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12/19/08
Research Report
#110-32
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Prominent economists and policymakers invoke Keynesian economics in support of proposals for dramatic federal spending increases of $800 billion or more by the next administration to stimulate the economy. The federal government is intervening in the private sector on a large scale already to combat the economic crisis. Is Keynesianism, which had been discredited in the 1970s, truly the answer to our economic ills? Upon examination, federal policy to date has not fully embraced Keynesianism, which does not offer assurance of lasting prosperity and indeed may pose grave risks to it.
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12/19/08
Research Report
#110-31
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To the OPEC member countries clustered around the Persian Gulf holding 55 percent of the world’s known oil reserves and exporting their oil through the Strait of Hormuz, it is obvious that jointly restricting supply will boost the international oil price. They have no control over new entry into the world oil market or over world oil demand, but they have in their favor the lowest production cost (less than $5 per barrel), ease of physical access to world markets (via supertankers), and hence a high degree of output flexibility.
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12/18/08
Research Report
#110-30
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Japan experienced large asset price bubbles in its stock and commercial real estate markets during the second half of the 1980s. These bubbles peaked in 1989 and 1990, respectively. Subsequently, both Japanese share prices and land values fell, surrendering all of their gains during the bubble years by 1993 and 2000, respectively.
After these bubbles popped, real GDP growth slowed abruptly. However, a series of fiscal and monetary blunders by the Japanese government transformed the inevitable post-bubble recession into a “lost decade” of deflation and stagnation. U.S. policymakers can learn valuable lessons of what to do and not to do by studying these blunders.
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12/15/08
Research Report
#110-29
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11/18/08
Research Report
#110-28
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10/30/08
Testimony
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10/29/08
Press Release
#110-50
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10/27/08
Press Release
#110-49
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10/23/08
Press Release
#110-48
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