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21. How Can Trade Policy Help America Compete?

Author:
Robert Z. Lawrence
Publication Date:
10-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
America deserves credit for not having succumbed to the global financial crisis by repeating the protectionist mistakes of the 1930s. Nonetheless, since 2007, although lip service has been paid to boosting US exports, its trade policy accomplishments have been modest. This is unfortunate because active trade policies can promote American living standards and facilitate America's return to full employment and sustained growth. These policies can also help to create a global trade order that advances American interests. This policy brief argues that the United States needs new initiatives that discipline foreign practices, increase access to foreign markets, revitalize the World Trade Organization (WTO), improve the administrative and regulatory environment for trade, and assist workers and communities adversely affected by change.
Topic:
Economics, Globalization, International Trade and Finance, Markets, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United States and America

22. Combating Widespread Currency Manipulation

Author:
Joseph E. Gagnon Gagnon
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Widespread currency manipulation, mainly in developing and newly industrialized economies, is the most important development of the past decade in international financial markets. In an attempt to hold down the values of their currencies, governments are distorting capital flows by around $1.5 trillion per year. The result is a net drain on aggregate demand in the United States and the euro area by an amount roughly equal to the large output gaps in the United States and the euro area. In other words, millions more Americans and Europeans would be employed if other countries did not manipulate their currencies and instead achieved sustainable growth through higher domestic demand.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
United States, America, and Europe

23. Restoring Fiscal Equilibrium in the United States

Author:
William R. Cline
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Halfway through this presidential election year, there is great uncertainty about how, when, and even whether the United States will restore fiscal sustainability. As shown by the near-default because of the impasse over the debt ceiling in July 2011, the two parties have been in sharp opposition on this issue. The Republicans have insisted that adjustment be accomplished by spending cuts rather than tax increases. Two hundred and thirty eight Republican congressmen and 41 Republican senators have signed the Grover Norquist pledge to oppose any attempt to raise marginal tax rates or reduce deductions without implementing offsetting tax reductions. In contrast, Democratic lawmakers have tended to emphasize the maintenance of social and entitlement programs and expressed a willingness to restore higher tax rates if necessary.
Topic:
Economics, Monetary Policy, Financial Crisis, Governance, and Law
Political Geography:
United States

24. Right Idea, Wrong Direction: Obama's Corporate Tax Reform Proposals

Author:
Gary Clyde Hufbauer and Martin Vieiro
Publication Date:
05-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The need for US corporate tax reform is blindingly obvious. Conservatives contend that the top corporate tax rate— whether measured in statutory or effective terms—is the second highest in the Organization for Economic Cooperation and Development (OECD). Liberals argue that the US corporate tax system is riddled with complex “loopholes,” enabling many firms—whether incorporated or not—to pay less than their fair share.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Governance
Political Geography:
United States

25. The Fed moves to provide more transparency

Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Oxford Economics
Abstract:
The Federal Reserve has taken additional actions to make its monetary policy more transparent to markets. The latest moves include the release of FOMC members' expectatins for the federal funds rate at the end of each of the next few years and in the longer term. Another is an statement of strategy for meeting its dual mandates of price stability and full employment. Although the statement included an explicit target for inflation but not for unemployment, the equal weights given to each goal afford the Fed more discretion in setting monetary policy.
Topic:
Economics, Government, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United States

26. Gold Exchange Standard in its 40th Year of Abolition: Jacques Rueff Re-Visited

Author:
Onur Bayramoğlu
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
Global Political Trends Center
Abstract:
While the post-war international monetary system that evolved under the leadership of the U.S. dollar has secured credit abundance – and hence contributed to global growth – the system has also revealed its deficiencies already by 1950's. In contrary to the 1930's when the world's main problem was chronic deflation; two decades later, the problem has become chronic inflation and fiscal deficits. Since then many blamed the indiscipline of the Keynesian school of thought and the inability of the U.S. dollar to become a global “public good” by being a stable international currency. In this Policy Brief, I overview the many aspects of the post-war international monetary system through the lens of the post-war French economist, Jacques Rueff, and question the applicability of his longproposed gold standard in today's highly integrated and speculative money markets.
Topic:
Economics, International Trade and Finance, Markets, Monetary Policy, and Financial Crisis
Political Geography:
United States

27. Fear Athens Less and Washington More

Author:
Irwin M. Stelzer
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
Hudson Institute
Abstract:
There comes a tide in the affairs of men And the one sweeping from Greece, across Europe and into the United States is washing away support for austerity, in some cases reinforcing opposition to it, largely from the Left. President Obama is delighted at this support for his refusal to cut spending in the face of mounting deficits, and the Republicans are feeling beleaguered at what they see as the disinterment of the body of works of John Maynard Keynes. No longer must the President sit at G8 meetings (in this weekend's case, G7 since Vladimir Putin finds it necessary to stay at home to deal with an unpleasant spate of dissent) and hear only the voice of Germany's iron Chancellor, Angela Merkel, extolling the virtues of thrift, austerity and balanced budgets. Now he has France's new socialist President, François Hollande, to preach the virtues of spending, "the indispensable stimulation of the economy", and, even better, high taxes-- up to 75% on incomes in excess of $1.35 million per year, which makes the team of Buffett and Obama mere pikers at the soak-the-rich game. Secretary of State Hillary Clinton expressed the administration's delight at Hollande's "different political approach Different voices may be louder on growth than they have been It's been our view that there needed to be adjustments to austerity, so that there could be growth, both for economic reasons and for political reasons President Obama and our economic team have been saying for some time that growth had to factor into a European recovery." Take that, Mrs. Merkel and all you Republicans who want to cut entitlement spending and retain the Bush tax cuts that benefit "millionaires and billionaires", Obama shorthand for families earning more than $250,000 per year.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Budget
Political Geography:
United States, Europe, Washington, Greece, and France

28. How Safe Is the U.S. Safe Haven?

Author:
Irwin M. Stelzer
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
Hudson Institute
Abstract:
This version of the glorious sonnet composed by Emma Lazarus in 1883, and later engraved on a bronze plaque installed on the Statue of Liberty, calling the world's huddled masses to our shores, captures what it means these days to be a safe haven. Just as America proved to be such a safe haven for immigrants in the latter 19th and early 20th centuries, it is now seen as a safe haven for wealth attempting to escape Europe's tax collectors and financial chaos and recession in Europe, and for foreign central banks newly enamored of the dollar.
Topic:
Economics, International Trade and Finance, Immigration, and Monetary Policy
Political Geography:
United States, Europe, and Germany

29. Inheriting Recessions

Author:
Tim Kane
Publication Date:
07-2012
Content Type:
Working Paper
Institution:
Hudson Institute
Abstract:
Three of the last six U.S. presidents have inherited a recessionary economy: Ronald Reagan, George W. Bush, and Barack Obama. Let's define "inheriting a recession" as meaning that on the date a president is sworn into office, the economy is technically still in recession or enters one within a few months. Most economists would agree that presidents have little short-term control over the economy, but that their fiscal policies can be implemented quickly and affect macroeconomic performance after the first year. Reagan, inaugurated in January 1981, actually endured a double-dip recession-one that had been raging since early 1980 and a second that hit in July 1981-but the economy experienced a strong and sustained recovery that began in November 1982 during his second year in the White House. Bush was inaugurated in January 2001, and the economy entered recession just weeks later. Obama entered office in January 2009, like Reagan, after the United States had been in recession for a full year.
Topic:
Economics, International Trade and Finance, Monetary Policy, Financial Crisis, and Governance
Political Geography:
United States

30. Competition in Currency: The Potential for Private Money

Author:
Thomas L. Hogan
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
Privately issued money can benefit consumers in many ways, particularly in the areas of value stability and product variety. Decentralized currency production can benefit consumers by reducing inflation and increasing economic stability. Unlike a central bank, competing private banks must attract customers by providing innovative products, restricting the quantity of notes issued, and limiting the riskiness of their investing activities. Although the Federal Reserve currently has a de facto monopoly on the provision of currency in the United States, this was not always the case. Throughout most of U.S. history, private banks issued their own banknotes as currency. This practice continues today in a few countries and could be reinstituted in the United States with minimal changes to the banking system.
Topic:
Economics, Government, Markets, and Monetary Policy
Political Geography:
United States