs, 2014 1 The Year in C-SPAN Archives Research, Vol. 1 [2014], Art. 1 https://docs.lib.purdue.edu/ccse/vol1/iss1/1 2 Browning: The C-SPAN Archives: An Interdisciplinary Resource for Discovery, THE C-SPAN ARCHIVES An Interdisciplinary Resource for Discovery, Learning, and Engagement edited by ROBErt X. BROWNING PURDUE UNIVERSITY PRESS, WEST LAFAYETTE, INDIANA Published by Purdue e-Pubs, 2014 3 The Year in C-SPAN Archives Research, Vol. -
Putting the Size of the Needed COVID-19 Fiscal Response in Perspective by Chye-Ching Huang, Chad Stone, Katie Windham, and Jennifer Beltrán
1275 First Street NE, Suite 1200 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 [email protected] www.cbpp.org Updated July 24, 2020 Putting the Size of the Needed COVID-19 Fiscal Response in Perspective By Chye-Ching Huang, Chad Stone, Katie Windham, and Jennifer Beltrán The severe and unprecedented size of the health, human, and economic crisis caused by COVID- 19 should determine the size of the legislative response — not arbitrary dollar comparisons to stimulus in prior recessions, the level of debt, or the debt ratio. The United States has the fiscal space to take the action needed to address the health care needs, economic damage, and personal hardships from the COVID-19 crisis. The costs of doing too little include lost wages, lost jobs, and lost work experience. The people most vulnerable to the adverse effects of recessions are those who already faced barriers to economic opportunity — including low-income workers and workers of color. The harm to these workers, together with the impact of business closures and lost investment, can damage the economy’s future productivity. Doing too little to lessen these costs will slow the recovery and will likely cause the economic damage to be both greater and longer lasting. The longer-run cost of an aggressive fiscal response is low; the United States has the fiscal space to act, as leading mainstream economists, including former Federal Reserve Chair Janet Yellen and former International Monetary Fund (IMF) Chief Economist Olivier Blanchard have pointed out. Harvard economist Gregory Mankiw, who served as a chairman of President George W. -
Serious Issues—Sound Policy Solutions Symposium Monograph
SYMPOSIUM ON SUSTAINABLE U.S. HEALTH SPENDING SUSTAINABLE U.S. HEALTH SPENDING Serious Issues—Sound Policy Solutions Washington, DC · Thursday, July 12, 2018 SYMPOSIUM MONOGRAPH Paul Hughes-Cromwick and Autumn Valicevic, Editors December 2018 CONTRIBUTORS Peter Bach Melinda Buntin Ceci Connolly Douglas Elmendorf Matthew Fiedler Sherry Glied Jeff Goldsmith Katherine Hempstead William Hoagland Joanne Kenen Alice Rivlin Elisabeth Rosenthal Louise Sheiner Jonathan Skinner Lauren Taylor ALTARUM CENTER FOR VALUE IN HEALTH CARE www.altarum.org | Follow us on Twitter @ALTARUM_SHSS Support provided by CENTER FOR VALUE IN HEALTH CARE SYMPOSIUM MONOGRAPH JULY 2018 CONTENTS PREFACE AND ACKNOWLEDGEMENTS........................................................................................................... 3 CONTRIBUTORS ...................................................................................................................................................... 4 EDITORS .................................................................................................................................................................... 8 SYMPOSIUM AGENDA ........................................................................................................................................... 9 WELCOME AND INTRODUCTION .....................................................................................................................10 PANEL I: GOVERNMENT BUDGETS, HEALTH CARE SPENDING AND POLICY APPROACHES .......10 Connolly—Welcome and Overview -
Preparing for the Next Recession: Lessons from the American Recovery and Reinvestment Act by Jared Bernstein and Ben Spielberg
March 21, 2016 Preparing for the Next Recession: Lessons from the American Recovery and Reinvestment Act By Jared Bernstein and Ben Spielberg Executive Summary Recessions generate significant risks for both people and the economy. At the human level, they increase hardship for families that lose jobs or businesses. For the economy, they cost output that’s never recovered. Moreover, recent research has found that recessions can cause considerable “scarring” as temporary symptoms such as joblessness morph into permanent disconnections between the jobless and the labor market.1 If such effects are large enough, they can significantly reduce both the future level of gross domestic product (GDP) and the economy’s growth rate. Consequently, measures that can quickly respond to a recession by bolstering the economy and at least moderating the downturn’s negative impacts are important. While the Federal Reserve lowers interest rates and expands access to credit, the President and Congress can tap various “stabilizers” through budget and tax policy that can offset some of the financial losses that households experience and help them maintain higher levels of consumer spending. In many cases, stabilizers already take effect automatically. The federal income tax is a good example. As people lose income and fall into lower tax brackets, their tax burden falls by still-larger percentages, enabling them to retain more of their income. On the spending side, more people become eligible for SNAP (formerly called food stamps) and unemployment insurance (UI), putting money in their hands to spend and, thus, relieving their hardship while boosting the economy. In states with particularly high unemployment, jobless workers who exhaust their regular state UI benefits can get more weeks of benefits through the Extended Benefits (EB) program.