Center for Public and Private Finance

Michael J. Boskin, Co-Director
John Shoven, Co-Director

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, programs under the center are:

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, taxes and the federal budget.

The California Policy Program, headed by Tom MaCurdy, examines social and business policy issues at the state and local level.