This written testimony accompanied Professor Hockett's oral testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Subcommittee on Financial Institutions and Consumer Protection, given on 21 November 2014. Professor Hockett testifies that the Federal Reserve Board...

Much American electoral and policy debate now centers on how best to reignite the nation's economic dynamism and rebuild its competitive strength. Any such undertaking presents an extraordinary challenge, demanding a correspondingly extraordinary institutional response. This Article proposes...

With the American economy stalled and another federal election campaign season well underway, the quot;outsourcingquot; of American jobs is again on the public agenda. Latest figures indicate not only that claims for joblessness benefits are up, but also that the rate of American job-exportation...

We are now so accustomed to the separation of fiscal and monetary policy, hence of central banks and exchequers along with the distinct credit-modulatory and credit-allocative tasks now assigned those distinct instrumentalities, that the thought of a partial reconsolidation rings heterodox. So...

There is a share of the investment capital available in any society that is generated by the public. In contemporary societies with well-developed payments systems and effective public governance, this share tends to grow large in comparison to that originated by non-public sources. For the...

For the past 50 years at least, many American economists and policymakers have erred in their implicit understanding of ‘economic development.’ Instead of the perpetual process of technological advance and responsive macroeconomic adjustment that it is, development has been conceived as a...

This written testimony accompanied Professor Hockett's oral testimony, given 11 September 2012, before a House of Representatives panel convened by Rep. Maxine Waters, on the necessity of municipalities' employing their eminent domain authority to purchase and write-down principal on deeply...

As a new hurricane season opened in June of 2006, it emerged that a number of online gaming sites were offering bettors the opportunity to wager on whether New Orleans might suffer another Katrina calamity. Commentators condemned the announced practice with howls of disgust, labeling it both...

Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit' of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective...