WORKING GROUP ON GLOBAL MARKETS The Working Group on Global Markets brings together a distinguished team of experts on economic and financial policy at the Hoover Institution. Our experts study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals. For twenty-five years the United States economy has experienced an unprecedented economic boom. Economic expansions have been stronger and longer than in the past. Recessions have been shorter, shallower, and less frequent. GDP has doubled and household net worth has increased by 250 percent in real terms. Forty-seven million jobs have been created. For the past ten years, this quarter-century boom has strengthened in important ways. Productivity growth has surged by one full percentage point per year in the United States, creating an additional $9 trillion of goods and services that would never have existed. And the long boom has gone global with emerging market countries from Asia to Latin America to Africa also experiencing the enormous improvements in both economic growth and economic stability. Economic policies that place greater reliance on the principles of free markets, price stability, and flexibility have been the key to these successes. Recently, however, several powerful new economic forces have begun to change the economic landscape, and there are signs that these principles are being challenged with far reaching implications for U.S. economic policy, both domestic and international. How we react to these forces—and in particular whether the proven policy principles prevail going forward—will determine whether the quarter century boom continues to spread and improve more people’s lives or whether it stalls and stagnates. Our Working Group organizes seminars and conferences, prepares policy papers and other publications, and serves as a resource for policymakers and interested members of the public. Working Group seminar with Governor Kevin Warsh of the Federal Reserve Board, April 2008 Seated (from left) Governor Warsh, George Shultz, John Shoven; standing (from left) John Taylor, John Raisian, John C. Williams (San Francisco Fed), and John Ciorciari. Contacts For general questions about the Working Group, please contact our Executive Officer, John D. Ciorciari, at (650) 724-3081. For media inquiries, please contact our Office of Public Affairs. Copyright © 2009 by the Board of Trustees of Leland Stanford Junior University Phone: 650-723-1754 |