Featured News
★ Nov 03, 2025 - The China Economic Challenge: Strength, Fragility, and the Limits of Isolation | Aspen Strategy Group
If I had to reduce the current debate about China’s economic rise to one phrase, it would be “technology trumps tariffs.” While much of our energy is consumed by familiar debates over trade wars, the deeper forces reshaping the global economy are technological change, demographic shifts, and capital flows.
We are entering a period where the certai... Read More
★ Oct 31, 2025 - 2025 PIIE’s Central Bank Independence Practice
Read More
★ Jul 08, 2025 - Lawrence Summers: This Law Made Me Ashamed of My Country
Last week, Robert Rubin and I warned of the many macroeconomic risks created by the domestic policy bill President Trump signed into law on Friday. I stand by our judgment that it will most likely slow growth, risk a financial crisis, exacerbate trade deficits and undermine national security by exhausting the government’s borrowing capacity. This i... Read More
★ Jun 04, 2025 - Stan Fischer
Stan Fischer was the most influential macroeconomist of his generation—not only to me, but to the world.
He was, in turn, my teacher, my colleague, my friend, my predecessor, and my counterpart. But more than any of those roles, he was the person who best exemplified how economics could be used—at the highest level—to make the world more stable, m... Read More
★ Jun 03, 2025 - Center for American Progress: The fiscal impact of DOGE IRS layoffs | Read Article
★ Apr 19, 2025 - Yascha Mounk’s The Good Fight podcast | Listen to Podcast
★ Feb 04, 2021 - The Biden stimulus is admirably ambitious. But it brings some big risks, too.
President Biden’s $1.9 trillion covid-19 relief plan, added to the stimulus measure Congress passed in December with the incoming administration’s strong support, would represent the boldest act of macroeconomic stabilization policy in U.S. history. Its ambition, its rejection of austerity orthodoxy and its commitment to reducing economic inequalit... Read More
In the News
★ Nov 03, 2025 - The China Economic Challenge: Strength, Fragility, and the Limits of Isolation | Aspen Strategy Group
If I had to reduce the current debate about China’s economic rise to one phrase, it would be “technology trumps tariffs.” While much of our energy is consumed by familiar debates over trade wars, the deeper forces reshaping the global economy are technological change, demographic shifts, and capital flows.
We are entering a period where the certai... Read More
Nov 03, 2025 - How universities are addressing challenges to higher education, free speech
Universities have found themselves under pressure from President Trump – from blocked funds for research, to attacks on their admission policies and diversity programs. Robert Costa talks with Princeton University President Christopher Eisgruber about the challenges facing higher education today – on campuses and in Washington – and about his focus... Read More
Oct 02, 2025 - Amicus Brief on protecting the independence of the Federal Reserve
Glad to be a part of this Amicus Brief arguing that granting the government's request to remove Governor Cook from the Federal Reserve immediately would upset these longstanding protections and the essential functions they serve — alongside all living former Federal Chairs, a bipartisan group of former US Treasury Secretaries and distinguished econ... Read More
Apr 24, 2025 - Summers goes “Full Larry” The Puck with William Cohan | Listen to Podcast
Apr 19, 2025 - How Harvard President Alan Garber came to lead the higher ed resistance against Trump | Read Article
Apr 15, 2025 - Why Harvard Decided to Fight Trump | Read Article
Apr 11, 2025 - All-In Podcast: The Great Tariff Debate | Listen to Podcast
Apr 08, 2025 - GZero World with Ian Bremmer: Trump’s trade war is worst self-inflicted wound since WWII | Read Article
Apr 04, 2025 - Recession Threat as Trump Ramps Up Trade War | Watch Video
Mar 31, 2025 - The New York Times: Trump Administration Will Review Billions in Funding for Harvard | Read Article
Mar 30, 2025 - Larry Summers blasts ‘ludicrous’ claim by Scott Bessent
New York (CNN) — Larry Summers is fed up with the tariff defense made by his successor, Treasury Secretary Scott Bessent.
Summers, who served as treasury secretary under President Bill Clinton, blasted Bessent’s claim that Chinese producers will bear the brunt of new US tariffs on imports from China.
“This position is contradicted by every introd... Read More
Mar 28, 2025 - CNN: Americans’ confidence nosedives on trade war fears | Watch Video
My interview with Wolf Blitzer and Pamela Brown on CNN's Situation Room. "I fear we may be only in the second inning of our economic challenges unless the Administration is scared straight towards rational policy by the evidence surrounding it." Read More
Mar 28, 2025 - CNN: Tariffs & Uncertainty | Watch Video
My interview with Laura Coates on CNN. "Trump's tariffs are pretty much all downside as economic policy." Read More
Mar 20, 2025 - Tariffs, economic uncertainty raise risk of recession | Listen to Podcast
Many economists say tariffs and economic uncertainty are raising the risks of a recession. One of those economists is Larry Summers, a former U.S. Treasury secretary and former director of the National Economic Council.
Here & Now's Scott Tong talks to Summers about President Trump's economic policies and why they are raising fears of a recess... Read More
Mar 20, 2025 - WBUR: Tariffs, economic uncertainty raise risk of recession | Read Article
Mar 10, 2025 - Boston Globe: ‘Deeply repugnant.’ Former Harvard president Larry Summers denounces Trump’s moves on universities, antisemitism | Read Article
Mar 04, 2025 - Free Press: Larry Summers Thinks Trump’s Tariffs Are a Disaster
By Oliver Wiseman, The Free Press — We are at war. A trade war, that is. With China and—less explicably—Canada and Mexico. Donald Trump’s 25 percent tariffs on goods from Mexico and Canada went into effect on Tuesday morning. This week, the administration also introduced an additional 10 percent tariff on Chinese imports.
Canada has responded wi... Read More
Mar 04, 2025 - The Free Press: Larry Summers Thinks Trump’s Tariffs Are a Disaster | Read Article
Feb 10, 2025 - Five Former Treasury Secretaries: Our Democracy Is Under Siege
New York Times — When we had the honor of being sworn in as the 70th, 71st, 75th, 76th and 78th secretaries of the Treasury, we took an oath to support and defend the United States Constitution.
Our roles were multifaceted. We sought to develop sound policy to advance the president’s agenda and represent the economic interests of the United States... Read More
Feb 10, 2025 - The New York Times: Opinion: Five Former Treasury Secretaries: Our Democracy Is Under Siege | Read Article
Feb 03, 2025 - MSNBC ‘Strategy of being a bully’: Trump’s tariffs will ‘backfire’
MSNBC — Larry Summers, Former U.S. Treasury Secretary, joins Andrea Mitchell to analyze President Donald Trump's new tariffs on Mexico, Canada and China. Summers highlights the grave impacts these tariffs will have on the American consumer and families. READ MORE Read More
Feb 03, 2025 - MSNBC: Fmr. Treasury Secy. says Trump’s tariffs will ‘backfire’ | Read Article
Feb 03, 2025 - Politico: Morning Money: Will Trump fall into the transitory trap? | Read Article
Feb 02, 2025 - Trump’s tariffs are a bully strategy | Watch Video
Trump’s tariffs are a bully strategy, my conversation with Manu Raju on CNN’s Inside Politics Read More
Feb 02, 2025 - Politico Morning Money: Will Trump fall into the transitory trap?
POLITICO Morning Money — “Unrealistic macroeconomic cheerleading usually backfires because it’s associated with bad policy and because it undermines credibility,” former Treasury Secretary Larry Summers told MM. “This administration, given the self-inflicted supply shocks to the economy it is implementing, very much has that risk. Its inflationary ... Read More
Feb 01, 2025 - Larry Summers on Trump Tariffs, CNN | Watch Video
My interview on February 1, 2025 with Jessica Dean of CNN on how Trump's tariffs on Mexico and Canada defy economic logic. Read More
Jan 30, 2025 - Wall Street Journal: Opinion: Gramm and Summers: A Letter on Tariffs From Economists to Trump | Read Article
Jan 28, 2025 - The Settlement Is a Start — But Only a Start — To Restoring Harvard.
The Harvard Crimson — Harvard’s settlement last week of two lawsuits alleging antisemitic discrimination surely does not represent the end of overdue efforts by the University to combat antisemitism. To amend Winston Churchill at a key juncture during World War II, it does not even represent the beginning of the end of the University’s efforts to r... Read More
Jan 28, 2025 - The Harvard Crimson: Opinion: The Settlement Is a Start — But Only a Start — To Restoring Harvard. | Read Article
Dec 11, 2024 - Martin Wolf interviews Larry Summers — Is Trump a threat to the US economy?
FT — Hello and welcome to The Economic Show. I’m Martin Wolf, the FT’s chief economics commentator in London. While our regular host, Soumaya Keynes, is on maternity leave you’ll be hearing a lot more from me over the coming weeks. Today, I have the pleasure of talking to someone who has uniquely been a hugely distinguished academic, a top official... Read More
Dec 11, 2024 - Financial Times: The Economic Show with Martin Wolf — Is Trump a threat to the US economy? | Read Article
Dec 03, 2024 - How China tariffs could backfire on U.S.
Harvard Gazette — President-elect Donald Trump’s longstanding plans to hit China with stiff tariffs would likely deal a blow to China’s already faltering economy, but it could also trigger some unintended negative consequences for the U.S. economy and foreign relations, economists say.
Trump warned last week that on his first day back in office... Read More
Dec 03, 2024 - The Harvard Gazette: How China tariffs could backfire on U.S. | Read Article
Nov 25, 2024 - Fareed Zakaria GPS with Larry Summers | Watch Video
Interview with Fareed Zakaria on CNN's GPS where we discussed how the Trump program, if literally implemented, would be a far larger stimulus to inflation than anything President Biden enacted. Read More
Nov 24, 2024 - Economic Policy Before and After the 2024 Election | Read Article | Watch Video
My conversation on economic policy before and after the election with John Ellis at the Harvard Institute of Politics. Read More
Nov 19, 2024 - Trump’s Treasury Challenge: A Pick Who Loves Tariffs Yet Calms Markets
New York Times — “I think Trump has a problem in that he wants two different things,” said Lawrence H. Summers, who served as Treasury secretary in the Clinton administration. “He wants somebody who will be deeply loyal, and he wants someone who will be deeply reassuring to markets. Since markets are fearful of the tariff agenda, it’s hard to squar... Read More
Nov 19, 2024 - “The New York Times: Trump’s Treasury Challenge: A Pick Who Loves Tariffs Yet Calms Markets” | Read Article
Nov 16, 2024 - Larry Summers discusses where we are, what we lack and where we’re going.
The title of Thursday’s “Forum” at the Institute of Politics at the John F. Kennedy School of Government at Harvard was “Economic Policy Before and After the 2024 Election.”
We (meaning he) talked about that at some length. But he also talked about the gathering storm in Europe, the spirit of public service, the crisis of the academy, the 350-fo... Read More
Nov 16, 2024 - John Ellis: Where we are, what we lack and where we’re going | Read Article
Nov 12, 2024 - Larry Summers sounds the alarm bell on inflation — before Trump even takes office
New York CNN — When many were celebrating the remarkable economic recovery from the pandemic in the spring of 2021, Larry Summers warned the White House and the rest of Washington that inflation was a real danger.
That warning proved to be prescient. Price spikes engulfed the US economy, crushed consumers and forced the Federal Reserve to spike in... Read More
Nov 12, 2024 - CNN Business: Larry Summers sounds the alarm bell on inflation — before Trump even takes office | Read Article
Oct 28, 2024 - Fox News: Summers unpacks the 2024 presidential candidates’ economic plans with Martha MacCallum | Read Article
Sep 22, 2024 - Financial Times: Trumponomics: The radical plan that would reshape America’s economy | Read Article
Sep 20, 2024 - Larry Summers, Former U.S. Treasury Secretary, Helps Launch Questrom School Institute at BU
BU Today — An overdue defense of capitalism—paired with a better understanding of what responsible businesses owe society—makes a new Boston University institute devoted to those causes essential, former US Treasury Secretary Lawrence Summers said at the institute’s formal launch.
The Questrom School of Business Ravi K. Mehrotra Institute for Bu... Read More
Sep 20, 2024 - BU Today: Summers Helps Launch Questrom School Institute at BU | Read Article
Aug 05, 2024 - The Free Press: What to Do When the Market Drops? Call Larry Summers | Read Article
Jun 14, 2024 - Larry Summers Isn’t Second-Guessing the Government on Inflation
New York Times — Interest payments aren’t counted in the inflation rate. This is a fact that a lot of readers find confusing, if not angering, especially now, when rates are high on mortgages, auto loans and credit cards. I get lots of mail from people saying the absence of interest rates from the Consumer Price Index seems like sleight of hand by ... Read More
Jun 14, 2024 - The New York Times Opinion: Larry Summers Isn’t Second-Guessing the Government on Inflation | Read Article
Jun 02, 2024 - The Atlantic: Trump’s Plan to Supercharge Inflation | Read Article
May 23, 2024 - The Harvard Crimson Opinion: Larry Summers: An End and a Beginning For Harvard | Read Article
Apr 15, 2024 - Project Syndicate: The World Is Still on Fire | Read Article
Mar 14, 2024 - Radio Free Europe: State Department’s Miller Among Scores Of Americans Banned By Russia | Read Article
Mar 13, 2024 - The Harvard Gazette: Where money isn’t cheap, misery follows | Read Article
Feb 28, 2024 - NPR: Here’s a big reason why people may be gloomy about the economy: the cost of money | Read Article
Dec 15, 2023 - Financial Times: Larry Summers: We haven’t nailed the landing yet | Read Article
Oct 31, 2023 - MarketWatch: U.S. fiscal deficit a ‘more serious problem than ever before,’ says Larry Summers | Read Article
Sep 29, 2023 - Center for Global Development: “The World Is On Fire”: Larry Summers on the Pressing Need for New Global Financing through MDB Reform | Read Article
Sep 19, 2023 - The New York Times Opinion: How to Make Russia Really Pay for Invading Ukraine | Read Article
Sep 08, 2023 - The Washington Post Opinion: Three big, bold ideas to douse the flames of a world on fire with Bono | Read Article
Sep 06, 2023 - Larry Summers on Inflation Fears as Oil Reaches 10 Month High | Watch Video
Aug 30, 2023 - Harvard Kennedy School: Will AI come for the cognitive class? | Read Article
Aug 20, 2023 - The Washington Post: Opinion: What Just Happened: Storm Clouds Loom for China’s Economy | Read Article
Aug 18, 2023 - Project Syndicate: Will Donald Trump’s Indictments Have Economic Consequences? | Read Article
Aug 02, 2023 - Politico: Morning Money: The downgrade: Does it matter? | Read Article
Jul 31, 2023 - Project Syndicate: The Multilateral Development Banks the World Needs | Read Article
Jul 27, 2023 - The Economist: Lawrence Summers, Philip Zelikow and Robert Zoellick on why Russian reserves should be used to help Ukraine | Read Article
Jul 22, 2023 - The Free Press: Rethinking Higher Ed with Harvard’s Former President | Read Article
Jun 15, 2023 - Foreign Affairs: The Other Counteroffensive to Save Ukraine with Philip Zelikow and Robert B. Zoellick | Read Article
Apr 18, 2023 - Foreign Policy LIVE: Larry Summers: It’s Dangerous When Everyone Is a China Hawk | Read Article
Apr 13, 2023 - Time: The 100 Most Influential People of 2023: Janet Yellen | Read Article
Mar 27, 2023 - The Harvard Gazette: More turbulence likely ahead after bank collapses | Read Article
Mar 22, 2023 - The Information: Summers Predicts “Cleaning Out” of Fintech Sector After SVB Failure | Read Article
Mar 20, 2023 - The Washington Post: The moral and legal case for sending Russia’s frozen $300 billion to Ukraine with Philip Zelikow and Robert B. Zoellick | Read Article
Sep 27, 2022 - Harvard Magazine: Portraying Lawrence H. Summers | Read Article
Aug 23, 2022 - Barron’s: ‘We Are Still Headed for a Pretty Hard Landing,’
Economist Lawrence H. Summers never joined Team Transitory, or the economists, investment strategists, and members of the Federal Reserve who thought inflation would be a temporary phenomenon. Instead, he warned early and often that massive fiscal and monetary stimulus unleashed in response to the impact of the Covid pandemic would result in the ec... Read More
Aug 23, 2022 - POLITICO: Larry Summers emerges as the unlikeliest Democratic hero
When the White House sought help crafting crucial tax-raising portions of the health care, climate and tax bill, one man was often on the other end of the phone line and email chains: Larry Summers.
When Democratic lawmakers needed a final push to convince Sen. Joe Manchin that the Inflation Reduction Act would in fact reduce inflation, they als... Read More
Jul 02, 2021 - We Ran the Treasury Department. This Is How to Fix Tax Evasion.
New York Times, June 9, 2021 - Six hundred billion dollars per year, and growing: That is two-thirds of total nondefense discretionary spending by the federal government, about what is spent on defense operations, military personnel and procurement, and more than mandatory federal expenditures on Medicaid. It’s also approximately how much unpaid ta... Read More
Apr 06, 2020 - Amanpour PBS and CNNi: Summers on record surge in U.S. unemployment
Former Treasury Secretary Lawrence H. Summers tells Amanpour on April 2, Americans must understand "for all our individualism, we need a government that performs basic functions." Watch the full interview on PBS and CNN International here:
https://edition.cnn.com/videos/tv/2020/04/02/lawrence-summers-amanpour-unemployment-surge-coronavirus-crisis... Read More
Apr 06, 2020 - Vanity Fair: Grim As It Is Now, Recovery Could Be Faster Than Anticipated
I think the peak to trough decline is overwhelmingly likely to be worse than anything I’ve seen by a significant margin. Something like a third of the workforce is not going to be able to work during the current period of social lockdown. The people who can work now are the people who can work at home and the people that have to work outside. Econo... Read More
Jan 15, 2020 - Bernanke AEA Speech Last Hurrah for Central Bankers, Says Summers
Lawrence H. Summers, former U.S. Treasury Secretary, dismisses Former Federal Reserve Chairman Ben Bernanke's optimism for central bankers in a recent speech to the American Economic Association. He spoke with David Westin on "Bloomberg Wall Street Week." (Source: Bloomberg) Read More
Jan 31, 2019 - NPR: What The ‘Weakened’ Case For Hiking Interest Rates Might Mean For The Economy
The Fed on Wednesday backed off its plan to continue increasing rates this year in order to maintain U.S. economic growth.
Here & Now's Jeremy Hobson talks with Larry Summers, former secretary of the Treasury and president emeritus of Harvard University, about interest rates, tax rates and other economic issues. Read More
Mar 26, 2018 - Implications of steel tariffs for the US economy
In an interview on CNBC at the Asian Development Bank, Summers discussed the implications of steel tariffs for the US economy. The steel tariffs will do damage to the American economy "even before China retaliates" says Summers. Read More
Mar 26, 2018 - The Psychological Impact of Trade Sanctions
In an interview with Bloomberg News on March 26, 2018 at the Asian Development Bank, Summers discussed the psychological impact of trade sanctions with China. Read More
Mar 26, 2018 - Tariffs raise concerns about future of US – China relations
Is there any other way besides tariffs — and potentially a trade war — to get China to play fair on trade? David Greene interviews Summers for his insight on NPR's Morning Edition. Read More
Mar 08, 2018 - Saving the heartland: Place-based policies in 21st Century America
America’s regional disparities are large and regional convergence has declined if not disappeared. This wildly uneven economic landscape calls for a new look at spatially targeted policies. There are three plausible justifications for place-based policies–agglomeration economies, spatial equity and larger marginal returns to targeting social distre... Read More
Oct 03, 2017 - Newt Gingrich & Larry Summers on Why Roy Moore, Donald Trump Won
"Newt has the right elements of the answer- people are really angry, they're disillusioned, they're uncomfortable, they're scared, they're looking for something very different," said Summers.
"He had a gut visceral connection that the Democrats lacked."
"We had statisticians doing computer models around voter targeting, he had gut instincts aroun... Read More
Oct 02, 2017 - Conversations with Tyler Cowen: Macroeconomics, Mentorship and Avoiding Complacency
Listen to Conversation with Tyler Cowen: Macroeconomics, Mentorship and Avoiding Complacency where we discuss a wide range of ideas including: innovation in higher education, Herman Melville, the Fed, Mexico, Russia, China, philanthropy and my table tennis adventure in the summer Jewish Olympics. Read More
Oct 02, 2017 - Macro Musings podcast
My interview with David Beckwirth of Macro Musings podcast where we discuss macro policy making, QE, nominal GDP targeting and more. Listen to the podcast here. Read More
Sep 07, 2017 - Your Coming Tax Increase
The New York Times
David Leonhardt
September 7th, 2017
A 19th-century economist named Adolph Wagner made a prediction that came to be known as Wagner’s Law: As societies became wealthier, their taxes would rise. They would rise because people would want more of the services that government tended to provide better than the private market, like... Read More
Sep 07, 2017 - Why the U.S. Government Can’t Be Downsized
Bloomberg
Why the U.S. Government Can't Be Downsized
Albert Hunt
September 7th, 2017
https://www.bloomberg.com/view/articles/2017-09-07/why-the-u-s-government-can-t-be-downsized
The Republican vow to significantly reduce the size of government is a foolish pipe dream, Larry Summers says, not because of liberal policy aspirations but because ... Read More
Sep 05, 2017 - To Understand Rising Inequality
The New York Times' Upshot
September 3, 2017
Eastman Kodak was one of the technological giants of the 20th century, a dominant seller of film, cameras and other products. It made its founders unfathomably wealthy and created thousands of high-income jobs for executives, engineers and other white-collar professionals. The same is tru... Read More
Jun 22, 2017 - Globalization Will Work If We Stop Catering To The Elite
June 22, 2017
Published by Nathan Gardels, The WorldPost
What are the key policies of a centrist politics that is pro-globalization? In the wake of Brexit and Trump’s election, you have called for a “responsible nationalism” that responds to the needs of those voters. What does that mean in practice?
First of all, some of this ... Read More
Jun 20, 2017 - Lawrence Summers Says Best Trade Deals are ‘Win-Win’
June 20, 2017
Lawrence Summers, Harvard University Charles W. Eliot Professor and Former U.S. Treasury Secretary, discusses the Trump Administration's trade policy ahead of the G-20 meeting. He speaks with Bloomberg's Chad Thomas on "Bloomberg Daybreak: Americas." (Source: Bloomberg) Read More
Jun 20, 2017 - Lawrence Summers on Carbon Dividends, Border Tax, Trade
June 20, 2017
Lawrence Summers, Harvard University Charles W. Eliot Professor and Former U.S. Treasury Secretary, discusses carbon dividends, a border adjustment tax, and U.S. trade agreements. He speaks with Bloomberg's David Westin on "Bloomberg Daybreak: Americas." (Source: Bloomberg) Read More
Jun 20, 2017 - Lawrence Summers Makes the Case for a Border Tax
June 20, 2017
Lawrence Summers, Harvard University Charles W. Eliot Professor and Former U.S. Treasury Secretary, discusses the benefits of a border adjustment tax. He speaks with Bloomberg's David Westin on "Bloomberg Daybreak: Americas." (Source: Bloomberg) Read More
Jun 20, 2017 - Lawrence Summers Explains How Carbon Dividends Work
June 20, 2017
Lawrence Summers, Harvard University Charles W. Eliot Professor and Former U.S. Treasury Secretary, explains the process of addressing climate change using carbon dividends. He speaks with Bloomberg's David Westin on "Bloomberg Daybreak: Americas." (Source: Bloomberg) Read More
Jun 07, 2017 - Stephen Colbert: A Math Problem For Donald Trump
Summers points out the math error in Trump's budget on The Late Show with Stephen Colbert.
May 25, 2017
[embed]https://www.youtube.com/watch?v=UZBCaxyUv3g&feature=youtu.be[/embed] Read More
Jun 07, 2017 - Honing a Vision for Higher Education
Published by the New York Times
June 7, 2017
Some of the nation’s most influential leaders in higher education met last week at the Higher Ed Leaders Forum hosted by The New York Times. They discussed an array of issues facing colleges and universities today, including high costs, free speech, addressing the skills gap, using big data and lea... Read More
Jun 06, 2017 - Summers Asks Dimon: How far does Trump have to go for you to denounce him?
Published by Business Insider
June 5, 2017
Former US Treasury Secretary Lawrence Summers has some harsh words for JPMorgan CEO Jamie Dimon: Stop giving cover to Donald Trump’s outrageous policies on immigration, climate and the economy.
Summers called Dimon out for not leaving the president’s Council of CEOs, which the Harvard economist sa... Read More
Jun 06, 2017 - Trump’s Infrastructure Plan Worries Summers
In an interview on Bloomberg Daybreak: Americas, Harvard University Charles W. Eliot Professor Lawrence Summers talks about his support for big reforms in U.S. air traffic control and looks at the prospect of infrastructure spending. He speaks with Bloomberg's David Westin on "Bloomberg Daybreak: Americas." (Source: Bloomberg)
Read More
Jun 05, 2017 - Summers Says U.S. Can’t Step Back From Leadership Role
In an interview om Bloomberg Daybreak: Americas, Harvard University Charles W. Eliot Professor Lawrence Summers discusses his editorial on the United States' global leadership under President Donald Trump. He speaks with Bloomberg's David Westin on "Bloomberg Daybreak: Americas." (Source: Bloomberg) Read More
Jun 05, 2017 - After-school programs are a lifeline for kids and parents
The Boston Globe
JUNE 05, 2017
THE TRUMP ADMINISTRATION has announced its first full budget, which calls for the elimination of federal funding for after-school and summer programs for low-income communities, known as 21st Century Community Learning Centers.
This cut would have drastic effects for working families. Federal funding for afte... Read More
Jun 02, 2017 - Larry Summers: Paris Accord Withdrawal ‘Biggest U.S. Foreign Policy Error’ Since Iraq War
In an interview, Here & Now's Jeremy Hobson talks with Larry Summers, former U.S. treasury secretary and president emeritus of Harvard University, about what Trump's decision means for the country and the economy.
When President Trump announced that the U.S. will withdraw from the Paris climate accord, he explained that it was because the agre... Read More
Jun 01, 2017 - I never imagined a White House ‘right of Exxon’ on climate, says Larry Summers
Published by Matthew J. Belvedere, CNBC
June 1, 2017
In an interview, Former Clinton Treasury Secretary Larry Summers told CNBC on Thursday the U.S. would benefit economically and on the world stage by staying in the Paris climate accord.
Summers said on "Squawk Box" he "never imagined" an administration that's "way to the right of Exxon o... Read More
Jun 01, 2017 - Summers says that Trump is a ‘clear and present danger’ to the US
In an interview with CNN Money, Larry Summers says he never imagined Exxon would be more progressive than the White House on climate change. Mr. Summers served as President Clinton's Treasury Secretary, President Obama's top economic adviser, and Chief Economist at the World Bank.
(Source: CNN Money) Read More
Jun 01, 2017 - Secular stagnation even truer today
This article was originally published by the Wall Street Journal on May 25, 2017.
Larry Summers is doubling down on his secular-stagnation hypothesis.
The Harvard economist and former Treasury secretary first offered the bleak diagnosis in November 2013 at an International Monetary Fund conference. The U.S. and much of the rest of the world was... Read More
May 26, 2017 - The Trump budget violates the laws of arithmetic
May 26, 2017
An interview with Maria Bartiromo on Fox Business, Larry Summers discusses why he dislikes President Trump's budget.
(Source: Fox Business) Read More
May 18, 2017 - Financing of international collective action for epidemic and pandemic preparedness
The Lancet Global Health
May 18, 2017
The global pandemic response has typically followed cycles of panic followed by neglect. We are now, once again, in a phase of neglect, leaving the world highly vulnerable to massive loss of life and economic shocks from natural or human-made epidemics a... Read More
May 11, 2017 - Trump’s tax plan is more trickle down than pump priming
Published by Sabri Ben-Achour, Marketplace
May 11, 2017
[audio mp3="https://larrysummers.com/wp-content/uploads/2017/06/mp_20170511_seg_16_64.mp3"][/audio]
In an interview with The Economist, President Trump said it's OK that his tax plan would increase the deficit, because it wouldn't do so for very long. He said it would “prime the pump”... Read More
May 09, 2017 - Larry Summers: More Susceptible To Downturn Than People Think
May 9, 2017
Bloomberg Markets AM with Pimm Fox and Lisa Abramowicz.
GUEST: Former Treasury Secretary Larry Summers, President Emeritus and Charles W. Eliot University Professor at Harvard University, discusses bank regulation, US Treasury policies, and outlook for a recession. (Source: Bloomberg)
[audio mp3="https://larrysummers.com/wp-con... Read More
Apr 27, 2017 - X-Treasury Secretary Larry Summers just completely trashed the Trump tax plan
Published by Jeff Cox, CNBC
April 27, 2017
President Donald Trump's plan to roll back taxes in the hope that doing so will generate robust economic growth with little impact on debt and deficits is "absurd," former Treasury Secretary and White House economic advisor Larry Summers said.
In fact, Summers added in an interview with CNBC, that... Read More
Apr 19, 2017 - Former Treasury Secretary Lawrence Summers says taxing robots makes no sense
Published by David Brancaccio, Marketplace
April 19, 2017
[audio mp3="https://larrysummers.com/wp-content/uploads/2017/06/mp_20170419_seg_07_64.mp3"][/audio]
My some estimates, nearly half of the work in America could be done by machines and software using current technology. Look out five, ten, twenty years and the impact of technology could be... Read More
Apr 12, 2017 - Larry Summers Says He Is Disappointed With 2% U.S. Growth
April 12, 2017
Former U.S. Treasury Secretary Larry Summers discusses U.S. economic growth and proposals from the Trump administration. He speaks with Bloomberg's David Westin on "Bloomberg Daybreak: Americas." (Source: Bloomberg) Read More
Mar 30, 2017 - Larry Summers on the economy, and Trump’s plans for tax reform
March 30, 2017
A conversation about the economy and Trump's plans for tax reform with Larry Summers, president emeritus of Harvard University and former treasury secretary under President Clinton. (Source: Charlie Rose) Read More
Mar 30, 2017 - Optimism over Trump a ‘sugar high’ with no signs of 3-4% economic growth, Larry Summers warns
March 30, 2017
Published by Matthew J. Belvedere, CNBC
The highest consumer confidence reading in more than 16 years and the postelection stock market rally may not translate into more robust economic growth, former Clinton Treasury Secretary Larry Summers told CNBC on Thursday.
"If you use the standard of what the administration has hel... Read More
Mar 30, 2017 - Larry Summers: GOP’s ‘stunning’ lack of unity on health care undermines rest of Trump’s agenda
March 30, 2017
Published by Matthew J. Belvedere, CNBC
The GOP's "stunning" lack of unity on repealing and replacing Obamacare undermines President Donald Trump's entire agenda, former Clinton Treasury Secretary Larry Summers said Thursday.
The failure calls into question whether Trump and GOP leaders in Congress can deliver on the pro-eco... Read More
Nov 30, 2016 - The Future of Aid for Health
In a keynote address on November 30, 2016 at the World Innovation Summit for Health (WISH) in Doha, Qatar, Summers talked about the Future of Aid for Health. Summers said, "I have always believed that economics is a moral science because it is so centrally involved with choices that directly affect human well being. And cancer at age 30 reinforced... Read More
Nov 22, 2016 - Trump’s economic plans could cripple government for a generation
Listen to The Axe Files, a podcast with David Axelrod, about growing up in a family of renowned economists, what did and did not cause the financial crisis in 2008, and the economic implications of Trump’s policy proposals. Read More
May 31, 2016 - A Lesson on Infrastructure from the Anderson Bridge Fiasco
Sometimes small stories capture large truths. So it is with the fiasco that is the repair of the Anderson Memorial Bridge, connecting Boston and Harvard Square. Rehabilitation of the 232-foot bridge began in 2012, at an estimated cost of about $20 million; four years later, there is no end date in sight and the cost of the project is mushrooming, t... Read More
Apr 21, 2016 - The Fusion of Civilizations
In the May/June 2016 issue of Foreign Affairs, Summers and Mahbubani explore the case for global optimism. The essay states, "Historians looking back on this age from the vantage point of later generations, however, are likely to be puzzled by the widespread contemporary feelings of gloom and doom. By most objective measures of human well-being, t... Read More
Apr 19, 2016 - Trump, China, Inversions and Austerity
Summers spoke at the International Monetary Fund on Wednesday, warning against austerity measures amid a tepid economy. Yahoo Finance sat down with him to get little more color on the economy and to find out what keeps him up most at night.
“I think the prospect of Donald Trump being President would be the gravest threat to our prosperity, our s... Read More
Apr 19, 2016 - Reflections the Recession, Higher-ed & the Economy
Harvard Magazine profiled a conversation with Summers on a variety of issues, including the recession, higher-ed and the economic environment. Summers said, "Harvard will have to choose between its commitment to preeminence and its commitment to doing things in traditional ways."
Harvard Magazine
Larry Summers Reflects
April 15, 2016
T... Read More
Apr 08, 2016 - Economic Unease and America’s Slow Growth
On April 7, 2016, Summers talked with John Hockenberry of PRI's the Takeaway for a series on the the state of the global economy. The discussion included the sluggish economy, less energy driving investments, Sanders, Trump and the Broadway musical, Hamilton.
Click here to listen to the full interview.
We've looked at how oil prices are affe... Read More
Apr 06, 2016 - Podcast with Product Hunt
Listen to my podcast on Product Hunt where I discuss my work in the government, academia, and investing in the tech sector. I also talk about the future of higher education and President Obama's legacy. Read More
Apr 03, 2016 - The Fed is right to watch the data carefully
In March 31, 2016 interview with Jeremy Hobson of NPR's Here and Now, Summers talked about the economy, the Fed and Donald Trump. Summers said, "I am more enthusiastic about the message of caution than the message of adjustment."
Click here to listen to the full interview.
The stock market reacted positively this week to comments from Federa... Read More
Feb 19, 2016 - Constructive for the Fed to be Data Dependent
Summers appeared on BloombergGo! on February 18 and outlined steps that can be taken to help the U.S. avoid recession and improve the global economy. Summers said, "Its constructive for data-dependent Fed to delay hikes."
Watch the interview here:
Safe, Stable Banking is Fundamental: Read More
Feb 18, 2016 - Growth Prospects for US Economy, Chicago Booth
Click here to watch the full session.
https://media.chicagobooth.edu/Mediasite6/Play/40669d3081b845ffae32b1602214da701d Read More
Feb 17, 2016 - The Age of Secular Stagnation
Summers published an article title, "The Age of Secular Stagnation: What It Is and What to Do About It," in the February issue of Foreign Affairs. The article explores how expansionary fiscal policy by the U.S. government can help overcome secular stagnation problems and get growth back on track.
The Age of Secular Stagnation: What It Is and Wh... Read More
Feb 12, 2016 - Equitable Growth in Conversation
Summers talks with Heather Boushey, of the Washington Center for Equitable Growth, about how inequality affects economic growth and stability. The discussion explores secular stagnation—what it is, what problems it creates, and the issues for policymaking—as well as how inequality plays a role in the phenomenon.
Click here to read the full conve... Read More
Feb 04, 2016 - US economic statecraft & the global order
Summers spoke on June 28, 2016 at The Economic Statecraft Speaker Series at the Center for Strategic Studies. The forum highlights the strategic role of economics in foreign policy and explores the making of international economic policy. Click here for Summers remarks on US Economic Statecraft and the Global Order Read More
Feb 02, 2016 - Will our children really not know economic growth?
Summers writes a review of Robert Gordon's The Rise and Fall of American Growth: The US standard of living since the Civil War in the February issue of Prospect Magazine.
Robert Gordon’s The Rise and Fall of American Growth is an extraordinary work of economic scholarship. At a time when too much of the economics profession prioritises theorisi... Read More
Jan 27, 2016 - Economy faces 1 in 3 chance of recession
Summers said the economy faces 1 in 3 chance of recession in a January 27, 2016 interview with Jeremy Hobson for NPR's Here and Now.
Click here to listen to the full interview
Read More
Jan 26, 2016 - Assessing Global Economic Risks in 2016
Summers spoke at the Council on Foreign Relations Outlook 2016: Assessing Global Economic and Political Risks on January 26, 2016 with Richard Haass.
You can see the trancript from the event here.
Read More
Jan 21, 2016 - Gundlach to Summers Side With Bond Market Against Fed Rate Path
Jeffrey Gundlach and Larry Summers are joining derivatives traders in saying the Federal Reserve is too ambitious in its plans to raise interest rates against a backdrop of slowing global economic growth.
Gundlach, the co-founder of DoubleLine Capital LP, said moves by the central bank to raise rates are fighting non-existent inflation and hurti... Read More
Jan 21, 2016 - Economy Can’t Withstand 4 Fed Hikes In 2016
Policy makers need to heed the message from global commodity and stock markets that “risks are substantially tilted to the downside,” said Summers on Bloomberg GO on January 13, 2016.
Given the weakness in prices and growth, it’ll be hard for the world to take in stride four interest-rate increases that forecasters are penciling in from the ... Read More
Jan 20, 2016 - ‘Creeping Totalitarianism’ at Colleges
Summers decried a “creeping totalitarianism” on college campuses, calling out what he said is the growing preference for emotional comfort over academic inquiry in an interview with William Kristol.
From The Harvard Crimson: Summers, who is a University Professor, discussed recent campus discourse and protests about race at colleges across the... Read More
Jan 06, 2016 - The Core Problem, The International Economy
The International Economy founder and editor David Smick recently sat down with the former Treasury Secretary and Obama economic advisor to discuss the state of the world economy. Click here to read the full article. Read More
Dec 15, 2015 - Rate Delay Less Risky Than Premature Hike
In an interview with Tom Keene of Bloomberg Surveillance from the Arab Strategy Forum in Dubai, Summers voiced skepticism surrounding an expected Federal Reserve rate hike and the impact of lower commodities prices and devaluing currencies. Summers also discussed his thoughts on secular stagnation. Watch the full interview here. Read More
Oct 26, 2015 - Creating long term value
Summers spoke at event on long-termism at a Center for American Progress event on October 21, 2015.
Read More
Oct 26, 2015 - Uniting behind the Cadillac tax on health plans
In an op-ed with Greg Mankiw in the New York Times on Sunday, October 25, 2015 Summers wrote, "Congress should side with President Obama and resist calls to scrap it [the excise tax on high-cost health care plans, the co-called Cadillac tax]." Read the full article here. Read More
Oct 23, 2015 - Economy caught in a vicious cycle
In an interview with CNBC's Squawk Box on October 21, 2015, Summers said, "the economy is caught in a vicious cycle, incomes are too low, therefore investments are too low." Summers called for smart tax reform and rules to discourage the kind of activism that strips cash out of companies. Watch the full interview here. Read More
Oct 07, 2015 - Pre-emptive war on inflation is error
In an interview on October 7, 2015, Summers told BloombergTV that "a pre-emptive war against inflation now would be a serious policy error." Watch the full interview here: Read More
Sep 18, 2015 - Declaration on Universal Health Coverage
On September 18, 2015, The Lancet published a declaration endorsing universal health coverage, signed by 267 economists in 44 countries. With the United Nations set to launch the bold sustainable development agenda, this is a crucial moment for global leaders to reflect on the financial investments needed to maximize progress by 2030. As an input i... Read More
Sep 16, 2015 - Fed faces a fork in the road over interest rates
On September 15, 2015, Summers talked with Chris Arnold of NPR's All Thing's Considered about the Fed's upcoming decision on interest rates. Read More
Sep 10, 2015 - Rate hike doesn’t seem a prudent risk to take
In an interview on CNBC's Squawk on the Street on September 10, 2015, Summers said a rate hike isn't a prudent risk to take. He told CNBC, the Fed can reverse course in seven weeks if it regrets its decision not to raise rates.
Watch the interview here: Read More
Jun 25, 2015 - Both sides may get more of what they fear
In an interview with Charlie Rose on June 24, 2015 to discuss the debt crisis in Greece, Summers said, "Both sides are going to get more of what they fear if they aren't able to reach a deal."
Read More
Jun 17, 2015 - A setback to American leadership on trade
Summers talks about TPP and international economic diplomacy with CNBC's Squawk on the Street on June 15, 2015. Summers calls Congress' action "bad geopolitics."
Read More
Jun 11, 2015 - Greece Debt Problems Solved Through Growth
Summers talks with Bloomberg's Hans Nichols from the G7 Finance Summit in Dresden on May 28, 2015 about the situation in Greece. Summers says, "Ultimately debt problems are solved through growth." Read More
May 20, 2015 - Economic growth is ‘not inspiring’
On May 20th, 2015, Summers said on CNBC's Squawk Box he expects the U.S. economy to expand at a quicker pace than in the first quarter, but there are still hurdles. Summers predicted growth in the low to mid 2 percent range for 2015. "That's not inspiring performance," he said, "but that's hardly reversion to recession."
"We still have a ser... Read More
May 04, 2015 - Okun’s Equality and Efficiency
On May 4, 2015, on the 40th anniversary of Okun's Equality and Efficiency book, Summers provided remarks at a Brookings Institution celebration. Summers wrote, "Art’s capacity for well rounded wisdom regarding the most important issues of the day was nowhere better illustrated than in Equality and Efficiency: The Big Tradeoff, the book whose 40th a... Read More
Apr 22, 2015 - CNBC: Address problems of bond market liquidity
Former Treasury Secretary Larry Summers said regulators should make a priority of addressing the problems of bond market liquidity, brought on by their very efforts to make institutions safer after the financial crisis.
Summers, speaking Thursday on "Squawk Box," responded to comments made by JPMorgan CEO Jamie Dimon who said recent volatility... Read More
Apr 21, 2015 - Not the Right Moment for Lurch to Austerity
In an interview on April 19. 2015, with CNN's Fareed Zakaria, Summers said, "This is a moment for us, as a country, to do what a business would do, which is to take advantage of low borrowing costs to invest in our future." Summers told Zakaria, "This is not the right moment for a lurch to austerity."
A 'maddening' situation: Larry Summers, the ... Read More
Apr 20, 2015 - NPR’s Innovation Hub
Can government actually make us less innovative?
That may be what’s happening, according to former Treasury Secretary Larry Summers. “The most important scientific discoveries tend to get made by people who are young and at their most creative stage. And the average age when people get their first grant from the National Institutes of Health is ... Read More
Apr 17, 2015 - AIIB: We Have Lost Influence
In an interview with NPR's All Things Considered on April 16, 2015, Summers discusses the new China-backed Asian Infrastructure Investment Bank. Summers says, "We're contemplating a major institution in which the United States has no role, that the United States made substantial efforts to stop — and failed."
China says 57 countries have signed ... Read More
Apr 09, 2015 - Pre-emptive wars on inflation big mistake
Summers talked with Joe Kernen from CNBC's Squawk Box on Thursday, April 9, 2015 saying, "Pre-emptive wars don't work and pre-emptive wars on inflation would be a big mistake." Summers also told Kernen, "We need to be all over the inflation data."
Read More
Mar 31, 2015 - Increasing Education: What it will and will not do for earnings inequality
In a paper published by the Hamilton Project on March 30, 2015, Brad Hershbein, Melissa S. Kearney, and Lawrence H. Summers analyzed what increasing education will and will not do for earnings and earnings inequality. Mainstream labor economists as well as several public commentators have argued that trends in the economy over recent decades—includ... Read More
Mar 20, 2015 - Thought Economics: Modern Capitalism
In an exclusive interview with Prof. Summers and Prof. Edmund Phelps, Thought Economics looks at the story of modern capitalism, the benefits it has brought, and the challenges it has created. The series explores the 'post crisis' economy, the role of government in society, the relationship between capitalism, conflict and inequality and looks at w... Read More
Mar 05, 2015 - Establishment Populism Rising
Thomas Edsall
New York Times
March 4, 2015
Larry Summers, who withdrew his candidacy for the chairmanship of the Federal Reserve under pressure from the liberal wing of the Democratic Party in 2013, has emerged as the party’s dominant economic policy strategist. The former Treasury secretary’s evolving message has won over many of his former c... Read More
Mar 05, 2015 - Wal-Mart, Starbucks, Aetna’s pay hikes: Why now?
Mar 03, 2015 - Robots are hurting middle class workers
In an March 3, 2015 article in The Washington Post's Wonkblog Summers talked about technology, inequality and education. Summers reaffirmed the idea that more education won't solve the inequality problem and called technological change an important fuel for the rising economic share captured by the top 1 percent of American earners.
The Wash... Read More
Mar 03, 2015 - Asiaphoria Meets Regression to the Mean
Summers' "Asiaphoria Meets Regression to the Mean" NBER Working Paper co-authored with Lant Pritchett, was featured in NBER's March Digest. The paper demonstrates that typical degrees of regression to the mean imply substantial slowdowns in China and India relative even to currently cautious forecasts.
Much analysis and forecasting treats a ... Read More
Feb 23, 2015 - The Future of Work
Summers participated in a panel, "Future of Work," hosted by Hamilton Project at the Brookings Institue on February 19, 2015. Summers said, "the idea there are all these jobs and we just need to train people is an evasion of the problem, we need more demand!"
Partial transcript:
On the diagnosis, I want to make a confession of ignorance,... Read More
Feb 17, 2015 - USA Today: Summers on Global Threats
On February 16, 2015, in her column for USA TODAY, Maria Bartiromo talks with Summers about Europe, Russia, Ukraine and and the implications for the global economy. Summers also discusses the U.S. economy, oil prices, the Fed and what Summers is learning from his students.
February 16, 2015
By Maria Bartiromo, Special for USA TODAY
The Europ... Read More
Feb 12, 2015 - Why now is not the time to raise rates
Summers appeared on CNBC's Squawk on the Street on February 12, 2015 to discuss why extraordinary economic conditions require extraordinary measures, and now is not the right time to raise interest rates. Read More
Feb 11, 2015 - Summers warns against appearance of anti-Israel bias at Harvard
Feb 09, 2015 - What Business Can Do to Save the Middle Class
In an interview with the Harvard Business Review on February 9, 2015, Summers discusses the work of the Commission on Inclusive Prosperity and why executives and business owners should care about it. Summers answers questions like, How does corporate governance need to change in your view? Can the private sector create a more inclusive economy or ... Read More
Feb 06, 2015 - Lancet: Can one turn an aspiration into reality?
By Richard Horton
The Lancet Vol. 385 February 7, 2015
The idea of a “grand convergence” in health, achievable
within our lifetimes, might seem a naive idea. Chronic
confl icts, unpredictable humanitarian disasters, and
the persistent fragility of some nation states makes
the notion of ending preventable mortality within a
generation lit... Read More
Feb 03, 2015 - Harvard, Israel, and Academic Freedom
This past week I delivered a lecture at Columbia University on academic freedom and anti-Semitism. I argued that it is the essence of academic freedom that all members of our community can hold whatever views they wish and express them freely. But it is equally the essence of academic freedom that universities as institutions must avoid acting in ... Read More
Jan 30, 2015 - Global economy, oil prices and innovation
On January 30, 2015, Summers talked with Maria Bartiromo on FOX's Opening Bell about the global economy, oil prices and innovation among students.
Watch the latest video at video.foxbusiness.com Read More
Jan 29, 2015 - Growing concerns about the sense of stagnation
In an interview on the Charlie Rose Show on January 29, 2015, Summers discussed the growing concerns about the sense of stagnation. Summers told Rose, "we are in unchartered territory in regards to the global economy, with problems with lack of demand, deflation that's too low, central banks that have trouble being activists and too much savings." Read More
Jan 23, 2015 - President Obama’s economic proposals
Read More
Jan 21, 2015 - At Davos: Challenges before the ECB
Summers discusses the challenges before the European Central Bank and explains why he sees Europe on its way to being the next Japan. He spoke to Bloomberg TV from the World Economic Forum in Davos, Switzerland on January 21, 2015.
Summers also talked with CNBC's Squawk Box about the challenges to U.S. growth:
Summers discusses Obama's ... Read More
Jan 20, 2015 - London School of Economics podcast
Listen to the podcast here Read More
Jan 15, 2015 - NYTimes: Trying to solve the great wage slowdown
The Upshot
By DAVID LEONHARDT
JANUARY 15, 2015
After almost 15 years of a disappointing economy, it’s easy to get pessimistic. Incomes for the middle class and poor have now been stagnating over a two-term Republican presidency and well into a two-term Democratic one. The great wage slowdown of the 21st century has frustrated Americans, po... Read More
Jan 15, 2015 - Inclusive Prosperity Commission
The Inclusive Prosperity Commission, co-chaired by Lawrence H. Summers, released a new report on January 15, 2015 that offers bold new prescriptions to reinvigorate the middle class and reduce income inequality. Summer said, “No industrial democracy will succeed unless its middle class enjoys sustained growth in living standards. This depends not ... Read More
Jan 15, 2015 - Job creation up, wages flat
Read More
Jan 12, 2015 - Response to Marc Andreessen on Secular Stagnation
Marc Andreessen’s thoughtful “Tweetstorm” on secular stagnation raises a number of important questions. We are in agreement that the essence of the secular stagnation issue is not whether technology has stopped advancing; but rather whether there is a mismatch between desired saving and investment opportunities that results in low equilibrium real... Read More
Jan 09, 2015 - U.S. economy is not growing fast enough
In an interview on January 9, 2015 with CNBC's Squawk Box, Summers said while American economic growth is getting better and leads the rest of the world, investments need to be made to get the economy stronger. "Confidence is the cheapest form of stimulus," he said. Read More
Jan 03, 2015 - Asiaphoria Meets Regression to the Mean
In an NBER working paper, published with Lant Pritchett in October 2014, Summers writes, "consensus forecasts for the global economy over the medium and long term predict the world's economic gravity will substantially shift towards Asia and especially towards the Asian Giants, China and India. While such forecasts may pan out, there are substantia... Read More
Nov 20, 2014 - TIME: What I’m Thankful For
As I am thankful for my family and its tradition of loving argument, I am thankful for the privilege of living in and serving a nation grounded in a commitment to reasoned discourse.
TIME MAGAZINE
November 20, 2014
I am, like other Americans at this season, most thankful for my family and its traditions. This year, as every year for the p... Read More
Nov 20, 2014 - Why Larry Summers sees danger ahead for the economy
Like British Prime Minister David Cameron, Larry Summers sees warning lights flashing on the world's economic dashboard. Summers, who served through 2010 as President Obama's top economic adviser and was Treasury Secretary under Bill Clinton, said America should be acting now to shore up its economy, instead of celebrating its status as the healthi... Read More
Oct 27, 2014 - Why China won’t keep growing fast forever
The Upshot, The New York TimesOctober 26, 2014
There has been plenty of discussion lately about signs that China’s economy is slowing down, focused on details of a possible housing bubble and vast sums of bad loans that the country will have to reckon with. But put aside the challenges China faces this quarter, or next year, and there is one view ... Read More
Oct 27, 2014 - The Economist: Even dragons tire
The announcement this week that China’s economy had grown by 7.3% in the third quarter year-on-year was widely seen as marking the country’s “new normal” of slower growth, according to an October 25, 2014 Economist article. It was well below the roughly 10% pace China had averaged from 1980 until two years ago. Yet according to a new working paper ... Read More
Oct 23, 2014 - The Harvard Crimson, Professor Summers
BY MATTHEW Q. CLARIDA, CRIMSON STAFF WRITER
Larry Summers is, by most accounts, a pretty hard guy to please.
Students in his courses on globalization and American economic policy quickly see that they’re not in for a dose of Harvard’s famous grade inflation. If they ask about their mark, Summers might well tell them they would’ve earned... Read More
Oct 20, 2014 - FOX: Europe in danger of following path of Japan
In an interview with Maria Bartiromo on FOX News' Sunday Morning Futures on October 19, 2014, Summers discussed the state of the global economy and said, "Europe is in danger of following the path of Japan from the 90s onward." Read More
Oct 16, 2014 - NPR: Worry about Deflation not Inflation
In an interview on October 16, 2014 with NPR's Here & Now, Summer told Jeremy Hobson, "We need to worry about deflation not inflation."
Interview Highlights: Larry Summers
On why the global market is faring poorly
“The news out of Europe has been continuously discouraging, the risks that the United States will remain in a somewhat defl... Read More
Oct 01, 2014 - Debt Management and Zero Lower Bound
On September 30, 2014, Summers presented a co-authored paper titled, "Government Debt Management at the Zero Lower Bound," at the Brookings Institute in Washington, DC.
Watch the event here:
You can read the paper here and or view the graphics here.
Additional coverage of the event:
Now as Provocateur, Summers Says Treasury Undermin... Read More
Sep 26, 2014 - Need comprehensive tax reform
In an interview with Andrew Ross Sorkin of CNBC's Squawk Box on September 26, 2014, Summers called for comprehensive tax reform. Summers also discussed income inequality, asset bubbles and tax inversions with Sorkin.
Watch the video clips Read More
Sep 23, 2014 - Push for Domestic Financing for Health
Summers spoke to the United Nations General Assembly on Monday, September 22, 2014 and called for low and middle income countries to increase their spending on health. Summers said, "Just 1 percent of their economic growth over the next two decades would fund the grand convergence."
Watch the video
Major Push for Domestic Financing for Hea... Read More
Sep 21, 2014 - US needs a comprehensive growth strategy
In an interview with Maria Bartiromo on Fox News' Sunday Morning Futures on September 21, 2014, Summers talked about the state of the economy, job creation, energy policy and Ukraine. Summers told Bartiromo,"Our focus has got to be on increasing the rate of growth."
Watch the full interview here. Read More
Sep 12, 2014 - Scottish independence “grave mistake”
In a interview with CNBC on September 12, 2014 at the YES Conference in Kiev, Summers said, "It would be a grave mistake for Scotland to leave." Read More
Sep 09, 2014 - Future of US Energy & Climate Security
"I believe that the question of whether the United States should have a substantially more permissive policy with respect to the export of crude oil and with respect to the export of natural gas is easy," Summers told a Brookings Institute audience on September 9, 2014. "The answer is affirmative."
"The merits are as clear as the merits with re... Read More
Aug 30, 2014 - NYTimes: Europe is at risk of secular stagnation
In a front page, New York Times story on August 30, 2014, Summer's says, "Europe is at risk of secular stagnation." He added, "There is little chance that reasonable and rapid growth is going to return to the Eurozone." The article concluded, "A greatly diminished Europe will mean that the US will increasingly lack its best partners."
Division... Read More
Aug 28, 2014 - Secular Stagnation: facts, causes and cures
Summers contributed a chapter, "Reflections on the New Secular Stagnation Hypothesis," to the new Vox eBook, "Secular Stagnation: facts, causes and cures."
Economic growth is still anaemic despite years of zero interest rates. Is ‘secular stagnation’ to blame? What does secular stagnation really mean? And if it’s for real, what must be done? Vox... Read More
Aug 25, 2014 - Bibliophiles
In the Sunday Boston Globe books section, Summers discusses his reading habits in a "Bibliophiles" piece. He says, "My mother used to take us to the public library every week or two and that set the habit."
BIBLIOPHILES
August 24, 2014
Lawrence Summers, president emeritus of Harvard University, adviser to presidents, former chief economist ... Read More
Jul 29, 2014 - Secular Stagnation Q&A in The New Republic
In a July 2014 interview with the New Republic, Summers discusses secular stagnation and says, the economy hasn't grown rapidly "in a financially sustainable way" for a long time.
NEW REPUBLIC
The Economy Hasn't Grown Rapidly "in a Financially Sustainable Way" for a Long Time
July 23, 2014
Danny Vinik: Can you start by briefly explainin... Read More
Jul 02, 2014 - Aspen Ideas Festival
Professor Summers participated in two sessions during the Aspen Ideas Festival. On Tuesday, July 1, 2014 he held a discussion titled, "What does the future hold for our economy." On Monday, June 30, 2014, he had a conversation with Drew Faust about the future of universities. Read More
Jun 30, 2014 - CNBC: Economy Could Accelerate
At the Aspen Ideas Festival on June 30, 2014, Summers told CNBC's Closing Bell, "There's a prospect that the economy could accelerate quite substantially over the next couple of quarters." He went on to say, "That would be an important and obviously positive development," [there's] no assurance that will be the case, but I think that could be a su... Read More
Jun 23, 2014 - U.S. Economic Prospects
Secular Stagnation, Hysteresis, and the Zero Lower Bound
In his February 24, 2014 remarks to the National Association of Business Economics, Summers said, "I want to take up these issues -secular stagnation, the idea that the economy re-equilibrates; hysteresis, the shadow cast forward on economic activity by adverse cyclical developments; and ... Read More
May 24, 2014 - Assessing the U.S. Auto Bailout 5 Years After
June 1, 2014 marks the 5-year anniversary of General Motors filing for Chapter 11, which had been preceded by Chrysler Motors’ declaration of bankruptcy. On May 21, 2014 the Brookings Institute held an event titled, "Recovery Road? An Assessment of the Auto Bailout and the State of U.S. Manufacturing." Read the transcript. Read More
May 21, 2014 - Larry Summers: Student Debt Is Slowing the U.S. Housing Recovery
"Student debt is slowing the US housing recovery," Wall Street Journal Read More
May 16, 2014 - Piketty is right about the past and wrong about the future
"Piketty is right about the past and wrong about the future," Read More
May 16, 2014 - A conversation with Larry Summers and Zanny Minton Beddoes
"A conversation with Larry Summers & Zanny Minton Beddoes," HKS Ideasphere, May 16, 2014
Read More
May 14, 2014 - A Tribute to the Late Gary Becker
"A Tribute to the late Gary Becker," TIME Magazine Read More
May 06, 2014 - The future is not what its supposed to be
"The future is not what its supposed to be," BBC Radio 4, Read More
Apr 30, 2014 - In Bitcoin Debate, Larry Summers Sides with the History of Change
"In Bitcoin Debate, Summers sides with the history of change," WSJ Read More
Apr 25, 2014 - Globalization will keep happening
"Globalization will keep happening," Export-Import Bank Read More
Apr 23, 2014 - Economic Pickup Could Come on Unstable Ground
"Economic Pickup Could Come on Unstable Ground," Read More
Apr 18, 2014 - Need to do big things to address big challenges
“Need to do big things to address big challenges,“ CNN Money, April 2014 Read More
Apr 14, 2014 - Secular Stagnation? The Future Challenge for Economic Policy
"Secular Stagnation? The Future Challenge for Economic Policy," Read More
Apr 11, 2014 - Idle Workers + Low Interest Rates = Time to Rebuild Infrastructure
If now is not the moment to rebuild, when is?
By Lawrence H. Summers
The Boston Globe
April 11, 2014 — Are you proud of New York’s John F. Kennedy Airport? It’s a question I ask nearly every audience I speak to these days. JFK, after all, is the largest entry point for foreign visitors arriving in what sees itself as the greatest city on ... Read More
Apr 10, 2014 - One on One with Larry Summers
"One on One with Larry Summers," Business News Network, Toronto Read More
Apr 09, 2014 - Globalist of the Year Award
"Globalist of the Year Award," Canadian International Council Read More
Apr 03, 2014 - The Future of Global Finance
"The Future of Global Finance" Yale Read More
Mar 17, 2014 - Income Inequality
"Income Inequality," The Lang & O'Leary Exchange Read More
Mar 06, 2014 - Higher Education
"Higher Education," SB Nation, March 6, 2014 Read More
Mar 01, 2014 - The Inequality Puzzle
"The Inequality Puzzle,"Democracy: A Journal of Ideas Read More
Feb 25, 2014 - Washington hawks urge tougher stance on Ukraine
"Washington hawks urge tougher stance on Ukraine," Financial Times Read More
Feb 24, 2014 - How Washington can boost the economy
"How Washington can boost the economy," Politico Read More
Feb 06, 2014 - Summers’ stagnation warning
"Summers' stagnation warning," On Point with Tom Ashbrook Read More
Jan 28, 2014 - Need a much more inclusive prosperity
"Need a much more inclusive prosperity," The Lead with Jake Tapper on CNN. Read More
Jan 25, 2014 - Rethinking Technology & Employment
"Rethinking Technology & Employment," World Economic Forum panel, Davos, Switzerland Read More
Jan 24, 2014 - Gates & Summers Push Global Health Drive as Moral Imperative
"Gates & Summers Push Global Health Drive as Moral Imperative," New York Times Read More
Jan 24, 2014 - The Future of Monetary Policy
"The Future of Monetary Policy," World Economic Forum panel, Davos, Switzerland Read More
Jan 23, 2014 - This generation can see grand convergence
"This generation can see grand convergence," Bloomberg Television Read More
Jan 14, 2014 - Summers on why the economy is broken – and how to fix it
"Summers on why the economy is broken - and how to fix it," Wonkblog by Ezra Klein Read More
Dec 18, 2013 - Global push seeks greater spending to improve health
“Global push seeks greater spending to improve health,” San Francisco Chronicle Read More
Dec 17, 2013 - A victory in Rwanda
“A victory in Rwanda,” US News & World Report Read More
Dec 03, 2013 - Saving lives by improving global healthcare
“Saving lives by improving global healthcare,” BBC World Service Read More
Dec 03, 2013 - Investing in global health
“Investing in global health,” CNN International Read More
Dec 03, 2013 - Investing in Health
"Investing in global health," CNN International Read More
Dec 02, 2013 - Once in a human history opportunity
“Once in a human history opportunity,” Harvard Gazette Read More
Dec 01, 2013 - Economic Possibilities for Our Children
"Economic Possibilities for Our Children," National Bureau of Economic Research, The 2013 Martin Feldstein Lecture Read More
Nov 21, 2013 - Its been a long time since rapid, healthy growth
“Its been a long time since rapid, healthy growth,” Bloomberg TV Read More
Nov 20, 2013 - Summers to chair Citizen School’s board
"Summers to chair Citizen School's board," Boston Globe Read More
Nov 19, 2013 - Wall Street Journal’s CEO Council
Wall Street Journal's CEO Council, Read More
Nov 19, 2013 - Summers named chair of national board of Citizen Schools
"Summers named chair of national board of Citizen Schools," November 19, 2013 Read More
Nov 18, 2013 - Fortune Magazine’s Q&A on markets, globalization, and technology
Fortune Magazine's Q&A on markets, globalization, and technology, November 18, 2013. Read More
Nov 15, 2013 - Larry Summers on his decision-making process for the auto bailout
"Larry Summers on his decision-making process for the auto bailout," Harvard Business Review Read More
Nov 13, 2013 - It’s important to get this right
"It's important to get this right," MSNBC's Morning Joe, November 13, 2013 Read More
Nov 12, 2013 - Larry Summers back in spotlight on deficit, growth
"Larry Summers back in spotlight on deficit, growth," POLITICO Read More
Oct 18, 2013 - Summers reviews Greenspan’s book, The Map and the Territory
Summers reviews Greenspan's book, The Map and the Territory, The Financial Times Read More
Jun 19, 2013 - Summers at Israeli Presidential Conference
Summers at Israeli Presidential Conference, The Haaretz Read More
Jun 18, 2013 - Admiration for what Israel succeeded doing
"Admiration for what Israel succeeded doing," The Calcalist Read More
Jun 16, 2013 - Preparing the Next Generation for the Workplace
Preparing the Next Generation for the Workplace, Panel, New York Forum, Gabon, Africa, June 16, 2013 Read More
Jun 04, 2013 - The Wall Street Journal’s Seib & Wessel Breakfast Transcript
The Wall Street Journal's Seib & Wessel Breakfast Trascript, Read More
Jun 04, 2013 - Will Summers overshoot calling for 3% growth?
"Will Summers overshoot calling for 3% growth?" The Fiscal Times Read More
Jun 04, 2013 - Larry Summers has something to say
"Larry Summers has something to say," Dealbreaker Read More
Jun 04, 2013 - Summers offers fiscal music to Democrats ears
"Summers offers fiscal music to Democrats ears," Marketwatch Read More
Jun 04, 2013 - My breakfast with Larry Summers
"My breakfast with Larry Summers," Bloomberg Read More
May 30, 2013 - Faust looks forward
"Faust looks forward," The Harvard Crimson Read More
May 30, 2013 - A cultivated partnership
"A cultivated partnership," The Harvard Crimson Read More
May 28, 2013 - Obama picks Furman as chief economist, Krueger steps down
"Obama picks Furman as chief economist, Krueger steps down," Reuters Read More
May 28, 2013 - Obama to name new leader of economic advisers council
"Obama to name new leader of economic advisers council," The New York Times Read More
May 27, 2013 - Summers sees ‘long road’ for Europe
"Summers sees 'long road' for Europe," Radio Free Europe Read More
May 16, 2013 - Ease sequester, spend on infrastructure
"Ease sequester, spend on infrastructure," Reuters Read More
May 01, 2013 - Summers on the U.S. Auto-Industry Bailout
Summers on the U.S. Auto-Industry Bailout, a BCG Perspective Read More
Apr 09, 2013 - Margaret Thatcher’s legacy: the difference resolve can make
"Margaret Thatcher's legacy: the difference resolve can make," BBC World Service Read More
Apr 08, 2013 - Faculty Focus: Summers on income inequality and advice for HKS students
"Faculty Focus: Summers on income inequality and advice for HKS students," HKS Citizen Read More
Apr 05, 2013 - I think there is a sense that the economy may be turning
"I think there is a sense that the economy may be turning," Marketplace Morning Report with Jeremy Hobson Read More
Apr 03, 2013 - Government and business must work together to spur growth
"Government and business must work together to spur growth," Harvard Kennedy School's PolicyCast Read More
Mar 13, 2013 - Delong says not time to cut US budget with free lunch
"Delong says not time to cut US budget with free lunch," Bloomberg Television Read More
Mar 13, 2013 - Lawrence H. Summers: Gabriel Silver Memorial Lecture
Lawrence H. Summers, Charles W. Eliot University Professor at Harvard University, former Director of the White House National Economic Council, and former U.S. Secretary of the Treasury, delivered the Gabriel Silver Memorial Lecture at SIPA on December 1, 2011.
Mr. Summers shared his views on the current economic situation and how to achieve gro... Read More
Feb 26, 2013 - Sequestration a self-inflicted wound from which we have nothing to gain
"Sequestration a self-inflicted wound from which we have nothing to gain," CNBC's Squawk Box, February 26, 2013 Read More
Feb 26, 2013 - Sequestration is a mistake and will take too much demand out of the economy
"Sequestration is a mistake and will take too much demand out of the economy," PBS's Charlie Rose, Read More
Feb 17, 2013 - Offering Amnesty Hurts Tax Reform Efforts
“Offering Amnesty Hurts Tax Reform Efforts,” CNN’s GPS with Fareed Zakaria Read More
Feb 17, 2013 - Stan Fisher saved Israel’s economy. Can he save America’s?
"Stan Fisher saved Israel's economy. Can he save America's?" The Washington Post Read More
Jan 27, 2013 - On Lookout in Davos for Next Growth Story in Emerging Markets
"On Lookout in Davos for Next Growth Story in Emerging Markets," New York Times, Read More
Jan 26, 2013 - Debt reduction hawks and doves
"Debt reduction hawks and doves," Washington Post Editorial Read More
Jan 25, 2013 - Davos prescriptions for the U.S. economy
"Outlook for the U.S. Economy at Davos," Bloomberg News Read More
Jan 25, 2013 - Eight Brilliant Minds on the Future of Online Education
"Eight Brilliant Minds on the Future of Online Education," Harvard Business Review, Read More
Jan 24, 2013 - Outlook for the U.S. Economy at Davos
"Outlook for the U.S. Economy at Davos," Bloomberg News Read More
Jan 15, 2013 - US default should be unthinkable
"US default should be unthinkable" CNBC Read More
Dec 17, 2012 - The Center for American Progress Names Lawrence H. Summers as Distinguished Senior Fellow
"The Center for American Progress Names Lawrence H. Summers as Distinguished Senior Fellow," December 17, 2012 Read More
Dec 16, 2012 - Former Treasury Secretary Summers to co-chair economic project at liberal think tank
"Former Treasury Secretary Summers to co-chair economic project at liberal think tank," The Washington Post, Read More
Dec 16, 2012 - Boehner offers to take debt limit off the table
"Boehner offers to take debt limit off the table," The Washington Post Read More
Dec 13, 2012 - Lending Club Names Lawrence H. Summers to Board of Directors
"Lending Club Names Lawrence H. Summers to Board of Directors," December Read More
Nov 28, 2012 - Summers discusses the looming fiscal cliff
"Summers discusses the looming fiscal cliff," MSNBC's Morning Joe Read More
Nov 15, 2012 - Former Harvard president talks fiscal cliff
"Former Harvard president talks fiscal cliff," Yale Daily News Read More
Nov 09, 2012 - Fiscal Cliff Must Be Avoided
CNBC's Closing Bell with Maria Bartiromo, November 9, 2012
"I think that the President very much wants to make a deal. The President's made clear in the summer of 2007, he's prepared to address issues of medicare, issues of social security. He recognizes that everything has to be on the table." Watch the video here. Read More
Nov 05, 2012 - Political implications of the auto bailout
"Political implications of the auto bailout," CNN's Starting Point with Soledad O'Brien, Read More
Nov 04, 2012 - Youth unemployment: the big issue for the world’s economy
"Youth unemployment: the big issue for the world's economy," The Telegraph Read More
Oct 30, 2012 - Auto bailout in ’09 key to Obama’s survival in Ohio
"Auto bailout in '09 key to Obama's survival in Ohio," Boston Globe Read More
Oct 27, 2012 - Jewish Jocks
"Jewish Jocks," Boston Book Festival Read More
Oct 26, 2012 - Opportunities in this economy
"'Opportunities in this economy," CNBC's Squawk Box Read More
Oct 26, 2012 - How to rise above the fiscal cliff
"How to rise above the fiscal cliff," CNBC's Squawk Box Read More
Oct 23, 2012 - Mitt Romney’s budget plan is “alchemy”
<span style="color: #ff0000;"><a title="Mitt Romney's Budget Plan is Alchemy, Lawrence H. Summers, Huffington Post" href="http://www.huffingtonpost.com/2012/10/23/larry-summers-mitt-romney_n_2005026.html?1351016329"><span style="color: #ff0000;">"Mitt Romney's budget plan is "alchemy,'"</span></a></span> <em&g... Read More
Oct 18, 2012 - Romney’s Plan Won’t Work
<span style="color: #ff0000;"><a href="http://www.cnn.com/video/#/video/world/2012/10/18/wbt-intv-larry-summers.cnn"><span style="color: #ff0000;">"Romney's Plan Won't Work,"</span></a> </span><em>CNN's Ali Velshi</em>, October 18, 2013 Read More
Oct 17, 2012 - Hugely Irresponsible to Dive Off the Fiscal Cliff
"Hugely Irresponsible to Dive Off the Fiscal Cliff, " CNBC's Squawk Box Read More
Oct 13, 2012 - Why university students need a well-rounded education
"Why university students need a well-rounded education," The Globe and Mail, Read More
Oct 11, 2012 - Summers calls for extending payroll tax cut
"Summers calls for extending payroll tax cut," Wall Street Journal Read More
Oct 11, 2012 - Romney tax plan equivalent to hamburger and ice cream diet
"Romney tax plan equivalent to hamburger and ice cream diet," Huffington Post Read More
Sep 30, 2012 - Larry Summers on Income Inequality
"Larry Summers on Income Inequality," Marketplace Radio Read More
Sep 27, 2012 - Bartiromo: Larry Summers’ Views on Economic Outlook
"Bartiromo: Larry Summers' Views on Economic Outlook," USA Today Read More
Sep 04, 2012 - Are you better off? The answer is less clear than in 1980
"Are you better off? The answer is less clear than in1980," New York Times Read More
Sep 01, 2012 - The case for research
"The case for research," PROTO Magazine - Massachusetts General Hospital Read More
Jul 16, 2012 - U.S. faces stagnation similar to Japan’s lost decade
"U.S. faces stagnation similar to Japan's lost decade," Freeland File, Read More
Jun 08, 2012 - Will economy push Washington to make a deal
"Will economy push Washington to make a deal," Scott Horsley, NPR Read More
Jun 07, 2012 - Europe crisis hit by ‘realism failure’
"Europe crisis hit by 'realism failure'," Mark Mardell, BBC News Read More
Jun 06, 2012 - We’re killing the next generation
"We're killing the next generation," Bonnie Kavoussi, Huffington Post Read More
Jun 04, 2012 - Larry Summers talks jobs
"Larry Summers talks jobs," CNBC Read More
May 30, 2012 - Lawrence Summers on Inequality
"Lawrence Summers on Inequality," American Conversation Essentials Read More
May 16, 2012 - JPMorgan loss proves banks need bigger capital cushion
"JPMorgan loss proves banks need bigger capital cushion," Freeland File Read More
May 16, 2012 - A Greek exit from the euro could be “traumatic”
"A Greek exit from the euro could be "traumatic," Freeland File Read More
May 16, 2012 - Buffett Rule isn’t class warfare, it’s common sense
"Buffett Rule isn't class warfare, it's common sense," Freeland File Read More
May 10, 2012 - The Architect of Obamanomics
"The Architect of Obamanomics," The Kudlow Report on CNBC Read More
May 03, 2012 - U.S. Tax Policy Panel
"U.S. Tax Policy Panel," C-Span Read More
Jan 27, 2012 - Can German success extend to the rest of Europe?
"Can German success extend to the rest of Europe?" Freeland File Read More
Jul 12, 2011 - The Charlie Rose Show
The Charlie Rose Show, Read More
Mar 11, 2011 - CNBC Interview regarding Japanese earthquake and tsunami
CNBC Interview regarding Japanese earthquake and tsunami Read More
Feb 12, 2011 - Keynote address at Teach for America Champions Luncheon
Keynote address at Teach for America Champions Luncheon (video) Read More
Jan 13, 2011 - Appearance on Fareed Zakaria GPS
Appearance on Fareed Zakaria GPS Read More
Oct 12, 2008 - Appearance with former Treasury Secretary James Baker on This Week with George Stephanopoulos
Appearance with former Treasury Secretary James Baker on This Week with George Stephanopoulos Read More
Sep 10, 2008 - Appearance with former Treasury Secretary Robert E. Rubin on The Charlie Rose Show
Appearance with former Treasury Secretary Robert E. Rubin on The Charlie Rose Show Read More
Aug 22, 2008 - CNBC Interview regarding foreign purchase of Lehman Brothers
CNBC Interview regarding foreign purchase of Lehman Brothers Read More
Jul 13, 2008 - Interview on CBS’s GPS hosted by Fareed Zakaria
Interview on CBS's GPS hosted by Fareed Zakaria Read More
Apr 07, 2008 - Interview with Leslie Stahl on CBS News’ 60 Minutes
href="http://www.cbsnews.com/stories/2008/04/04/60minutes/main3993933_page4.shtml">Interview with Leslie Stahl on CBS News' 60 Minutes, April 7, 2008 Read More
Apr 03, 2008 - Interview for NPR’s On Point with Tom Ashbrook – 2008
href="http://www.onpointradio.org/shows/2008/04/20080403_a_main.asp">Interview for NPR's On Point with Tom Ashbrook Read More
Aug 26, 2007 - Appearance on ABC’s This Week with George Stephanopoulos
Appearance on ABC's This Week with George Stephanopoulos Read More
Aug 21, 2007 - Appearance on the Charlie Rose Show
Appearance on the Charlie Rose Show Read More
Jun 18, 2007 - Interview on NPR’s On Point with Tom Ashbrook
href="http://www.onpointradio.org/shows/2007/06/20070618_b_main.asp">Interview on NPR's On Point with Tom Ashbrook Read More
Dec 05, 2006 - Remarks at the Hamilton Project and Brookings Institution Forum: Promoting Opportunity and Growth Through Science, Technology and Innovation,
href="http://www1.hamiltonproject.org/es/hamilton/20061205_panel2.pdf">Remarks at the Hamilton Project and Brookings Institution Forum: Promoting Opportunity and Growth Through Science, Technology and Innovation Read More
Oct 13, 2006 - Remarks at Opening of Stem Cell Leadership Summit, Boston
Remarks at Opening of Stem Cell Leadership Summit, Boston Read More
Sep 01, 2006 - Asia and the Emerging Global Financial System
"Asia and the Emerging Global Financial System", Asia Society, Hong Kong, September 2006 Read More
Mar 24, 2006 - Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation,” L.K. Memorial Lecture
href="http://ksghome.harvard.edu/%7Elsummer/speeches/2006/0324_rbi.html">"Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation", L.K. Memorial Lecture, Mumbai Read More
Oct 31, 1988 - The Democrats: Better for Business
Wall Street Journal, Oct. 31, 1988
Read More
Seminars
★ Jun 03, 2025 - Center for American Progress: The fiscal impact of DOGE IRS layoffs | Read Article
Nov 04, 2025 - Harvard’s Institute of Politics Forum Event with Gina Raimondo on Industrial Policy and Economic Security
Read More
Sep 10, 2025 - The Dialogue Project: Universities in the Crosshairs
Read the transcript here. Read More
Apr 17, 2025 - PIEE’s Macroeconomic Impact of New US International Policies with Olivier Blanchard | Watch Video
Apr 08, 2025 - What Should the US and the UK Learn From “Bidenomics”? | Watch Video
Apr 01, 2025 - Tariffs, Decline and the Promise of AI with Niall Ferguson at UATX | Watch Video
Mar 04, 2025 - Dialogues for Democracy at Arizonona State University | Read Article
Feb 25, 2025 - Remarks from EDIB Forum at Harvard
Good afternoon, everyone. Thank you, Sherri, for giving me the opportunity to open this year’s forum. The lineup of speakers and sessions planned for today and tomorrow is superb, so I will not go on for too long, but I did want to say a few words about our community.
Over the past year or so, I have spent an extraordinary amount of time in conv... Read More
Dec 10, 2024 - PIIE Implications of a new US foreign economic policy with Robert Zoellick | Watch Video
Nov 22, 2024 - Lawrence H. Summers 2024 Michael Chae Macroeconomic Policy Conference
Nov 21, 2024 - FinRegLab AI Symposium with Gillian Tett | Watch Video
Nov 19, 2024 - The Economic Club of New York: Impact of Inflation on 2024 Election with Glenn Hubbard | Watch Video
Nov 16, 2024 - Larry Summers discusses where we are, what we lack and where we’re going.
The title of Thursday’s “Forum” at the Institute of Politics at the John F. Kennedy School of Government at Harvard was “Economic Policy Before and After the 2024 Election.”
We (meaning he) talked about that at some length. But he also talked about the gathering storm in Europe, the spirit of public service, the crisis of the academy, the 350-fo... Read More
Nov 14, 2024 - Economic Policy Before and After the 2024 Election
A conversation on a range of economic policy issues and the implications of the recent election with Lawrence Summers, the Charles W. Eliot University Professor and President Emeritus at Harvard University; Weil Director, Harvard Kennedy School’s Mossavar-Rahmani Center for Business and Government. Read More
Nov 14, 2024 - HKS IOP Forum on Economic Policy Before and After the 2024 Election with John Ellis Moderating | Watch Video
Nov 12, 2024 - 1636 Forum: In conversation with Sam Lessin | Watch Video
Oct 23, 2024 - Bretton Woods at 80: Priorities for the Next Decade | Read Article
Oct 21, 2024 - Rockefeller Center for Public Policy and the Political Economy Project at Dartmouth College | Read Article
Oct 07, 2024 - HKS Seminar on How Will AI Disrupt the Labor Market with David Deming | Read Article
Oct 01, 2024 - TIOL Fiscal Award Event in New Dehli | Watch Video
Sep 19, 2024 - Launch of the Questrom School Institute at Boston University | Read Article
Sep 03, 2024 - Remarks from Morning Prayers 2024 at Harvard
Good morning.
Find yourself a teacher, win yourself a friend, and be one who judges everyone by giving them the benefit of the doubt.
These Talmudic words are part of a compendium called ‘Pirkei Avot,’ or ‘Sayings of the Fathers’ that are traditionally read on the Sabbath day. Today, on the first day of classes of the fall semester, you do no... Read More
Sep 02, 2024 - Remarks from 2024 Convocation, Harvard University
As prepared for delivery
Welcome, members of the Harvard College Class of 2028.
Welcome from every continent save Antarctica. Welcome from each state in the Union—and from DC, Puerto Rico, and the US Virgin Islands.
Like me, fifty-seven of you hail from the Land of Lincoln. And two of you are named “Alan.”
A very special one of you was ... Read More
Jul 31, 2024 - Strengthening America’s Economic Dynamism
Featuring Lawrence H. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard University and former United States Secretary of the Treasury; and Robert B. Zoellick, Chair of Temasek Americas and former United States Trade Representative; in conversation with Melissa S. Kearney, director of the Aspen Economic Strategy Group.... Read More
Jul 09, 2024 - World Bank Conference on Development Economics | Read Article
Jun 24, 2024 - Council on Foreign Relations C. Peter McColough Series on International Economics | Read Article
Jun 04, 2024 - Economic Club of New York discussion on inflation with Glenn Hubbard | Watch Video
May 31, 2024 - Harvard Alumni Day 2024 Remarks
As delivered
I hope that Harvard will always continue to be a place where free speech continues to thrive.
Greetings, fellow travelers. What a long strange trip it’s been.
With a special shoutout to the Class of 1974. And many of you will remember that you first heard those words on an album that was released during your first semester of ... Read More
May 03, 2024 - Stanford University’s Hoover Monetary Policy Conference | Watch Video
May 02, 2024 - Remarks to the Harvard Class of 2024
To all assembled in this majestic theatre to cheer for the members of the Class of 2024, welcome!
Members of the dazzling Class of 2024, this is your day, a day to celebrate and shine. Congratulations!
We are gathered here today—at the heart of our campus—with family and friends who have traveled from across the country and around the world—t... Read More
Apr 11, 2024 - Antisemitism, Academic Freedom, and Board Leadership Institute for Effective Governance | Watch Video
Apr 07, 2024 - Harvard M-RCBG Seminar: What should the US and UK Learn from “Bidenomics” | Watch Video
Feb 06, 2024 - Norm AI Panel at the AI Agents and The Law Summit | Read Article
Jan 31, 2024 - CATO Institute’s 40th Annual Monetary Conference | Watch Video
Jan 12, 2024 - Central Bank of Armenia Prudent Risk Management Approach to Monetary Policy | Watch Video
Jan 11, 2024 - Economic Club of New York discussion with Glenn Hubbard | Watch Video
Nov 21, 2023 - Temple Emanu-El Streicker: Antisemitism on Campus | Watch Video
Nov 13, 2023 - Reflections on Antisemitism and the University
This is an edited and slightly extended version of remarks delivered at the Harvard Medical and Dental School Shabbat Observance on Nov. 10, 2023. The opinions expressed reflect only the views of the author.
I am honored by the invitation to be here. I am identified but not devout or highly observant—less familiar with Shabbat rituals than almos... Read More
Oct 17, 2023 - Princeton University: Is Economic Failure an Economics Failure with Angus Deaton and Markus Brunnermeier | Watch Video
Sep 26, 2023 - 18th L. K. Jha Memorial Lecture at India’s Central Bank | Read Article
Sep 18, 2023 - PIIE: What should be the 2023 Washington Consensus? | Watch Video
Sep 12, 2023 - All-In Summit | Watch Video
Sep 05, 2023 - Open Ukraine: Kyiv Security Forum | Watch Video
Aug 13, 2023 - Lee Kuan Yew School of Public Poicy on Reinventing Destiny | Watch Video
Jul 25, 2023 - PIIE: Industrial Policy and its linkages with Foreign Policy with Bob Zoellick | Watch Video
Jun 01, 2023 - Rethinking fiscal policy keynote at the Peterson Institute | Watch Video | Watch Video
May 31, 2023 - Yale Innovation Summit: The Impact of AI on Business Innovation and Society | Watch Video
May 30, 2023 - PIIE and IMF: Rethinking fiscal policy—global perspectives | Watch Video
Apr 20, 2023 - George W. Bush Presidential Center: The Future of American Capitalism | Watch Video
Apr 12, 2023 - The Economic Club of New York with Glenn Hubbard | Watch Video
Mar 29, 2023 - HKS Belfer Center: Seizure of Russian Assets | Watch Video
Mar 16, 2023 - Princeton University: Lessons from the SVB Bank Failure with Markus Brunnemeier | Watch Video
Mar 07, 2023 - PIIE: “Whither the neutral rate?” with Olivier Blanchard | Watch Video
Feb 27, 2023 - Atlantic Council: How to Sustain and Rebuild Ukraine’s Economy | Watch Video
Jan 17, 2023 - World Economic Forum: Is Rapid Growth Still Possible? | Read Article
Nov 30, 2022 - ONE Campaign: Building a Fairer World | Watch Video
Nov 28, 2022 - CDE Conversations | Lawrence H. Summers on are we heading for a global economic slowdown?
Ann Bernstein, CDE's executive Director was in conversation with Dr Summers. The main topic of the discussion was: Are we heading for a global economic slowdown? Read More
Nov 28, 2022 - Center for Development and Enterprise: Are We Headed for a Global Economic Slowdown? | Watch Video
Nov 19, 2022 - Boston Fed 66 Economic Conference | Read Article
Nov 03, 2022 - The Fortune CEO Initiative | Read Article
Oct 26, 2022 - Understanding China Conference | Watch Video
Oct 24, 2022 - MIT Sloan Club of New York: State of the Global Economy with Frederic Mishkin | Watch Video
Oct 21, 2022 - UPenn 5th Conference on Law & Macroeconomics | Read Article
Oct 19, 2022 - Pioneer Institute: The Causes and Potential Cures for Inflation with Ed Glaeser | Read Article
Oct 07, 2022 - Center for Global Development 2050: The Path to Halving PrematureDeath by Mid-Century | Read Article
Oct 03, 2022 - Yale Law School’s Judge Ralph K. Winter Lecture: Inflation Risks for America and Global Economy | Read Article
Sep 27, 2022 - WSJ Q&A: Breaking Down the U.S. Economic Outlook | Read Article
Sep 15, 2022 - HKS Forum: Inflation Risks for America and the Global Economy | Read Article
Sep 13, 2022 - ECB 7th Annual Research Debate with Paul Krugman | Read Article
Sep 12, 2022 - HKS M-RCBG Seminar with Camilla Cavedish -A Dwindling Global Population and Impact on Economic Growth | Watch Video
Aug 30, 2022 - CATO Institute: The State of Monetary Policy After 40 Years | Read Article
Aug 10, 2022 - Aspen Economic Strategy Group: Is the US Headed for Stagflation? | Read Article
Jul 21, 2022 - Aspen Security Forum: The Global Economic Recovery | Watch Video
Jun 30, 2022 - Tony Blair Institute for Global Change: The Global Economy | Watch Video
Jun 20, 2022 - LSE Charles Goodhart Lecture: Secular Stagnation or Secular Stagflation | Read Article
Jun 14, 2022 - Sina Finance – 2022 ESG Global Leaders Summit | Read Article
May 06, 2022 - Hoover Institute: How Monetary Policy Got Behind The Curve and How to Get Back | Read Article
Apr 20, 2022 - Kellogg Northwestern Real Estate Conference and Venture Competition | Read Article
Apr 16, 2022 - 2022 Harvard College China Forum | Watch Video
Apr 06, 2022 - Council of Foreign Relations: C. Peter McColough Series on International Economics | Read Article
Mar 31, 2022 - Stanford Seminar Series: Reflections on Academic Freedom | Read Article
Mar 30, 2022 - PIIE: Inflation Relief from Trade Liberalization | Watch Video
Mar 22, 2022 - Economic Club of New York with Glenn Hubbard | Read Article
Feb 16, 2022 - No Labels Conversation with Senator Pat Toomey | Watch Video
Feb 15, 2022 - OMFIF | Read Article
Feb 10, 2022 - Teneo Insight Series: Navigating Today’s Global Economic Challenges | Read Article
Jan 27, 2022 - Global Council: Politics of Decoupling with Peter Mandelson | Read Article
Jan 21, 2022 - Inflation Debate between Paul R. Krugman and Lawrence H. Summers – Part II
On Friday, January 21, Paul R. Krugman & Lawrence H. Summers joined Markus’ Academy for another Debate on Inflation. Moderated by Markus Brunnermeier Read More
Jan 21, 2022 - Princeton Univeristy: Inflation Debate with Paul Krugman and Marcus Brunnermier | Watch Video
Jan 18, 2022 - Larry Summers In Conversation With Miami Herbert Business School
Read More
Jan 12, 2022 - University of Miami Herbert Business School | Watch Video
Jan 07, 2022 - AEA: Will U.S. Growth Be Higher than in Previous Decade after the Pandemic Fiscal Stimulus Ends? | Read Article
Sep 13, 2019 - 92 Street Y with Thane Rosenbaum | Watch Video
Apr 15, 2019 - Secular Stagnation and the Future of Global Macro Policy, 2019
https://www.youtube.com/watch?v=9SDvexw9Dp4 Read More
Apr 01, 2019 - Ten Years Later: Reflections on the 2008–09 Financial Crisis
The Brookings Institute
January 10, 2019
Did we do right thing?
No. Then yes. Then no.
If you looked at what was happening to the economy in 2007, at the runup to Bear Stearns failing and what happened to after Bear Stearns failed, there was obviously a gathering storm. Nobody did much except react. Banks were allowed to conti... Read More
Jun 06, 2018 - Remembering Julio Rotemberg
Thank you very much to the organizers of this symposium for giving us all an opportunity to remember Julio Rotemberg and his many contributions and for giving me an opportunity to speak about a close friend who for me embodied the best in a scholarly life. I cherished our friendship and so admired his example.
Start with this. I knew Julio for... Read More
May 17, 2018 - Speech to the Economic Club of New York
Summers spoke to the Economic Club of New York on May 16, 2018. Watch the video here:
https://www.youtube.com/watch?v=A0rEJOMVWQA Read More
Nov 05, 2017 - Dana Farber’s Joint Visiting Committee Symposium
https://youtu.be/5nOcWN_qe3s
https://vimeo.com/240892241/589f0392b8
The most important thing that a philanthropist can do is set off a chain that leads to an extraordinary discovery.
https://vimeo.com/240893150/541ca95c8b
There is no risk, none, that we will over invest, over care or overdue it with respect to solving these pr... Read More
Sep 28, 2017 - Central Bank Independence
I am very sorry that a recently arising family commitment makes it impossible for me to be with you in person. Becoming independent for a central bank is I suppose like going off to college for a young person—a moment of validation, maturation and new adventure. The Bank of England’s performance since becoming independent 20 years ago has in many... Read More
Jul 15, 2017 - Kenneth Arrow Commemoration at the Institute for Advanced Studies
Tel Aviv, Jerusalem
July 5, 2017
I should say that there are many things I wish for in life. One of them is that I had the capacity for abstraction to follow the typical lecture at this remarkable seminar, which I know has done so much to shape so many careers and has meant so much to Kenneth. From discussions of gridlock in democratic countrie... Read More
Jun 20, 2017 - Laudation for the 2017 Henry A. Kissinger Prize
June 20, 2017
Published by The American Academy in Berlin
On the evening of June 20, 2017, the trustees of the American Academy in Berlin awarded the 2017 Henry A. Kissinger Prize to Germany’s Federal Minister of Finance, Dr. Wolfgang Schäuble. The laudation for Dr.Schäuble was delivered by former US Secretary of Treasury Lawrence H. Summers.... Read More
Jun 01, 2017 - The New York Times Higher Ed Leaders Forum | Watch Video
Apr 26, 2017 - Wealth Management Systems for Individual Investors
Princeton University - April 26 and April 27 Read More
Apr 26, 2017 - Men Without Work
April 16, 2017
Panelists Nicholas Eberstadt, Henry Wendt Chair in Political Economy at the American Enterprise Institute and author of Men Without Work: America's Invisible Crisis, Jason Furman, Senior Fellow at the Peterson Institute for International Economics and former Chair of the Council of Economic Advisers (2013-2017), joined moderator L... Read More
Apr 26, 2017 - Harvard IOP Forum: Men Without Work with Nicholas Eberstadt and Jason Furman | Watch Video
Apr 01, 2016 - The Future of Price Statistics
Summers spoke at The World Bank on March 30, 2016 at a seminar on the Future of Price Statistics: Innovation in Data Technology and Methods calling data the "ultimate public good." Summers said, "The one thing I can promise you is that vastly better data collection will produce benefits that we can foresee, but even greater benefits that no one ca... Read More
Feb 07, 2016 - Money in Law and Literature
https://youtu.be/XCcTeNjJx4Q Read More
Dec 03, 2015 - Academic Freedom and Anti-Semitism
Thursday, October 15, 2015
YIVO Institute for Jewish Research
Double Standard with Anti-Semitism
Outrageous Academic Boycotts of the State of Israel
Challenges and Importance of Anti-Semitism as an Issue
Read More
Nov 20, 2015 - Low Real Rates, Secular Stagnation & the Future of Stabilization Policy
On November 20, 2015 at the Bank of Chile Research Conference, Summers updated his thinking on secular stagnation in a speech titled, "Low Real Rates, Secular Stagnation and the Future of Stabilization Policy.
Read the transcript of the lecture and view the powerpoint slides here:
Larry Summers Central Bank of Chile Read More
Nov 16, 2015 - Making Sense of the Productivity Slowdown
Summers delivered a keynote address to a conference on Making Sense of Productivity Slowdown hosted by the Peterson Institute for International Economics in Washington, DC on November 16, 2015.
Click here to watch the event.
Read More
Oct 28, 2015 - Capitalism & Morality: The Inequality Challenge
Summers talked with the IMF's Christine Lagarde at the National Cathedral in Washington, DC for the 2015 Nancy and Paul Ignatius Program.
Watch the full video here Read More
Oct 26, 2015 - YIVO: Academic Freedom and Anti-Semitism
In a speech on October 15, 2015, Summers discussed issues surrounding academic freedom and anti-semitism to the YIVO Institute for Jewish Research. Watch the speech:
Read More
Sep 21, 2015 - Remarks to Congressional Medal of Honor Recipients
Harvard University
September 18, 2015
Thank you very much. I am humbled and honored by the invitation to address this gathering.
There is much talk about the word courage. John F. Kennedy wrote a book, Profiles in Courage, about politicians who had the courage to take positions that put their re-election at risk. People in universities talk... Read More
May 22, 2015 - Comments from ECB Conference
I commend Mario Draghi and the ECB for their openness in hosting this conference and allowing the presentation of so many perspectives. In the spirit of that openness I shall offer some iconoclastic observations.For the last quarter-century, there has been a consensus in favor of macroeconomic models that largely divorce issues of potential and cyc... Read More
May 12, 2015 - Don’t bet against America.
At the SALT Conference in Las Vegas, NV on Friday, May 8, 2015, Summers told the audience,"This is not a society that is stuck. It is a society that is uniquely able to be resilient through a constant process of savage self-criticism."
CNN Money
By: Matt Egan
May 11, 2015
The world's only superpower faces its share of tough economic and... Read More
Apr 16, 2015 - Rethinking Secular Stagnation After Seventeen Months
IMF Rethinking Macro III Conference
I am glad to be here and I salute Olivier (Blanchard) and the IMF for so open a dialogue on so wide a range of macroeconomic hypotheses. What I want to do this morning is talk about three things: I want to tell you why I think that the risk of secular stagnation is an important problem throughout the developed... Read More
Apr 15, 2015 - NEW LENDING FOR A NEW ECONOMY
by Lawrence H. Summers
Lend It Conference, New York City
April 15, 2015
As delivered
It is a great privilege to be here, and I have to say, the size of this crowd, the entrepreneurial energy in this room, the extent of the dialogues and the deals being cut in these corridors gives me hope for the future of the lending industry, gives me hope ... Read More
Apr 15, 2015 - New Lending For A New Economy
On April 15, 2015 at the LendIt Conference in NYC, Summers explained how new lending models can play a critical role in growing the economy and detailed his views on how regulators should approach the new sector. Summers made the case for how financial innovation in lending is serving broad social objectives and laid out first principles for how po... Read More
Feb 25, 2015 - Reflections on Secular Stagnation
Summers gave the keynote address at Princeton University's Julius-Rabinowitz Center for Public Policy & Finance on February 19, 2015. In his remarks, Summers gave his perspective on the "profound macroeconomic challenge of the next 20 years in the industrial world: secular stagnation."
Lawrence H. Summers
Speech at Julius-Rabinowitz Center,... Read More
Jan 29, 2015 - Academic Freedom and Anti-Semitism
Summers gave a speech to inaugurate the forum on academic freedom at Columbia Center for Law and Liberty on January 29, 2015. In his speech, he said, "Academic freedom is essential if universities are to succeed in their missions of creating and disseminating knowledge." Read the full speech, Academic Freedom and Anti-Semitism here:
AcademicF... Read More
Jun 23, 2014 - U.S. Economic Prospects: Secular Stagnation, Hysteresis and the Zero Lower Bound
February 24, 2014
National Association of Business Economics
NABE speech - Lawrence H. Summers Read More
May 27, 2014 - Inclusive Capitalism
Summers spoke at the Conference on Inclusive Capitalism in London, England. Summers speech, "Which type of capitalism works best to build economic and social value?" can be viewed here.
Read More
Apr 09, 2014 - 2014 Year of Anniversaries
"2014 Year of Anniversaries," Globalist of Year Award, Canadian International Council, April 9, 2014. Read the speech here. Read More
Apr 02, 2014 - Fiscal Policy and Full Employment
Fiscal Policy and Full Employment, April 2, Center for Budget and Policy Priorities, April 2, 2014. Read the speech here. Read More
Mar 16, 2014 - Education and the Economy
"Education and the Economy," March 6, 2014, Citizen Schools, New York, NY Read More
Feb 24, 2014 - Why Austerity is Counterproductive in the new economy
Austerity is Counterproductive, February 24, 2014" "Why Austerity is Counterproductive in the new economy," February 24, 2014, NABE, Arlington, VA Read More
Feb 24, 2014 - US Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound
"US Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound," National Association of Business Economics, February 24, 2014. Read the speech here. Read More
Dec 16, 2013 - Economic Possibilities for Our Children
Economic Possibilities for Our Children, 2013 Martin Feldstein Lecture, NBER Reporter, December 2013 Read More
Nov 08, 2013 - IMF Fourteenth Annual Research Conference in Honor of Stanley Fischer
Washington, DC
November 8, 2013
I am very glad for the opportunity to be here. I had an occasion to speak some years ago about Stan’s remarkable accomplishments at the IMF when he left the IMF, and I had an occasion some months ago to speak about his remarkable accomplishments at the Israeli Central Bank when he left the Israeli Central Bank... Read More
Jun 14, 2013 - Africa and the Global Economy
"Africa and the Global Economy," June 14, 2013, Gabon, Africa Read More
Jun 13, 2013 - Preparing the Next Generation for the Workplace
"Preparing the Next Generation for the Workplace," June 13, 2013, Gabon, Africa Read More
Jun 05, 2013 - Senate Budget Committee Testimony
Larry Summers testified before the Senate Budget Committee on June 4, 2013, stating that further austerity measures are not the right choice for the United States at this time. In his testimony Summers said, "It would not be desirable to undertake further measures to rapidly reduce deficits in the short run. Excessively rapid fiscal consolidation ... Read More
Mar 25, 2013 - London School of Economics
"London School of Economics," March 25, 2013, London, England Read More
Feb 07, 2013 - Talking Taxes at USC Gould
Gould, Lawrence H. Summers, February 2013" href="http://www.youtube.com/watch?v=I0Xeuu7Pgaw&feature=youtu.be">"Talking Taxes at USC Gould," February 7, 2013, University of Southern California Read More
Oct 30, 2012 - The tension between politics and economics
"The tension between politics and economics," The Buttonwood Gathering, October, 2012 Read More
Oct 25, 2012 - Henry Jackson Initiative USA Launch
"Henry Jackson Initiative USA Launch," Read More
Oct 23, 2012 - Doing Right by our Children
Excerpted from Remarks at the Commonfund Forum 2012
The United States today faces many daunting challenges. But none should take higher priority than that of doing right by our children. In fact, leaving this country a better place for future generations is a good way to think about solving a whole set of government financial challenges. Unfortu... Read More
Oct 19, 2012 - The European crisis: an American view
"The European crisis: an American view," The Institute for International and European Affairs Read More
Oct 15, 2012 - Battle for America’s future will be won or lost in America’s public schools
February 2, 2011
Teach for America 20th Anniversary Summit
I am really grateful for the invitation to rejoin the Teach for America Board. I felt as a Board member before, that I was part of one of the most important things going on in our country, and that I was supporting the work of one of our country's great entrepreneurs in Wendy Kopp. ... Read More
Oct 05, 2012 - Lessons of Leadership
April 4, 2011
American Corporate Partners
SUMMERS: Thank you very much, Sid, and for your determined efforts to change my drinking habits. (laughter)
It's good to be here. You know, in many ways, this gathering is about some of the things that are best about America. One of the things that I'm proudest of, out of my time at Harvard as Pre... Read More
Oct 05, 2012 - A Conversation on New Economic Thinking
April 8, 2011
with Martin Wolf of Financial Times at Bretton Woods Conference
M: Leaving the ghosts aside and understanding that despite the protestations of Fox News, none of you need have a heart attack, because this is only a conference among people across the spectrum talking about a whole variety of issues with no authority to impose any ... Read More
Oct 05, 2012 - Challenges Facing the United States
March 23, 2011
Harvard Club
Thank you very much for that generous introduction. Thank you, students, for upstaging me completely. (laughter) Joe, I may have been born in New Haven, but I was rooting for the Red Sox before your father met your mother. (laughter) I’m going to talk in a minute about sort of major challenges facing the United S... Read More
Oct 05, 2012 - Prophecies of American decline will prove to be self-denying once again
Herzliya Conference
February 6, 2011
It is an enormous honor to be part of this conference from which I have already learned a great deal. One of the things I have learned is that Carlyle got it wrong when he called economics the dismal science. That term should instead be applied to national security studies.
And this is a remarkable co... Read More
Sep 17, 2012 - On Growth
"On Growth," Policy Network Publication Read More
Jul 16, 2012 - Doing Right by our Children
"Doing Right by our Children," Excerpted from Remarks at the Commonfund Forum 2012 Read More
Dec 13, 2010 - Economic Progress and Economic Policy
“Economic Progress and Economic Policy,” December 13, 2010, Remarks at the Economic Progress Institute Read More
Dec 08, 2010 - Health Information Technology and Qualitative Investment
“Health Information Technology and Qualitative Investment,” December 8, 2010, Remarks at the Release of PCAST’s report on Health IT Read More
Oct 15, 2010 - India and the Global Economy
“India and the Global Economy,” October 15, 2010, Remarks at The Asia Society, Mumbai, India Read More
Oct 07, 2010 - The Future of Finance
“The Future of Finance,” October 7, 2010, Remarks at Financial Times View from the Top Conference Read More
Jun 28, 2010 - Technological Opportunities, Job Creation, and Economic Growth
“Technological Opportunities, Job Creation, and Economic Growth,” June 28, 2010, Remarks at the New America Foundation on the President’s Spectrum Initiative Read More
Jun 02, 2010 - The U.S.-India Economic Relationship in the 21st Century
“The U.S.-India Economic Relationship in the 21st Century,” June 2, 2010, Remarks to the U.S.-India Business Council Read More
May 24, 2010 - Reflections on Fiscal Policy and Economic Strategy
“Reflections on Fiscal Policy and Economic Strategy,” May 24, 2010, Remarks at the Johns Hopkins School of Advanced International Studies Read More
May 18, 2010 - Auto Communities and the Next Economy
“Auto Communities and the Next Economy,” May 18, 2010, Remarks to the Partnerships in Innovation Conference Read More
Apr 27, 2010 - Entrepreneurship and the Global Economy
“Entrepreneurship and the Global Economy,” April 27, 2010, Remarks to the Presidential Summit on Entrepreneurship Read More
Apr 10, 2010 - In Memory of Paul Samuelson
“In Memory of Paul Samuelson,” April 10, 2010, Remarks at MIT Memorial Service for Paul A. Samuelson Read More
Apr 06, 2010 - The Economic Case for Comprehensive Energy Reform
“The Economic Case for Comprehensive Energy Reform,” April 6, 2010, Remarks to the U.S. Energy Information Administration Conference Read More
Mar 18, 2010 - Reforming and Renewing the Financial System
“Reforming and Renewing the Financial System,” March 18, 2010, Remarks at the Pew Charitable Trusts Conference on Financial Reform Read More
Mar 12, 2010 - Economic Progress and Economic Policy
“Economic Progress and Economic Policy,” March 12, 2010, Remarks at the Stanford Institute for Economic Policy Research Read More
Mar 11, 2010 - Economic Outlook and Economic Vision
“Economic Outlook and Economic Vision,” March 11, 2010, Remarks at CERAWeek Energy Conference Read More
Mar 02, 2010 - Strengthening the Business-Government Relationship
“Strengthening the Business-Government Relationship,” March 2, 2010, Remarks to the Citizens Budget Commission Annual Awards Dinner Read More
Jan 30, 2010 - The Global Economic Outlook
“The Global Economic Outlook,” January 30, 2010, Remarks at a Panel Discussion at the World Economic Forum Moderated by Martin Wolf Read More
Jan 29, 2010 - The U.S. Economic Outlook
“The U.S. Economic Outlook,” January 29, 2010, Remarks at the World Economic Forum Moderated by Charlie Rose Read More
Nov 30, 2009 - The Innovation Economy
“The Innovation Economy,” November 30, 2009, Remarks at the Innovation Economy Conference Moderated by Judy Woodruff Read More
Oct 29, 2009 - Shaping the Next Economic Expansion
“Shaping the Next Economic Expansion,” October 29, 2009, New York Economic Club Read More
Oct 16, 2009 - The 2007-2009 Financial Crisis and the Future of Finance
“The 2007-2009 Financial Crisis and the Future of Finance,” October 16, 2009, Remarks at The Economist’s Buttonwood Conference Read More
Oct 12, 2009 - Principles for Economic Recovery and Renewal
“Principles for Economic Recovery and Renewal,” October 12, 2009, Remarks at the National Association for Business Economics Read More
Sep 18, 2009 - Rebuilding a Healthy Financial System
“Rebuilding a Healthy Financial System,” September 18, 2009, Remarks at the Georgetown University Future of Finance Conference Read More
Jul 17, 2009 - Rescuing and Rebuilding the U.S. Economy: A Progress Report
“Rescuing and Rebuilding the U.S. Economy: A Progress Report,” July 17, 2009, Remarks at the Peterson Institute for International Economics Read More
Jun 12, 2009 - Reflections on Economic Policy in Time of Crisis
“Reflections on Economic Policy in Time of Crisis,” June 12, 2009, Remarks at the Council on Foreign Relations Read More
Mar 13, 2009 - Responding to an Historic Economic Crisis: The Obama Program
“Responding to an Historic Economic Crisis: The Obama Program,” March 13, 2009, Remarks at the Brookings Institution Read More
Sep 09, 2008 - Testimony to House Budget Committee
Testimony to House Budget Committee, September 9, 2008 (as prepared). Read More
Jan 16, 2008 - Testimony to the Joint Economic Committee of the U.S. Congress regarding the proposed Fiscal Stimulus Package, January 16, 2008
Testimony to the Joint Economic Committee of the U.S. Congress regarding the proposed Fiscal Stimulus Package, January 16, 2008. Read More
Mar 08, 2007 - Testimony delivered at the Hearing of the Senate Finance Committee, Washington, D.C., March 8, 2007 (as prepared)
Testimony delivered at the Hearing of the Senate Finance Committee, Washington, D.C., March 8, 2007 (as prepared). Read More
Jan 31, 2007 - Testimony delivered at the Hearing of the Joint Economic Committee, Washington, D.C., January 31, 2007 (as prepared)
Testimony delivered at the Hearing of the Joint Economic Committee, Washington, D.C., January 31, 2007 (as prepared). Read More
Podcasts
Sep 12, 2025 - Markus’ Academy with Lawrence H. Summers
Read the transcript here. Read More
Aug 24, 2025 - My conversation with Peter Beinart on Israel, Antisemitism and Harvard
You can read the unedited transcript here. Read More
Aug 22, 2025 - Larry Summers on Israel, Antisemitism, and Harvard
Larry Summers on Israel, Antisemitism, and Harvard by Peter Beinart
Audio/Video
Read on Substack Read More
Jul 16, 2025 - Did Harvard Have in Coming?
Open to Debate, July 11, 2025
The Trump administration has launched an unprecedented assault on Harvard University, freezing more than $2 billion in federal research grants, slashing another $450 million, threatening $100 million in contracts, as well as threatening to revoke its tax-exempt status and its practice of international student enroll... Read More
Jun 10, 2025 - The Great Tariff Debate with David Sacks, Larry Summers, and Ezra Klein
Read More
Jun 02, 2025 - Resist & Reform must be path forward for Harvard, CNN Political Briefing | Listen to Podcast
Jun 02, 2025 - Is the dollar still a safe haven? U.S. Chamber of Commerce podcast | Listen to Podcast
A podcast on how tariffs stoke uncertainty and investor anxiety, putting our financial credibility at risk. “It’s as much a question of psychology as it is of economics.”
Key takeaways from my conversation w/ Jay Sapsford:
Triple Market Warning – Stocks, bonds, and the dollar are falling together. That should be a source of 'apprehension.'
... Read More
May 30, 2025 - Trump’s big, beautiful bill is a prescription for deadly, dangerous decline, Politics War Room with James Carville and Al Hunt. | Listen to Podcast
May 08, 2025 - America Is Torching Its Credibility. Shield of the Republic podcast with Eric Edelman & Eliot Cohen | Listen to Podcast
Apr 29, 2025 - Conversation with Bill Kristol on Economic Consequences of Trump | Listen to Podcast
Apr 24, 2025 - Night Owls podcast. In conversation with Joe Klein and John Ellis | Listen to Podcast
Apr 14, 2025 - Larry Summers on Trump: ‘The First Rule of Holes Is Stop Digging’ | Read Article
Apr 11, 2025 - All-In Podcast: The Great Tariff Debate | Listen to Podcast
Apr 08, 2025 - GZero World with Ian Bremmer: Trump’s trade war is worst self-inflicted wound since WWII | Read Article
Apr 06, 2025 - This Week with ABC News’ George Stephanopoulos | Watch Video
Dec 18, 2024 - NEJM AI Grand Rounds podcast: The Economics of AI | Watch Video
Dec 11, 2024 - Financial Times: The Economic Show with Martin Wolf — Is Trump a threat to the US economy? | Read Article
★ Jul 08, 2025 - Lawrence Summers: This Law Made Me Ashamed of My Country
Last week, Robert Rubin and I warned of the many macroeconomic risks created by the domestic policy bill President Trump signed into law on Friday. I stand by our judgment that it will most likely slow growth, risk a financial crisis, exacerbate trade deficits and undermine national security by exhausting the government’s borrowing capacity. This i... Read More
Jul 02, 2025 - We Both Served as Treasury Secretary. We Know This Bill Is Dangerous
Donald Trump as a candidate promised his policies wouldn’t add to the debt. Before taking office, he vowed “to restore fiscal sanity to our nation.” His “big, beautiful bill” does the opposite.
We served under a president who made that same vow — and who took it seriously.
We were members of Bill Clinton’s economic team when the federal budget wa... Read More
Apr 14, 2025 - Larry Summers on Trump: ‘The First Rule of Holes Is Stop Digging’ | Read Article
Apr 11, 2025 - New York Times Opinion: Four Economists Dissect Trump’s Tariffs | Read Article
Apr 03, 2025 - If Powerful Places Like Harvard Don’t Stand Up to Trump, Who Can?
The New York Times, April 3, 2025 – The U.S. government is trying to bludgeon America’s elite universities into submission. At stake is the future of institutions that graduated most of our recent American presidents and a vast majority of Supreme Court justices and that serve as drivers of our prosperity and shapers of our social values.
The Trum... Read More
Apr 03, 2025 - If Powerful Places Like Harvard Don’t Stand Up to Trump, Who Can? | Read Article
Feb 10, 2025 - Five Former Treasury Secretaries: Our Democracy Is Under Siege | Read Article
Oct 14, 2025 - Summers ‘Nervous’ About Bessent’s Novel Rescue for Argentina
(Bloomberg) — Former Treasury Secretary Lawrence Summers
said it’s too early to judge the Trump administration’s rescue
plan for Argentina, while highlighting that it has incorporated
unconventional elements that raise questions.
“I’m withholding judgment at this point, but am nervous
about the approach that’s being pursued,” Summers said on
... Read More
Oct 03, 2025 - Summers says Miran Gave Weakest Fed Governor Speech in Memory
Summers says Miran Gave Weakest Fed Governor Speech in Memory Read More
Jun 23, 2025 - Summers Sees Trump Naming ‘Respected’ Replacement for Powell
Former Treasury Secretary Lawrence Summers said he expects Donald Trump to name a mainstream candidate to replace Federal Reserve Chair Jerome Powell, despite the president’s bashing of the US central bank leader for failing to cut interest rates this year.
“I would be quite surprised if he did not make a choice that fair-minded observers on both ... Read More
Jun 06, 2025 - Summers Says Debt Surge From Trump Plan Will Undermine U.S. Power | Read Article
May 22, 2025 - Summers on Harvard ban: This is vicious, illegal and unwise. | Read Article
May 13, 2025 - Summers Salutes Bessent on China Deal, says US retreat is pragmatic | Read Article
May 08, 2025 - Summers Says Taiwan Dollar Jump Spotlights Treasury Math Problem | Read Article
May 01, 2025 - Summers Says Wrong to Say Markets Tell Fed It Should Cut | Read Article
Apr 22, 2025 - Summers Says Trump “Attack” on IRS Risks $1 Trillion Revenue Hit | Read Article
Apr 08, 2025 - Summers Warns US Likely Headed to Recession, 2 Million Jobless | Read Article
Apr 05, 2025 - Summers on President Trump’s New Tariffs | Read Article | Watch Video
Apr 02, 2025 - Summers Blasts Trump Threat to Harvard Funds as ‘Authoritarian’ | Read Article
Apr 02, 2025 - Summers Says Trump Tariffs to Impose Oil-Shock Type Economic Hit | Read Article
Mar 11, 2025 - Summers Sees Near 50-50 Chance of Recession This Year | Read Article
Mar 05, 2025 - Summers Sees Biggest Dollar Thread in Decades From ‘Scary’ Moves | Read Article
Feb 24, 2025 - Summers Calls US Demands in Ukraine Talks ‘Beyond Versailles’ | Read Article
Feb 11, 2025 - Summers Sees Biggest Inflation.pdf | Read Article
Jan 21, 2025 - Summers Hails World’s Moment of ‘Stunning’ Technological Change | Read Article
Dec 05, 2024 - Summers Blasts US National Bitcoin Reserve Idea as ‘Crazy’ | Read Article
Oct 04, 2024 - Larry Summers Says 50 Basis Point Rate Cut in September Was ‘A Mistake’ | Read Article
Sep 19, 2024 - Summers Sees Fed Rate Projections Upended, Higher Mortgage Rates | Read Article
Sep 06, 2024 - Summers Says Jobs Weakness Makes It Closer Call on Fed Going 50 | Read Article
Aug 23, 2024 - Summers Says Fed Recovered From ‘Egregious’ Inflation Mistake | Read Article | Watch Video
Aug 09, 2024 - Summers Calls for SEC, Exchanges to Probe Monday’s VIX Surge | Read Article
Aug 09, 2024 - Summers ‘Appalled’ at Idea of Presidential Sway Over Fed Policy | Read Article
Jun 14, 2024 - Summers Says Trump Tax Ideas Mean ‘Mother of All Stagflations’ | Read Article
May 03, 2024 - Summers Says Currency Interventions Fail Even at Japan’s Scale | Read Article
Apr 10, 2024 - Larry Summers Says CPI Raises Chances That Fed’s Next Move Is to Hike | Read Article
Apr 05, 2024 - Summers Says Hot Jobs Data Show Neutral Fed Rate ‘Much Higher’ | Read Article
Mar 21, 2024 - Summers Criticizes Fed for Having ‘Itchy Fingers’ on Rate Cuts | Read Article
Mar 08, 2024 - Summers Says Fed Is ‘Wrong’ on Neutral, Warns on Rate-Cut Bets | Read Article | Watch Video
Feb 22, 2024 - Summers Warns Markets May Be Underpricing the Risk of Disorder | Read Article
Feb 16, 2024 - Summers Says CRE Is More ‘Urgent’ for Fed Than Capital Rules | Read Article
Feb 16, 2024 - Summers Sees ‘Meaningful Chance’ Next Fed Move Will Be a Hike | Read Article | Watch Video
Jan 19, 2024 - Summers Warns Biden Team Against Pandering on US Steel Deal | Read Article
Jan 05, 2024 - Summers Urges CEOs to Reject Trump, Calling Election Most Vital Since WWII | Read Article
Dec 08, 2023 - Summers Urges Fed Wait for ‘Overwhelming’ Data Signal Before Cut | Read Article
Nov 16, 2023 - Summers Says Transitory Factors Lifted Inflation, Now Ebbing (1) | Read Article
Nov 03, 2023 - Summers Warns Against Investor Rush to Declare Fed’s Job Is Over | Read Article
Oct 06, 2023 - Summers Says Energizer Bunny Economy Signals Fed Hikes Failing | Read Article
Sep 21, 2023 - Summers Says Fed Has Caught Soft-Landing Bug, Surprise Looms | Read Article
Sep 13, 2023 - Summers Warns Soft Landing Chances Only 1-in-3, Stocks at Risk | Read Article | Read Article
Sep 01, 2023 - Summers Says Job Report Is a Step Down Road to US Soft Landing | Read Article
Aug 25, 2023 - Summers Says Fed Probably Needs at Least One More Rate Increase | Read Article
Aug 16, 2023 - Summers Sees 10-Year Yields Averaging 4.75% in Coming Decade (1) | Read Article
Aug 04, 2023 - Summers Warns on Inflation Reacceleration Risk as Wages Too Hot | Read Article
Jul 07, 2023 - Summers Warns on Inflation Complacency, Sees More Bond Declines | Read Article
Jun 02, 2023 - Summers Says Fed Should Mull Half-Point July Hike If June a Skip | Read Article
May 02, 2023 - Summers Says Most Bank Trauma Over, More Worried on Debt Limit | Read Article
Apr 28, 2023 - Summers Slams Delay in First Republic Resolution, Urges Fix Soon | Read Article
Apr 26, 2023 - Summers Says US Inflation Won’t Drop to 2% Without a Downturn (1) | Read Article
Apr 21, 2023 - Summers Spurns De-Dollarization Hype, Flags China Capital Flight | Read Article
Apr 14, 2023 - Summers Warns US Getting Lonely as Other Powers Band Together | Read Article
Apr 07, 2023 - Summers Says Recession Probabilities Rising, Fed Nearing the End | Read Article
Mar 31, 2023 - Summers Warns Too Early for All-Clear on US Financial Turmoil | Read Article | Read Article
Mar 24, 2023 - Summers Urges FSOC to Pledge to Back Deposits If US Banks Fail | Read Article | Read Article
Mar 23, 2023 - Summers, Tarullo Slam Stress-Test Failures, Urge Deposit Clarity | Read Article
Mar 17, 2023 - Summers Warns Fed Against Financial Dominance Urges Rate Hike | Read Article
Mar 16, 2023 - Summers Gives Lagarde an A+, Urges Fed Rate Increase Next Week | Read Article
Mar 13, 2023 - Summers Says Quarter-Point Fed Hike Next Week Still Appropriate | Read Article
Mar 11, 2023 - Summers Warns Consequences Severe If SVB Deposits Not Released | Read Article
Mar 10, 2023 - Summers Sees Nearly 50-50 Odds Fed Must Hike to 6% or Higher | Read Article | Read Article
Mar 10, 2023 - Summers Sees No Systemic Risk From SVB If Depositors Protected | Read Article | Read Article
Mar 07, 2023 - Summers, Blanchard Spar Over Long-Run Level of Interest Rates | Read Article
Mar 03, 2023 - Summers Urges Powell to Open Door to 50 Basis Points in March | Read Article
Feb 23, 2023 - Summers Sees Signals of a Sharp Drop-Off in Economic Activity | Read Article
Feb 17, 2023 - Summers Says Too Soon to Call for March 50 Basis-Point Fed Hike | Read Article
Feb 10, 2023 - Summers Sees Turbulent Time, Warns on Inflation Complacency | Read Article
Feb 10, 2023 - Israel Risks Hurting Economy If It Rushes Judicial Reform, Summers Says | Read Article
Feb 03, 2023 - Summers Sees Risk of ‘Sudden Stop’ in Economy After Jobs Surge | Read Article
Jan 27, 2023 - Summers Urges Fed to Avoid Pledging Rate Hikes After Next Week | Read Article
Jan 13, 2023 - Summers Says Recession Still Looms, Fed Getting Closer to Done | Read Article
Jan 06, 2023 - Summers Sees ‘Tumult’ in 2023 With Reckoning for Bond Market (1) | Read Article
Dec 16, 2022 - Summers Says US Recession Timing Might Have Been ‘Pushed Back’ | Read Article | Read Article
Dec 03, 2022 - Summers Says Fed Will Need to Hike Rates More Than Market Thinks | Read Article
Nov 19, 2022 - Summers Warns Very Risky for US to Aim at ‘Tearing China Down’ | Read Article
Nov 15, 2022 - Summers Says Good for US, China to Lower Temperature in Rivalry | Read Article
Nov 11, 2022 - Summers Favors Biden Keeping Economy Team in Place Post-Midterms | Read Article
Nov 11, 2022 - Summers Says FTX Meltdown Has ‘Whiffs’ of Enron-Like Scandal (1) | Read Article
Nov 07, 2022 - Summers Warns on Debt Limit as GOP Gains Expected (Correct) | Read Article
Nov 04, 2022 - Summers Sees Risk Fed Needs to Hike Past 6% to Quell Inflation | Read Article | Read Article
Oct 28, 2022 - Summers Blasts Fed Critics After Senators Pushed Powell on Hikes | Read Article
Oct 24, 2022 - Summers Watching Japan ‘Very Carefully’ With Yen, Rates Risks | Read Article | Read Article
Oct 21, 2022 - Summers Warns on ‘Doom Loop’ Risks in Debt, Price Spike in Oil | Read Article
Oct 14, 2022 - Summers Sees More Land Mines After UK, Warns on Bond Shut-Out | Read Article
Oct 07, 2022 - Summers Urges Fed to Keep Tightening, Even as ‘Collision’ Looms | Read Article | Read Article
Oct 01, 2022 - World Economy Roiled by Simultaneous Shocks Echoing 2007 Anxiety | Read Article
Sep 29, 2022 - Summers Says Global Market Risk Is Building Like in August 2007 | Read Article
Sep 28, 2022 - Summers Sees Heightened Risk of Market Breakdowns, Lauds BOE | Read Article
Sep 23, 2022 - Summers Warns Pound May Drop Past $1 on ‘Naive’ UK Policies | Read Article
Sep 16, 2022 - Summers Says History Shows No Example of Hiking Rates Too Fast | Read Article
Sep 16, 2022 - Summers Expects Fed to Raise Rates Above 4.3% to Curb Inflation | Read Article
Sep 09, 2022 - Summers Says Dollar Can Go Further, With ‘Huge Advantage’ for US | Read Article
Sep 02, 2022 - Summers Discounts Rise in Labor Force, Sees 6% Unemployment Risk | Read Article | Read Article
Aug 22, 2022 - Summers Urges Fed to Deliver Stark Message on Economic Pain | Read Article
Aug 18, 2022 - Summers Says MMT Backers Should Look at Erdogan’s Turkey Woes | Read Article
Aug 18, 2022 - Summers Says China-Surpassing-US Is Japan 1990 All Over Again | Read Article | Read Article
Aug 10, 2022 - Summers Decries Tax Compromises by Democrats to Pass New Bill | Read Article
Aug 07, 2022 - US Inflation Peak in Sight But Debate Rages Over What Comes Next | Read Article
Aug 05, 2022 - Summers Warns Fed on 1970s-Style Mistake With CPI Set to Slow | Read Article
Jul 22, 2022 - Summers Says Raise Taxes ‘Right Now’ to Help Battle Inflation | Read Article
Jul 08, 2022 - Summers Says World Will Study Abenomics When Stagnation Returns | Read Article
Jul 01, 2022 - Summers Sees Rising Danger US Recession Will Hit Before Year-End | Read Article | Read Article
Jun 24, 2022 - Summers Urges Fed to Avoid 1970s Error of Easing Amid Recession | Read Article
Jun 17, 2022 - Summers Sees Risk of US Unemployment Needing to Climb Toward 6% | Read Article
Jun 04, 2022 - Summers Sees Signs Fed Tightening Is Having Impact on US Economy | Read Article
May 27, 2022 - Summers Says Fed ‘At Last’ Adopted Appropriate Policy Posture | Read Article
May 20, 2022 - Summers Warns on ‘Hipster Antitrust’ Push Eyeing Private Equity | Read Article | Read Article
May 13, 2022 - Summers Compares Price-Gouging Bill to Trump’s Bleach Injections | Read Article
May 06, 2022 - Summers Says Wage Slowdown May Be Positive Sign Amid Tight Jobs | Read Article | Read Article
Apr 29, 2022 - Summers Says Surging Wages Are a ‘Super Core’ Push to Inflation | Read Article | Read Article
Apr 14, 2022 - Summers Suggests U.S. Focus Global Agenda Elsewhere Than China | Read Article
Apr 08, 2022 - Summers Sees Consensus Building Toward Inevitable U.S. Recession | Read Article | Read Article
Apr 01, 2022 - Summers Says Billionaire Tax Bad Idea, Urges Corporate-Tax Focus | Read Article | Read Article
Mar 24, 2022 - Summers Says Fed’s Record of Soft Landings Not Relevant to Today | Read Article | Read Article
Mar 11, 2022 - Summers Faults Biden for Tying Inflation to Putin, Company Greed | Read Article
Mar 04, 2022 - Summers Says War, Excess Stimulus Raise 1970s Stagflation Risk | Read Article | Watch Video
Mar 02, 2022 - Summers Says Next Recession Will Likely Be Caused by the Fed | Read Article
Mar 01, 2022 - Summers Says ‘More Dangerous World’ Requires an FDR-Like Pivot | Read Article
Feb 25, 2022 - Summers Fears Ukraine Crisis Could Blunt Inflation-Fighting Push | Read Article
Feb 11, 2022 - Summers Urges Immediate Fed Meeting to End Asset Purchases (1) | Read Article | Read Article
Feb 04, 2022 - Summers Says Fed Could Hike at All Seven Meetings by Year-End | Read Article
Jan 21, 2022 - Summers Says He Doubts U.S. Inflation Will Slow to 2% This Year | Read Article
Jan 14, 2022 - Summers Says U.S. Risks Recession by Blaming Inflation on Greed | Read Article
Jan 07, 2022 - Summers Says Fed, Markets Too Sanguine on Anti-Inflation Steps | Read Article
Dec 23, 2021 - Summers Sees Risk of Recession Soon, ‘Secular Stagnation’ Later | Read Article
Jan 18, 2014 - Summers sees a very slack U.S. economy
“Summers sees a very slack U.S. economy,” Bloomberg Television Read More
Mar 13, 2009 - Responding to an Historic Economic Crisis: The Obama Program
★ Feb 04, 2021 - The Biden stimulus is admirably ambitious. But it brings some big risks, too.
President Biden’s $1.9 trillion covid-19 relief plan, added to the stimulus measure Congress passed in December with the incoming administration’s strong support, would represent the boldest act of macroeconomic stabilization policy in U.S. history. Its ambition, its rejection of austerity orthodoxy and its commitment to reducing economic inequalit... Read More
Nov 15, 2023 - The cancer of antisemitism is spreading. Colleges must take the right stand.
Lawrence H. Summers, a Post contributing columnist, is a professor at and past president of Harvard University. This column is adapted from remarks delivered at the Harvard Medical and Dental School Shabbat Observance on Nov. 10.
We are, I am convinced, at a moment of moral and mortal peril in the world and in university communities like my own.... Read More
Sep 07, 2023 - A world on fire: How the G-20 can douse the flames
By Bono and Lawrence H. Summers, The Washington Post
Bono is the co-founder of ONE, a global campaign to end extreme poverty and preventable disease, and the lead singer of the rock band U2. Lawrence H. Summers, a professor and past president at Harvard University, was U.S. treasury secretary from 1999 to 2001 and an economic adviser to Presiden... Read More
Aug 24, 2023 - What Jerome Powell should say on inflation
On Friday, Federal Reserve Chair Jerome H. Powell will give his third Jackson Hole address since inflation emerged as a major macroeconomic issue. These addresses are significant because they frame the monetary policy debate for the coming year. In his 2021 keynote, Powell supported markets by emphasizing why he thought inflation was transitory and... Read More
Aug 18, 2023 - China’s economy is finally hitting a wall
There can now be little doubt that just as the conventional wisdom way overstated the economic prospects of Russia in 1960 and Japan in 1990, so have China’s prospects been greatly exaggerated in this decade. Indeed, I think there is a good chance that, measured at market exchange rates, U.S. gross domestic product will exceed China’s for another g... Read More
Jul 07, 2023 - The affirmative action ruling is big. Now elite colleges need to think bigger.
I was sorry but not surprised to see Thursday’s Supreme Court decision disallowing affirmative action in college admissions. It is ironic that a court that regards itself as conservative has taken an action so radical in terms of upsetting long-standing practices and expanding federal power over private institutions. Unless universities now respond... Read More
Jul 05, 2023 - The moral and legal case for sending Russia’s frozen $300 billion to Ukraine
Russia’s assault on Ukraine has become a brutal war of attrition — militarily but also economically and socially. Russian President Vladimir Putin recognizes the nature of this struggle. Ukraine, having lost one-third of its GDP, with one-third of its population already displaced and the lights flickering on and off, could win battles and still los... Read More
Jan 16, 2023 - The Republicans don’t want to fix the IRS. Here’s how to do it anyway.
with Natasha Sarin
The current moment is perhaps the most important for U.S. tax administration since the income tax was put in place more than a century ago.
Consider just the past six months: Congress has passed the largest-ever increase in IRS funding; repeal of that funding has become the first legislative priority of the new Republican... Read More
Dec 21, 2022 - What the Fed should do next on inflation
The debate over U.S. monetary policy is in a new phase. There is no longer any question that the Fed allowed itself to fall way behind the curve in the second half of 2021 and early 2022, calling its credibility into question. It is equally clear that, as its critics urged, the Fed has since moved aggressively to contain inflation by raising rates ... Read More
Oct 31, 2022 - Curbing inflation comes first, but we can’t stop there
The United States right now faces as complex a set of macroeconomic challenges as at any time in 75 years.
That is not the same as saying it faces its darkest economic moment. Our current situation includes strengths such as low unemployment and is by no measure as grave as the 2009 financial crisis or 1970s inflation. What stands out, however, ... Read More
Jun 05, 2022 - My inflation warnings have spurred questions. Here are my answers.
I have argued repeatedly that Federal Reserve policy remains dangerously behind the curve in ways that will lead to poor economic performance in the years ahead, and that a rapid change in direction is needed. This view has been challenged from both outside the Fed and within it, including in Fed Chair Jerome H. Powell’s most recent speech. Here, l... Read More
Mar 20, 2022 - The Fed is charting a course to stagflation and recession
When the long-awaited process of raising interest rates begins Wednesday, market observers will fixate on the precise words used in the Fed statement and during Chair Jerome H. Powell’s news conference. The focus will be on what they signal about the number of rate increases coming this year and next, as well as the schedule for selling down the bo... Read More
Feb 07, 2022 - On inflation, we can learn from the mistakes of the past — or repeat them
A year ago I warned that “there is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflation pressures of a kind we have not seen in a generation.”
At the time, the much-greater optimism of the Biden administration and Federal Reserve were in line with the consensus view... Read More
Nov 16, 2021 - On inflation, it’s past time for team ‘transitory’ to stand down
There is a wise apocryphal saying often attributed to John Maynard Keynes: “When the facts change, I change my mind. What do you do?” After years of advocating more expansionary fiscal and monetary policy, I altered my view this past winter, and I believe the Biden administration and the Federal Reserve need to further adjust their thinking on infl... Read More
Sep 22, 2021 - We don’t have to fly blind into the next pandemic
—by Ngozi Okonjo-Iweala, Tharman Shanmugaratnam and Lawrence H. Summers
We are nowhere near the end of the pandemic. Yet covid-19 is a prelude to more and possibly worse pandemics to come.
Scientists have repeatedly warned that in the years to come outbreaks will be more frequent, spread more quickly and take more lives. Together with the wor... Read More
May 24, 2021 - The inflation risk is real
The covid-19 chapter in U.S. economic history is coming to a close more rapidly than almost anyone expected, including me. Within weeks, gross domestic product will reach a new peak, and it is likely to exceed its pre-covid trend line before year’s end, as the economy enjoys its fastest year of growth in decades. Job openings are at record levels, ... Read More
Feb 04, 2021 - The Biden stimulus is admirably ambitious. But it brings some big risks, too.
President Biden’s $1.9 trillion covid-19 relief plan, added to the stimulus measure Congress passed in December with the incoming administration’s strong support, would represent the boldest act of macroeconomic stabilization policy in U.S. history. Its ambition, its rejection of austerity orthodoxy and its commitment to reducing economic inequalit... Read More
Jun 29, 2020 - U.S. workers need more power
By Lawrence H. Summers and Anna Stansbury
Covid-19 has brought into sharp relief the contrast between the experiences of the higher-income Americans who receive deliveries and the lower-income Americans who fulfill them, between those who can work safely from home and those who must expose themselves to risk, often with inadequate protection, b... Read More
May 14, 2020 - Covid-19 looks like a hinge in history
The Covid-19 crisis is the third major shock to the global system in the 21st century, following the 2001 terror attacks and the 2008 financial crisis. I suspect it is by far the most significant.
Although the earlier events will figure in history textbooks, both 9/11 and the Lehman Brothers bankruptcy will fade over time from popular memory.
... Read More
May 05, 2020 - Given what we’re losing in GDP, we should be spending far more to develop tests
When it comes to crafting foreign policy, designing anti-poverty programs or implementing measures to combat climate change, economists have an understandable tendency to feel as though the economic aspects of the debate receive short shrift. The opposite is true when it comes to the pandemic. If anything, the United States is in danger of overemph... Read More
Apr 15, 2020 - National governments have gone big. The IMF and World Bank need to do the same.
By Gordon Brown and Lawrence H. Summers
The nations of the developed world have responded to the covid-19 crisis by supporting their domestic economies and financial systems in bold and unprecedented ways, and at a scale that would have been unimaginable three months ago.
In contrast, when the world’s finance and central bank governors conven... Read More
Mar 25, 2020 - Trump is missing the big picture on the economy
As an economist, I am normally enthusiastic when presidents or other political leaders emphasize the economic aspect of public policy issues. I am all for economic growth, cost benefit analyses, trade agreements, more flexible markets and prudent deregulation. Yet I am appalled by President Trump’s invocation of economic arguments as a basis for ov... Read More
Mar 04, 2020 - What the Fed can do to help with with coronavirus’s economic aftershock
While the Fed acted preemptively Tuesday, it is still too early to say much that is definitive about the economic threat from coronavirus. We do know, however, that this is one of the most dangerous and disruptive disease outbreaks since World War I.
Science and medicine have of course progressed massively since the 1918 Spanish flu. On the othe... Read More
Jan 30, 2020 - If business leaders are serious about doing good, they can start by paying their taxes
By Natasha Sarin and Lawrence H. Summers
Over the past year, the concept that corporations owe a responsibility to the broader society beyond their responsibility to their shareholders has flourished. The Business Roundtable renounced its earlier view that companies exist to serve stockholders and endorsed stakeholder capitalism last summer. Bla... Read More
Jan 07, 2020 - Do Americans really need to be more thrifty?
January 7, 2020
Few economic virtues are more universally applauded than thrift.
Going back at least to Ben Franklin, Americans have equated greater thriftiness with greater worthiness. Progressives decry the limited saving and wealth accumulation of middle-income families and express alarm over the widely reported “fact” that 40 percent of A... Read More
Nov 17, 2019 - Yes, our tax system needs reform. Let’s start with this first step.
By Natasha Sarin and Lawrence H. Summers
November 17, 2019
While there’s plenty of disagreement about how the money should be used, almost everyone involved in public-policy debates agrees that it would be good if the federal government could collect more revenue without raising tax rates or reducing tax deductions or credits.
It should be... Read More
Nov 07, 2019 - Warren’s plan to finance Medicare-for-all pushes into dangerous and uncharted territory
November 5, 2019
Democratic presidential candidate Elizabeth Warren last week mounted a passionate defense of universal government-provided health care and made a detailed case that it can be paid for without burdening the middle class. The vision of Medicare-for-all is immensely attractive and evokes health systems in other countries that perfo... Read More
Oct 11, 2019 - Global economy is at risk from a monetary policy black hole
Governments should borrow more to stave off secular stagnation
October 11, 2019
New IMF managing director Kristalina Georgieva’s first speech makes bracing reading for the global financial community as it gathers this coming week in Washington for the annual IMF and World Bank meetings. Ms Georgieva noted that while two years ago growth was ... Read More
Oct 10, 2019 - We no longer share a common lived experience
October 9, 2019
The economic geography of the United States is central to our most serious economic social and political problems. And yet it is a subject that receives only the episodic attention of federal policymakers and initiatives that are far too small to have a meaningful chance of success.
By almost any measure, U.S. citizens no long... Read More
Sep 03, 2019 - If Business Roundtable CEOs are serious about reform, here’s what they should do
The Business Roundtable recently announced a major policy change declaring that the purpose of a corporation is not just to serve shareholders (its official position since 1997) but “to create value for all our stakeholders.” At a time of considerable disillusionment with U.S. capitalism, this is a significant statement that could signal meaningful... Read More
Jul 09, 2019 - Christine Lagarde enters the European Central Bank at a perilous moment
The announcement last week that Christine Lagarde would be leaving her post as managing director of the International Monetary Fund to become president of the European Central Bank marks what may be the most important change in the leadership of the international financial system in decades. At a time when the United States is abdicating its system... Read More
Jun 05, 2019 - It’s tempting for the Fed to move slowly. That would be a grave error.
The Federal Reserve will over the next several months make monetary policy decisions that are as consequential as any it has made since the financial crisis and Great Recession of 2007-2008. The temptation in a highly uncertain and politicized environment will be to move cautiously. Yet this would be a grave error in the current context, where a re... Read More
May 15, 2019 - There’s a revealing puzzle in the China tariffs
On Monday, China announced new tariffs on $60 billion of U.S. exports, and the United States threatened new tariffs on up to $300 billion of Chinese goods. These actions were cited as the principle reason for a decline of more than 600 points in the Dow Jones industrial average, or about 2.4 percent in broader measures of the stock market. With the... Read More
Apr 01, 2019 - Fair, comprehensive tax reform is the right path forward
By Natasha Sarin and Lawrence H. Summers
March 29, 2019
Part Two
Over the last several weeks, we have paid careful attention to tax proposals by Representative Alexandria Ocasio-Cortez of New York, for a 70 percent marginal tax rate on top earners, and by Senator Elizabeth Warren of Massachusetts, for a wealth tax on those worth more than... Read More
Feb 05, 2019 - No trade deal can dictate our relationship with China
As the United States and China continue to joust over trade and technology, the U.S. policy debate contrasts two views of the primary problem.
A first view expressed often in President Trump’s tweets locates the key issue in the bilateral trade deficit that the United States chronically runs with China. On this theory of the problem, a solution ... Read More
Jan 09, 2019 - We must prepare now for the likelihood of a recession
Excess austerity is a bigger risk than fiscal profligacy
When people are fundamentally healthy, they do not yet know what will cause their death. An economic recovery is healthy if it is not clear what will cause the next recession. By this standard, the recovery from the 2008 financial crisis, although disappointingly slow, has been healthy for... Read More
Dec 05, 2018 - Can anything hold back China’s economy?
Presidents Trump and Xi Jinping reached an agreement over the weekend at the Group of 20 meeting in Argentina on a framework for trade dialogue that will delay the imposition of new American tariffs. While surely better than the alternative, this step does not address any of the fundamental tensions in the economic relationship between the United S... Read More
Nov 06, 2018 - Fed bashing is a fool’s game
President Trump has publicly and harshly rebuked Federal Reserve Board Chairman Jerome H. Powell for what the president regards as misguided interest-rate increases that threaten continued economic expansion. As with much of what Trump says and does, this way of doing business is counterproductive — irrespective of whatever merit his underlying pos... Read More
Oct 09, 2018 - Driving across the US gave me a different perspective on the American economy
Economists like me see the world through the prism of models, fit to statistical data and tested against market realities. Economic models provide powerful perspective: I have used them to argue that, had the economy been left to itself and policymakers not heeded the lessons of history and theory, the 2008 financial crisis might have led to anothe... Read More
Sep 04, 2018 - Ending quarterly reports will not stop corporate short-termism
Requiring less information would favour better-connected professional investors
President Donald Trump has asked the US Securities and Exchange Commission to investigate moving public companies to a six-month rather than three-month reporting cycle to combat an excessive corporate focus on the short term.
Progressive critics a... Read More
Aug 06, 2018 - Trump claims credit he is not due on the economy
President Donald Trump regularly and proudly takes credit for the US economy’s strong performance.
With rapid growth in the second quarter, the stock market strong, the unemployment rate back below 4 per cent and the midterm elections looming, his rhetoric and that of his supporters will probably escalate in the coming months.
In fact the a... Read More
Jul 03, 2018 - A jobs guarantee — progressives’ latest big idea
The impulse behind the latest “big” progressive idea of creating a federal job guarantee is entirely valid. Studies show that those without jobs are much more likely to be dissatisfied with their lives, to become addicted to alcohol or drugs and to be abusive within their families than even those working at low wages they find inadequate.
On thi... Read More
Jun 05, 2018 - Donald Trump’s trade policy violates every rule of strategy
Donald Trump has put aggressive trade policy at the centre of his approach to the economy. No other economic subject has received such sustained presidential attention or generated so much controversy.
This is problematic as most economists agree that changes in trade policy are unlikely to have a big effect on growth in employment or over gross d... Read More
May 06, 2018 - The threat of secular stagnation has not gone away
The economy is prone to sluggish growth — if the past few years are anything to go by
May 6, 2018
Unemployment in the US is below 4 per cent and growth in the economy is accelerating. By recent standards growth in Europe and Japan is also strong. In these circumstances many believe the idea of secular stagnation can be written off.
Certain... Read More
Apr 09, 2018 - Donald Trump trade threats lack credibility
April 8, 2018
US bluster has caused most of the world to rally to China’s side
As the possibility of a trade war between the US and China looms, threats and counter-threats are hurled back and forth and markets gyrate, economic logic and truth appear to be an early casualty. There are certain points of fact on which there should be no disagre... Read More
Mar 05, 2018 - Currency markets send a warning on the US economy
One of the many surprising aspects of financial market performance over the past year has been the weak performance of the US dollar, which has fallen by close to 10 per cent on a trade weighted basis and by more than 10 per cent against the euro.
This has occurred despite a variety of factors that might have been expected to push the dollar up.... Read More
Feb 05, 2018 - Jerome Powell’s challenge at the Fed
Janet L. Yellen has completed her term with unemployment much lower than it was when she began, with inflation low and closer to target, and with the financial system better capitalized and more liquid. What more can anyone ask from a Fed chair?
Yellen’s success is a tribute to her judgment and thoughtfulness. Importantly, though, like Alan Gree... Read More
Jan 21, 2018 - Trump’s big choice at Davos
Will he reassure his audience that the US believes in strong global institutions?
Donald Trump will be attending this year’s World Economic Forum. Inevitably, attention will focus on whether the US president projects a commitment to internationalist values or reiterates his commitment to truculent nationalism in the name of making America “great... Read More
Dec 10, 2017 - Sugar high is right diagnosis, tax cuts are the wrong prescription
The approaching end of President Trump's first year in office, another strong employment report and a still-strong stock market make it appropriate to revisit my year-old judgment that the economy is enjoying a "sugar high." Unfortunately, the best available evidence suggests that signs of current market and economic strength are largely unrelated ... Read More
Nov 06, 2017 - Three (almost) inexplicable parts of the Republican tax plan
With the release of the Republican tax proposal, the most important tax debate in a generation is in full swing. Most reasonable experts agree that tax reform has the potential to spur investment and raise wages while also simplifying the system and increasing its fairness and legitimacy. The right question for debate is not the desirability of tax... Read More
Oct 08, 2017 - America’s tax plan is not worth its name
The international community should give officials a very uncomfortable week
October 8, 2018
The US administration’s tax plan is not a plan. It is a mélange of ideas put forth without precision or arithmetic. It is not clear enough to permit the kind of careful quantitative analysis of budget costs, economic impacts and distributional implicat... Read More
Sep 03, 2017 - America needs its unions more than ever
September 4, 2017
The central issue in American politics is the economic security of the middle class and their sense of opportunity for their children. A pervasive sense of vulnerability and missing opportunity leads to dissatisfaction, reduces faith in government and institutions, diminishes willingness to support the least fortunate, increase... Read More
Aug 14, 2017 - Why the Federal Reserve’s job will get harder
With the term of Janet Yellen as Federal Reserve chair ending next February, the president will have to nominate and the Senate will have to confirm a new head of the central bank in coming months. There is much discussion of the merits and implications of possible candidates for the job. For Donald Trump and the Senate it will be important to begi... Read More
Jul 12, 2017 - Trump’s behavior is the biggest threat to U.S. national security
Confusing civility with comity is a grave mistake in human or international relations. Yes, the Group of 20 summit issued a common communique after the leaders’ meeting. Some see this as an indication that some normality is being restored in international relations between the United States and other countries. The truth is that at no previous G-20... Read More
Jun 05, 2017 - Business needs to show there is more to the US than Donald Trump
June 4, 2017
In economics as in life things often take longer to happen than you think they will and then happen faster than you thought they could. So it may turn out with the catastrophic international economic policies of President Donald Trump. It is possible that the past week will be remembered as a hinge in history - a moment when the US ... Read More
May 07, 2017 - Less is more when it comes to Federal Reserve policy
May 7, 2017
Friday’s US employment report was generally strong, with job growth of 211,000, declining unemployment and a drop in the number of workers involuntarily confined to part-time work.
The data, along with indications that growth in the second quarter is likely to come in above 3 per cent, suggest the economy is reasonably robust. But... Read More
Apr 10, 2017 - The US must work on its economic relationship with China
April 9, 2017
Donald Trump and Chinese President Xi Jinping have now completed their first summit. Observers on both sides seem to be relieved. If no diplomatic breakthroughs on major issues were achieved, it is also the case that there were no outward displays of truculence from either side. Neither high hopes nor great fears have been realised... Read More
Mar 07, 2017 - Robots are wealth creators and taxing them is illogical
March 5, 2017
Governments can offset lost jobs by investing in education and retraining
I usually agree with Bill Gates on matters of public policy and admire his emphasis on the combined power of markets and technology. But I think he went seriously astray in a recent interview when he proposed, without apparent irony, a tax on robots to cus... Read More
Feb 06, 2017 - Revoking trade deals will not help American middle classes
February 6, 2017
The advent of global supply chains has changed production patterns in the US
Trade agreements have been central to American politics for some years. The idea that renegotiating trade agreements will "make America great again" by substantially increasing job creation and economic growth swept Donald Trump into office.
More... Read More
Jan 17, 2017 - Economy under Trump: Plan for the worst
An ironic contradiction is likely to define the global economic community’s convocation in Davos this week as it awaits Donald Trump’s inauguration. There has not been so much anxiety about U.S. global leadership or about the sustainability of market-oriented democracy at any time in the past half-century. Yet with markets not only failing to swoon... Read More
Jan 08, 2017 - US tax reform is vital but Trump’s plan is flawed
Corporate tax reform has rightly been identified by both the President-elect and Congress as an immediate priority. There is no doubt that the status quo — where America has the highest statutory rate among major countries and companies hoard cash overseas — can be improved on. Unfortunately, the reforms identified by Paul Ryan, speaker of the Hous... Read More
Dec 05, 2016 - Trump’s tax plans favour the rich and will hamper economic growth
Just as Ronald Reagan's landmark 1986 bipartisan tax reform increased simplicity, fairness and economic efficiency by broadening the tax base and reducing rates, today reform of the system has the potential to help American families and the economy.
Properly designed, revenue-neutral reforms could help to offset the dramatic increases in inequal... Read More
Nov 14, 2016 - A badly designed US stimulus will only hurt the working class
Not even US presidents with political mandates can repeal the laws of economics
November 13, 2016
Following a brief market plunge, the President-elect’s speech on Tuesday night was more conciliatory than many expected and emphasised his commitment to infrastructure investment. Investors have, on balance, concluded that the combination of a sh... Read More
Oct 09, 2016 - Voters sour on traditional economic policy
It is hard to escape the conclusion that the world is seeing a renaissance of populist authoritarianism
October 9, 2016
As the world’s finance ministers and central bank governors came together in Washington last week for their annual global financial convocation, the mood was sombre. The spectre of secular stagnation and inadequate economic grow... Read More
Sep 12, 2016 - Building the case for greater infrastructure investment
September 12, 2016
The issue now is not whether the US should invest more but what the policy framework should be
There is a consensus that the US should substantially raise its level of infrastructure investment. Economists and politicians of all persuasions recognise that this can create quality jobs and provide economic stimulus without po... Read More
Aug 08, 2016 - The progressive case for championing pro-growth policies
August 8, 2016
Issues of inequality, fairness, middle-class living standards and job creation have been central to the US presidential campaign.
Rightly so. For many years, the incomes of all groups tended to move together. Indeed, as a graduate student in the late 1970s, I was taught that it was a "stylised fact" that the shares of US total in... Read More
Jul 10, 2016 - Voters deserve responsible nationalism not reflex globalism
July 10, 2016
It is clear after the Brexit vote and Donald Trump’s victory in the Republican presidential primaries that voters are revolting against the relatively open economic policies that have been the norm in the US and Britain since the second world war.
Populist opposition to international integration is on the rise in much of contine... Read More
Jun 06, 2016 - The economic consequences of a Trump win would be severe
On June 23, the UK will vote on whether to remain in the EU. On November 8, the US will vote on whether to elect Donald Trump as president. These elections have much in common. Both could lead to outcomes that would have seemed inconceivable not long ago. Both pit angry populists against the political establishment. And in both cases, polling sugge... Read More
May 08, 2016 - Europe is right to kill off the criminal’s favourite banknote
So-called Bin Ladens have an important role facilitating illicit activity
Most of the time I use this column to recommend policy changes that I believe would make the world a better place. This time I am saluting a policy change I believe will have significant benefits - one that carries with it important lessons.
The decision of the E... Read More
Apr 11, 2016 - Global trade should be remade from the bottom up
Since the end of the second world war, a broad consensus in support of global economic integration as a force for peace and prosperity has been a pillar of the international order. From global trade agreements to the EU project; from the Bretton Woods institutions to the removal of pervasive capital controls; from expanded foreign direct investmen... Read More
Mar 07, 2016 - A world stumped by stubbornly low inflation
Here is a thought experiment that illuminates the challenges currently facing macroeconomic policymakers in the US and the rest of the industrial world.
Imagine that in a brief period inflation expectations around the industrial world, as inferred from both the markets for indexed bonds or inflation swaps, rose by nearly 50 basis points to a lev... Read More
Feb 08, 2016 - No free lunches but plenty of cheap ones
February 7, 2016
Trade-offs have long been at the center of economics. The aphorism “there is no such thing as a free lunch” captures a central economic idea: You cannot get something for nothing. Among the many trade-offs emphasized in economics courses are guns vs. butter, public vs. private, efficiency vs. equity, environmental protection vs.... Read More
Jan 11, 2016 - Heed the fears of the financial markets
Often markets are volatile at the end of the year - as many traders go on holiday and those with losses unload them - and then settle down as a new year begins. Not this year. U.S. and European markets closed significantly lower on Friday after a very rough week despite a very strong U.S. jobs report. The week's economic news was dominated by drama... Read More
Dec 06, 2015 - Central bankers do not have as many tools as they think
December 6, 2015
The unresolved question is how policy can delay and ultimately contain the next recession
While debate about the relevance of the secular stagnation idea to current economic conditions continues to rage, there is now almost universal acceptance of a crucial part of the argument. It is agreed that the "neutral" interest rate... Read More
Nov 09, 2015 - Grasp the reality of China’s rise
November 8, 2015
For the first time in centuries, China affects the global economy as much as it is affected by the global economy. In the years ahead, China is likely to account for between one-third and one-half of growth in global incomes, trade and commodity demand, and its significance will only increase as its share of the world economy ri... Read More
Oct 07, 2015 - The case for expansion
Policymakers must abandon structural reform rhetoric and embrace fiscal stimulus
October 7, 2015
As the world's financial policymakers convene for their annual meeting on Friday in Peru, the dangers facing the global economy are more severe than at any time since the bankruptcy of Lehman Brothers in 2008.
The problem of secular stagnation ... Read More
Aug 23, 2015 - The Fed looks set to make a dangerous mistake
August 23, 2015
Raising rates this year will threaten all of the central bank's major objectives
Will the Federal Reserve’s September meeting see US interest rates go up for the first time since 2006? Officials have held out the prospect that it might, and have suggested that — barring major unforeseen developments — rates will probably be in... Read More
Aug 10, 2015 - Corporate long-termism is no panacea — but it is a start
The real need is for a cadre of trusted, tough-minded investors that will support strong management teams
August 9, 2015
There are not many wholly new areas to open up in economic policy. But in recent months there has been a wave of innovative proposals directed at improving economic performance in general, and middle-class incomes in partic... Read More
Jul 12, 2015 - Complacency and incrementalism are traps to avoid
July 12, 2015
Clear-eyed, bold action is what the world requires if the financial drama is to subside.
Against a backdrop of slow and diminishing growth forecasts, recent months and especially recent weeks have seen an extraordinary level of financial drama. While not rising to the level of the systemic global crisis of 2008, or the period of... Read More
Jun 21, 2015 - Greece is Europe’s failed state in waiting
June 20, 2015
When, as now appears likely, Greece financially separates from Europe it will at one level be no one’s fault.
The Greek leaders will rightly explain that having imposed more austerity on themselves than any industrialised country has suffered since the Depression, they could not have done more without light at the end of tunnel ... Read More
Jun 17, 2015 - Rescuing the free-trade deals
June 14, 2015
The Senate’s rejection of President Woodrow Wilson’s commitment of the United States to the League of Nations was the greatest setback to U.S. global leadership of the last century. While not remotely as consequential, the votes in the House last week that, unless revisited, would doom the Trans-Pacific Partnership send the same kind... Read More
May 18, 2015 - Reform-minded Ukraine merits debt reduction
May 17, 2015
Ukraine, the international community and its creditors will soon have to reach a conclusion about how to handle the country’s debt. The case for debt reduction is as strong as any that I have encountered over the past quarter century. How the issue is resolved will say much about the extent of international commitment to Ukraine a... Read More
Apr 05, 2015 - Time US leadership woke up to new economic era
April 5, 2015
This past month may be remembered as the moment the United States lost its role as the underwriter of the global economic system. True, there have been any number of periods of frustration for the US before, and times when American behaviour was hardly multilateralist, such as the 1971 Nixon shock, ending the convertibility of the ... Read More
Mar 09, 2015 - A deal worth getting right
March 8, 2015
Over the next few months, the question of U.S. participation in the Trans-Pacific Partnership trade deal is likely to be resolved one way or the other. It is, to put it mildly, a highly controversial issue. Proponents believe a deal is essential to both our economic and geopolitical interests; opponents fear that it will primarily ... Read More
Feb 09, 2015 - Only raise US rates when whites of inflation’s eyes are visible
February 8, 2015
Aborting recovery and risking a further slowing of price rises is potentially catastrophic
I cannot recall a moment when the gap between what markets expect the US Federal Reserve to do and what the Fed itself has forecast it will do has been as large. Markets predict that the Fed will raise rates only to 1.6 per cent by the ... Read More
Jan 20, 2015 - FT Video: Make the middle class a priority
Summers talked with FT editor, Lionel Barber, on January 19, 2015 about the Inclusive Prosperity report, why economic growth has been hampered and whether ECB action can lift middle-class incomes. Read More
Jan 18, 2015 - Focus on growth for the middle class
January 18, 2015
The most challenging economic issue ahead of us involves a group that will barely be represented at this week’s annual Davos summit: the middle classes of the world’s industrial countries. As the Center for American Progress’s Inclusive Prosperity Commission, which I co-chaired with Ed Balls, the top economic official in Britain... Read More
Jan 05, 2015 - Let this be the year when we put a proper price on carbon
January 4, 2015
The fall in oil prices and declines in other energy prices make the case for a tax overwhelming
The case for carbon taxes has long been compelling. With the recent steep fall in oil prices and associated declines in other energy prices it is overwhelming. There is room for debate about the size of the tax and about how the pro... Read More
Dec 07, 2014 - Crumbling infrastructure is a sign of lost collective faith
December 7, 2014
The only answer is prompt and aggressive responses to failure
Take a walk from the US Air Shuttle in New York’s LaGuardia airport to ground transportation. For months you will have encountered a sign saying “New escalator coming in Spring 2015”. Or take the Charles River at a key point separating Boston and Cambridge which is... Read More
Nov 10, 2014 - We play with fire if we skimp on public health
November 10, 2014
Epidemics and pandemics are like earthquakes. Tragic, inevitable and unpredictable. It starts as a random event. A virus jumps species from a bird, bat, or other animal to "Patient Zero" - who passes it on to other human beings. More likely than not, over the course of this century we will face an influenza pandemic similar to ... Read More
Oct 07, 2014 - Why public investment really is a free lunch
The IMF finds that a dollar of spending increases output by nearly $3
October 7, 2014
It has been joked that the letters IMF stand for "it's mostly fiscal." The International Monetary Fund has long been a stalwart advocate of austerity as the route out of financial crisis, and every year it chastises dozens of countries for their fiscal indis... Read More
Sep 08, 2014 - Bold reform is the only answer to secular stagnation
September 8, 2014
There may be supply-side barriers that hold the economy back before constraints on demand bind
By Lawrence H. Summers
The economy continues to operate way below any estimate of its potential made before the onset of financial crisis in 2007, with a shortfall of gross domestic product relative to previous trend in excess o... Read More
Aug 10, 2014 - Ending presidents’ second-term curse
August 10, 2014
Disillusionment with Washington has rarely run higher. Congress is unable to act even in areas where there is widespread agreement that measures are necessary, such as immigration, infrastructure spending and business tax reform. The Obama administration, rightly or wrongly, is increasingly condemned as ineffectual. What was on... Read More
Jul 06, 2014 - Put American foreign policy back on the pitch
July 6, 2014
A failure to engage with global economic issues is a failure to mount a strong defense
By Lawrence H. Summers
Sports coaches know that there is nothing more dangerous for a team than retreating into passivity for fear of making a mistake. Whether it is due to a desire to sit on a lead, or because of nerves following a setback,... Read More
Jun 08, 2014 - The rich have advantages that money cannot buy
The differences between the rich and everyone else are about health and opportunity
By Lawrence H. Summers
June 8, 2014
With the popularity of Thomas Piketty’s book, Capital in the 21st Century, inequality has become central to the public debate over economic policy. Piketty, and much of this discussion, focuses on the sharp increases in t... Read More
May 04, 2014 - UK austerity is no model for the world
New York is more dependent on financial services yet its GDP is above its previous peak
May 4, 2014
By Lawrence H. Summers
The British economy is the standout member of the Group of Seven rich nations. Over the last quarter the UK had economic growth at an annual rate of more than 3 per cent. In the same period the US barely grew, continental Eu... Read More
Mar 09, 2014 - ‘Potemkin money’ is wrong way to help Ukraine
March 9, 2014
The west should make modest promises and then strive to deliver more than the country expects
Events in Ukraine have underscored the importance of effective external support for successful economic and political reform. The international community is finally responding with concrete indications of support.
At one level the si... Read More
Feb 16, 2014 - America Risks Becoming a Downton Abbey Economy
February 16, 2014
Inequality will have to be addressed, with free markets playing a pivotal role
Inequality has emerged as a major issue in the US and beyond. A generation ago it could reasonably have been asserted that the overall growth rate of the economy was the main influence on the growth in middle-class incomes and progress in reducing... Read More
Jan 05, 2014 - Washington must not settle for secular stagnation
January 5, 2014
By Lawrence Summers
We may, as I argued last month in the Financial Times, be in a period of “secular stagnation” in which sluggish growth and output, and employment levels well below potential, might coincide for some time to come with problematically low real interest rates.
Since the start of this century, annual US gros... Read More
Dec 15, 2013 - Why stagnation might prove to be the new normal
December 15, 2013
In the past decade, before the crisis, bubbles and loose credit were only sufficient to drive moderate growth
Is it possible that the US and other major global economies might not return to full employment and strong growth without the help of unconventional policy support? I raised that notion – the old idea of “secular sta... Read More
Nov 11, 2013 - Give the Obamacare bug the correct treatment
There is still time to follow the basic rules of project management
November 11, 2013
As the president has recognized, the failure on the part of his administration to deliver a functioning website that Americans can use to enroll in “Obamacare”, the Affordable Care Act, represents an inexcusable error. Having succeeded after more than a cent... Read More
Oct 13, 2013 - The battle over the US budget is the wrong fight
A small rise in economic growth would entirely eliminate the projected long-term budget gap
October 13, 2013
This month Washington is consumed by the impasse over reopening the government and raising the debt limit. It seems likely that this episode, like the 1995-96 government shutdowns and the 2011 debt limit scare, will be remembered mainl... Read More
Jul 07, 2013 - Tax reform can aid multinationals, cut deficit
July 7, 2013
Imagine a library where many books have been borrowed and are long overdue. There is a case for an amnesty to get the books back and move on. There is a case for saying that rules are rules and fines must be paid. But the worst strategy is to keep indicating that an amnesty may come soon without ever introducing it. And this is roug... Read More
Jun 03, 2013 - It is no time for faster cuts to the US budget deficit
June 3, 2013
Things are looking up. Led by rising house prices, the US recovery is likely to accelerate this year. Budget deficit projections have declined, too. And although the European economy is stagnant, there is some evidence that stimulative policies are gaining traction in Japan. So this is an opportune moment to reconsider the principle... Read More
May 06, 2013 - The buck does not stop with Reinhart and Rogoff
May 6, 2013
The economics commentariat – and no small part of the political debate – has been consumed in the past few weeks with controversy surrounding a piece of research by my Harvard colleagues (and friends) Carmen Reinhart and Kenneth Rogoff. The article, published in 2010, had been widely interpreted as showing that economic growth is lik... Read More
Apr 15, 2013 - Is America’s democracy broken?
April 15, 2013
With the release of the president’s budget, Washington has once again descended into partisan squabbling. There is in America today pervasive concern about the basic functioning of our democracy. Congress is viewed less favorably than ever before in the history of public opinion polling. Revulsion at political figures unable to re... Read More
Mar 17, 2013 - Europe cannot allow unfinished business to fester
March 17, 2013
In economic policy what is good for one is not good for all
Europe’s economic situation is viewed with far less concern than was the case six, 12 or 18 months ago. Policy makers in Europe far prefer engaging the US on a possible trade and investment agreement to more discussion on financial stability and growth. However, mispla... Read More
Feb 11, 2013 - US must do more than focus on deficit
February 11, 2013
A broader, growth-centered agenda is needed to propel the economy
There should be little disagreement across the political spectrum that growth and job creation remain America’s most serious national challenge. Ahead of President Barack Obama’s first State of the Union speech of his second term, and further fiscal negotiatio... Read More
Jan 21, 2013 - End the damaging obsession with deficit
January 21, 2013
America must not lose sight of infrastructure, jobs and growth
In the two and a half months between the election and this week’s inauguration of President Barack Obama, America’s public policy debate has been focused on prospective budget deficits and what can be done to reduce them.
The concerns are partly economic – ther... Read More
Dec 17, 2012 - How to fix costly and unjust US tax system
Too many provisions favour a very small minority of fortunate taxpayers
December 17, 2012
Sooner or later the American tax code will be reformed. Probably sooner. Raising revenue will be the main motivation, but at a time of sharply increasing economic polarisation issues of fairness will be prominent too. There are also legitimate concerns a... Read More
Oct 28, 2012 - Building blocks for America’s recovery
October 28, 2012
The final full week of the US presidential campaign will see both candidates intensely debate the future of economic policy. But despite the rhetoric about its means, most experts agree on its ends. First, re-establishing economic growth at a rate that makes real reductions in unemployment possible; second, placing the nation’s ... Read More
Oct 14, 2012 - The world is stuck in a vicious cycle
October 14, 2012
If the global economy was in trouble before the annual World Bank and IMF meetings in Tokyo last week, it is hard to believe that it is now smooth sailing. Indeed, apart from the modest stimulus provided to the Japanese economy by all the official visitors and the wealthy financial sector hangers on, it is difficult to see what ... Read More
Sep 16, 2012 - Britain risks a lost decade unless it changes course
September 16, 2012
It is the mark of science and perhaps rational thought to operate with a falsifiable understanding of how the world works. So it is fair to ask economists a fundamental question: what could happen that would cause you to revise your views of how the economy operates and acknowledge that the model you had been using was flawed?... Read More
Aug 19, 2012 - America’s state will expand whoever wins
August 19, 2012
With the selection of Paul Ryan as the Republican vice-presidential candidate, it is clear both political parties agree that the central issue in the presidential election will be the scale and scope of government involvement in the US economy. There will be disagreement over what constituted “normal” levels of spending in the pa... Read More
Jul 15, 2012 - Land of Opportunity Can Fight Inequality
July 15, 2012
Even if the process proves protracted, the American economy will eventually recover. Yet even as cyclical issues cease to dominate the economic conversation, it is likely that inequality will move to the forefront.
There is no question that income is distributed substantially more unequally than it was a generation ago, with tho... Read More
Jun 18, 2012 - Time to act: Euro collapse would define our era
June 18, 2012
Once again good news has had a half-life in the markets of less than 24 hours. Just as news of Spain’s bank bailout rallied markets and sentiment for only a few hours, a Greek election outcome as good as could have been hoped did not buoy markets for even a day. There could be no clearer evidence that the strategy of vowing that th... Read More
Jun 03, 2012 - Look beyond interest rates to get out of the gloom
June 3, 2012
With the past week’s dismal US jobs data, signs of increasing financial strain in Europe and discouraging news from China, the proposition that the global economy is returning to a path of healthy growth looks highly implausible.
It is more likely that a pessimistic view is again taking over as falling incomes lead to falling con... Read More
Apr 26, 2012 - Romney must release a credible budget
April 26, 2012
Political arithmetic is invariably suspect and one should always examine carefully the claims of those seeking votes. However, just as one should look at audited and unaudited financials very differently when deciding whether to invest in a company, smart observers have learnt to distinguish between the claims of political candida... Read More
Mar 25, 2012 - How to ensure stimulus today, austerity tomorrow
March 25, 2012
Economic forecasters divide into two groups. There are those who cannot know the future but think they can – and then there are those who recognise their inability to know the future. Major shifts in the economy are rarely forecast and often not fully recognised until they have been under way for some time. So judgments about the ... Read More
Jan 08, 2012 - Current woes call for smart reinvention not destruction
January 8, 2012
It would have been almost unimaginable five years ago that the Financial Times would convene a series of articles on “Capitalism in Crisis”. That it has done so is a reflection both of sour public opinion and distressing results on the ground in much of the industrial world.
Americans have traditionally been the most enthusias... Read More
Apr 07, 2014 - What the world must do to kickstart growth
April 7, 2014
The post-crisis panic might be subsiding but medium-term prospects are problematic
The world’s finance ministers and central bank governors gather in Washington this week for the biannual International Monetary Fund meetings. While there will not be the sense of alarm that dominated the convocations in the years after the financ... Read More
Feb 16, 2014 - America Risks Becoming a Downton Abbey Economy
February 16, 2014
Inequality will have to be addressed, with free markets playing a pivotal role
Inequality has emerged as a major issue in the US and beyond. A generation ago it could reasonably have been asserted that the overall growth rate of the economy was the main influence on the growth in middle-class incomes and progress in reducing... Read More
Jan 06, 2014 - Washington must not settle for secular stagnation
January 5, 2014
By Lawrence Summers
We may, as I argued last month in the Financial Times, be in a period of “secular stagnation” in which sluggish growth and output, and employment levels well below potential, might coincide for some time to come with problematically low real interest rates.
Since the start of this century, annu... Read More
Dec 16, 2013 - Why stagnation might prove to be the new normal
By Lawrence Summers
December 15, 2013
In the past decade, before the crisis, bubbles and loose credit were only sufficient to drive moderate growth
Is it possible that the US and other major global economies might not return to full employment and strong growth without the help of unconventional policy support? I raised that notion – the o... Read More
Nov 11, 2013 - Give the Obamacare bug the correct treatment
There is still time to follow the basic rules of project management
November 11, 2013
As the president has recognized, the failure on the part of his administration to deliver a functioning website that Americans can use to enroll in “Obamacare”, the Affordable Care Act, represents an inexcusable error. Having succeeded after more than a cent... Read More
Feb 11, 2013 - US must do more than focus on deficit
February 11, 2013
A broader, growth-centered agenda is needed to propel the economy
There should be little disagreement across the political spectrum that growth and job creation remain America’s most serious national challenge. Ahead of President Barack Obama’s first State of the Union speech of his second term, and further fiscal negotiatio... Read More
Nov 01, 2012 - Building blocks for America’s recovery
October 28, 2012
The final full week of the US presidential campaign will see both candidates intensely debate the future of economic policy. But despite the rhetoric about its means, most experts agree on its ends. First, re-establishing economic growth at a rate that makes real reductions in unemployment possible; second, placing the nation’s ... Read More
Oct 17, 2012 - The world is stuck in a vicious cycle
October 14, 2012
If the global economy was in trouble before the annual World Bank and IMF meetings in Tokyo last week, it is hard to believe that it is now smooth sailing. Indeed, apart from the modest stimulus provided to the Japanese economy by all the official visitors and the wealthy financial sector hangers on, it is difficult to see what ... Read More
Oct 09, 2012 - Practical steps to climate control
May 28, 2007
If global warming is the ultimate inconvenient truth, the most important inconvenient truth about global warming policy, argued in last month’s column, is what happens in the developing world. These countries will deliver three-quarters of the increase in global greenhouse gas emissions over the next generation, on current forecasts... Read More
Oct 09, 2012 - Harness market forces to share prosperity
June 24, 2007
When I studied economics in graduate school a generation ago we were taught that it was a “stylised fact” that the US income distribution was very stable. We were shown that the fraction of the population in poverty tracked almost perfectly the performance of median family income over time and that productivity growth and average r... Read More
Oct 09, 2012 - Funds that shake capitalist logic
July 29, 2007
For some time now, the large flow of capital from the developing to the industrialised world has been the principal irony of the international financial system. In 2007 this flow will total well over half a trillion dollars, a figure that will be comfortably exceeded by the build-up in reserves and sovereign wealth funds (SWFs) in ... Read More
Oct 09, 2012 - This is where Fannie and Freddie step in
August 26, 2007
Over the past 20 years major financial disruptions have taken place roughly every three years, starting with the 1987 stock market crash; the Savings & Loans collapse and credit crunch of the early 1990s; the 1994 Mexican crisis; the Asian financial crises of 1997 with the Russian and Long-Term Capital Management events of 19... Read More
Oct 09, 2012 - Beware moral hazard fundamentalists
September 23, 2007
Central to every policy discussion in response to a financial crisis or the prospect of a crisis is the concept of moral hazard. Unfortunately, there is great confusion in many quarters about the circumstances when moral hazard is, and is not, a problem. The world has at least as much to fear from a moral hazard fundamentalism... Read More
Oct 09, 2012 - How to handle the falling dollar
October 28, 2007
The falling dollar generates anxiety almost everywhere. Americans and those dependent on American growth worry about the proverbial “hard landing” as inflation and interest rates rise with a weakening dollar, causing asset prices and output to fall. Europeans and others with currencies that float freely against the dollar worry ... Read More
Oct 09, 2012 - Wake up to the dangers of a deepening crisis
November 25, 2007
Three months ago it was reasonable to expect that the subprime credit crisis would be a financially significant event but not one that would threaten the overall pattern of economic growth. This is still a possible outcome but no longer the preponderant probability.
Even if necessary changes in policy are implemented, the od... Read More
Oct 09, 2012 - Beyond fiscal stimulus, further action is needed
January 27, 2008
Markets and perceptions of the economic outlook change rapidly. Even two months ago most observers doubted predictions of a US recession, saw no need for a fiscal stimulus, and thought that inflation fears should constrain monetary policy. Now, Washington is more or less settled on a stimulus package that will exceed $150bn; mar... Read More
Oct 09, 2012 - America needs a way to stem foreclosures
February 24, 2008
The American economic outlook remains highly uncertain. But macroeconomic policy is now properly aligned, as the economy will benefit over the next several quarters from fiscal and monetary stimulus. To the extent conditions warrant and inflation risks permit, monetary and fiscal policy are appropriately poised to provide furt... Read More
Oct 09, 2012 - Steps that can safeguard America’s economy
March 31, 2008
Neither US financial institutions nor the economy are likely to suffer from a lack of central bank liquidity provision. New lending facilities are coming along almost weekly, the safety net has been expanded to include non-bank primary dealers, the Fed has demonstrated a willingness to take on directly the most problematic parts o... Read More
Oct 09, 2012 - America needs to make a new case for trade
April 27, 2008
While the financial crisis dominates current discussion on the US economy, questions regarding America’s future approach to globalisation are looming increasingly large.
Since the end of the second world war, American economic policy has supported an integrated global economy, stimulating development in poor countries, particul... Read More
Oct 09, 2012 - A strategy to promote healthy globalisation
May 4, 2008
Last week, in this column, I argued that making the case that trade agreements improve economic welfare might no longer be sufficient to maintain political support for economic internationalism in the US and other countries. Instead, I suggested that opposition to trade agreements, and economic internationalism more generally, reflec... Read More
Oct 09, 2012 - Six principles for a new regulatory order
June 1, 2008
After a modest interval with no big financial shocks, policy attention is turning to the task of preventing future crises and managing those that occur. While the deliberations will take quite a while to play out, there is some time pressure – because of the moral hazards created by the Federal Reserve’s extension of credit to inves... Read More
Oct 09, 2012 - What we can do in this dangerous moment
June 29, 2008
It is quite possible that we are now at the most dangerous moment since the American financial crisis began last August. Staggering increases in the prices of oil and other commodities have brought American consumer confidence to new lows and raised serious concerns about inflation, thereby limiting the capacity of monetary policy ... Read More
Oct 09, 2012 - How to build a US recovery
August 7, 2008
Macroeconomists, like medical scientists, use case studies to teach their students about the maladies to which the system is susceptible. For supply shocks and stagflation, the example is the 1970s. The financial dislocations that occur when bubbles burst are illustrated by the Great Depression and Japan's problems in the 1990s. T... Read More
Oct 09, 2012 - The global consensus on trade is unravelling, August 24 2008
With two wars still continuing and violence in Georgia dominating the foreign policy debate; and with the financial crisis and economic insecurity for families dominating the domestic debate, US international economic policy is receiving less attention in this presidential election year than usual. The limited attention it has received has focused ... Read More
Oct 09, 2012 - The $700bn bail-out and the budget
September 28, 2008
Congressional negotiators have now completed action on a $700bn authorisation for the bail-out of the financial sector. This step was as necessary as the need for it was regrettable. There are hugely important tactical issues regarding the deployment of these funds that the authorities will need to consider in the weeks and mo... Read More
Oct 09, 2012 - Taxpayers can still benefit from a bail-out
September 29, 2008
Congressional negotiators have now completed action on a $700bn authorisation for the bail-out of the financial sector. This step was as necessary as the need for it was regrettable. There are hugely important tactical issues regarding the deployment of these funds that the authorities will need to consider in the weeks and mo... Read More
Oct 09, 2012 - The pendulum swings towards regulation
October 27, 2008
Events as well as ideas shape policy choices in democracies. Who would have predicted a year ago that a Republican ad-ministration would demand that Congress make the largest set of investments in public companies in US peacetime history? Would anyone have supposed that President George W. Bush would convene a global effort to r... Read More
Oct 09, 2012 - America’s sensible stance on recovery
July 18, 2010
Economic commentators are mired in an unhelpful dialectic between “jobs” and “deficits” that, despite its apparent simplicity, has obscured rather than clarified the policy choices ahead in the US, Europe and elsewhere.
Critics have complained that the continued commitment by the administration of President Barack Obama to suppo... Read More
Oct 09, 2012 - How to avoid our own lost decade
June 12, 2011
Even with the 2008-2009 policy effort that successfully prevented financial collapse, the US is now halfway to a lost economic decade. In the past five years, our economy’s growth rate averaged less than one per cent a year, similar to Japan when its bubble burst. At the same time, the fraction of the population working has fallen ... Read More
Oct 09, 2012 - How to save the eurozone
July 18, 2011
With last week’s tumult in Italian markets, the European financial crisis has entered a new and far more dangerous phase. Where the crisis had been existential for small economies on the periphery of Europe but not systemically threatening to either the idea of European monetary union or to the functioning of the global financial s... Read More
Oct 09, 2012 - Time is of the essence, any US budget deal will do
July 12, 2011
As the debt negotiators square off in Congress, much attention will focus on the size of the 10-year budget deal they come up with. As almost everyone agrees, there is much more risk of doing too little than too much given the scale of America’s fiscal challenge.
The truth is that the expected impact of the deal over a 10-year p... Read More
Oct 09, 2012 - The world must insist that Europe act
September 18, 2011
In his celebrated essay “The Quagmire Myth and the Stalemate Machine”, published in 1972, Daniel Ellsberg drew out the lesson regarding the Vietnam war that came out of the 8,000 pages of the Pentagon Papers, which he had secretly copied a few years earlier. It was simply this: policymakers acted without illusion. At every jun... Read More
Oct 09, 2012 - The way forward for Fannie and Freddie
July 27, 2008
Anyone who cares about the health of the US economy should welcome the enactment of the Treasury’s rescue plan for Fannie Mae and Freddie Mac, along with other measures to support the housing market. While there is room for argument about details, the risks to the financial system were too great to allow delay.
No one should sup... Read More
Oct 09, 2012 - Relief at an agreement will give way to alarm
August 2, 2011
At last Washington has reached a deal that raises the debt limit and averts a default that would have been a national embarrassment and an economic and geopolitical catastrophe. The forces shaping the deal and the deal itself are multifaceted and so also is the right reaction to it. Mine has a number of elements.
The first is r... Read More
Oct 09, 2012 - Why the housing burden stalls America’s economic recovery
October 23, 2011
Construction of new single family homes has plummeted from about 1.7m in the middle of the last decade to about 450,000 at present. With housing starts averaging well over a million during the 1990s, the shortfall in housing construction now dwarfs the excess during the bubble and is the largest single component of the shortfall... Read More
Oct 09, 2012 - Five grim and essential lessons for world leaders
November 2, 2011
Leaders of the Group of 20 big industrial and developing countries first convened almost three years ago to address the financial crisis. As now, there were deep doubts about the financial fundamentals of a major economy. As now, authorities were struggling to bring Main Street the financial stability it needed, without going to... Read More
Oct 09, 2012 - IMF must play its part in any euro solution
December 9, 2011
European leaders will meet on Thursday and Friday for yet another “historic” summit at which the fate of Europe is said to hang in the balance. Yet it is clear that this will not be the last meeting convened to deal with the financial crisis.
If public previews from France and Germany are a guide, there will be commitments to... Read More
Oct 09, 2012 - Current woes call for smart reinvention not destruction
January 8, 2012
It would have been almost unimaginable five years ago that the Financial Times would convene a series of articles on “Capitalism in Crisis”. That it has done so is a reflection both of sour public opinion and distressing results on the ground in much of the industrial world.
Americans have traditionally been the most enthusias... Read More
Oct 09, 2012 - How to ensure stimulus today, austerity tomorrow
March 25, 2012
Economic forecasters divide into two groups. There are those who cannot know the future but think they can – and then there are those who recognise their inability to know the future. Major shifts in the economy are rarely forecast and often not fully recognised until they have been under way for some time. So judgments about the ... Read More
Oct 09, 2012 - Romney must release a credible budget
April 26, 2012
Political arithmetic is invariably suspect and one should always examine carefully the claims of those seeking votes. However, just as one should look at audited and unaudited financials very differently when deciding whether to invest in a company, smart observers have learnt to distinguish between the claims of political candida... Read More
Oct 09, 2012 - Look beyond interest rates to get out of the gloom
June 3, 2012
With the past week’s dismal US jobs data, signs of increasing financial strain in Europe and discouraging news from China, the proposition that the global economy is returning to a path of healthy growth looks highly implausible.
It is more likely that a pessimistic view is again taking over as falling incomes lead to falling con... Read More
Oct 09, 2012 - Time to act: euro collapse would define our era
June 18, 2012
Once again good news has had a half-life in the markets of less than 24 hours. Just as news of Spain’s bank bailout rallied markets and sentiment for only a few hours, a Greek election outcome as good as could have been hoped did not buoy markets for even a day. There could be no clearer evidence that the strategy of vowing that the ... Read More
Oct 09, 2012 - Land of Opportunity Can Fight Inequality
July 15, 2012
Even if the process proves protracted, the American economy will eventually recover. Yet even as cyclical issues cease to dominate the economic conversation, it is likely that inequality will move to the forefront.
There is no question that income is distributed substantially more unequally than it was a generation ago, with tho... Read More
Oct 09, 2012 - America’s state will expand whoever wins
August 19, 2012
With the selection of Paul Ryan as the Republican vice-presidential candidate, it is clear both political parties agree that the central issue in the presidential election will be the scale and scope of government involvement in the US economy. There will be disagreement over what constituted “normal” levels of spending in the pa... Read More
Oct 09, 2012 - Britain risks a lost decade unless it changes course
September 16, 2012
It is the mark of science and perhaps rational thought to operate with a falsifiable understanding of how the world works. So it is fair to ask economists a fundamental question: what could happen that would cause you to revise your views of how the economy operates and acknowledge that the model you had been using was flawed?... Read More
Oct 09, 2012 - Global Leadership and Public Policy for the 21st Century
Lawrence H. Summers Remarks, March 30, 2011
I thought what I would do, actually, is something a little different than maybe some of your speakers have done. I’m going to be very brief, and I’m happy to talk about any economic or public policy question, or question about higher education that interests anybody here. But what I thought I would do... Read More
★ Jun 04, 2025 - Stan Fischer
Stan Fischer was the most influential macroeconomist of his generation—not only to me, but to the world.
He was, in turn, my teacher, my colleague, my friend, my predecessor, and my counterpart. But more than any of those roles, he was the person who best exemplified how economics could be used—at the highest level—to make the world more stable, m... Read More
May 26, 2021 - Summers congratulates Ricardo Hausmann for 20 years at Harvard Kennedy School
Ricardo, congratulations on 20 remarkable years at the Kennedy School.
You know, I suppose when I was President of the University and you were a Professor at Harvard it could be said that I was your boss and I did have the privilege of appointing you as the head of the Center for International Development. But perhaps less well known is that in... Read More
Oct 22, 2020 - Many companies pay nothing in taxes. The public has a right to know how they pull it off.
By Lawrence Summers and Natasha Sarin
Oct. 22, 2020
Corporations are increasingly recognizing the importance of being responsive not just to their shareholders but also to the interests of stakeholders, such as customers, employees and their communities. The corporate leaders of the Business Roundtable issued an announcement to that effect l... Read More
Sep 16, 2019 - A tribute to Marty Feldstein
It is hard for me to think about carrying on my career as an economist without Marty Feldstein.
I first met Marty in 1973, 46 years ago, when he hired me as part of his flotilla of a dozen or so research assistants.
My project involved extending Marty’s work on social security and saving by looking at international comparisons. I remember sho... Read More
Jun 18, 2019 - The Economist Who Helped Me Find My Calling
Martin S. Feldstein was a great economist who changed the world through research, teaching, public service, hundreds of op-eds in these pages over 40 years, and leadership of the National Bureau of Economic Research.
Marty, who died Tuesday, June 11, at 79, didn’t lack for recognition. He earned the American Economic Association’s John Bates Cla... Read More
May 31, 2019 - What Marco Rubio gets right — and wrong — about the decline of American investment
By Anna Stansbury and Lawrence H. Summers
The Washington Post
May 31, 2019
Sen. Marco Rubio (R-Fla.) recently released a thoughtful report highlighting a substantial issue in the American economy: the steady decline of American private investment.
The trend, Rubio contends, is the result of shareholder capitalism and corporate short-termism... Read More
Apr 23, 2019 - Further Thinking on the Costs and Benefits of Deficits
By Jason Furman and Lawrence H. Summers
Peterson Institute of International Economics
In recent months the debate over the future of fiscal policy has intensified. For example, Olivier Blanchard, in his presidential address to the American Economic Association this year, highlighted the implications of the empirical fact of sustained lo... Read More
Mar 21, 2019 - Alan Krueger helped make life better for millions who will never know his name
I have had no student of whom I have been prouder than Alan Krueger. It has taken me a few days since the shock of learning of his death to think of how I wanted to pay tribute to him.
Alan was the kind of student who is the most satisfying to teach. He was not the kind of genius who grasps everything instantly, making his instructor feel unnece... Read More
Mar 20, 2019 - Responding to some of the critiques of our paper on secular stagnation and fiscal policy
My paper with Lukasz Rachel on secular stagnation and fiscal policy summarized here has attracted a number of interesting responses including from Martin Wolf, David Leonhardt, Martin Sandbu and Brad DeLong and also many participants at the Brookings conference.
I’m gratified that there seems to be general acceptance of the core secular stagnati... Read More
Jan 28, 2019 - Who’s Afraid of Budget Deficits?
How Washington Should End Its Debt Obsession
By Jason Furman and Lawrence H. Summers
The United States’ annual budget deficit is set to reach nearly $1 trillion this year, more than four percent of GDP and up from $585 billion in 2016. As a result of the continuing shortfall, over the next decade, the national debt—the total amount ow... Read More
Jan 24, 2019 - Has economics failed us? Hardly
My friend Fareed Zakaria has celebrated his well-deserved recognition by Foreign Policy Magazine as one of the 10 most important foreign policy thinkers of the last decade by writing an essay entitled “The End of Economics,” doubting the relevance and utility of economics and economists. Because Fareed is so thoughtful, and echoes arguments that a... Read More
Oct 03, 2018 - Bringing accountability to powerful, unelected officials
It is often said that the chair of the Federal Reserve is the second most important person in Washington. I’m not sure the statement is exactly right, but that it is plausible is, in a sense, remarkable. Why should the second most important person in Washington not be elected by the people, or at least directly accountable to and subject to dismiss... Read More
Sep 20, 2018 - Trump exaggerates economic progress and takes credit he doesn’t deserve
Last week, the White House released a brief that, among other things, suggested I was wrong in claiming the president has taken credit for far more economic success than he deserves. It does not take long to compile evidence to support my mild claim.
First, President Trump misrepresents the actual conditions and trends of the economy he inherited ... Read More
Sep 13, 2018 - The financial crisis and the foundations for macroeconomics
A, if not the, preoccupation of macroeconomists for the last generation has been providing macroeconomics with a microeconomic foundation. At one level this totally makes sense. How can one be against establishing foundations? And it makes sense to think that macroeconomic theories of fluctuations in investment, for example, should be rooted in the... Read More
Sep 11, 2018 - Vaulting Workers Into the Middle Class With High Pay
Eduardo Porter has a thoughtful article in The New York Times on the “contractor parity” policy Harvard implemented during my Presidency. I thought at the time, and think now, that it was a good and important step for Harvard. The policy also serves as a valuable example for others, even if it’s not a panacea.
Harvard was at the time and still i... Read More
Sep 03, 2018 - Setting the Record Straight on Secular Stagnation
Joseph Stiglitz recently dismissed the relevance of secular stagnation to the American economy, and in the process attacked (without naming me) my work in the administrations of Presidents Bill Clinton and Barack Obama. I am not a disinterested observer, but this is not the first time that I find Stiglitz’s policy commentary as weak as his academic... Read More
Jul 25, 2018 - In Memoriam Dick Spangler
My friend Dick Spangler died this week. He was a great supporter of Harvard and a very good friend to me. I feel his loss in a profound way.
I met Dick when he was a member of Harvard's Board of Overseers and I became President. In a group of distinguished people, Dick was a towering figure. He contributed more to Harvard than anyone else; he h... Read More
Apr 26, 2018 - How to actually help Puerto Rico
Desmond Lachman, Brad Setser and Antonio Weiss have written a strong analysis of the Puerto Rico situation. If ever there was a disconnect between underlying reality and what is happening in financial markets, it is the boom in Puerto Rican debt which has nearly doubled the value of some of its debt securities over the last few months.
Markets a... Read More
Feb 28, 2018 - No, “Obamasclerosis” wasnt a real problem for the economy
The Wall Street Journal's Greg Ip, reviewing the Trump administration’s first Council of Economic Advisers report, finds credible its claims that President Barack Obama’s policies, particularly in his second term, materially slowed economic growth, even though Ip acknowledges that the CEA’s assertions regarding magnitudes are likely exaggerated.
T... Read More
Feb 06, 2018 - Wells Fargo’s board members are getting off too easily
A question I am asked as frequently as any other is: “Why didn’t anyone go to jail for the financial crisis?” There was huge suffering, sufficient misbehavior that the largest banks had to pay well over $100 billion in fines, and in the past, people had gone to jail for financial shenanigans during the Depression and the S&L crisis. People are ... Read More
Jan 30, 2018 - In memoriam Bill McDonough
William “Bill” McDonough was my friend. We met in January 1993 when I took up my new position leading international affairs at the Treasury Department, and Bill was preparing to become president of the New York Federal Reserve Bank. For the next eight years we probably spoke twice a week and much more frequently in times of crisis. I learned more f... Read More
Jan 25, 2018 - Why Treasury Secretaries should stick with the strong dollar mantra
Yesterday in Davos, Secretary Mnuchin left the impression that he might be reversing 25 years of US Treasury strong dollar policy by asserting that, “Obviously a weaker dollar is good for us as it relates to trade and opportunities.” The dollar then had its biggest one day decline in nearly a year and bond yields rose. Commerce Secretary Ross lat... Read More
Jan 18, 2018 - If we want to improve global health, we need to start taxing the things that are killing us
The world is going through a huge health transition, where the problems of the six billion people who live in emerging markets are increasingly the problems of the one billion people who live in rich countries. For the first time in history, more people suffer from eating too many calories than too few. Improving global health is no longer primaril... Read More
Dec 12, 2017 - We are even more convinced that thousands will die prematurely if the ACA is repealed
On Monday, The Washington Post published an article by Casey Mulligan and Tomas Philipson attacking Lawrence Summers’s statement that “thousands” of individuals would die if the Republican tax bill became law. Summers reached his estimate after carefully reviewing the literature and consulting with health economists Jonathan Gruber and Mulligan and... Read More
Dec 05, 2017 - Susan Collins is wrong to say that the tax cuts will pay for themselves, despite the economists she cites
Senator Susan Collins speaking on “Meet the Press” defended her vote on the Senate GOP tax bill based on the claims of the signatories to the nine economists' letter that we have criticized over the last week. The Maine Republican explained: “If you take the CBO’s formula and apply it, just four-tenths of one percent increase in the GDP generates r... Read More
Dec 04, 2017 - Thousands would die as a consequence of the GOP tax bill
I suggested on Friday when it became clear that the tax bill would pass that “thousands would die.” In light of my sharp criticisms of other economists claims regarding the tax bill, some have asked whether my statement is well grounded. I believe so, but this should be open to debate.
In reaching my judgement I relied primarily on work by Kate... Read More
Nov 30, 2017 - Dear Colleagues: You responded, but we have more questions about your tax-cut analysis
Dear colleagues:
We appreciate that in response to our questions you clarified a number of points in your letter to Treasury Secretary Steven Mnuchin and, in particular, that you are backing off the statement in your original letter that “the gain in the long-run level of GDP would be just over 3%, or 0.3% per year for a decade.” As you state in... Read More
Nov 28, 2017 - Dear colleagues, please explain your letter to Steven Mnuchin
Dear Colleagues:
You recently wrote an open letter to Treasury Secretary Steven Mnuchin quantifying the economic impact of tax reform. We are interested in and surprised by your analysis. We share your commitment to the idea that well-designed tax reform can make the economy stronger and that careful economic analysis is essential. And we know... Read More
Nov 28, 2017 - Trump’s version of capitalism looks a lot like revenge — and it endangers our democracy
In response to the Carrier caper after the election last year, I decried the Trump administration’s preference for what I called ad hoc deal capitalism. I noted that the practice was characteristic of developing countries and earlier times in the United States and that it was much less conducive to prosperity and freedom than capitalism based on th... Read More
Nov 10, 2017 - Revisiting Harvard and the American Dream
Like many others, we have closely followed and admired the important work of a former Harvard colleague, Raj Chetty. With access to millions of anonymous tax records, Raj and his team at the Equality of Opportunity Project have powerfully confirmed what many have long feared about declining upward mobility in America.
Chetty’s new insights about... Read More
Oct 26, 2017 - What I do support in a new tax plan
I have been very sharply critical of what I regard as unprofessional exaggeration by advocates of the Trump tax proposal. Reasonably enough, people have asked what I am for.
I strongly support tax reform in general and especially corporate tax reform on the model of the highly successful bipartisan 1986 tax reform, which achieved very large rate... Read More
Oct 24, 2017 - The Business Roundtable’s outlandish tax cut claims
I think of myself as pro-business. I frequently counselled the Obama Administration that “business confidence is the cheapest form of stimulus” and during my times in government have found meetings with business leaders very helpful in understanding economic policy challenges. So when the Business Roundtable (BRT) does an analysis I pay close att... Read More
Oct 22, 2017 - One last time on who benefits from corporate tax cuts
I recently asserted that Kevin Hassett deserved a failing grade for his “analysis” projecting that the Trump administration proposal to reduce the corporate tax rate from 35 to 20 percent would raise the wages of an average American family between $4,000 to $9,000. I chose harsh language because Hassett had, for what seemed like political reasons, ... Read More
Oct 17, 2017 - Hassett’s flawed analysis of Trump tax plan
Kevin Hassett accuses me of an ad-hominem attack against his economic analysis of the Trump Administration’s tax plan. I am proudly guilty of asserting that it is some combination of dishonest, incompetent and absurd. TV does not provide space to spell out the reasons why, so I am happy to provide them here.
I believe strongly in civility in p... Read More
Oct 13, 2017 - Corporations would surely benefit from a Trump tax cut — but probably at their workers’ expense
October 13, 2017
I did an interview with Sara Eisen and Scott Wapner on CNBC on Thursday afternoon. During the interview Scott challenged my criticisms of the Trump administration's tax cut and asserted that such a cut would be sound policy for the economy by noting that Jamie Dimon is in favor of it. Scott noted that the JP Morgan chairman and ... Read More
Sep 28, 2017 - Trump could help Puerto Rico with the stroke of a pen. Why hasn’t he?
My modestly-informed guess is that Hurricane Maria and Puerto Rico will appear in history textbooks right next to Katrina and New Orleans. Puerto Rico’s unique territorial status and institutional constraints make the federal government’s response very difficult. And as I shall suggest in a subsequent post, the hurricane has greatly exacerbated Pue... Read More
Sep 21, 2017 - Opportunity for Republican Senators to be 21st century Profiles in Courage
There is an opportunity for 1 or 2 Republican Senators to be 21st century Profiles in Courage. A Senator who stands up to his or her party and casts the decisive vote against the Cassidy Graham health legislation will be seen by history as a hero.
Cassidy Graham is the cruelest and most misguided piece of consequential legislation proposed so f... Read More
Sep 12, 2017 - Why the US government can’t be downsized
Speaking at an event organized by Robert Greenstein, the President of the Center for Budget and Policy Priorities, I argued last week that unless our values have changed profoundly in an antigovernment direction, the balance of pressures from economic change will lead to an expansion of the federal budget relative to GDP. This was also the conclusi... Read More
Sep 07, 2017 - Stan Fischer’s departure from the Fed: End of an era
Stan Fischer announced yesterday that he is leaving his position as Vice Chair of the Fed. The Fed and the international monetary system will be weaker for his departure from official responsibility. It is the end of an era.
Stan's has been a singular career. As an MIT professor he coauthored, with his close friend Rudi Dornbusch, the macro t... Read More
Sep 05, 2017 - Cohn had a bad day with facts
Given recent controversies, I was interested to read NEC chair Gary Cohn’s answer to a “why are you staying?” question put by Stuart Varney of Fox Business Network last week. To his credit Cohn did not back away from his reservations about the President’s response to Charlottesville. He said “Look, tax cuts are really important to me. I think it’s... Read More
Aug 25, 2017 - Issues under discussion at Jackson Hole
I will not be attending Jackson Hole this year but I will be thinking about some of the issues under discussion. As I have written recently, I think the period going forward will be more challenging for central banks than the preceding few years. I will sleep best at night if Janet Yellen is reappointed.
Even though the Fed has raised rates mo... Read More
Aug 17, 2017 - Trump’s CEOs resigned. His staff should do the same.
President Trump, recognizing the inevitable, has disbanded his Business Advisory Councils in order to preempt the tidal wave of resignations that was in the offing. Given my long standing views about CEOs lending legitimacy to the Trump administration, I was delighted that a group of CEOs forced this step.
It is a stunning development with more... Read More
Aug 15, 2017 - Why don’t all CEOs quit Trump’s advisory councils?
I have since Inauguration Day been troubled by abdication of moral responsibility on the part of business who have lent their reputations to President Trump. So congratulations to Merck CEO Ken Frazier on his resignation from Trump’s American Manufacturing Council over the President’s manifestly inadequate response to Charlottesville. Interestingl... Read More
Jul 12, 2017 - Western civilization and Presidential hypocrisy
President Trump’s Poland speech articulating his foreign policy principles has generated much comment and would have generated more but for all the Russia scandal news. It’s an important window into the President’s gestalt as he views the world. As I wrote recently, I don’t care for the “West against the Rest” as a paradigm US foreign policy beca... Read More
Jul 08, 2017 - Our President is the greatest threat to our security
In the run-up to the ongoing G20 meeting in Hamburg, I was interviewed by the G20 Research Group about its significance. I argued that the only really important issue was whether the United States would at last be induced to signal a commitment to the idea of a global community or would it double down on atavism.
As I write Saturday morning (US ... Read More
Jun 14, 2017 - 5 reasons why the Fed may be making a mistake
While I do not believe the Fed made a serious mistake Wednesday in raising rates, I believe that the “preemption of inflation based on the Phillips curve” paradigm within which it is operating is highly problematic. Much better would be a “shoot only when you see the whites of the eyes of inflation” paradigm of the kind I have advocated for the pa... Read More
Jun 12, 2017 - The problem with privatization
We tend in modern economies to take progress for granted and debate only its pace. This is not true with respect to air travel times. A look at airline time tables reveals that today the 8:26 a.m. flight from Boston to Washington National took 103 minutes. The 8:15 a.m. flight in 1982 took 82 minutes. The difference is similar, if not greater, on ... Read More
May 30, 2017 - What history tells us about Trump’s budget fantasy
At the risk of beating a dead horse, here are some thoughts on the Trump administration’s 3 percent growth forecast. Zero interest rates seemed inconceivable 15 years ago, and yet they happened. Almost no one forecast the productivity boom that took place in the United States between 1995 and 2005 or the magnitude of the 2008 financial crisis. So a... Read More
May 24, 2017 - Trump’s “China deal” is only a good deal for China
The events of the last week have crowded out reflection on economic policy. But things have been happening. Commerce Secretary Wilbur Ross described the trade deal reached with China earlier this month as “pretty much a herculean accomplishment….This is more than has been done in the history of U.S.-China relations on trade.”
Past a certain poi... Read More
May 23, 2017 - Trump’s budget is simply ludicrous
Details of President Trump’s first budget have now been released. Much can and will be said about the dire social consequences about what is in it and the ludicrously optimistic economic assumptions it embodies. My observation is that there appears to be a logical error of the kind that would justify failing a student in an introductory economics... Read More
May 21, 2017 - Five suggestions for avoiding another banking collapse
Several weeks ago I gave a talk based on my Brookings paper with Natasha Sarin at the Atlanta Fed’s annual research conference. Here are the video and slides. I continue to be puzzled by gap between what is widely believed and my reading of market evidence.
I began by highlighting three facts that seem to me to be in substantial tension with th... Read More
May 02, 2017 - This time, Trump’s treasury secretary is undermining himself
Last week I suggested that I felt sorry for Treasury Secretary Steven Mnuchin. He found himself forced by circumstance and his president to say and do things that undermined his and Treasury's credibility.
I wish there was an external force that could be blamed for the secretary's comments on Monday, but they look from the outside like unforced ... Read More
May 02, 2017 - The future of banking
I had a keynote conversation last week with my friend Markus Brunnermeier on fintech and the future of finance at a conference he held at Princeton. Markus got me to think about a number of different aspects of fintech that I hadn’t fully considered before. Some of the main points I tried to make were:
Fintech is ultimately about taking away f... Read More
Apr 28, 2017 - Trump is undermining his own Treasury Secretary
President Trump's tax proposals were rolled out yesterday by Treasury Secretary Mnuchin and NEC Director Cohn. For reasons of long run budget health, fairness, and economic impact I think they are extraordinarily ill-advised. I am certain that the substantive concerns I have will be extensively addressed in the debates to come.
As I read about ... Read More
Mar 27, 2017 - The robots are coming, whether Trump’s Treasury Secretary admits it or not
As I learned (sometimes painfully) during my time at the Treasury Department, words spoken by Treasury secretaries can over time have enormous consequences, and therefore should be carefully considered. In this regard, I am very surprised by two comments made by Secretary Steven Mnuchin in his first public interview last week.
In reference to a ... Read More
Mar 24, 2017 - Why scrapping NAFTA would be Trump’s big gift to China
I was in Mexico Thursday seeing the Mexican president, foreign minister and finance minister and addressing a convention of bankers. The only subjects anyone is interested is the future of NAFTA and U.S. Mexican relations.
I came to Mexico from Beijing, and so I was able to report that there was no greater strategic gift the United States could ... Read More
Feb 28, 2017 - A correction to my farewell to Kenneth Arrow
In my tribute to Kenneth Arrow, I asserted that he was unique among economists in having a theorem named after him. He may be unique in having an impossibility theorem named after him, and his may be the most profound theorem named after an economist, but my statement was wrong. Alas I was for the first time writing about economic theory without... Read More
Feb 09, 2017 - Case Still Out on Whether Corporate Short-Termism Is a Problem
McKinsey has a new study out on an important topic—the question of whether corporations systematically take too short a view and do not invest enough for the long term. If true -- as many CEOs believe -- this is a serious indictment of current corporate governance arrangements and has important policy implications. To take one close to ... Read More
Feb 09, 2017 - US adoption of a carbon tax would encourage others to follow
Ideas should be judged by their quality not their pedigree. I am not usually a fan of Republican tax policy proposals or environmental initiatives. But I strongly support the proposal put forward yesterday by Republicans George Shultz, James Baker, Martin Feldstein, Hank Paulson, Greg Mankiw and others for a substantial carbon tax in the USA to ad... Read More
Feb 07, 2017 - Big risks in the hasty rollback of financial regulation
Many business people think it is wonderful that we now have an Administration filled with people from business backgrounds. To a point, I relate. People who have worked primarily in the private sector bring an awareness that others sometimes lack of maintaining business confidence, which as I have often said is the cheapest form of stimulus. And fo... Read More
Jan 29, 2017 - Markets enjoying a sugar high that will not last
This week the Trump rally continued as the Dow crossed 20,000 and our President issued a celebratory tweet. How much does this mean? To what extent is it a vindication of the economic policy approaches pursued by the new Administration? Will the post election rally continue? No one knows these answer and market timing is a fool’s game but I remain ... Read More
Jan 24, 2017 - Time for Business Leaders To Wake Up
I wonder what the business leaders who have been waxing enthusiastic about our new pro-business Administration are thinking right now.
Confidence and prosperity depend on a perception of government credibility and confidence. Is that present when an administration lies about readily observable facts like crowd sizes and then defends the lie with... Read More
Jan 20, 2017 - Disillusioned in Davos
Edmund Burke famously cautioned that “the only thing necessary for the triumph of evil is for good men to do nothing.” I have been reminded of Burke’s words as I have observed the behavior of US business leaders in Davos over the last few days. They know better but in their public rhetoric they have embraced and enabled our new President and his ... Read More
Jan 18, 2017 - Congress is considering an extremely dangerous idea almost nobody has heard of
Inevitably, Congress has more attractive uses for new funds than it has sources of new funds, so there is always is a desperate search for “pay-fors” — measures that are scored by the Congressional Budget Office as raising revenue or reducing outlays and so can be used to finance new initiatives. The pressure is particularly acute this year with th... Read More
Jan 17, 2017 - The case for a proper program of infrastructure spending
On Monday, I gave a speech at Brookings and then had a discussion with my Harvard colleague Ed Glaeser on aspects of infrastructure investment. Here are the links to the video and transcript. While for reasons described below I believe the Trump campaign proposals are wholly ill-conceived, I remain convinced that an increased and improved programme... Read More
Jan 16, 2017 - Public Infrastructure Investment in the National Interest
On Monday, I gave a speech at Brookings and then had a discussion with my Harvard colleague Ed Glaeser on aspects of infrastructure investment. Here are the links to the video and transcript. While for reasons described below I believe the Trump campaign proposals are wholly ill conceived, I remain convinced that an increased and improved program... Read More
Dec 02, 2016 - Trump’s Carrier Deal – Ad Hoc Deal Capitalism
There are many aspects of the economic policy of the new Administration that I find misguided. But I am most troubled by what the President-elect did with Carrier to hold on to an extra 700 jobs in Indiana. Ronald Reagan’s response to the air traffic controllers’ strike was a small act that had profound consequences. I fear in a similar way that ... Read More
Dec 01, 2016 - The Future of Aid for Health
Yesterday, I gave a keynote speech at the World Innovation Summit for Health on “The Future of Aid for Health”. When I agreed to give the speech, which built on the work of a Commission I chaired several years ago on Global Health 2035, I did not imagine the degree of uncertainty that the US election would bring to the global health area and indee... Read More
Nov 29, 2016 - Castro is Dead
As I read the obituaries and saw reactions to Fidel Castro’s death I was struck by two things.
First, history will judge the US embargo policy a total failure. Suppose it's authors had been told nearly 60 years ago that The Berlin Wall will fall. The Iron Curtain will fall. The USSR will break into 15 separate nations. Central Europe will join N... Read More
Nov 21, 2016 - Most sweeping change in currency policy in the world in decades
By Natasha Sarin and Lawrence H. Summers
One of us (Larry) has long advocated the abolition of the $100 note in the US context and the 500 euro note (aka the Bin Laden) in the European context. We assumed the next step after the ECB’s announcement that the 500 euro note would be phased out would be discussion of the $100 bill and of the particu... Read More
Nov 17, 2016 - Winning an election does not entitle one to upend basic values
I will never again use the term “political correctness.” Whatever rhetorical value the term may have once had is far more than offset by what has been unleashed in the name of resistance to it since the presidential election.
I have made no secret over the years of my conviction that the sensitivities of individuals or members of various group s... Read More
Sep 30, 2016 - Four things the Fed should do now to help the economy
On Tuesday, I spoke in Houston at a forum sponsored by the Dallas Federal Reserve. Inevitably given that I was at the Fed, the topic turned to monetary policy. On monetary policy, President Kaplan asked what I thought the Fed should be doing and saying. I suggested four modifications to its current posture.
First, it should acknowledge that th... Read More
Sep 29, 2016 - A Tribute to Shimon Peres
I have been thinking all day about Shimon Peres and how much I will miss him. I first got to know Shimon in the mid 1990s when I was working in the International Affairs section of the Treasury. It was a time of more optimism than we have today about the efficacy of economic assistance in supporting harmony among nations. We were intensely engag... Read More
Sep 26, 2016 - Men Without Work
Over the weekend, the FT published my review of Nicholas Eberstadt’s important new book Men Without Work. The core message is captured in the graph below.
Job destruction caused by technology is not a futuristic concern. It is something we have been l... Read More
Sep 06, 2016 - The Fed’s complacency about its current toolbox is unwarranted
As I argued in the first blog in this series last week, I was disappointed in what came out of Jackson Hole for three reasons. The first reason, developed in that blog, was that the Fed should have signaled a desire to exceed its two percent inflation target during periods of protracted recovery and low unemployment and in this context to signal ... Read More
Aug 29, 2016 - Disappointed by what came out of Jackson Hole
I had high hopes for the Federal Reserve’s annual Jackson Hole conference. The conference was billed as a forum that would look at new approaches to the conduct of monetary policy—something that I have been urging as necessary given secular stagnation risks and the sharp decline in the apparent neutral rate of interest. And Chair Yellen’s speech ... Read More
Aug 18, 2016 - A Thought Provoking Essay from Fed President William
John Williams has written the most thoughtful piece on monetary policy that has come out of the Fed in a long time. He recognizes more explicitly than others that r* (r-star), the neutral interest rate, is now very low and quite likely will remain very low for a long time to come. As he recognizes, this the essence of the secular stagnation conce... Read More
Jul 25, 2016 - Two Good Men
Two longtime friends of mine, Chip Case and Michael Elliot, died within the last week after battles with long illnesses. In different ways, they illustrated something I think is very important—that you can think superbly as an economist and act and live in an extraordinarily humane way.
Chip was a professor at Wellesley for the last forty years... Read More
Jul 14, 2016 - When the best umps blow a call
CBO is an American national treasure. Without the impartial objectivity it brings to the budget process our country would make much worse policy. Baseball without an umpire would be a very different game, and similarly the making of budget policy without CBO would be a very different and inferior activity. However, even the best umps occasionally b... Read More
Jul 06, 2016 - A Remarkable Financial Moment
The US 10 and 30 year interest rates today reached all time low levels of 1.32 percent and 2.10 percent. Record low 10 year interest rate were also registered in Germany, France, Switzerland and Australia. Notably Swiss 50 year interest rates are now for the first time negative. Rates out 15 years are negative in Germany and 9 years in France.
... Read More
Jun 24, 2016 - Why Brexit is worse for Europe than Britain
Brexit is in train. If journalism is the rough draft of history, instant blog responses are even cruder responses to events. Nonetheless, here are some thoughts prior to market opening in the United States.
Markets
So far given the shock value of what has happened the market response has been on the calm side. The British pound is only a bi... Read More
Jun 21, 2016 - Why Brexit would be a history-defining, irreversible mistake
U.K. voters will decide on Thursday whether or not the U.K will withdraw from the European Union. At one level it is a fundamental political choice. Does the U.K. want to face the world alone as a limited scale island nation or to remain an influential part of the European Union—the world’s largest economy? Does the U.K. want to stand apart from ... Read More
Jun 14, 2016 - Groundhog Day at Fed June meeting
As the Fed meets today and tomorrow, I am increasingly convinced that while they have been making reasonable tactical judgements their current strategy is ill adapted to the realities of the moment. Exuding soundness is the task of policymakers. Provoking thought is the task of academics. So here are some not entirely formed reflections.
Japan’s... Read More
May 26, 2016 - Why Americans don’t trust goverment
I have an Op-Ed in the Boston Globe today on infrastructure addressing the issue of quality rather than quantity of investment. Rachel Lipson and I describe the fiasco that has emerged from what should have been a routine maintenance project on the Anderson Memorial Bridge over the Charles River next to my office. Though the bridge took only 11 m... Read More
May 24, 2016 - What you need to know about the next recession
How should we respond to the next recession? That was the topic of an event held by the Brooking's Hamilton Project where I spoke on Monday in Washington with White House budget director Sean Donovan. I argued a number of points that address issues of current concern.
First, I argued that the possible election of “Demagogue Donald” dwarfs congre... Read More
Apr 04, 2016 - Data collection is the ultimate public good.
On Wednesday I spoke at a World Bank conference on price statistics. While price statistics are not usually thought of as a scintillating subject, I got a great deal of satisfaction out of preparing and presenting my remarks. In part this was because my late father Robert Summers focused his economic research on International price comparisons. ... Read More
Apr 01, 2016 - If we really valued excellence, we would single it out.
Catherine Rampell’s column this week reminded me of an issue that has long interested me as an economist and as a president of Harvard.
I remember many years ago listening to some monetarist quote Milton Friedman one too many times with "inflation is always and everywhere a monetary phenomenon." I responded "what about grade inflation?"
I co... Read More
Mar 31, 2016 - Vast double standard on American college campuses
It has seemed to me that a vast double standard regarding what constitutes prejudice exists on American college campuses. There is hypersensitivity regarding prejudice against most minority groups but what might be called hyper-insensitivity with respect to anti-Semitism.
At Bowdoin College, holding parties with sombreros and tequila is deemed ... Read More
Mar 30, 2016 - Corporate profits are near record highs. Here’s why that’s a problem.
As the cover story in this week’s Economist highlights, the rate of profitability in the United States is at a near-record high level, as is the share of corporate revenue going to capital. The stock market is valued very high by historical standards, as measured by Tobin’s q ratio of the market value of the nonfinancial corporations to the value... Read More
Mar 01, 2016 - Trump’s rise illustrates how democratic processes can lose their way
While comparisons between Donald Trump and Mussolini or Hitler are overwrought, Trump’s rise does illustrate how democratic processes can lose their way and turn dangerously toxic when there is intense economic frustration and widespread apprehension about the future. This is especially the case when some previously respected leaders scurry to make... Read More
Feb 25, 2016 - In defense of killing the $100 bill
By Peter Sands and Lawrence Summers
Our advocacy for ending the printing of high denomination notes — first in a working paper by Peter and colleagues and, later in a post by Larry — have been attacked on the ground that this proposal represents an infringement on liberty (for example, see here and here). Most prominently, the Wall Street Journ... Read More
Feb 17, 2016 - Increasingly Convinced of the Secular Stagnation Hypothesis
Foreign Affairs has just published my latest on the secular stagnation hypothesis. I am increasingly convinced that it captures what is going on in the industrialized world and that the risks of long term weakness on the current policy path are growing.
Unfortunately since I put forward the argument in late 2013, the data have been all too supp... Read More
Feb 16, 2016 - It’s Time To Go After Big Money
The Mossavar-Rahmani Center for Business and Government at Harvard that I am privileged to direct has just issued an important paper by Senior Fellow Peter Sands and a group of student collaborators. Sands’ paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and 100 dollar bill or even withdraw... Read More
Jan 13, 2016 - Global security and pandemic risk
I was privileged this morning to deliver keynote remarks at the release event for the Global Health Risk Framework Commission report on “The Neglected Dimension of Global Security: A Framework to Counter Infectious Disease Crises”. The commission, convened by the National Academy of Medicine and chaired by Peter Sands, has delivered a very importa... Read More
Jan 02, 2016 - A postscript to Delong and Krugman
P.S.
Brad is unpersuaded by my response. He is broadly right in my view that models function both as discovery tools and as ways of organizing and codifying thought. The danger comes when too primitive a model is regarded as too powerful a discovery. Thus Krugman was right to recognize that first generation models of currenc... Read More
Jan 01, 2016 - Thoughts on Delong and Krugman blogs
Brad Delong and Paul Krugman accept my criticisms of Fed thought regarding their monetary policy strategy but disagree with my assertion that it reflects an excessive attachment to existing models and modes of thought.
Their argument is that standard IS-LM leads to the conclusion you should not raise rates in the present environment so no move a... Read More
Dec 29, 2015 - The Fed and Financial Reform – Reflections on Sen. Sanders op-Ed
Bernie Sanders had an op Ed in the New York Times on Fed reform last week that provides an opportunity to reflect on the Fed and financial reform more generally. I think that Sanders is right in his central point that financial policy is overly influenced by financial interests to its detriment and that it is essential that this be repaired. At the... Read More
Dec 22, 2015 - My views and the Fed’s views on secular stagnation
It has been two years since I resurrected Alvin Hansen’s secular stagnation idea and suggested its relevance to current conditions in the industrial world. Unfortunately experience since that time has tended to confirm the secular stagnation hypothesis. Secular stagnation is a possibility. It is not an inevitability and it can be avoided with st... Read More
Dec 15, 2015 - What Should the Fed Do and Have Done?
The Federal Reserve meets this week and has strongly signaled that it will raise rates. Given the strength of the signals that have been sent it would be credibility destroying not to carry through with the rate increase so there is no interesting discussion to be had about what should be done on Wednesday.
There is an interesting counterfactua... Read More
Dec 14, 2015 - Breaking new ground on neutral rates
Lukasz Rachel and Thomas Smith have a terrific new paper on world neutral real rates. The fact that it supports a variety of arguments that I have been making on secular stagnation for the last two years may contribute to my enthusiasm but the paper breaks new ground in a number of respects.
First, Rachel and Smith document compellingly the near... Read More
Nov 09, 2015 - This $13 trillion question is more important than ever
The Hutchins Center for Fiscal and Monetary Policy at Brookings is having a conference launching an important new volume on federal debt management policy. Just as in the Great War in became clear that war is too important to be left to generals, so too in the Great Recession it became clear that (government) debt management is too important to be... Read More
Nov 03, 2015 - Advanced economies are so sick we need a new way to think about them
An ebook containing the papers and presentations from the European Central Bank’s central banking forum conference in Sintra Portugal is now available. Mario Draghi and his colleagues are to be greatly commended for running a forum that is so open to profound challenges to central banking orthodoxy.
The volume contains a paper by Olivier Blancha... Read More
Nov 02, 2015 - Where Paul Krugman and I differ on secular stagnation and demand
Paul Krugman suggests that I have had some kind of change of heart on secular stagnation and converged towards his point of view, citing the publication of the transcript of a 2011 debate which we both participated in. I certainly appreciate the gravity of the secular stagnation issue more than I did a few years ago, given the continuing decline in... Read More
Oct 28, 2015 - This critique of the Fed isn’t backed by logic nor evidence
My friends Mike Spence and Kevin Warsh, writing in yesterday’s Wall Street Journal, have produced what seems to me the single most confused analysis of US monetary policy that I have read this year (Brad DeLong has expressed related views). Unless I am missing something -- which is certainly possible -- they make a variety of assertions that are u... Read More
Oct 28, 2015 - Plan for Puerto Rico should be the basis for prompt Congressional action
Last week, the Treasury announced their recommended approach to the profound economic and financial crisis engulfing How things play out from here will be an important test of whether or not Washington is, as some allege, controlled by financial interests.
The Puerto Rican economy has declined by more than 10 percent since 2006 and employment h... Read More
Oct 20, 2015 - Canadian elections proof that an anti-austerity message is a winning one
The Canadian liberal party won an overwhelming victory in yesterday’s election. Voters decisively rejected the ruling Conservative party and placed the Liberal Party far ahead of the left wing New Democratic Party. This is obviously important for Canada. But there are also two lessons here for American political observers.
First, polls often ... Read More
Oct 13, 2015 - Pandemic bonds have potential to be win-win-win
During the annual IMF-World Bank meetings last week in Lima, Peru, I was part of a discussion on a proposed pandemic emergency financing facility. The subject brought together two things I am very interested in. First, The Lancet Commission on Global Health 2035, which I recently chaired, argues that under-investment in health-related global public... Read More
Oct 13, 2015 - Another argument for infrastructure repair
There are many compelling arguments for increasing American infrastructure investment. Capital costs are exceptionally low. Construction labor is highly available. Materials costs are low as commodity prices have fallen. Investment is low by historic standards. Investing today relieves the burden for deferred maintenance from future generations.
... Read More
Sep 24, 2015 - The Importance of Global Health Investment
One of the things I am proudest of having done in Washington was having the idea as Chief Economist of the World Bank that the Bank should devote its annual World Development Report to making the case for improving both the quantity and quality of global health investment. The 1993 report produced by a team led by Dean Jamison proved more influenti... Read More
Sep 21, 2015 - The relationship between Universities and the Military
I had occasion to address a gathering of Congressional Medal of Honor recipients visiting Harvard last week. It was an opportunity to reflect on the meaning of courage, and also on the relationship between universities and the military. Our freedom, including our academic freedom, depends on the existence of a strong military, and of people who are... Read More
Sep 17, 2015 - Good news from Ukraine
The Ukrainian parliament today voted to ratify Ukraine’s debt reduction deal by a massive majority embracing all major factions. This is important positive news in several respects. First, as I have explained elsewhere it enables Ukraine to get the various benefits of debt reduction. Second, the unity of support for Finance Minister Natalie Jare... Read More
Sep 17, 2015 - What to watch on Fed day
Today the Federal Reserve will makes its most consequential announcement in years. Much attention has rightly focused on whether the fed funds rate is increased. Ultimately though what matters is the posture of monetary policy, which depends on both the fed funds rate tomorrow and the path of expected rates. My views are clear; this is not the t... Read More
Sep 15, 2015 - Monetary policy should seek to avoid major surprises
In recent writings, I have laid out the strategic case against the Federal Reserve tightening this week. There is a compelling tactical case as well.
Monetary policy should seek to avoid major surprises. Right now the fed funds futures market is assigning only a 28 percent chance to a September tightening. In the last 20 years, the Fed has neve... Read More
Sep 14, 2015 - Why Ukraine’s debt deal is important not just for Ukraine, but for the West
I have spent the last two days in Kiev attending the Yalta European Strategy meeting, where I have had the chance to discuss Ukraine’s economic reform efforts with key officials, including the finance minister and prime minister. I was encouraged to see a country where, despite huge challenges, including Russia’s war of aggression against Ukraine,... Read More
Sep 10, 2015 - Thoughts on Freeman’s Bargaining for the American Dream
Yesterday, I participated in a Center for American Progress forum where a new study on unions and social mobility was released. The study, by my Harvard colleague Richard Freeman and collaborators, showed a significant correlation across American metropolitan areas between the extent of union membership and social mobility. Freeman, who based his r... Read More
Sep 09, 2015 - Why the Fed must stand still on rates
Two weeks ago I argued that a Federal Reserve decision to raise rates in September would be a serious mistake. As I wrote my column, the market was assigning a 50 percent chance to a rate hike. The current chance is 34 percent. Having followed the debate among economists, Fed governors and bank presidents I believe the case against a rate increas... Read More
Sep 07, 2015 - Larry’s new blog
Over the summer, I have expanded my website to include a new blog that will enable me to comment on economic policy issues and current events more generally. I will continue to write my monthly Financial Times/Washington Post column, and their websites will also feature my blog content. This blog will enable me to address issues immediately, info... Read More
Aug 29, 2015 - Thoughts on Ukrainian Debt Restructuring
I was very glad to see Ukraine reach a deal involving reduction in the principal value of its debt with major creditors. This would not have happened without the tenacity and determination of Ukrainian finance minister, Natalie Jaresko, and Ukraine’s political leadership. Congratulations also to the IMF and the U.S. Treasury for their strong effort... Read More
Jul 12, 2015 - The Astonishing Returns of Investing in Global Health R&D
By Lawrence H. Summers and Gavin Yamey
How to reach a “grand convergence” by 2035
We have a once-in-human-history opportunity to achieve a “grand convergence” in global health—a reduction in infectious, maternal, and child deaths down to universally low levels everywhere on the planet.
The Global Health 2035 report that we coauthored with ... Read More
Jul 04, 2015 - Tomorrow Greece votes
Tomorrow Greece votes. No one can know the outcome yet. Indeed, my bet is that a third of the voters are not yet sure how they will vote. If polls could not get the British election right, I doubt that they can get this one right. Anything can happen, and it would not surprise me if the vote is a landslide, one way or the other.
Many suppose tha... Read More
May 20, 2015 - Feldstein Argues Price Indices Underestimate Real Income Growth
Yesterday, in the Wall Street Journal, Marty Feldstein argues reasonably that conventional price indices underestimate real income growth because they take inadequate account of quality improvements and new products. Marty asserts very plausibly that properly measured real incomes and wages have not been completely stagnant in recent decades.
T... Read More
Apr 01, 2015 - On Secular Stagnation: A Response to Bernanke
Ben Bernanke has inaugurated his blog with a set of thoughtful observations on the determinants of real interest rates (see his post here) and the secular stagnation hypothesis that I have invoked in an effort to understand recent macroeconomic developments. I agree with much of what Ben writes and would highlight in particular his recognition tha... Read More


