Edward Leamer, Professor of Management, University of California at Los Angeles
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Edward Leamer is the Chauncey J. Medberry Professor of Management, Professor of Economics and Professor of Statistics at UCLA. He received a B.A. degree in mathematics from Princeton University and a Ph.D. degree in economics and an M.A. degree in mathematics from the University of Michigan. After serving as Assistant and Associate Professor at Harvard University he joined the University of California at Los Angeles in 1975 as Professor of Economics and served as Chair from 1983 to 1987. In 1990 he moved to the Anderson Graduate School of Management and was appointed to the Chauncey J. Medberry Chair. Professor Leamer is a Fellow of the American Academy of Arts and Sciences, and a Fellow of the Econometric Society. He is a Research Associate of the National Bureau of Economic Research and a visiting scholar at the International Monetary Fund and the Board of Governors of the Federal Reserve System. He is currently serving as the Director of the UCLA Anderson Forecast.
div.Section1 {page:Section1;} --> What we need is an AAWP, W for working, and an AAYP, Y for young, to go along with the AARP, formerly known as the American Association of Retired People. Until the next generation of Americans can find some way of expressing themselves politically, this discussion about an independent fiscal policy is naively academic. This applies to all levels of governance. Close to home, the pension system of the University of California is now seriously underfunded, and will require the tax we call “contributions to retirement” on future UC Professors to fund my lavish retirement made… Read more
The US is NOT experiencing a second Great Depression Eichengreen and O’Rourke have designed some pictures that threaten us with the coming of the next Great Depression. Think of their pictures as Halloween outfits that hide innocent children. The data so far do not come even remotely close to Great Depression levels. If we get this economy turned around in the third quarter, as the vast majority of economists expect, this will be the most extreme recession since World War II, but only slightly. To calm us all down, we need to look at some other pictures. The image below… Read more
To think clearly about what might signal the end to the recession, we need to understand what recessions have been like historically. Maybe you need to see this all laid out in my new book, Macroeconomic Patterns and Stories. Since World War II, we have experienced eight consumer downturns and two "resets" to use the term currently in vogue. One reset was the 1953 Department of Defense downturn caused by a huge drop in spending by the DOD when the Korean armistice was signed in July 1953. That was a reset - back to a peacetime economy. The other reset… Read more
Normal 0 false false false MicrosoftInternetExplorer4 st1:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} ALLEVIATING THE FINANCIAL CRISIS: “PLAN B”--A MARKET BASED SOLUTION Kip Hagopian and Professor Ed Leamer[1] DATE @ "MMMM d, yyyy" February 17, 2009 Congress initially rejected the $700 billion “Troubled Asset Relief Program” (TARP) bill, presumably because neither the Treasury nor elected officials were able to make a clear case to American taxpayers why this plan would be effective, and at what cost, and because… Read more
For almost a decade, the US auto sector has managed consistently to lose money in bad years and in good years. Sales which in the good years were above 16 million units will be less than 14 million this year and in the most recent months are only at a 10 million rate. At that rate, this industry is bleeding cash and can sustain itself in its current form only with a major cash infusion. A cash infusion would make sense if at the end of the tunnel there were some bright new green world for the auto sector to… Read more
An Undergraduate Error from a Nobel Prize Winner It is surprising indeed to see Krugman making an undergraduate error in thinking about the effect of a surge in federal spending on our future prosperity. This error helps to perpetuate the rampant neglect of the future that is going to make things very difficult for our children and grandchildren. Deficits really do matter. In a closed economy, with the US the only country in the world, the size of future US GDP and thus our future collective prosperity is determined by the level of investment. It is therefore true that for… Read more
Before we start dishing out taxpayer money to GM, it seems wise to consider what else might be done. Our problem right now is a rapid decline in consumer spending not only on automobiles but just about everything else. Some of the decline in consumer spending is a wise response to the decline in housing and stock market wealth, but the October unprecedented collapse in retail spending cannot be attributed to a wealth effect, which historically happens slowly over time. Our problem right now is fear. Call it the Paulson Panic. The threat of the next Great Depression used to… Read more
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