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