John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, testified before the Joint Economic Committee on Thursday, April 18, 2013. His testimony was titled “The Fed at 100: Can Monetary Policy Close the Growth Gap and Promote a Sound Dollar?” According to Taylor, the Federal Reserve’s recent departure from a rules-based monetary policy has had an adverse effect on the economy; the gains from a return to a steadier policy would close the growth gap and maintain the purchasing power of the currency.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, weighs in on how to reduce the US debt, jumpstart the economy, and develop a more predictable monetary policy.

On October 15, the second episode of Hoover’s chartcast series The Numbers Game was released. Hoover fellows John Taylor and Russell Roberts discuss possible explanations for the sluggish recovery from the current recession, which began in 2007. By historical standards, the current recovery has been disappointing. Is it the ongoing slump in construction employment, the effect of housing prices on saving and spending decisions by households, or the aftereffects of the financial crisis? Taylor rejects this reasoning and argues instead that the sluggish recovery can be explained by poor economic policy decisions made by the Bush and the Obama administrations.

The current release builds on the first episode, which also addresses the recalcitrant economic recovery. Taylor explains that GDP has not returned to trend, that the percent of the population that is working is flat rather than rising, and that growth rates are below their usual levels after such a deep slump.

Click here for further information.

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Michael Boskin, senior fellow at the Hoover Institution, the T.M. Friedman Professor of Economics at Stanford University, and chairman of George H.W. Bush's Council of Economic Advisers from 1989 to 1993, and Alan Auerbach, professor of economics and law at the University of California, Berkeley, spoke on “The Economy and the Election” at the Stanford Institute for Economic Policy Research (SIEPR) on Monday, September 24, 2012.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, testified before the Joint Economic Committee on Thursday, April 18, 2013. His testimony was titled “The Fed at 100: Can Monetary Policy Close the Growth Gap and Promote a Sound Dollar?” According to Taylor, the Federal Reserve’s recent departure from a rules-based monetary policy has had an adverse effect on the economy; the gains from a return to a steadier policy would close the growth gap and maintain the purchasing power of the currency.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, weighs in on how to reduce the US debt, jumpstart the economy, and develop a more predictable monetary policy.

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Anat Admati of Stanford University, her new book (coauthored with Martin Hellwig), The Bankers' New Clothes. Admati argues that the best way to reduce the fragility of the banking system is to increase capital requirements—that is, require banks to finance their activities with a greater proportion of equity rather than of debt.

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Scott Sumner of Bentley University and a blogger at The Money Illusion, the basics of money, monetary policy, and the Fed. After a discussion of some of the basics of the money supply, Sumner explains why he thinks monetary policy in the United States during and since the crisis has been inadequate.

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Angus Burgin of Johns Hopkins University and the author of the Great Persuasion, the idea in his book—the return of free market economics in the aftermath of the Great Depression.

Hoover fellows John Taylor, Allan H. Meltzer, Russell Roberts, Michael Boskin, and Admiral Gary Roughead recently testified at various subcommittee hearings in Washington, DC.

Kevin Warsh, a distinguished visiting fellow at the Hoover Institution and a lecturer at the Stanford Graduate School of Business, shares his insights on how the Fed will unwind the asset purchases and how Congress can play an important role in getting the economy to grow again.

Victor Davis Hanson, the Martin and Illie Anderson Senior Fellow at the Hoover Institution, weighs in on the Obama administration and their leftist policies. Hanson also discusses the current economic conditions and cultural shifts.

Richard Epstein the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution, considers the case for a Balanced Budget Amendment, how to get Washington's spending habits under control, and the difficulties inherent in amending the Constitution.

Victor Davis Hanson, the Martin and Illie Anderson Senior Fellow at the Hoover Institution, notes that although the United States is the wealthiest country, it has the world’s largest debt. Hanson notes that the United States is not creating new wealth and that young people who are not confident in our culture lack the knowledge and understanding of what creates a strong culture and country.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses the potential impact of automatic federal spending cuts on the US economy and the outlook for central bank policy. Taylor notes that the Fed should get back to policies that worked so well in the 80s and 90s.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, weighs in on the sequester method and spending cuts. Taylor notes gradual spending cuts in a sensible manner rather than across the board cuts would benefit the economy. Taylor also emphasizes that the Fed should implement the policies that worked so well in the 80s and 90s rather than the current interventionist policies.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses how the Fed’s interventions have caused policy uncertainty for the last two or three years and how that is slowing the economy.

Edward Lazear, the Morris Arnold and Nona Jean Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, offers insight into the debt ceiling, the debt burdens of all taxpayers, how to encourage investment and growth, and why he believes more tax reform is necessary.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, offers insight into the debt ceiling, the debt burdens of all taxpayers, and the potential economic effects of no agreement.

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By historical standards, the current recovery from the recession that began in 2007 has been disappointing. This is part 3 of a three-part series with John Taylor of Stanford University's Hoover Institution and Department of Economics.

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Casey Mulligan of the University of Chicago and the author of The Redistribution Recession, the ideas in his book. Mulligan argues that increasing the benefits to unemployed workers explains the depth of the Great Recession that began in 2007 and the slowness of the recovery, particularly in the labor market.

Richard Epstein, the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution and a member of the John and Jean De Nault Task Force on Property Rights, Freedom, and Prosperity, notes that to step back from the fiscal cliff, we need to simplify our tax policy.

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Joshua Rauh, a senior fellow at the Hoover Institution and a professor of finance at the Stanford Graduate School of Business, the unfunded liabilities from state employee pensions. The publicly stated shortfall in revenue relative to promised pensions is about $1 trillion; Rauh estimates the number to be more than $4 trillion.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, weighs in on the economy and the unemployment rate. US employers across various sectors are hiring, signaling slow but steady growth; but the unemployment rate rose in October, and many Americans are continuing to leave the labor force completely. Taylor notes that bad policies are the reason unemployment is so high.

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Chuck Reed, the mayor of San Jose and a Stanford Law School graduate, visited the Hoover Institution on Wednesday, October 31, 2012, to discuss his efforts to reform the City of San Jose’s retirement benefits system. The main focus of the event was his talk “Public Employee Pension Reform: A Local Gov't Perspective.” Reed then met with Hoover fellows to discuss local and state pensions, the fiscal impact of rising retirement costs, and the legality of reform measures.

John Taylor the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, notes that we cannot keep kicking the can down the road. The United States needs to reform its taxes, reduce the deficits and overall debt, and create a more predictable, rules-based monetary policy.

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Kevin Warsh, a distinguished visiting fellow at the Hoover Institution and a lecturer at the Stanford Graduate School of Business, said that Bernanke must be very worried about the economy based on the Fed’s aggressive actions six weeks ago. Warsh is not impressed with the efficacy of quantitative easing or convinced that it is the right medicine, at the right time, for the right problems but rather that the Fed is trying to get the economy going in the right direction without help from Congress or the president.

On October 15, the second episode of Hoover’s chartcast series The Numbers Game was released. Hoover fellows John Taylor and Russell Roberts discuss possible explanations for the sluggish recovery from the current recession, which began in 2007. By historical standards, the current recovery has been disappointing. Is it the ongoing slump in construction employment, the effect of housing prices on saving and spending decisions by households, or the aftereffects of the financial crisis? Taylor rejects this reasoning and argues instead that the sluggish recovery can be explained by poor economic policy decisions made by the Bush and the Obama administrations.

The current release builds on the first episode, which also addresses the recalcitrant economic recovery. Taylor explains that GDP has not returned to trend, that the percent of the population that is working is flat rather than rising, and that growth rates are below their usual levels after such a deep slump.

Click here for further information.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, offers insights into the current jobs numbers, noting that the US and world economies are not growing and that, until the economies start growing, you will not see any real improvement in the labor markets.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, notes that Romney did a terrific job discussing the economy during the debate. The US debt is growing and Romney’s economic plan would reduce debt, get tax rates down, boost the economy, and stimulate growth. (2:35)

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, spoke at the congressional hearing on “Regulation Nation: The Obama Administration’s Regulatory Expansion vs. Jobs and Economic Recovery,” on September 20, 2012. Taylor testified that the current recovery began in the third quarter of 2009 and that it was weak from the start. By its second anniversary, the recovery was still so weak that he called it “a recovery in name only, so weak as to be nonexistent. The normal rebound in job creation and economic growth was delayed. Now the recovery has been delayed yet another year. It’s the worst recovery from a deep recession since the recovery from the Great Depression and perhaps in American history—a tragedy that should not be minimized.”

Given the events on Wall Street during the past several years, this book makes a compelling case for fundamental reform of the oversight of large financial firms. In particular, the authors propose and examine the impacts of a new bankruptcy law as a “Chapter 14” to be added to the US Bankruptcy Code. They show how the addition of Chapter 14–using a rules-based bankruptcy process–and the implementation of related reforms would provide a credible alternative to bailouts. This would strengthen the US financial system by providing a more predictable resolution process based on the rule of law and help the US economy grow and thrive.

Michael Boskin, a senior fellow at the Hoover Institution and the T. M. Friedman Professor of Economics at Stanford University, notes that the United States needs to get spending under control and adopt progrowth policies as well as reduce the ever-growing burden of government programs and spending.

Kevin Warsh, a distinguished visiting fellow at the Hoover Institution and a lecturer at the Stanford Graduate School of Business, said Bernanke was aggressive and put all of his chips on the table with QE3. Warsh also notes that the actions of Bernanke reveal that the Fed is very worried about our economy.

Hosted by Research Fellow Russ Roberts, this chartcast series features brief conversations with scholars about important and timely issues in public policy. A video presentation of animated charts and graphs accompanies the discussion and highlights key points. Senior Fellow John B. Taylor is Russ’s guest in the inaugural episode, in which the two discuss “The Recovery: Prospects for the Future of the US Economy.” A second installment of their discussion will follow later in the month.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, offers insight into the current economic recovery, noting that the Fed tools are not strong and asking whether the cost of more stimulus justifies the benefits. Lazear believes the United States needs to think of long-term growth and structural changes, such as lower taxes and better trade policies, rather than more stimulus.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses the state of the economy and what to expect from Fed chairman Ben Bernanke’s speech in Jackson Hole. (6:38)

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses private equity taxes but notes that the focus should be on encouraging companies to hire and to create strategies that do everything possible to get the economy moving again. Taylor also emphasizes that the Fed needs to return to a rules-based policy. (9:11)

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses the challenges facing the US economy, quantitative easing, Romney’s proposals, and getting the Fed back to a rules-based policy. (15:29)

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, concurs with the five hundred economists who say President Obama’s economic plan is not working. The US debt is growing, says Taylor, and the economy is getting weaker. Romney’s economic plan would reduce debt and get tax rates down while boosting the economy and stimulating growth. (4:04)

Henry Nau, a 2011–12 national fellow at Hoover and a professor of political science and international affairs at the Elliott School of International Affairs, George Washington University, discusses Romney’s foreign policy and whether he can renew the United States’ defense and economy.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, offers insight into the current economic recovery, noting that the employment numbers are below the prerecession growth rate and that the job and GDP growth rates are too low for a decent recovery.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, notes that there is too much focus on what the Fed is going to do. The quantitative easing has not helped much and is causing problems with the future of fiscal and monetary policy. The markets should not depend on the Fed to react to every little up and down.

Niall Ferguson, a Hoover senior fellow, the Laurence A. Tisch Professor of History at Harvard University, and a noted author, discusses what would happen if euros became drachmas.

Victor Davis Hanson, the Martin and Illie Anderson Senior Fellow at the Hoover Institution, weighs in on the president’s track record, focusing on the economy, taxes, and inequality. Hanson then addresses the Affordable Care Act.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, offers insight into the current economic recovery, noting that the United States is beginning to slow down again. Lazear recommends that US economic policies focus on the long term and the necessary reforms to lower taxes, improve trade policies, and put in place solid economic strategies to help businesses and the economy prosper.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, offers insight into the current economic recovery and notes that there's been a very dramatic decrease in the number of hires and in the number of quits. Lazear provides perspective on why hiring levels are falling.

Hoover Institution Press released The Taylor Rule and the Transformation of Monetary Policy, edited by Evan F. Koenig, Robert Leeson, and George A. Kahn. The Taylor Rule is a monetary policy strategy first proposed in 1992 by John B. Taylor, Hoover Institution senior fellow, Stanford professor, and former US Treasury undersecretary, which shows how central banks should set interest rates in response to inflation, output, and other economic conditions.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses the challenges facing job growth in America and how to get the nation back to work. (6:25)

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses the outlook for the US economy and Federal Reserve policies.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, shares his perspective on the potential tax increases and spending cuts.

David Davenport, counselor to the director and a research fellow at the Hoover Institution, notes, on Townhall.com, that voters in Greece and France have ousted leaders who pursued economic austerity. Why? Is it because the alternative economic stimulus has worked so well in Germany and Sweden or because they lack the patience and character to see through a program of spending cuts and debt reduction?

One of the country’s leading economists, Hoover Institution senior fellow John B. Taylor, has been named this year’s recipient of the prestigious Hayek Prize for his book First Principles: Five Keys to Restoring America’s Prosperity (W.W. Norton 2012). The $50,000 Hayek Prize—one of the major book prizes in the country—is awarded by the Manhattan Institute in New York to honor the book that best reflects economist and Nobel laureate Friedrich Hayek’s vision of economic and individual liberty. Taylor will accept the prize and deliver the Hayek Lecture on May 31 in New York City.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, spoke at a congressional hearing titled “Improving the Federal Reserve System: Examining Legislation to Reform the Fed and Other Alternatives.”

Allan Meltzer, a distinguished visiting fellow at the Hoover Institution and the Allan H. Meltzer University Professor of Political Economy at the Tepper School of Business at Carnegie Mellon University, discusses, with Peter Schiff, the Fed’s dual mandate and the need for a long-term strategy to address the problems of the economy.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discussed the economy and whether government interventions had made the situation worse in “A Debate: ‘Are Government Interventions an Important Cause of Our Recent Economic Problems?’” with Lawrence H. Summers.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses his recent book, First Principles: Five Keys to Restoring America's Prosperity. Taylor notes the not-so-secret ingredients to rebuilding American's economic future are: predictable policy, rule of law, strong incentives, reliance on markets, and a clearly limited role for government.

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Eugene White of Rutgers University, the regulation of banks and financial crises. White argues that most regulation tries to limit the choices of banks to restrain them from making choices that create instability or fragility. A better approach, White contends, is to change the incentives facing bankers so that they would be encouraged to make prudent choices.

Kevin Warsh, a distinguished visiting fellow at the Hoover Institution and a lecturer at the Stanford Graduate School of Business, discusses the Federal Reserve’s response to the financial crisis and what we have learned from the response to the crisis.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses whether the market is on the verge of a 5 to 10 percent pullback, the Fed's new bond-buying program, inflation, and getting back to a sound monetary policy.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, weighs in on taxes and the Fed's plan to keep interest rates low and whether the fed and central banks can control inflation.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, gave an overview of the current economic situation, comparing it to the recession of the 1980s. He argued that a return to the founding principles of economic and political freedom—limited government, rule of law, strong incentives, reliance on markets, a predictable policy framework—is necessary to make the United States successful again. (37:00)

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Kori Schake, a research fellow at the Hoover Institution and an associate professor of international security studies at the United States Military Academy, gave a presentation titled the “European Debt Crisis” on Tuesday, February 7, 2012, at the Montelucia Resort and Spa in Paradise Valley, Arizona.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, makes the case against excessive government intervention and corporate bailouts on The Street. (3:13)

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Scott Sumner of Bentley University and the blog The Money Illusion, the state of monetary policy, the actions of the Federal Reserve during the past two years, and the state of the economy.

Eric Hanushek and Terry Moe, Hoover senior fellows and members of the K–12 Education Task Force, discuss the role of economic growth in dealing with current deficit problems. The breakdown of congressional fiscal discussions over the balance of spending cuts and taxes completely neglects the third option of increasing GDP growth, a policy that would deal with long-run Medicare and Social Security issues. Improving long-run growth, however, will take significant changes in school policy–something that is difficult to achieve politically. (6:06)

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Tyler Cowen of George Mason University, the European crisis. Cowen argues that Greece is likely to default either in fact or in spirit but that the key question is which nations might follow.

Victor Davis Hanson, the Martin and Illie Anderson Senior Fellow at the Hoover Institution, discusses the prospects of a European Union (EU) collapse. Although there will be some unfortunate consequences, Hanson thinks it could be good for US agriculture, especially California farmers. The EU financial crisis is also dispelling the myth that life in a European welfare state is better than in America.

Russell Roberts, a research fellow at the Hoover Institution and a professor of economics and the J. Fish and Lillian F. Smith Distinguished Scholar at the Mercatus Center at George Mason University, discusses his novel The Price of Everything, and uses it to help explain some confusing aspects of today's complicated economy.

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President Aníbal Cavaco Silva of Portugal and the first lady visited the Hoover Institution on Monday, November 14, 2011, for a closed-door roundtable luncheon discussion. John Raisian, the Tad and Dianne Taube Director of the Hoover Institution, along with Tom Stephenson, Hoover overseer and former ambassador to Portugal, and his wife, Barbara, hosted the event. The president offered optimistic remarks about the future for Portugal, emphasizing the austerity measures being implemented, expansion of commerce beyond its traditional trading partners, and movement by the government to support the business sector to become more entrepreneurial and competitive

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Steven Kaplan of the University of Chicago, the richest Americans and income inequality. Drawing on his work with Joshua Rauh, Kaplan talks about the composition of the richest 1 percent and one-tenth of 1 percent—what proportions come from the financial sector, CEOs from nonfinancial corporations, athletes, lawyers, and so on.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, discusses the European debt situation and the problems associated with unemployment. Lazear notes that the United States and Europe need to focus on the long term, reduce the size of government, and implement the necessary reforms to improve the economy and reduce unemployment.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses the principles of economic freedom, his tax plan, and how to get the US economy growing again.

Richard Epstein, the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution and the Laurence A. Tisch Professor of Law at New York University Law School, discussed economic inequality with PBS news correspondent Paul Solmen in Making Sense. In Epstein’s view, inequality in a free market system may be an incentive for people to create wealth. “If in fact it turns out that inequality creates an incentive for people to produce and create wealth, it’s a wonderful force for innovation,” Epstein states.

David Henderson, a research fellow at the Hoover Institution and an associate professor of economics at the Naval Postgraduate School in Monterey, California, discusses the growth of government, the problems with funding (raising taxes) the massive growth, and what programs or departments should be cut.

Image credit: John LeSchofs, Stanford Visual Arts

The Hoover Institution’s Working Group on Economic Policy and Stanford University’s Center for Latin American Studies hosted an all-day conference titled “The Uneven Recovery: Emerging Markets Versus Developed Economies” on Friday, October 14, 2011. This remarkable unevenness characterizes the recoveries of other emerging market economies in contrast with developed economies as a whole.

Thomas Sowell, the Rose and Milton Friedman Senior Fellow on Public Policy at the Hoover Institution, discusses spending, bailouts, taxes, and the economy on Freedom Watch.

Thomas Sowell, the Rose and Milton Friedman Senior Fellow on Public Policy at the Hoover Institution, discusses politics, taxes, education, bailouts, and the economy on Fox News.

Congressman Paul Ryan discusses, with Hoover research fellow Peter Robinson, the importance of repealing Obamacare.

US member of Congress Paul Ryan, representing Wisconsin’s 1st Congressional District, visited the Hoover Institution on Tuesday, September 27, 2011, to highlight the need to repeal and replace President Obama’s health care law.  “We know that the first step toward real, bipartisan advances in health policy must start with a full repeal of the president’s partisan law,” Ryan said during remarks to Hoover Institution supporters. Ryan underscored the need to engage the nation in a serious debate on health care and put forward a principled reform agenda that confronts health care inflation. He emphasized the need to transition from “the open-ended, defined-benefit approach of the past, to market-oriented, defined-contribution reforms that promote choice and competition.”

Michael Spence, a senior fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University, notes that the speed and composition of a US recovery will be determined by Washington and the delicate balance between investment and spending. The United States needs structural adjustments and tax reform, which will take time.

Michael Boskin, a senior fellow at the Hoover Institution and the T. M. Friedman Professor of Economics at Stanford University, notes that the potential to help the economy with Operation Twist is small. Boskin recommends reforming the tax code, rightsizing regulations, and getting away from the constant tinkering with the economy to a more permanent, predictable set of policies to improve the economic outlook.

Russell Roberts, a research fellow at the Hoover Institution and a professor of economics and the J. Fish and Lillian F. Smith Distinguished Scholar at the Mercatus Center at George Mason University, discusses debt, taxes, and Obama’s deficit reduction plan.

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Garett Jones of George Mason University, the workers who were hired with money from the 2009 American Recovery and Reinvestment Act: the stimulus package. The conversation includes a discussion of the labor market generally and why the stimulus spending may not have been effective.

Robert Barro, a senior fellow at the Hoover Institution, the Paul M. Warburg Professor of Economics at Harvard University, and a research associate of the National Bureau of Economic Research, debates, with James Galbraith, a professor at the University of Texas in Austin, what is wrong with the US economy, the effectiveness of fiscal austerity versus stimulus, and ways to spur growth.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, testified before the House of Representatives Committee on Oversight and Government Reform. In his testimony, Taylor notes the best thing government can do to create sustained consumption and investment is to move away from temporary actions and start on a clear comprehensive strategy to reduce the deficit and the growth of debt gradually and credibly over time, thereby removing some of the concerns and fears, whether about another financial crisis, inflation, deflation, or tax increases.

Charles Blahous, a Hoover research fellow who currently serves as one of the two public trustees for the Social Security and Medicare Programs, discusses the mounting concern over jobs and the deficit that have made Social Security a target for cuts.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, notes that the government can create an environment for business that stimulates long-term job growth.

Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses whether we are facing another economic recession. Roberts is part of a panel that weighs in on fears of another downturn and gives ideas on how to get the economy growing again.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, discusses the economy, unemployment, regulations, taxes, debt, and how to get the economy growing again.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, notes, on KQED news, that the economy could be boosted enough to create more jobs but not with another stimulus package.

Russell Roberts, a research fellow at the Hoover Institution and a professor of economics and the J. Fish and Lillian F. Smith Distinguished Scholar at the Mercatus Center at George Mason University, discusses the turmoil in the US economy and what the US needs to do to reduce the debt and uncertainty and encourage economic growth.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses the economy, unemployment, regulations, the effect of the stimulus money, and the possible consequences of the agreement to raise the US debt ceiling and cut spending.

Michael Spence, a senior fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University, discusses the outlook for a political resolution to Italy's debt woes. Spence also discusses the US debt-ceiling debate and the country's credit rating with Maryam Nemazee on Bloomberg Television's The Pulse.

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Hoover research fellow Keith Hennessey, the politics of the debt ceiling and the budget process.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses the debt ceiling and what would happen and who would get paid if the ceiling were not raised.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, discusses President Barack Obama's economic policies and the United States labor market with Tom Keene on Bloomberg Television's Surveillance Midday.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses, with CNBCs’s Larry Kudlow, QE2, other stimulus programs, the prospects for QE3, and the potential for a US economic recovery.

Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, and filmmaker John Papola discuss their two rap videos about economics. The most recent was “Fight of the Century.”

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses his “biggest worry,” which is that the United States economy will be anemic for years and unemployment will remain high. He does not, however, advocate any additional stimulus from the government or the Federal Reserve.

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On June 15–16, 2011, scholars and practitioners gathered for the State and Municipal Fiscal Default Workshop at the Hoover Institution. Experts from the fields of public policy, economics, finance, law, and state and local politics consulted about the nature of the problem, the current legal structures, and the possibility of legislative or other reform to avert the need for federal bailouts.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, is part of a panel discussion concerning economic policy, taxes, pessimism of US business leaders, and why US businesses are not hiring.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, notes that the net jobs data are a small fraction of a total number of hires and that those are the numbers people should look at more closely.

Michael Spence, a senior fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University, discusses the sluggish job recovery and how the government can help reduce unemployment.

Michael Spence, a senior fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University, discussed his new book, The Next Convergence: The Future of Economic Growth in a Multispeed World, at the Hoover Institution on May 24, 2011. Spence talked about how the pattern of economic growth before World War II led to enormous gaps in wealth and living standards between the industrialized West and the rest of the world.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, notes that we need a link between the debt ceiling and spending cuts. Taylor explains that raising the debt limit and reducing spending will decrease the long-term risk of default.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, discusses why the economy is not recovering as quickly as it should and how we can get the economy growing through lower taxes and fewer regulations.

Michael Spence, a senior fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University, discusses the economic growth that led to enormous gaps in wealth and living standards between the industrialized West and the rest of the world. In his latest book, The Next Convergence: The Future of Economic Growth in a Multispeed World, Spence looks at how this pattern shifted after World War II and how that trend will reshape the world.

Thomas Sowell, the Rose and Milton Friedman Senior Fellow on Public Policy at the Hoover Institution, discusses the impact of government involvement in the housing industry, health care, energy, and government efforts to redistribute income.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, notes that there are no quick fixes for the economy and that the government needs to focus on long-term growth.

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with John Papola of Emergent Order, their collaboration on creating rap videos based on the ideas of John Maynard Keynes and F. A. Hayek.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses the Federal Reserve’s monetary policy and strategy. Taylor notes that QE1 and QE2 or easy money create little benefit for the increased risk of inflation or the increased risk of economic disruption when all the stimulus money is pulled out of the system. (3:44)

In this podcast Russell Roberts, a research fellow at the Hoover Institution and EconTalk host, discusses, with Vincent Reinhart of the American Enterprise Institute, the government interventions and noninterventions in financial markets in 2008.

R. Glenn Hubbard, a member of Hoover’s Working Group on Health Care Policy and the dean of Columbia University Business School, where he is also the Russell L. Carson Professor of Finance and Economics, discusses the economy, health care, and “too big to fail” on Fox Business News.

Representative Eric Cantor (R-VA), majority leader of the 112th Congress, visited the Hoover Institution on Monday, March 21, 2011, to discuss the economic policy concerns facing our nation. Cantor also discussed the importance of applying ourselves intellectually and creatively, and striving for strong leadership. To shift to a more prosperous environment, he insisted that we must “get people back to work.”

Niall Ferguson, a Hoover senior fellow, the Laurence A. Tisch Professor of History at Harvard University, and a noted author, discusses how quickly complex civilizations can fall apart on CNBC.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, disagrees with the Goldman Sachs’ report, which notes that a reduction in federal government spending will cause a slowdown in the economy and even increase unemployment. Taylor believes that debt reduction and reducing uncertainty will improve the economic outlook.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses his predictions for the economy on CNBC.

Victor Davis Hanson, the Martin and Illie Anderson Senior Fellow at the Hoover Institution, discusses the current state of America, including the national debt and public employees’ pensions. Hanson notes that the government-sector extravaganza comes at the expense of the liberal agenda and that the United States is going to have to make some hard choices.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, discusses President Barack Obama's proposed budget for fiscal 2012. Lazear notes that capital is mobile, so that taxes need to be lower to keep investments in the United States. Lazear tells Margaret Brennan on Bloomberg Television's InBusiness that we cannot solve our long-term fiscal problems by raising taxes, rather, we need to cut spending.

Image credit: Steve Gladfelter, Stanford Visual Arts

STANFORD—Discussions of economic policy dominated the Hoover Institution’s retreat held October 17 to 19. Leading economists provided analysis and strategy regarding the fiscal crisis, both on understanding it and on how to effect a recovery.

Niall Ferguson, a Hoover senior fellow and the Laurence A. Tisch Professor of History at Harvard University, discusses whether the gold rush is over and where people can safely invest their money.

John B. Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses, with Tom Keene on Bloomberg on the Economy, ways to end bailouts, Chapter 11F, and the European debt situation.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution who succeeded Ben Bernanke as chairman of the President’s Council of Economic Advisers, discusses, on CNBC’s Squawk Box, the economy. . . .

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution, discusses what to do with the derivatives market and financial reform legislation on CNBC’s Street Signs.

The Chicago School’s economic insights have been severely tested, but Hoover fellow Gary S. Becker insists they still hold. By John Cassidy.

Robert Barro, a senior fellow at the Hoover Institution and the Paul M. Warburg Professor of Economics at Harvard University, is interviewed by Sophie Röell of Five Books concerning Barro’s critique of the Obama stimulus package. Barro discusses some common assumptions about the Great Depression and how the United States got out of it.

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution who succeeded Ben Bernanke as chairman of the President’s Council of Economic Advisers, discusses, on CNBC, new data that could indicate that the economy is stabilizing. Lazear cautions that the increase in taxes on employers will have a negative impact on hiring and could hurt economic growth.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution, discusses the economy, federal deficits, debt, unemployment, and the winding down of mortgage-backed securities on Bloomberg TV.

John Taylor, the George Shultz Senior Fellow in Economics at the Hoover Institution, provided testimony to a full committee hearing of the House Committee on Financial Services on ”Unwinding Emergency Federal Reserve Liquidity Programs. . . .

Henry Paulson joined Condoleezza Rice, former U.S. secretary of state, in a conversation about the global financial crisis that emerged during his tenure as secretary of the U.S. Treasury at the Hoover Institution on Tuesday, March 23.

Government public finance officials from the United States and Poland, guest speakers at the Hoover Institution, opined on their experiences during financial crises and what they learned from them.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution, explains on CNBC’s Kudlow Report how the Federal Reserve can implement a rational exit strategy (or rule) so that reducing reserves and raising interest rates will not harm the economy.

John Taylor, the Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution, discusses whether Ben Bernanke is good for the markets and if the Fed has the strength of character to raise interest rates and reduce easy money as the market picks up on CNBC’s Kudlow Report.

John Taylor, the Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution, provides insight on why full transparency concerning the AIG bailout is important for understanding what happened and for preventing future problems on CNBC.

John Taylor, the Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, provides insight on the causes of the financial crisis.