Government Policies and the Delayed Economic Recovery

by Lee E. Ohanian (Editor), John B. Taylor (Editor), Ian Wright (Editor)

Overview

This book examines the reasons for the unprecedented weak recovery following the recent US recession and explores the possibility that government economic policy is the problem. Drawing on empirical research that looks at issues from policy uncertainty to increased regulation, the volume offers a broad-based assessment of how government policies are slowing economic growth and provides a framework for understanding how those policies should change to restore prosperity in America.

Product Details

ISBN-13:	9780817915346
Publisher:	Hoover Institution Press
Publication date:	09/01/2012
Edition description:	1st Edition
Pages:	262
Product dimensions:	5.25(w) x 8.00(h) x 0.90(d)

About the Author

Lee E. Ohanian is a professor of economics and director of the Ettinger Family Program in Macroeconomic Research at the University of California–Los Angeles, and a senior fellow at the Hoover Institution. John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. Ian J. Wright is a PhD student in the Department of Economics at Stanford University and a recipient of the Shultz Graduate Student Fellowship in Economic Policy.

Table of Contents

Introduction Lee E. Ohanian John B. Taylor 1

1 Economic Strength and American Leadership George P. Shultz 11

2 Uncertainty Unbundled: The Metrics of Activism Alan Greenspan 19

3 Has Economic Policy Uncertainty Hampered the Recovery? Scott R. Baker Nicholas Bloom Steven J. Davis 39

4 How the Financial Crisis Caused Persistent Unemployment Robert E. Hall 57

5 What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package John E Cogan John B. Taylor 85

6 The Great Recession and Delayed Economic Recovery: A Labor Productivity Puzzle? Ellen R. McGrattan Edward C. Prescott 115

7 Why the U.S. Economy Has Failed to Recover and What Policies Will Promote Growth Kyle E Herkenhoff Lee E. Ohanian 155

8 Restoring Sound Economic Policy: Three Views Alan Greenspan George P. Shultz John H. Cochrane 187

9 Summary of the Commentary Ian J. Wright 211

About the Authors 229

About the Hoover Institutions Working Group on Economic Policy 237

Index 241