The Hutchins Center on Fiscal and Monetary Policy

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker (UNITED STATES) - WASE5AM11ZS01

Are state and local pension funds really in crisis?

Monday, July 15, 2019

A tanning salon sits vacant, out of business and for sale in Shamokin May 1, 2014. Shamokin, Pennsylvania, tucked away in the coal country about 120 miles northwest of Philadelphia, has $800,000 of unpaid bills and can't get a loan from a bank. It is so broke, the gas service to city hall was temporarily cut off last month. So the council for the city of 7,000 residents has agreed to seek entry to a state financial oversight program dating from 1987 that facilitates access to credit and permits the levying of certain taxes. Picture taken May 1, 2014. To match Story USA-PENNSYLVANIA/MUNICIPALS REUTERS/Mark Makela (UNITED STATES - Tags: BUSINESS POLITICS SOCIETY) - GM1EA5217EX01

Muni bond defaults more common than rating agency tallies suggest

Michael Ng and David Wessel

Monday, July 15, 2019

People walk past a closed store in San Juan, Puerto Rico, July 31, 2015. Puerto Rico will miss a payment on debt due August 1, the governor's chief of staff said on Friday, an event that will be considered a default by investors as the commonwealth lurches towards what could be one of the largest U.S. municipal debt restructurings in history. The island faces a number of debt payments that day but had signaled in recent weeks that it may miss the $58 million payment on Public Finance Corporation (PFC) bonds. REUTERS/Alvin Baez - GF20000010455

How Puerto Rico’s default lowered states’ borrowing costs

Jeffrey Cheng and David Wessel

Monday, July 15, 2019

Workers are pictured at the southbound entrance to the double deck State Route 99 highway tunnel under construction in Seattle Washington, U.S. March 27, 2018. REUTERS/Jason Redmond - RC176B0BAF20

What is driving up the cost of highway construction?

Manny Prunty and David Wessel

Monday, July 15, 2019

U.S. flags hang at the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly - RC166FFF9250

Understanding the effects of the US stress tests

Donald Kohn and Nellie Liang

Thursday, July 11, 2019

Hutchins Roundup: Inflation dynamics, car pollution and more

Jeffrey Cheng, Michael Ng, Manny Prunty, and Louise Sheiner

Thursday, July 11, 2019

A statue of George Washington stands across from the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly - RC1C89313250

Understanding the effects of bank stress tests: A Q&A

Donald Kohn and Nellie Liang

Monday, July 8, 2019

Hutchins Roundup: Hiring efficiency, pension fund risk-taking, and more

Jeffrey Cheng, Sage Belz, and Louise Sheiner

Wednesday, July 3, 2019

Princeton University Professor of Economics and Public Affairs Alan Krueger during the Federal Reserve Bank of Kansas City's annual Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 28, 2015. REUTERS/Jonathan Crosby - GF10000185435

Highlights: Alan Krueger’s impact on economics and public policy

Wednesday, July 3, 2019

Hutchins Center Explains promo image

What are automatic stabilizers?

Vivien Lee and Louise Sheiner

Tuesday, July 2, 2019