Government Policies and the Delayed Economic Recovery

by Ohanian, Lee E.; Taylor, John B.; Wright, Ian

• ISBN13: 9780817915346
• ISBN10: 0817915346
• Format: Hardcover
• Copyright: 2012-09-01
• Publisher: Hoover Institution Press

Summary

How government policies are slowing economic growth The slow recovery from the recession of 20079 raises fundamental economic and public policy concerns. Government Policies and the Delayed Economic Recoveryexamines some possible causes of the weak recovery and presents empirical evidence that too much policy activism and other policy shortcomings have held back economic growth. The book examines a wide range of policies that have led to the delayed economic recovery, from increased regulation to ineffective programs that have driven up the public debt. Although their opinions are not always the same, together the contributors reveal a common theme: the delayed recovery has been due to the enactment of poor economic policies and the failure to implement good ones. The authors conclude their analysis by providing a framework for how policies should change to restore strong economic growth.

Author Biography

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	p. 1
Economic Strength and American Leadership	p. 11
Uncertainty Unbundled: The Metrics of Activism	p. 19
Has Economic Policy Uncertainty Hampered the Recovery?	p. 39
How the Financial Crisis Caused Persistent Unemployment	p. 57
What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package	p. 85
The Great Recession and Delayed Economic Recovery: A Labor Productivity Puzzle?	p. 115
Why the U.S. Economy Has Failed to Recover and What Policies Will Promote Growth	p. 155
Restoring Sound Economic Policy: Three Views	p. 187
Summary of the Commentary	p. 211
About the Authors	p. 229
About the Hoover Institutions Working Group on Economic Policy	p. 237
Index	p. 241
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