Sustained large U.S. current account deficits have led some economists and policymakers to worry that future current account adjustment could occur through a sudden and disruptive depreciation of the dollar and a sharp drop in U.S. consumption. Two factors that, to date, have cast doubt on such...

This paper quantifies the effects of two short-run fiscal policies, a temporary tax cut and a temporary rebate transfer, that are intended to stimulate economic activity. A reduction in income taxation provides immediate incentives to work and save more, raising aggregate output and consumption....

Stabilization policies frequently aim to boost spending as a means to increase GDP. Spending does not necessarily translate into production, however, especially when inventories are involved. We look at the “cash-for-clunkers” program that helped finance the purchase of nearly 700,000...

Remarks at the Regional Economic Press Briefing, New York City.

Remarks at Dominican College, Orangeburg, New York.

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.

Remarks before the Morris County Chamber of Commerce, Florham Park, New Jersey.

Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.

Remarks at New York University's Stern School of Business, New York City.