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Session 8 Economic Stabilization Policy
The U.S. economy is officially in a recession, and the question is: What policies can reduce the depth of the downturn and promote a recovery? The Federal Reserve Board has reduced the federal funds rate to a record low. Using other monetary policy tools, instituting tax cuts, expanding infrastructure spending, and stimulating consumer
consumption will be among the options discussed by the panel.
Presentations
Speakers
J. Bradford DeLong
University of California at Berkeley
Brad DeLong is a professor in the Department of Economics at U.C. Berkeley; chair of the Berkeley International and Area Studies Political Economy major; a research associate at the National Bureau of Economic Research; and a visiting scholar at the Federal Reserve Bank of San Francisco. From 1993 to 1995 he worked for the U.S. Treasury as a deputy assistant secretary for economic policy.
While in the Clinton administration, reporting to Assistant Secretary Alicia Munnell, he worked on the Clinton Administration's 1993 budget, on the Uruguay Round of the General Agreement on Tariffs and Trade, on the North American Free Trade Agreement, on macroeconomic policy, on the unsuccessful health care reform effort, and on many other issues.
Before joining the Treasury Department he was Danziger Associate Professor in the Department of Economics at Harvard University. He has also been a John M. Olin Fellow at the National Bureau of Economic Research, an Assistant Professor of Economics at Boston University, and a Lecturer in the Department of Economics at M.I.T.
He has written on, among other topics, the evolution and functioning of the U.S. and other nations' stock markets, the course and determinants of long-run economic growth, the making of economic policy, the changing nature of the American business cycle, and the history of economic thought.
His best work extends from business cycle dynamics through economic growth, behavioral finance, political economy, economic history, international finance to the history of economic thought and other topics, including: "Is Increased Price Flexibility Stabilizing?" "Productivity Growth, Convergence, and Welfare," "Noise Trader Risk in Financial Markets," "Equipment Investment and Economic Growth," "Princes and Merchants: European City Growth Before the Industrial Revolution," "Why Does the Stock Market Fluctuate?" "Keynesianism, Pennsylvania-Avenue Style," "America's Peacetime Inflation: The 1970s," "American Fiscal Policy in the Shadow of the Great Depression," "Review of Robert Skidelsky (2000), John Maynard Keynes, volume 3, Fighting for Britain," "Between Meltdown and Moral Hazard: Clinton Administration International Monetary and Financial Policy," "Productivity Growth in the 2000s," "Asset Returns and Economic Growth."
He has taught finance, macroeconomics, economic history, and social theory. He holds a Ph.D. (1987), an M.A. (1984), and a B.A. summa cum laude (1982) from Harvard University.
He was born in Boston, Mass. on June 24, 1960.
Lawrence Lindsey
The Lindsey Group
Larry Lindsey is President and Chief Executive Officer of The Lindsey Group. He has held leading positions in government, academia, and business. Prior to forming The Lindsey Group, he held the position of Assistant to the President and Director of the National Economic Council at the White House and was the chief economic adviser to candidate George W. Bush during the 2000 Presidential campaign.
Dr. Lindsey also served as a Governor of the Federal Reserve System from 1991 to 1997, as Special Assistant to the President for Domestic Economic Policy during the first Bush Administration, and as Senior Staff Economist for Tax Policy at the Council of Economic Advisers during President Reagan's first term. Dr. Lindsey served five years on the Economics faculty of Harvard University and held the Arthur F. Burns Chair for Economic Research at the American Enterprise Institute. From 1997 until 2001 he was Managing Director of Economic Strategies, a global consulting firm.
Dr. Lindsey earned his A.B. Magna Cum Laude from Bowdoin College and his M.A. and Ph.D. from Harvard University. He was awarded the Outstanding Doctoral Dissertation Award by the National Tax Association and named the Citicorp Wriston Fellow for Economic Research at the Manhattan Institute. He is the author of numerous articles and three books: The Growth Experiment, Economic Puppet Masters and What a President Should Know...but Most Learn Too Late.