Hoover Institution Press – förlag

Dr. Lev E. Dobriansky provides a unique, first-person perspective on Russian imperialist behavior in the twentieth century, arguing that even in the Soviet era, Russian statecraft was heavily shaped by traditional imperialist ideology—led by Moscow’s self-image as the dominant Eurasian imperial power. This theory was at the heart of Dobriansky’s commitment to warning against global Soviet aggression and liberating peoples under Russian repression, culminating in the Captive Nations Resolution (PL 86-90), the US law designating Captive Nations Week and the issuance of a presidential proclamation every July. This resolution played a major role in shaping US policies toward victims of Russian imperial domination and today continues as an acknowledgment of people and nations living under repressive regimes. The collapse of the Soviet Union and subsequent developments, including Russia's 2014 and 2022 unprovoked invasions of independent Ukraine, have validated the author's view that Russian imperialism was the major determinant of its statecraft. The book is the first to document the history of Captive Nations and the passage of PL 86-90. It is a potent first-person account detailing the role of nationalism in the strong resistance to Moscow's efforts to maintain imperial domination over non-Russian peoples, in the Soviet era and beyond.

Based on the 2024 Monetary Policy Conference held at the Hoover Institution at Stanford University, Getting Global Monetary Policy on Track reviews recent global inflation, asking how central banks could have better responded and how they can improve their forecasting and policy strategies to avoid inflationary bursts in the future. Discussions delve into the interactions of fiscal and monetary policies, digital currency, and how the European Central Bank has become more dovish, preferring to keep interest rates low.

The publication shares the presentations from economic experts around the globe, who contribute analysis of monetary policy and strategy from Asia, Europe, Latin America, and the United States, in large economies and in emerging markets. It also reproduces the lively and informative discussions at the conference.

Essays on financial regulation examine asset value and equity levels in the US banking system, Treasury market turmoil, Federal Reserve independence, the 2023 UK pension fund meltdown, and regulatory expansion.

Additional topics include labor market responses to the surge in remote work; how Israel handled financial shocks following the 2023 Hamas attack; and continued fallout from the COVID-19 pandemic: the supply, fiscal, and relative demand shocks of the pandemic and how central banks handled postpandemic inflation.

Fifty Years of the Shadow Open Market Committee: A Retrospective on Its Role in Monetary Policy is a deep dive into the fifty-year history of the Shadow Open Market Committee (SOMC), a group of private academic economists that acts as the Federal Reserve's outside watchdogs, providing candid, economically grounded critiques of the Fed's conduct of policy. The volume, based on a two-day symposium held at the Hoover Institution October 1314, 2024, examines the evolution of the Fed's monetary and credit policies and critical issues it faces today.

Contributors discuss how the SOMC evolved in its approach to monetary policyfrom a strong emphasis on controlling the money supply to rein in the high and variable inflation of the 1970s, to a broader focus on rules-based policies as the best strategy to avoid major policy mistakes and maintain a credible monetary policy. The SOMC has also critiqued the rising frequency of Fed interventions in credit markets, including its participation in rescuing failing banks. Readers will find thought-provoking analyses from leading monetary economists, including rigorous discussions about rules versus discretion and assessments of the Taylor rule, a key policymaking tool.

Chapters by leading economic and financial scholars address many of the pressing central bank policy issues of today, including the Fed's evolving interpretation of its dual mandate (price stability and maximum employment), the expanded role of the Fed in financial markets and the effect on policymaking, the implications of its enlarged balance sheet, and fiscal-monetary policy interactions. An lively discussion among former leading Fed members on outside influences sheds light on factors that affected some of their crucial decisions.

In an environment where the Federal Reserve can significantly affect economic performance, the scholarly contributors to this book emphasize the importance of rules-based monetary policy focused on price stability as the Fed's best contribution to healthy economic growth and maximum employment, and of credible and predictable credit market policy as supporting financial stability. For those committed to understanding the most important issues facing the Fed and the contributions of the SOMC to the monetary policy debate, this volume serves as an essential resource.

The US military stands at a moment of profound risk and uncertainty. China and its authoritarian partners have pulled ahead in defense industrial capacity and are fielding emerging defense technologies that put US forces at risk. To deter a devastating war with China, America must rally its allies to build a new arsenal of democracy. But achieving this goal swiftly, in a time of strained budgets, requires hard choices.

The Arsenal of Democracy is the first book to integrate military strategy, industrial capacity, and emerging tech into a comprehensive deterrence framework. Other books explain why deterrence matters; this book is the essential guide to how to sustain deterrence through the 2030s. From undersea warfare and logistics to outer space, it breaks down how the US deterrence system works and shows how it must adapt.

Even if America leads technologically, China's industrial strengths would give it advantages in a protracted conflict. Congress, industry, and allied governments must work together to expand production and integrate new technologies.