Benn Steil's column in Dow Jones' Financial News, co-authored with Dinah Walker, analyzes Mitt Romney's budget math. Without questioning the candidate's assumptions on growth or available sources of revenue, they estimate a roughly $1 trillion annual budget gap.
Peter Orszag and Jonathan Orszag argue that, though conspiracy theories regarding the Bureau of Labor Statistics are misguided, BLS methods for compiling macroeconomic statistics do need updating to harness the power of "big data."
In the wake of a move to increase instructional time for Chicago public school students, Peter Orszag highlights education research showing a link between more time in the classroom and improved academic performance.
Benn Steil's Wall Street Journal op-ed, co-authored with Dinah Walker, shows that the Fed has effectively been targeting "risk on, risk off"—prodding investors into and out of risky financial assets—for over a decade now. He derives a rule that predicts the Fed's behavior since 2000 even better than the "Taylor Rule" did from 1987 to 1999.
Edward Alden says increased internal and external border enforcement as well as economic crisis has decreased the population of unauthorized immigrants in both Europe and the US. Policies should provide incentives to encourage legal migration rather than just disincentives against illegal migration.
In Money, Markets, and Sovereignty, the authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization. More
In The Closing of the American Border, Edward Alden goes behind the scenes to tell the story of the Bush administration’s struggle to balance security and openness in the wake of the September 11, 2001, terrorist attacks. More
In this report, Benn Steil shows that the financial crisis is the inevitable bust of a classic credit boom, and explains how monetary, taxation, and home ownership promotion policy combined with other features of the financial system to fuel an unsustainable buildup in debt. He recommends significant reforms to reverse the debt financing bias and make the system more resilient to falls in asset prices. More
In order for policymakers to tackle today’s global economic crisis, this report argues, they must go beyond bailouts and stimulus packages and focus on one of the crisis's root causes: imbalances between savings and investment in major countries. More