Book Talk: Law and Macroeconomics: Legal Remedies to Recessions

Book Talk: Law and Macroeconomics: Legal Remedies to Recessions
March 21, 2019

Please join the Lillian Goldman Law Library for a book talk with Professor Yair Listokin. He will discuss his new book, Law and Macroeconomics: Legal Remedies to Recessions.

The event will take place on Tuesday, March 26, 2019 at 6:10 – 7:00 pm in SLB 128

After the economic crisis of 2008, private-sector spending took nearly a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach whose proven success is too rarely acknowledged. Harking back to New Deal regulatory agencies, Listokin proposes that we take seriously law’s ability to function as a macroeconomic tool, capable of stimulating demand when needed and relieving demand when it threatens to overheat economies.

Listokin makes his case by looking at both positive and cautionary examples, going back to the New Deal including the Keystone Pipeline, the constitutionally fraught bond-buying program unveiled by the European Central Bank at the nadir of the Eurozone crisis, the ongoing Greek crisis, and the experience of U.S. price controls in the 1970s. History has taught us that law is an unwieldy instrument of macroeconomic policy, but Listokin argues that under certain conditions it offers a vital alternative to the monetary and fiscal policy tools that stretch the legitimacy of technocratic central banks near their breaking point while leaving the rest of us waiting and wallowing.

Yair Listokin is Shibley Family Fund Professor of Law.   

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