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The Center for Public and Private Finance
The Center for Public and Private Finance (CPPF), co-directed by
Michael Boskin and John Shoven, looks broadly at numerous macroeconomic and finance-oriented issues. Currently, there are three programs under the center:
Shoven leads the Finance Program, which studies financial markets and the mechanisms for allocating productive capital in the United States. Specific areas influencing policy concerns are the cost of capital in the United States and abroad, the effectiveness of corporate governance, and the return pattern for different financial instruments. Pensions and mutual funds are a major research focus in this program.
The Macroeconomics and Monetary Policy Program,
headed by
Pete Klenow
researches the aggregate level of economic activity and employment and the control of the national money supply. New quantitative tools for measuring and forecasting changes in economic performance, developed under the direction of this program, have helped economists and policy makers. This program sponsors an annual conference with the San Francisco Federal Reserve Bank.
The Tax and Budget Policy Program, directed by Boskin, Shoven, and
Douglas Bernheim,
supports research that investigates the impact of taxes, public expenditures, and government priorities on the private economy. Held annually, the Life Insurance Taxation Workshop is a popular forum for debate on these topics. The program is currently engaged in significant work on Social Security and the federal budget.
Faculty research at CPPF includes a project on Intergenerational and Behavioral Issues in Public Economics. Antonio Rangel wrote the grant request, which was funded by the National Science Foundation. The project seeks to understand what types of institutions, existing or not, are able to generate optimal investment in future generations and to protect them from expropriation. Part of the research agenda is to continue the work of creating a research and teaching group in the Behavioral and Public Economics Program at Stanford with expanded courses and more research activity.
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