Editors’ Summary of the Brookings Papers on Economic Activity – 2004 No 2

George L. Perry and

George L. Perry Senior Fellow Emeritus - Economic Studies

William C. Brainard

WCB

William C. Brainard

The brookings panel on Economic Activity held its seventy-eighth conference
in Washington, D.C., on September 9 and 10, 2004. This issue of
Brookings Papers on Economic Activity includes the papers and discussions
presented at the conference. The first paper evaluates unconventional measures
available to monetary policymakers for stimulating the economy
when interest rates are already near zero, a situation that may arise with
price stability or negative inflation. The second paper presents empirical
evidence on the effects of taxes, federal spending, and deficits on national
saving, interest rates, and growth. The third paper explores the impacts on
U.S. employment in recent years from conventional foreign trade in goods
and from the rise in offshoring of service jobs. The fourth paper examines
the effect of tax changes, such as those passed since 2000, on business
capital formation.