Dear Colleagues:

The first question in the first presidential debate was about how each candidate would “put more money into the pockets of American workers.” Hillary Clinton said the government should “invest in you… in your future” and “make the economy fairer.” Donald Trump said, “we have to stop our jobs from being stolen from us,” and that he would be, “reducing taxes tremendously…a job creator like we haven’t seen since Ronald Reagan.”

A few days before, the Organization for Economic Cooperation and Development in its Economic Outlook warned that, “weak trade and financial distortions damage global growth prospects” amid a “self-reinforcing low-growth trap,” possibly worsened by Brexit but with deeper roots. It suggested that low interest rates, which are a boon to government budgets, also posed serious risks if the trend were to reverse. Yet it did not explain why or when they might rise again.

How do the candidates’ diagnoses of economic maladies fit with other understandings of the causes of low and unequal growth? What short-term developments may drive their economic policies, regardless of what they say today? In his long career with the Federal Reserve Bank of Cleveland, Mark Sniderman was deeply engaged with research and policy-making about the national economy. Join us as he shares his perspectives.

All best regards,
Joe White
Luxenberg Family Professor of Public Policy and Director, Center for Policy Studies 

About Our Guest

Mark Sniderman’s academic and professional interests are focused on macroeconomics and financial regulation, especially the roles played by central banks. He is currently studying the unconventional monetary policies being employed by central banks in the wake of the global financial crisis, as well as their newer responsibilities for promoting financial stability. Sniderman came to Case after a career with the Federal Reserve Bank of Cleveland, culminating in his position as Executive Vice President and Chief Policy Officer. In that role, Sniderman served as principal adviser to the Bank president for economic and financial policy issues. As a senior executive officer, Sniderman had responsibilities for leadership of the Bank’s economic research, public affairs, and community affairs departments; he also served on the Bank’s management committee. Sniderman chaired the Bank’s Senior Policy Committee and was a member of its Credit Risk Management Committee. During his Federal Reserve career, Sniderman attended more than 100 meetings of the Federal Open Market Committee, the Fed’s monetary policy body; and spoke frequently to public audiences about the economic conditions and monetary policy issues. Sniderman continues to speak on these topics to a variety of business and professional audiences.

Where We Meet

The Friday Public Affairs Lunch convenes each Friday when classes are in session, from 12:30 p.m. to 1:30 p.m. Our programs are open to all and no registration is required. We usually meet in the Dampeer Room of Kelvin Smith Library. The Dampeer Room is on the second floor of the library. If you get off the elevators, turn right, pass the first bank of tables, and turn right again. Occasionally we need to use a different room; that will always be announced in the weekly e-mails.

Parking Possibilities

The most convenient parking is the lot underneath Severance Hall. We regret that it is not free. From that lot there is an elevator up to street level (labeled as for the Thwing Center); it is less than 50 yards from that exit to the library entrance. You can get from the Severance garage to the library without going outside. Near the entry gates – just to the right if you were driving out – there is a door into a corridor. Walk down the corridor and there will be another door. Beyond that door you’ll find the entrance to an elevator which goes up to an entrance right inside the doors to Kelvin Smith Library.

Schedule of Friday Lunch Upcoming Topics and Speakers:

November 4: Biennial Political Science Department Pre-Election Forecast Discussion.

November 11: The Unrealized Promise of Libertarianism. With Gus Dizerega, Ph.D., independent political theorist.

November 18: Can Democracy Meet the Challenge of Polarization? With Mark Chupp, Assistant Professor, Jack, Joseph and Morton Mandel School of Social Sciences.

November 25: Thanksgiving Break.

December 2: Putin’s Russia. With Kelly M. McMann, Associate Professor of Political Science and Director, International Studies Program.

December 9: Health Care Report Cards – Time for Second Thoughts? With J.B. Silvers, John R. Mannix Medical Mutual of Ohio Professor of Health Care Finance.