NCPA Commentaries by Bob McTeer

Bob McTeer is a Distinguished Fellow at the National Center for Policy Analysis (NCPA), covering macroeconomic issues, including monetary policy, fiscal policy, tax and education policy

Bob is best known for his 36-year career with the Federal Reserve System, including 14 years as President of the Federal Reserve Bank of Dallas and member of the Federal Open Market Committee (FOMC).

  • Nov 15, 2010

    The Real Problem With Obama's Tax-Cut Priorities -- Bob McTeer's commentary on about fiscal crisis, recession and recovery.

  • Nov 11, 2010

    Dear Debt Commission: Thanks, We Needed That - Forbes

    Distinguished Fellow Bob McTeer has a short analysis of the national debt commission

  • Nov 10, 2010

    Bob McTeer: Pots calling the kettle black – Dallas Morning News

    Distinguished Fellow Bob McTeer weighs in on domestic monetary policy

  • Nov 09, 2010

    Gentle Ben And The Goldilocks Economy – Forbes

    Distinguished fellow Bob McTeer on the latest federal efforts to stimulate the economy

  • Dec 17, 2008

    The Fed's Historic Move

    The Federal Open Market Committee's action on Dec. 16 was historic in its boldness and its willingness to go further into unchartered waters. In addition to reducing the target Fed Funds rate from 1% to a range between 0% and 0.25%, the FOMC promised to use open market operations and other measures to sustain the increased size of its balance sheet.

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  • Dec 15, 2008

    Make Fair Value Fair

    The last time I looked I couldn't find mark-to-market accounting in the Constitution of the United States. It must be the eleventh commandment because it's obviously sacred. I understand the President has the authority under the Emergency Powers Act, or some such legislation, to suspend the Bill of Rights in case of a national emergency. Well, we have a national emergency, so mark to market must be more important than the Bill of Rights.

    Click here to read the entire commentary.

  • Dec 10, 2008

    The Impact of Foreign Trade on the Economy

    Foreign trade has become more important to our economy in recent years. Exports and imports of goods and services have grown rapidly. A growing trade volume benefits our standard of living in several ways, but, as the recession deepens, my focus here will be limited to the impact of the trade balance on America's gross domestic product and, by implication, its job market. G.D.P and employment generally move in the same directions; so what I say about the impact on G.D.P generally applies to employment as well.

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  • Dec 03, 2008

    Productivity and the Job Market

    As the recession deepens, unemployment will continue to rise. How far it will rise largely depends on how much spending by consumers, businesses and the government slows - since demand for products affects whether companies expand or shrink their payrolls - and on how many people join or leave the labor force.

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  • Nov 05, 2008

    A Random Walk Off a Cliff: ‘Beating’

    I've always been fascinated by the question, "If you're so smart, why aren't you rich?" Why don't the experts have an advantage in stock-picking? Or do they? Are markets so efficient that they incorporate all relevant information instantly and leave us nothing to trade on? Or, can some investors "beat the market" consistently?

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  • Oct 29, 2008

    The Fed's Balance Sheet

    The sharp growth in the Fed's consolidated balance sheet has received much attention lately. Some have questioned the Fed's balance-sheet capacity to continuing providing liquidity at home and abroad, and some have worried about the inflationary consequences of its balance-sheet growth down the road. This essay will address these issues--briefly.

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