Headwinds and Tailwinds: Where is the U.S. economy going?

February 3, 2005
Michael G. Hadjimichalakis | University of Washington

Is productivity growth a tailwind or a headwind?
What are the dominant forces likely to affect economic prospects in the short run?
How dangerous are the twin deficits—the budget and trade deficits—in the long run?

A variety of factors, from technology-induced productivity growth to stock market booms and busts, corporate governance scandals, wars, oil price hikes, massive monetary and fiscal stimulus and record trade deficits, have been pushing and pulling the U.S. economy. This discussion will examine factors affecting the prospects of the economy in 2005 and beyond, with an emphasis on the conduct of monetary and fiscal policy.

Speaker Details

Prof. Michael G. Hadjimichalakis received his Ph.D. in Mathematical Economics from the University of Rochester and has been Associate Professor of Economics at the University of Washington since 1971. He has been Visiting Professor at the Board of Governors of the Federal Reserve System in Washington, D.C. for two years and a Visiting Professor at the (Central) Bank of Japan, Tokyo. He is the author of three books and co-author, with Karma G. Hadjimichalakis, of two more books. Their most recent book, Money, Banking and Financial Markets, has recently been published in both Japanese and Chinese. His recent work focuses on monetary theory and policy, as well as macroeconomic theory and policy.