CommentaryThe daily commentary section provides insights on complex issues in a brief and digestible format. Here you can find analysis of changing economic conditions and original perspectives on how the economy is affecting policy debates.
No one likes paying taxes. But this year, some of the biggest losers are married working women, who are being discouraged from working by high effective marginal tax rates, both at the bottom and the top end of the income scale.
Other losers are
ReactionEconomic policy debates in the 21st century evolve quickly and part of e21's mission is to provide a forum for around-the-clock reactions. In this section, you can find posts from leading economists, scholars and writers on what's happening in the global economic landscape.
Detroit's bankruptcy has provoked a considerable amount of debate about how the municipal bond market is changing. The city's emergency financial manager, Kevyn Orr, has even declared that he would treat a chunk of Detroit's general obligation bonds, traditionally considered the safest local debt, as unsecured borrowing.
In-Depth Researche21 spotlights and directly supports new research that's necessary to develop innovative economic policy solutions for the 21st century. This section highlights in-depth research papers from a range of academics, economists and thinkers across the political spectrum, fostering creative nonpartisan policy solutions to pressing economic concerns.
This paper was presented April 13, 2014 at the International Monetary Fund’s Spring 2014 Meetings, in the session entitled “Can or Should Central Banks Remain Fully Independent Despite a Wider Mandate and Considerable Fiscal Pressure?”
Over the first 100 years of Federal Reserve System history, the United States enjoyed both price stability and the absence of banking crises in only about a quarter of those years. Allan Meltzer’s (2003, 2009, 2010) three volume history of the Fed (and the voluminous literature on Fed history published before and since) document that two main influences explain persistent Fed failure: politicization of Fed decisions (especially to elicit Fed assistance in accomplishing short-term fiscal or electoral objectives of the Administration), and model misspecification (reflecting the limits of Fed knowledge about the economy).