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John Smith: “I Made $1 Million Reading dmarron.com”*

*Results not typical. Over at Managerial Econ, Luke Froeb highlights a new FTC initiative to crack down on testimonial advertising. Its target? Ads that highlight extreme results (“I lost 100 pounds...

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Mythical Budget Savings from Cutting TARP

The TARP news continues fast and furious. This afternoon’s installment involves the House’s financial regulation bill, officially known as H.R. 4173, the Wall Street Reform and Consumer Protection Act...

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A Useful Primer on Derivatives Regulation

Bob Litan of the Brookings Institution recently penned an excellent overview of the issues surrounding derivatives regulation, with a particular focus on credit default swaps (CDS). ”The Derivative...

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What Should We Do with Fannie and Freddie?

The past few years have demonstrated that Fannie Mae and Freddie Mac, the two mortgage giants, were built on a flawed business model. One that paired private profit in good times with taxpayer burdens...

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Fannie & Freddie Reform Gets a Boost from the Washington Post

Sunday’s Washington Post has an encouraging editorial about the Fannie Mae and Freddie Mac reform proposal that Phill Swagel and I recently put forward. An excerpt: [Their plan would] abolish the most...

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Positive Feedback and the Flash Crash

The CFTC and SEC staffs are out with their analysis of the May 6 “flash crash.” Short version: A large trader (identified by the media as Waddell & Reed) initiated a large sell order to be executed...

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DC’s New Mayor Should Say No to Taxi Medallions

I love taxi medallions. As an example for my microeconomics students, not as policy. Just last week, I used New York City’s medallion system to show how an entry barrier — the requirement that each...

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CBO Weighs in on Fannie and Freddie

Yesterday, the Congressional Budget Office released its long-awaited report on the future of Fannie Mae and Freddie Mac. Fannie Mae, Freddie Mac, and the Federal Role in the Secondary Mortgage Market...

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Taxi Medallions in DC: Who Would Win and Lose?

Today’s lesson in political economy: the looming battle over Washington’s cab market. Three members of DC’s City Council (Marion Barry, Harry Thomas, Jr., and Michael Brown) want to require every taxi...

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Regulatory Uncertainty and Our Weak Economy

Over at the Economist’s Free Exchange blog, Grep Ip offers an excellent, balanced analysis of regulatory uncertainty and our weak economy. Here’s a short excerpt: How much of our economic malaise can...

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Conservative Principles for Environmental Reform

Case Western Law Professor Jonathan Adler just released an interesting paper setting out a conservative case for environmental protection. Here’s his abstract: The existing environmental regulatory...

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How Should Tax Reform Treat Employee Stock and Options?

The tax treatment of employee stock and options raises a classic Goldilocks problem. We want to tax this compensation neither too much or too little. In a recent policy brief, I consider three...

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Talking Money, Inflation, Fiat, & Bitcoin

For your weekend listening pleasure (?): I visit the ReConsider podcast to chat money, inflation, fiat currencies, gold, Bitcoin, & Uncle Sam’s balance sheet. Starts at 4:59....

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Three Things You Should Know about the Buyback Furor

Record stock buybacks—driven in part by the corporate tax changes in the Tax Cuts and Jobs Act (TCJA)—have sparked a media and political furor. Unfortunately, they’ve also created a great deal of...

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Designing Carbon Dividends

Carbon dividends are the hottest idea in climate policy. A diverse mix of progressive and conservative voices are backing the idea of returning carbon tax revenues to households in the form of regular...

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Should Congress Use The Income Tax To Discourage Consumer Drug Ads?

Senator Jeanne Shaheen (D-NH) and a score of Democratic cosponsors want to use the tax code to discourage direct-to-consumer advertising by drug companies. Their bill, the End Taxpayer Subsidies for...

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Remembering My Dad, Donald Marron, 1934 – 2019

My dad died unexpectedly last Friday. He lived a remarkable, generous life. Obituaries in Bloomberg, NYT, and WSJ give a taste of his success in business, charity, and the arts. He was truly a...

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Brainteasers From My Dad

When my sister and I were little, our Dad would challenge us with riddles and word games. I mentioned three in my eulogy for Dad: 1. Imagine a two-volume dictionary sitting on a shelf. Each volume has...

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Economic Policy in the Time of COVID-19

COVID-19 poses a severe threat not only to public health but also to the overall US economy. The nation’s policy response should focus on four basic strategies. First, we should embrace those economic...

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If We Give Everybody Cash, Let’s Tax It

Giving people cash is a great way to soften COVID-19’s economic blow. But it’s sparked a classic debate. Should the federal government give money to everyone? Or target it to people with low incomes?...

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