Advisory Council & Author

{image_title}

Michael Greenstone

Milton Friedman Professor of Economics; Director of the Energy Policy Institute, University of Chicago

Michael  Greenstone is the Milton Friedman Professor of Economics and Director of the interdisciplinary Energy Policy Institute at Chicago.  His other current positions and affiliations include Elected Member of the American Academy of Arts and Sciences, Editor of the Journal of Political  Economy,  Faculty Director  of the  E2e  Project, Head  of the JPAL  Environment  and Energy Program, co‐Director of the International Growth Centre’s Energy Research Programme, and Nonresident  Senior  Fellow  in  Economic  Studies  at the  Brookings  Institution.    Prior to rejoining the faculty at Chicago, Professor Greenstone was the 3M Professor of Environmental Economics at MIT.  

Greenstone’s research estimates the costs and benefits of environmental quality and society's energy choices.  He has worked extensively on the Clean Air Act and examined its impacts on air quality, manufacturing activity, housing prices, and human health to assess  its benefits and costs.  He is currently engaged in large‐scale projects to estimate the economic costs of climate change and to identify efficient approaches to mitigating these costs. His research is increasingly focused on developing countries. This work includes an influential paper that demonstrated that high levels of particulates air pollution from coal combustion are causing the 500 million residents of Northern China to lose more than 2.5 billion years of life expectancy.  He is also engaged in projects with the Government of India and four Indian state governments  that  use  randomized  control  trials  to  test  innovative  ways  to  improve  the functioning of environmental regulations and increase energy access.  Greenstone  also  has  extensive  policy  experience.    He served  as  the  Chief  Economist  for President  Obama’s  Council  of  Economic  Advisers  from  2009‐10.    In  addition,  he  was  the Director of the Hamilton Project at the Brookings Institution, which studies a range of policies to promote broad‐based economic growth, from 2010‐2013 and has since joined its Advisory Council. 

Greenstone received a Ph.D. in economics from Princeton University and a BA in economics with High Honors from Swarthmore College.


Related to Michael Greenstone

video Icon

The Economic Costs of Climate Change - Video

September 22, 2014 • Video

On September 22nd, The Hamilton Project welcomed U.S. Treasury Secretary Jacob J. Lew to deliver keynote remarks on the economics of climate change. Following his remarks, Secretary Lew continued the conversation in a roundtable discussion with former U.S. Treasury Secretary Robert E. Rubin, and University of Chicago economist Michael Greenstone. Hamilton Project Director Melissa Kearney opened the forum with welcoming remarks. 
audio Icon

The Economic Costs of Climate Change - Audio

September 22, 2014 • Audio

On September 22nd, The Hamilton Project welcomed U.S. Treasury Secretary Jacob J. Lew to deliver keynote remarks on the economics of climate change. Following his remarks, Secretary Lew continued the conversation in a roundtable discussion with former U.S. Treasury Secretary Robert E. Rubin, and University of Chicago economist Michael Greenstone. Hamilton Project Director Melissa Kearney opened the forum with welcoming remarks. 

{image_title}

The Economic Costs of Climate Change

Events • September 22, 2014 • Washington, DC

There is growing public debate over whether, when, and to what extent policymakers should take action to stem climate change. On September 22nd, The Hamilton Project at Brookings will host a forum to explore the economics of climate change, and the potential costs of inaction to reduce greenhouse gas emissions. U.S Treasury Secretary Jacob J. Lew will give keynote remarks, followed by a roundtable discussion with Robert E. Rubin, Co-Chair of the Council on Foreign Relations and former U.S. Treasury Secretary, and Michael Greenstone, The Milton Friedman Professor in Economics and Director of the Energy Policy Institute at the University of Chicago. 

The Hamilton Project Blog Icon

Paying the Cost of Climate Change

The Hamilton Project Blog • September 19, 2014

Michael Greenstone explains why we should care about the economic costs of climate change, in advance of next week’s webcast and forum with Treasury Secretary Jacob Lew and former Secretary Robert Rubin.

{image_title}

The First Step to Cutting the Red Tape: Better Analysis

Speeches & Testimony • April 30, 2014 • Michael Greenstone

Hamilton Project Advisory Council member Michael Greenstone testified before the Joint Economic Committee. His testimony focused on how to design a regulatory structure that protects the well-being of our citizens without imposing unnecessary costs on American businesses and society as a whole.  

{image_title}

Improving College Outcomes: A Modern Approach to Financing Higher Education

Events • October 21, 2013 • Washington, DC

On October 21st, THP hosted a forum and release three new policy proposals by outside experts focusing on the evolving role of higher education, and how changes in student lending and financial aid policies can help improve college outcomes. Thought leaders in higher education from around the country—including Vassar College President Catharine Bond Hill; LaGuardia Community College President Gail Mellow; University of North Carolina President Thomas Ross; Wesleyan University President Michael Roth; and Brookings’ Brown Center for Education Policy Director Grover “Russ” Whitehurst—joined the discussion to comment on the proposals, and provided their thoughts on the future of higher education in American society.

{image_title}

The Lasting Effects of the Great Recession:  Six Million Missing Workers and A New Economic Normal

Papers • September 2013 • Michael Greenstone, Adam Looney

Despite the consistent pattern of modest jobs growth over the last several years, the nation’s goal of a full recovery from the Great Recession remains elusive. One factor contributing to this outcome is an unclear definition of what “recovery” means, as policymakers have suggested a wide variety of economic goals. In this month’s employment analysis, The Hamilton Project explores the “jobs gap,” or the number of jobs the economy would have to add to offset the effects of the Great Recession, which we offer as a useful target for economic recovery. The analysis discusses how changes in population and labor-force participation rates will affect the time it takes to close the gap and how we measure progress toward our economic recovery. 

{image_title}

What New Immigrants Could Mean for American Wages

Papers • August 2013 • Michael Greenstone, Adam Looney

In this month’s employment analysis, The Hamilton Project examines how future immigration trends could impact American wages, using targets set in the recently-passed Senate bill as a signpost. Understanding that S.744 is just the first piece of legislation out of the gate, the new analysis suggests that the average impact of new immigrants on the wages of U.S.-born workers would be positive (based on CBO estimates, the analysis assumes approximately 9.6 million additional immigrants by 2013 due to the legislation). The analysis also suggests that American workers are likely to gain through other channels, based on evidence that immigrants enhance purchasing power of consumers, increase demand for goods and services at businesses, and contribute to innovation that boost living standards over time.

{image_title}

Rising Student Debt Burdens: Factors Behind the Phenomenon

Papers • July 2013 • Michael Greenstone, Adam Looney

Despite the positive return to higher education, many Americans are concerned about their ability to pay for college, and there is increasing focus on the rising burden of student loans on recent graduates. Although average net tuition—the actual cost to students after grant aid, scholarships, and other financial aid—has increased somewhat over the last two decades, the volume of student debt has increased far more dramatically, as has the default rate on student loans. In this month’s employment analysis, The Hamilton Project examines possible explanations for the recent increases in student debt and default rates.

video Icon

The Economic Imperative of Expanding College Opportunity—Introduction & Panel 1

June 26, 2013 • Video

Following remarks by former U.S. Treasury Secretary Robert E. Rubin, Caroline Hoxby of Stanford University presented a new proposal that outlines a strategy for targeting and reaching low-income, high-achieving students and providing them with the information necessary to help facilitate their application to selective colleges. William Fitzsimmons of Harvard College, Nicole Farmer Hurd of the National College Advising Corps, and Robert Gordon of The Brookings Institution joined a roundtable discussion on the proposal, moderated by Hamilton Project Director Michael Greenstone.

photo_galleries Icon

The Economic Imperative of Expanding College Opportunity—Photo Gallery

June 26, 2013 • Photo Galleries

On June 26th, The Hamilton Project held a forum on the importance of expanding college opportunity for more Americans.

audio Icon

The Economic Imperative of Expanding College Opportunity—Introduction & Panel 1

June 26, 2013 • Audio

Following remarks by former U.S. Treasury Secretary Robert E. Rubin, Caroline Hoxby of Stanford University presented a new proposal that outlines a strategy for targeting and reaching low-income, high-achieving students and providing them with the information necessary to help facilitate their application to selective colleges. William Fitzsimmons of Harvard College, Nicole Farmer Hurd of the National College Advising Corps, and Robert Gordon of The Brookings Institution joined a roundtable discussion on the proposal, moderated by Hamilton Project Director Michael Greenstone.

{image_title}

The First Step to Cutting the Red Tape: Better Analysis

Speeches & Testimony • April 30, 2014 • Michael Greenstone

Hamilton Project Advisory Council member Michael Greenstone testified before the Joint Economic Committee. His testimony focused on how to design a regulatory structure that protects the well-being of our citizens without imposing unnecessary costs on American businesses and society as a whole.  

{image_title}

Thirteen Economic Facts about Social Mobility and the Role of Education

Papers • June 2013 • Michael Greenstone, Adam Looney

In this policy memo, The Hamilton Project examines the relationship between growing income inequality and social mobility in America. The memo explores the growing gap in educational opportunities and outcomes for students based on family income and the great potential of education to increase upward mobility for all Americans.

{image_title}

New Approaches to Promoting College Access for More Americans

Papers • June 2013 • Michael Greenstone, Adam Looney

The role of education in improving social mobility is well-known, and new evidence identifies promising ways to help more low-income students improve their educational opportunities. In a new blog post, The Hamilton Project compares a range of interventions aimed at boosting college attendance and completion among low-income students.

{image_title}

Is Starting College and Not Finishing Really That Bad?

Papers • June 2013 • Michael Greenstone, Adam Looney

In recent years there has been increasing concern about students who begin two- and four-year college programs but fail to complete a degree—particularly in light of the large increase in student debt and concerns about the high costs of college. In this month’s employment analysis, The Hamilton Project examines whether starting college is worth it for students who fail to complete a degree. The findings show that students who complete “some college” earn about $100,000 more throughout their lifetime than their peers with only a high school education, and the rate of return to their investment exceeds the historical return on practically any conventional investment, including stocks, bonds, and real estate.

{image_title}

Should the United States Have 2.2 Million More Jobs?

Papers • May 2013 • Michael Greenstone, Adam Looney

Following the last five recessions in U.S. history, the economy added government jobs—an average of 1.7 million, in fact—that helped  spur our economic recovery.  In contrast, during our recovery from the Great Recession, the economy has shed more than 500,000 government jobs. In this month’s employment analysis, The Hamilton Project  explores the trajectory of public-sector employment since the Great Recession. The findings show that if the policy response to this recession had been similar to the response after other recent recessions, the economy would have about 2.2 million more jobs today.

{image_title}

An Evidence-Based Approach to Improving Worker Training Programs

Papers • April 2013 • Michael Greenstone, Adam Looney

There is significant pressure facing policymakers at all levels of government to fund programs that provide the best results for the best value. Worker training programs provide one example of where better use of evidence could dramatically improve outcomes for many Americans. In this month’s employment analysis, The Hamilton Project explores how the use of evidence and data could help workers determine which training programs can most effectively help them find employment and increase their earnings.

{image_title}

Sequestration’s Threat to America’s Most Vulnerable

Papers • March 2013 • Michael Greenstone, Adam Looney

In this month’s employment analysis, The Hamilton Project looks at current poverty trends in the United States, the important role of government support programs, and how sequestration could remove critical aspects of the safety net in the midst of continued labor-market weakness. The Project finds sequestration could throw many American families back into poverty during this sensitive period of economic recovery by cutting the very programs that are helping them stay above water.

video Icon

Real Specifics: 15 Ways to Rethink the Federal Budget—Part II: Addressing Entitlements, Taxation and Revenues—Panel 3: New Sources of Revenue and Efficiency

February 28, 2013 • Video

Senior Research Associate at The Urban Institute Benjamin H. Harris; Fellow and Policy Director of Economic Studies at The Brookings Institution Adele Morris; Assistant Vice President and Senior Economist at the Federal Reserve Bank of Dallas Pia Orrenius; Professor of International Economics at the University of Maryland School of Public Policy Phillip Swagel; and Associate Principal at McKinsey & Company Tyler Duvall participate in a roundtable discussion on new sources of revenue and efficiency moderated by Senior Fellow and Director of The Hamilton Project at The Brookings Institution Michael Greenstone.

audio Icon

Real Specifics: 15 Ways to Rethink the Federal Budget—Part I: Budgeting for a Modern Military—Full Audio

February 22, 2013 • Audio

On February 22nd, The Hamilton Project at Brookings hosted a forum and released new proposals on ways to create greater efficiency in the U.S. defense budget while maintaining our national security. Former Treasury Secretary gave opening remarks before retired four-star Admiral Gary Roughead, a former chief of Naval Operations; Kori Schake, a reserach fellow at the Hoover Institution; and Massachusetts Institute of Technology’s Cindy Williams, a former assistant director of the Congressional Budget Office, offered two new proposals for reducing future defense budgets. The authors were joined by former Deputy Secretary of Defense John Deutch, former Undersecretary for Defense Michèle Flournoy, and former Senate Armed Services Committee Chairman Sam Nunn (D-Ga.) for a roundtable discussion on the new proposals, and a broader discussion around the dynamics of ongoing defense budget negotiations.  Following the roundtable, the panelists took audience questions.

photo_galleries Icon

Real Specifics: 15 Ways to Rethink the Federal Budget—Part I: Budgeting for a Modern Military—Photo Gallery

February 22, 2013 • Photo Galleries

THP’s two-part budget series kicked off on Feb. 22nd with a forum on the defense budget, which included a lively roundtable discussion with Fmr. Sen. Sam Nunn (D-GA), Adm. Gary Roughead (USN Ret.) and other distinguished experts.

{image_title}

Real Specifics:  15 Ways to Rethink the Federal Budget—Part I:  Budgeting for a Modern Military

Events • February 22, 2013 • Washington, DC

On February 22nd, The Hamilton Project at Brookings hosted  a forum and released new proposals on ways to create greater efficiency in the U.S. defense budget while maintaining our national security. Retired four-star Admiral Gary Roughead, a former chief of Naval Operations; Kori Schake, a research fellow at the Hoover Institution; and Massachusetts Institute of Technology’s Cindy Williams, a former assistant director of the Congressional Budget Office, offered two new proposals for reducing future defense budgets.

{image_title}

15 Ideas for Smart Deficit Reduction

Papers • February 2013 • Michael Greenstone, Adam Looney

Hamilton Project Director Michael Greenstone and Policy Director Adam Looney preview The Project’s forthcoming budget report, which includes fifteen pragmatic, evidenced-based proposals to reduce the deficit and achieve broad-based economic benefits.

video Icon

Real Specifics: 15 Ways to Rethink the Federal Budget

February 20, 2013 • Video

Despite widespread agreement that the federal budget is on an unsustainable path, there is also widespread disagreement about what should be done. The Hamilton Project asked leading experts from a variety of backgrounds—the policy world, academia, and the private sector, and from both sides of the political aisle—to develop and share their ideas for addressing the deficit. The proposals will be released at two events scheduled for February 22 and February 26. In a dialogue previewing those events, Hamilton Project Director Michael Greenstone and Policy Director Adam Looney discuss some of the key ideas offered by the experts.

Greenstone stresses that the goal of the papers is to move beyond the fights and disagreements between President Obama and Congress and to provide some of the poetry, or some of the details, on how government might run better. The papers will also be featured in a book, 15 Ways to Rethink the Federal Budget, and will take on a wide-ranging set of topics, including immigration, transportation, health care, defense spending, and tax expenditures.

{image_title}

Not All Cuts Are Created Equal:  Why Smart Deficit Reduction Matters

Papers • February 2013 • Michael Greenstone, Adam Looney

The federal budget deficit is still the nation’s major economic focus. In this month’s employment analysis, The Hamilton Project explores the potential impacts of enacted budget cuts, including the looming sequester, on America’s economic well-being. The Project finds that smart deficit reduction will require creative thinking about which budget areas can be made more efficient without damaging programs that are essential to promoting economic growth.

{image_title}

The Economics of Immigration Reform

Papers • January 2013 • Michael Greenstone, Adam Looney

Immigration reform has taken center stage of the policy debate.  While most Americans agree that our immigration system is flawed, there remains a lack of understanding about immigration’s effects on wages, jobs, budgets, and the U.S. economy in general.  Two recent Hamilton Project papers provide important economic context for the issue and a potential path forward.

{image_title}

The Fiscal Cliff Deal and Our Long-Run Budget Challenge

Papers • January 2013 • Michael Greenstone, Adam Looney

This week, lawmakers passed the American Taxpayer Relief Act to avoid much of the near-term drag on the economy that could have been triggered by the tax increases and spending cuts in the so-called fiscal cliff. In this month’s employment analysis, The Hamilton Project explores the projected effects of the bill on economic growth and the long-run budget deficit. The Project finds that the immediate budgetary effects of the bill are a positive step, but the debt-to-GDP level will continue to rise and lawmakers face more work in the months ahead.  

{image_title}

How Long Will it Take to Get to 6.5 Percent Unemployment?

Papers • December 2012 • Michael Greenstone, Adam Looney

The Fed recently announced that it would keep interest rates at historic lows until the unemployment rate dropped below 6.5 percent, so long as inflation remained below 2.5 percent. In a new analysis, The Hamilton Project presents  a range of estimates of how long it will take for the unemployment rate to fall to 6.5 percent based on different rates of job growth and an assumption about the growth of the labor force.

{image_title}

The Impact of Fiscal Cliff Negotiations on American Jobs: The Tradeoff Between Deficit Reduction and Economic Growth

Papers • December 2012 • Michael Greenstone, Adam Looney

As the year draws to a close, policymakers and the media have their sights fixed on the “fiscal cliff” – the rapidly approaching day on which federal law mandates precipitous cuts in spending and increases in taxes. In this month’s employment analysis, The Hamilton Project examines how various approaches to confronting the fiscal cliff are projected to impact the employment situation in the coming year. 

{image_title}

The Importance of Unemployment Insurance for American Families and the Economy

Papers • December 2012 • Michael Greenstone, Adam Looney

About two million U.S. residents stand to lose extended unemployment insurance benefits next month when legislation that temporarily increased how long people can claim benefits will expire. As lawmakers negotiate a path around the fiscal cliff and consider whether to extend these benefits, The Hamilton Project looks at the evidence on unemployment insurance, finding that the benefits of UI extension likely outweigh the costs.

{image_title}

How Does Our Economic Future Compare with That of 2008? A Glimpse at America’s Road to Recovery

Papers • November 2012 • Michael Greenstone, Adam Looney

As Americans prepare to cast their ballots for president, many voters are pausing to assess the state of the economy. In this month’s employment analysis, The Hamilton Project reviews the available data to explore whether America’s economic future looks brighter today than it did four years ago and finds that the data clearly indicate a much rosier future for the United States than was the case in 2008.

{image_title}

The Uncomfortable Truth About American Wages

Papers • October 2012 • Michael Greenstone, Adam Looney

The stagnation of wages in recent years has many causes, but reflects a failure to invest enough in the skills and productivity of the American workforce, Hamilton Project Director Michael Greenstone and Policy Director Adam Looney write in the New York Times' Economix.

{image_title}

Regardless of the Cost, College Still Matters

Papers • October 2012 • Michael Greenstone, Adam Looney

There is ongoing debate about the rising cost of college and whether that investment is still worthwhile in today’s economy. In this month’s employment analysis, The Hamilton Project examines the rising cost of college over the last 30 years and finds that while college costs are growing, the increase in earnings one receives from a college degree—and, by extension, the cost of not going to college—are growing even faster. 

audio Icon

Back to School:  Promoting Attainment and Achievement in K-12 Education - Panel 1: “Staying in School: A Proposal to Raise High School Graduation Rates”

September 27, 2012 • Audio

Hamilton Project Director Michael Greenstone moderates roundtable discussion with Associate Professor of Economics at the University of Toronto Phillip Oreopoulos, Superintendent of the Houston Independent School District Terry Grier, Senior Associate of the Carnegie Foundation for the Advancement of Teaching Elena Silva, and President of the National Education Association Dennis Van Roekel at the Back to School: Promoting Attainment and Achievement in K-12 Education event.

video Icon

Back to School:  Promoting Attainment and Achievement in K-12 Education - Panel 1 “Staying in School: A Proposal to Raise High School Graduation Rates”

September 27, 2012 • Video

Hamilton Project Director Michael Greenstone moderates roundtable discussion with Associate Professor of Economics at the University of Toronto Phillip Oreopoulos, Superintendent of the Houston Independent School District Terry Grier, Senior Associate of the Carnegie Foundation for the Advancement of Teaching Elena Silva, and President of the National Education Association Dennis Van Roekel at the Back to School: Promoting Attainment and Achievement in K-12 Education event.

photo_galleries Icon

Back to School: Promoting Attainment and Achievement in K-12 Education - Event Photos

September 27, 2012 • Photo Galleries

On September 27th, The Hamilton Project at Brookings hosted a forum to discuss new approaches to promoting attainment and achievement in K-12 education.  The event included featured remarks by U.S. Secretary of Education Arne Duncan, highlighting recent progress on education reform, the difficult work still ahead, and the need for innovation to help advance reform efforts. 

{image_title}

Back to School:  Promoting Attainment and Achievement in K-12 Education

Events • September 27, 2012 • Washington, DC

On September 27th, The Hamilton Project at Brookings hosted a forum to discuss new approaches to promoting attainment and achievement in K-12 education.  The event included featured remarks by U.S. Secretary of Education Arne Duncan, highlighting recent progress on education reform, the difficult work still ahead, and the need for innovation to help advance reform efforts. 

{image_title}

A Dozen Economic Facts About K-12 Education

Papers • September 2012 • Michael Greenstone, Adam Looney

The Hamilton Project explores both the condition of education in the United States and the economic evidence on several promising K-12 interventions that could improve the lives of Americans.

{image_title}

Innovation is the Key to Better Education

Papers • September 2012 • Michael Greenstone, Adam Looney

Although innovation has revolutionized the American economy as a whole over the last century, the education sector has benefitted relatively little from these advances.In a forthcoming paper, The Hamilton Project compares the nation’s total expenditures on research and development by sector and finds spending on education lags behind other areas such as pharmaceuticals and medicine.

{image_title}

Education Is The Key To Better Jobs

Papers • September 2012 • Michael Greenstone, Adam Looney

Is it enough to find a job, or should we be more focused on the quality of that job? There may be a range of perspectives on the best way to move our economy forward, but one element essential to any answer is education. The Hamilton Project examines the effects of education on income level and shows more education opens the gateway to better, higher-paying jobs.

{image_title}

August Jobs Report:  The Private Sector Continues to Grow

Papers • August 2012 • Michael Greenstone, Adam Looney

The unemployment rate fell to 8.1 percent in August, according to today’s employment report, which is the lowest rate since the onset of the recession. The private sector added more than 100,000 jobs, continuing a steady recovery that has added 4.6 million jobs over the last 30 months. As of August, our nation faces a “jobs gap” of 11.3 million jobs.

The Hamilton Project Blog Icon

A Record Decline in Government Jobs: Implications for the Economy and America’s Workforce

The Hamilton Project Blog • August 3, 2012

The Hamilton Project examines the short- and long-term ramifications of declines in public-sector employment since the end of the Great Recession.

{image_title}

A Record Decline in Government Jobs: Implications for the Economy and America’s Workforce

Papers • August 2012 • Michael Greenstone, Adam Looney

The Hamilton Project examines the short- and long-run impacts of public-sector job cuts since the Great Recession. If the share of government employment to population had remained at historical levels, the unemployment rate would be approximately 7.1 percent.

The Hamilton Project Blog Icon

The Role of Fiscal Stimulus in the Ongoing Recovery

The Hamilton Project Blog • July 6, 2012

The Hamilton Project examines the relationship between government spending and unemployment, finding that states that spent more during the Great Recession experienced a smaller increase in their unemployment rate.

{image_title}

The Role of Fiscal Stimulus in the Ongoing Recovery

Papers • July 2012 • Michael Greenstone, Adam Looney

The Hamilton Project examines the relationship between government spending and unemployment, finding that states that spent more during the Great Recession experienced a smaller increase in their unemployment rate.

photo_galleries Icon

New Directions for U.S. Energy Policy: A Hamilton Project Forum at Stanford University - Event Photos

June 13, 2012 • Photo Galleries

The U.S. energy system is benefiting from an unprecedented increase in North American supplies of natural gas and petroleum.  These changes are strengthening our economy and altering the relationships between our energy choices and health, climate change, and national security.  At the same time, there is tremendous hope that innovation in the energy sector will identify new solutions to these problems. On June 13th, The Hamilton Project at Brookings held an event at Stanford University to explore how best to manage these opportunities while achieving our long-term energy and environmental goals.

{image_title}

New Directions for U.S. Energy Policy: A Hamilton Project Forum at Stanford University

Events • June 13, 2012 • Stanford, CA

The U.S. energy system is benefiting from an unprecedented increase in North American supplies of natural gas and petroleum.  These changes are strengthening our economy and altering the relationships between our energy choices and health, climate change, and national security.  On June 13th, The Hamilton Project at Brookings held an event at Stanford University to explore how to best manage these opportunities while achieving our long-term energy and environmental goals.
 

video Icon

New Directions for U.S. Energy Policy - Panel 1: The Future for U.S. Natural Gas

June 13, 2012 • Video

Hamilton Project Director Michael Greenstone moderates roundtable discussion with UC Berkeley Professor Lucas Davis, MIT Professor Christopher R. Knittel, Council on Foreign Relations Senior Fellow Michael Levi, Weston Solutions Senior Vice President and Managing Director for Strategic Growth Kathleen McGinty, and Texas Railroad Commission Chairman Barry Smitherman at the New Directions for U.S. Energy Policy: A Hamilton Project Forum at Stanford University event.

audio Icon

New Directions for U.S. Energy Policy - Panel 1: The Future for U.S. Natural Gas

June 13, 2012 • Audio

Hamilton Project Director Michael Greenstone moderates a roundtable discussion with UC Berkeley Professor Lucas Davis, MIT Professor Christopher R. Knittel, Council on Foreign Relations Senior Fellow Michael Levi, Weston Solutions Senior Vice President and Managing Director for Strategic Growth Kathleen McGinty, and Texas Railroad Commission Chairman Barry Smitherman at the New Directions for U.S. Energy Policy: A Hamilton Project Forum at Stanford University event.

{image_title}

Energy Policy Opportunities and Continuing Challenges in the Presence of Increased Supplies of Natural Gas and Petroleum

Papers • June 2012 • Michael Greenstone, Adam Looney

A new Hamilton Project framing memo summarizes recent changes in the energy sector, and lays out five principles for shaping energy and environmental policy. 

{image_title}

The Role of Oil and Gas in Driving Job Growth

Papers • June 2012 • Michael Greenstone, Adam Looney

The Hamilton Project explores what increased domestic natural gas and oil production means for the American energy sector, the environment, and employment.

video Icon

U.S. Immigration Policy - Roundtable: A Market-Based Approach to Immigration Reform

May 15, 2012 • Video

UC Davis Economist Giovanni Peri presented a new proposal for a market-based approach to immigration reform, followed by a discussion of the proposal with National Public Radio Ombudsman Edward Schumacher-Matos, 3M Senior Vice President Legal Affairs and General Counsel Marschall Smith and Ocean Mist Farms Director of Human Resources Jorge Suarez, moderated by Hamilton Project Director Michael Greenstone.
audio Icon

U.S. Immigration Policy - The Challenges and Opportunities for Immigration Reform in the United States

May 15, 2012 • Audio

Council on Foreign Relations Senior Fellow Edward Alden moderates a discussion between former U.S. Senator Chuck Hagel (R-NE), Silver Lake Co-Founder Glenn Hutchins, National Council of La Raza President and CEO Janet Murguía, and UNITE HERE President John Wilhelm on many of the broader issues surrounding today’s immigration reform debate.  

audio Icon

U.S. Immigration Policy - Roundtable: A Market-Based Approach to Immigration Reform

May 15, 2012 • Audio

UC Davis Economist Giovanni Peri presented a new proposal for a market-based approach to immigration reform, followed by a discussion of the proposal with National Public Radio Ombudsman Edward Schumacher-Matos, 3M Senior Vice President Legal Affairs and General Counsel Marschall Smith and Ocean Mist Farms Director of Human Resources Jorge Suarez, moderated by Hamilton Project Director Michael Greenstone.

photo_galleries Icon

U.S. Immigration Policy: The Border Between Reform and the Economy Photos

May 15, 2012 • Photo Galleries

On May 15, The Hamilton Project at Brookings held a forum exploring the challenges and opportunities for immigration reform in today’s political and economic climate.  Cecilia Muñoz, Assistant to the President and Director of the White House Domestic Policy Council, gave featured remarks on the Obama Administration’s efforts to reform America’s broken immigration system and why that is an economic imperative.

In the first panel, UC Davis Economist Giovanni Peri presented a new proposal for a market-based approach to immigration reform.  A panel of experts representing a range of perspectives discussed details of the proposal.  A second panel of thought leaders discussed many of the broader issues surrounding today’s immigration reform debate.  Participants included: former U.S. Senator Chuck Hagel (R-NE), Silver Lake Co-Founder Glenn Hutchins, National Council of La Raza President and CEO Janet Murguía, and UNITE HERE President John Wilhelm. 

{image_title}

U.S. Immigration Policy:  The Border Between Reform and the Economy

Events • May 15, 2012 • Washington, DC 20045

America’s immigration policy no longer serves the needs of our fast-changing global economy.   Failure to address immigration reform at the national level has resulted in missed opportunities to spur America’s economic growth and productivity.  On May 15, The Hamilton Project held a forum exploring the challenges and opportunities for immigration reform in today’s political and economic climate. 

{image_title}

The U.S. Immigration System: Potential Benefits of Reform

Papers • May 2012 • Michael Greenstone, Adam Looney

The Hamilton Project provides background information on the state of America’s immigration system, and discusses the economic benefits of reforming the system.

{image_title}

What Immigration Means For U.S. Employment and Wages

Papers • May 2012 • Michael Greenstone, Adam Looney

Our nation’s immigration policy continues to be an issue of debate among policymakers, particularly the impact on the U.S. labor force. The Hamilton Project highlights the economic evidence on what immigration means for U.S. jobs and the economy.

video Icon

Economic Facts About Taxes: Roundtable: Key Principles for a Successful Reform Effort

May 3, 2012 • Video

Hamilton Project Director Michael Greenstone moderates a panel discussion between Business Roundtable President and former Michigan Governor John Engler; Center for American Progress Chair and Counselor John Podesta; NBER President and CEO James Poterba; and Brookings Senior Fellow Alice Rivlin at The Hamilton Project event "Economic Facts About Taxes: Rates, Revenues and Reform Options."

photo_galleries Icon

Economic Facts About Taxes: Rates, Revenues and Reform Options Photos

May 3, 2012 • Photo Galleries

On May 3, The Hamilton Project hosted a policy forum on the economic context for tax reform and the economic criteria that should be used when evaluating tax reform options.  As part of the event, the Project released a new policy memo, “A Dozen Facts About Tax Reform,” to help shed light on various aspects of the reform debate. Following opening remarks, former Council of Economic Advisers Chair Martin Feldstein and Lawrence H. Summers, former Assistant to the President for Economic Policy and former U.S. Treasury Secretary, discussed the broad economic case for tax reform. A second panel of experts debatde key principles for a successful tax reform effort, drawing from a range of experiences.  Participants included Business Roundtable President and former Michigan Governor John Engler; Center for American Progress Chair and Counselor John Podesta; NBER President and CEO James Poterba; and Brookings Senior Fellow Alice Rivlin.  After each panel, the speakers took audience questions.

audio Icon

Economic Facts About Taxes: Roundtable: Key Principles for a Successful Reform Effort

May 3, 2012 • Audio

Hamilton Project Director Michael Greenstone moderates a panel discussion between Business Roundtable President and former Michigan Governor John Engler; Center for American Progress Chair and Counselor John Podesta; NBER President and CEO James Poterba; and Brookings Senior Fellow Alice Rivlin at The Hamilton Project event "Economic Facts About Taxes: Rates, Revenues and Reform Options."

audio Icon

Economic Facts About Taxes: Welcome, Overview of “A Dozen Facts About Tax Reform,” and Roundtable: The Economic Case for Tax Reform

May 3, 2012 • Audio

Former Treasury Secretary and Hamilton Project Advisory Council member Robert E. Rubin welcomes the crowd at the event "Economic Facts About Taxes: Rates, Revenues and Reform Options," followed by an overview of “A Dozen Facts About Tax Reform" by Hamilton Project Policy Director Adam Looney.  Economics Editor of The Economist Zanny Minton Beddoes then moderates a discussion on the broad economic case for tax reform with former Council of Economic Advisers Chair Martin Feldstein and Lawrence H. Summers, former Assistant to the President for Economic Policy and former U.S. Treasury Secretary.
 

charts Icon

Reductions in After-Tax Income as a Consequence of Eliminating Certain Tax Expenditures

May 3, 2012 • Charts

Eliminating or limiting tax expenditures are commonly endorsed tax reform options. However, as with other approaches to raising taxes, the distributional consequences of reducing tax expenditures depend largely on which tax expenditures are eliminated. This chart presents the distributional consequences of eliminating each of the six largest individual tax expenditures.

charts Icon

Changes in Income and Tax Rates: The tax code has exacerbated increasing income inequality

May 3, 2012 • Charts

Earnings have risen dramatically at the top since 1979—by more than 250 percent for households in the top 1 percent of the income distribution. At the same time, many households at the middle and bottom have experienced stagnating incomes or even declines in earnings. Widening income inequality for workers has had significant consequences for American families, including greater disparities in the economic situations of children.

charts Icon

Federal Spending vs. Tax Expenditures: Total tax expenditures are greater than many critical spending programs

May 3, 2012 • Charts

One of the primary reasons America’s tax revenues remain low relative to other industrialized countries is our use of special tax preferences, or “tax expenditures,” that provide individuals and businesses with opportunities to reduce their tax bills by undertaking certain actions. The magnitude of tax expenditures is comparable to the largest government spending programs; in total, they are about 8 percent of GDP.

charts Icon

Before-Tax Profits Required to Pay $1 to Investors Across Sectors: Industry-specific tax breaks incentivize investment in specific industries.

May 3, 2012 • Charts

This chart shows how different effective corporate tax rates translate into pretax profitability. Companies in high-tax industries, such as steel, trucking, or utilities, must earn more than $1.40 in before-tax profits, on average, to return $1 to investors. On the other hand, companies in low-tax industries, such as biotechnology and Internet services and software, need to earn less than $1.20.

{image_title}

A Dozen Economic Facts About Tax Reform

Papers • May 2012 • Michael Greenstone, Adam Looney

To provide an economic context for tax reform, The Hamilton Project has a set of economic facts focusing on the role of our tax system in the long-run budget deficit, global competitiveness, and rising income inequality.

{image_title}

Economic Facts About Taxes: Rates, Revenues and Reform Options

Events • May 3, 2012 • Washington, DC

Fiscal issues will rapidly come to the fore next fall as the federal government faces the looming expiration of the Bush-era tax cuts, the onset of the deficit “trigger,” and another debate on the debt limit. Across the political spectrum, one of the few points on which today’s policymakers can agree is that the tax code is in desperate need of reform. On May 3, The Hamilton Project hosted a policy forum on the economic context for tax reform and the economic criteria that should be used when evaluating tax reform options. 

charts Icon

Increase in Pretax Earnings After a 10 Percent Tax Cut: Tax cuts have relatively small effects on the amounts people work.

May 2, 2012 • Charts

This chart uses the economic evidence from twenty-three published studies cited in Chetty (2011) to illustrate how a 10 percent cut in individual income tax rates might increase the pretax earnings of the typical tax-paying family earning about $70,000 per year.

{image_title}

The First Step to Cutting the Red Tape: Better Analysis

Speeches & Testimony • April 30, 2014 • Michael Greenstone

Hamilton Project Advisory Council member Michael Greenstone testified before the Joint Economic Committee. His testimony focused on how to design a regulatory structure that protects the well-being of our citizens without imposing unnecessary costs on American businesses and society as a whole.  

{image_title}

Paying Too Much for Energy? The True Costs of Our Energy Choices

Papers • April 2012 • Michael Greenstone, Adam Looney

In the Spring issue of Daedalus, Michael Greenstone and Adam Looney draw from previous Hamilton Project research to examine the “true social cost” of current energy consumption - nearly three times the amount that appears on utility bills.

{image_title}

Just How Progressive is the U.S. Tax Code?

Papers • April 2012 • Michael Greenstone, Adam Looney

As tax time approaches, one focus of debate has been the progressivity of the U.S. tax code. Evidence shows that the current U.S. tax system is less progressive than the tax systems of other industrialized countries, and considerably less progressive today than it was just a few decades ago.

The Hamilton Project Blog Icon

The Truth about Taxes: Just About Everyone Pays Them

The Hamilton Project Blog • April 6, 2012

A popular tax myth is that a large segment of Americans do not pay taxes and instead freerideoff of our society.  The Hamilton Project exploresthis myth and finds that virtually allAmericanswill pay some form of taxduring their lifetime. 

{image_title}

The Truth about Taxes: Just About Everyone Pays Them

Papers • April 2012 • Michael Greenstone, Adam Looney

A popular tax myth is that a large segment of Americans do not pay taxes and instead free ride off of our society.  The Hamilton Project explores this myth and finds that virtually all Americans will pay some form of tax during their lifetime. 

The Hamilton Project Blog Icon

Understanding the “Jobs Gap” and What it Says About America’s Evolving Workforce

The Hamilton Project Blog • March 9, 2012

The Hamilton Project examines how our nation’s changing demographics may impact the composition of America’s workforce in the years ahead.  By exploring these changes, we can better understand how long it will take the labor market to recover, and what the labor force may look like in the new economy.

{image_title}

Understanding the “Jobs Gap” and What it Says About America’s Evolving Workforce

Papers • March 2012 • Michael Greenstone, Adam Looney

The Hamilton Project reexamines the current rate of labor force expansion, and how shifts in labor force participation will decrease the time it will take to close the “jobs gap.” As a result of new methodology based on population estimates, we now project that at a job creation rate of 208,000 per month, it will take until 2020 to close the jobs gap, rather than late 2023 as we had projected with the old method. 

The Hamilton Project Blog Icon

The Marriage Gap:  The Impact of Economic and Technological Change on Marriage Rates

The Hamilton Project Blog • February 3, 2012

The Hamilton Project examines the decline the marriagesover the last 50 years, highlighting thecorrelation between income level and likelihood of marrying. The decline in marriage is concentrated among less-educated, lower-income Americans.

{image_title}

The Marriage Gap:  The Impact of Economic and Technological Change on Marriage Rates

Papers • February 2012 • Michael Greenstone, Adam Looney

The Hamilton Project examines the decline the marriages over the last 50 years, highlighting the correlation between income level and likelihood of marrying. The decline in marriage is concentrated among less-educated, lower-income Americans.

The Hamilton Project Blog Icon

Shrinking Job Opportunities: The Challenge of Putting Americans Back to Work

The Hamilton Project Blog • January 6, 2012

The Hamilton Project compares trends in unemployment duration before and after the Great Recession and finds that the probability of finding new employment is considerably lower today than it was before the recession.

{image_title}

Shrinking Job Opportunities: The Challenge of Putting Americans Back to Work

Papers • January 2012 • Michael Greenstone, Adam Looney

The Hamilton Project compares trends in unemployment duration before and after the Great Recession and finds that the probability of finding new employment is considerably lower today than it was before the recession.

The Hamilton Project Blog Icon

What is Happening to America’s Less-Skilled Workers? The Importance of Education and Training in Today’s Economy

The Hamilton Project Blog • December 2, 2011

The Hamilton Project explores the employment and earnings trends facing America’s less-educated workers over the last few decades, and highlights training and workforce development opportunities that could be part of the policy solution.

{image_title}

What is Happening to America’s Less-Skilled Workers? The Importance of Education and Training in Today’s Economy

Papers • December 2011 • Michael Greenstone, Adam Looney

The Hamilton Project explores the employment and earnings trends facing America’s less-educated workers over the last few decades, and highlights training and workforce development opportunities that could be part of the policy solution.

audio Icon

Training America’s Workforce for the Future: Roundtable: Creating More-Effective Education and Workforce Development Systems in the States

November 30, 2011 • Audio

Hamilton Project Director Michael Greenstone moderates a panel discussion between Georgetown University Professor of Public Policy Harry J. Holzer, Wisconsin Regional Training Partnership Vice President Rhandi Berth, Aspen Institute Economic Opportunities Program Executive Director Maureen Conway, and Walla Walla Community College President Steven VanAusdle at the event "Training America’s Workforce for the Future: New Policies to Boost Employment and Wages."

audio Icon

Training America’s Workforce for the Future: Roundtable: Opportunities to Reduce Displaced Workers’ Earnings Losses Through Retraining

November 30, 2011 • Audio

Hamilton Project Director Michael Greenstone moderates a panel discussion between New Horizons Economic Research President Louis S. Jacobson, Wisconsin Regional Training Partnership Vice President Rhandi Berth, AFL-CIO Legislative and Policy Specialist for Workforce Issues Daniel Marschall, and Walla Walla Community College President Steven VanAusdle at the event "Training America’s Workforce for the Future: New Policies to Boost Employment and Wages."
.

photo_galleries Icon

Training America’s Workforce for the Future: New Policies to Boost Employment and Wages Photos

November 30, 2011 • Photo Galleries

The Hamilton Project at Brookings held forum and released new policy proposals on training programs geared toward the needs of today’s workforce.  In a rapidly- changing global economy, the skills of some workers have become less valuable, while other skills are in short supply.  By collaborating with industry partners and drawing on evidence about what works, training programs can better prepare workers for jobs in growing industries. A diverse group of policy leaders, stakeholders and training experts participated in the forum to share a range of perspectives, including White House Council of Economic Advisers Chair Alan Krueger, U.S. Senator Patty Murray (D-Wash.), and Siemens President and CEO Eric Spiegel.

charts Icon

Impacts of Training Program Earnings by Years After Training

November 30, 2011 • Charts

It is critical that worker training programs be rigorously evaluated so that scare training resources can be targeted toward the most effective programs.

video Icon

Training America’s Workforce for the Future: Roundtable: Opportunities to Reduce Displaced Workers’ Earnings Losses Through Retraining

November 30, 2011 • Video

Hamilton Project Director Michael Greenstone moderates a panel discussion between New Horizons Economic Research President Louis S. Jacobson, Wisconsin Regional Training Partnership Vice President Rhandi Berth, AFL-CIO Legislative and Policy Specialist for Workforce Issues Daniel Marschall, and Walla Walla Community College President Steven VanAusdle at the event "Training America’s Workforce for the Future: New Policies to Boost Employment and Wages."

video Icon

Training America’s Workforce for the Future: Roundtable: Creating More-Effective Education and Workforce Development Systems in the States

November 30, 2011 • Video

Hamilton Project Director Michael Greenstone moderates a panel discussion between Georgetown University Professor of Public Policy Harry J. Holzer, Wisconsin Regional Training Partnership Vice President Rhandi Berth, Aspen Institute Economic Opportunities Program Executive Director Maureen Conway, and Walla Walla Community College President Steven VanAusdle at the event "Training America’s Workforce for the Future: New Policies to Boost Employment and Wages."

charts Icon

Federal Funding for DOL Training Programs, 1985-2011

November 30, 2011 • Charts

Federal spending on job training programs by the U.S. Department of Labor has gradually fallen since the 1980s, aside from a bump in 2009 from the American Recovery and Reinvestment Act.

video Icon

Training America’s Workforce for the Future: Moderated Discussion: Human Capital, Economic Growth, and Job Creation in the New Millennium

November 30, 2011 • Video

Former U.S. Treasury Secretary Robert E. Rubin leads a moderated discussion with White House Council of Economic Advisers Chair Alan B. Krueger at The Hamilton Project event "Training America’s Workforce for the Future: New Policies to Boost Employment and Wages."

{image_title}

Training America’s Workforce for the Future: New Policies to Boost Employment and Wages

Events • November 30, 2011 • Washington, DC

On November 30, The Hamilton Project at the Brookings Institution held a forum and released new policy proposals on training programs geared toward the needs of today’s workforce.  In a rapidly changing global economy, the skills of some workers have become obsolete while other skills are in short supply.  By collaborating with industry partners and using evidence about what works, training programs can better prepare workers for jobs with high-demand, both now and in the future.

video Icon

Training America’s Workforce for the Future: Welcome and Announcement of 2011 Hamilton Project Policy Innovation Prize Winner

November 30, 2011 • Video

Former U.S. Treasury Secretary Robert E. Rubin welcomes the crowd and presents Harry J. Holzer with the 2011 Hamilton Project Policy Innovation Prize at the event "Training America’s Workforce for the Future: New Policies to Boost Employment and Wages."

{image_title}

Building America’s Job Skills with Effective Workforce Programs: A Training Strategy to Raise Wages and Increase Work Opportunities

Papers • November 2011 • Michael Greenstone, Adam Looney

Amid the Great Recession and rapid technological changes, both workers with less education and workers who have been displaced from long-tenured jobs face challenges because they lack the particular skills that employers demand for good-paying jobs. In a new Hamilton Project strategy paper, Michael Greenstone and Adam Looney address the importance of developing workers’ skills through training and workforce development programs, and examine newly available evidence on policies that boost job opportunities and wages.

{image_title}

The First Step to Cutting the Red Tape: Better Analysis

Speeches & Testimony • April 30, 2014 • Michael Greenstone

Hamilton Project Advisory Council member Michael Greenstone testified before the Joint Economic Committee. His testimony focused on how to design a regulatory structure that protects the well-being of our citizens without imposing unnecessary costs on American businesses and society as a whole.  

charts Icon

Earnings of Workers Who Lost Their Job in the Great Recession

November 4, 2011 • Charts

Recent research suggests that hardship for dislocated workers extends beyond periods of unemployment.  Once reemployed, workers typically earn significantly less than they did prior to job loss.

The Hamilton Project Blog Icon

Unemployment and Earnings Losses: The Long-Term Impacts of The Great Recession on American Workers

The Hamilton Project Blog • November 4, 2011

The Hamilton Project explores the experiences of workers who lost their jobs during the height of the Great Recession and finds that even those workers who have found new employment often earn significantly less than before.

{image_title}

Unemployment and Earnings Losses: The Long-Term Impacts of The Great Recession on American Workers

Papers • November 2011 • Michael Greenstone, Adam Looney

The Hamilton Project explores the experiences of workers who lost their jobs during the height of the Great Recession and finds that even those workers who have found new employment often earn significantly less than before. 

charts Icon

Change in Family Earnings of Children, 1975-2010

October 7, 2011 • Charts

Over the last 35 years, the opportunity gap for children whose parents are at different ends of the earnings distribution has grown.  Children at the 90th percentile of the distribution of family earnings have experienced a 45 percent increase, while children at the 25th percentile have experienced a decline of over 20 percent.

The Hamilton Project Blog Icon

What Is Happening to America’s Children? A Look At The Widening Opportunity Gap for Today’s Youth

The Hamilton Project Blog • October 7, 2011

Resources available to children can have long-term effects on their quality of life. The Project examines the family earnings devoted to the typical American child and finds that half of children are now worse off than their counterparts 35 years ago.


Downloads & Links

Browse Our People

Hamilton Project Updates

A periodic newsletter of events, policy briefs, and working papers from The Hamilton Project.