Glenn Hubbard (economics)
Encyclopedia
R. Glenn Hubbard is an American
economist
. He is Dean of the Columbia University
Graduate School of Business
, where he is also Russell L. Carson Professor
of Finance
and Economics
. Hubbard was Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993, and chairman
of the Council of Economic Advisors from 2001 to 2003.
Hubbard is a Visiting Scholar at the conservative American Enterprise Institute
, where he studies tax policy
and health care
.
, Hubbard received his B.A.
and B.S.
degrees summa cum laude from the University of Central Florida
in 1979, and his Ph.D.
in economics from Harvard University
in 1983.
since 1988, being Russell L. Carson
Professor of Finance and Economics since 1994.
He was named dean
of Columbia Business School
on July 1, 2004.
From February 2001 until March 2003, Hubbard was chairman
of the Council of Economic Advisors under President George W. Bush. A supply-side economist
, he was instrumental in the design of the 2003 Bush Tax cuts
-- an issue which split the economics profession on ideological lines, with
those leaning left opposed and those leaning right supportive. See Economists' statement opposing the Bush tax cuts
.
He was tipped by some media outlets to be a candidate for the position of Chairman of the Federal Reserve
when Alan Greenspan
retired, although he was not nominated for the position.
On January 11, 2006, it was announced that he has been tapped to serve on the advisory board of a think tank
formed by the Federal Reserve Bank of Dallas
to study the impact of globalization
on the international economy.
.
Hubbard was an economic advisor to the 2008 presidential campaign of Mitt Romney
.
(2010), discussing his advocacy, as chief economic advisor to the Bush Administration, of deregulation, which Ferguson argues led to the 2008 international banking crisis sparked by the collapse of Lehman Brothers
and the sale of Merrill Lynch
. In the interview, Ferguson asks Hubbard to enumerate the firms from whom he receives outside income as an advisory board member in the context of possible conflict of interest
. Hubbard, hitherto cooperative, declines to answer and threatens to end the interview.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
. He is Dean of the Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
Graduate School of Business
Columbia Business School
Columbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
, where he is also Russell L. Carson Professor
Professor
A professor is a scholarly teacher; the precise meaning of the term varies by country. Literally, professor derives from Latin as a "person who professes" being usually an expert in arts or sciences; a teacher of high rank...
of Finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
. Hubbard was Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993, and chairman
Chair (official)
The chairman is the highest officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office is typically elected or appointed by the members of the group. The chairman presides over meetings of the assembled group and conducts its business in an...
of the Council of Economic Advisors from 2001 to 2003.
Hubbard is a Visiting Scholar at the conservative American Enterprise Institute
American Enterprise Institute
The American Enterprise Institute for Public Policy Research is a conservative think tank founded in 1943. Its stated mission is "to defend the principles and improve the institutions of American freedom and democratic capitalism—limited government, private enterprise, individual liberty and...
, where he studies tax policy
Tax policy
Tax policy is the government's approach to taxation, both from the practical and normative side of the question.-Philosophy:Policymakers debate the nature of the tax structure they plan to implement and how they might affect individuals and businesses .The reason for such foitution effect]],...
and health care
Health care
Health care is the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans. Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, allied health, and other care providers...
.
Background
Born September 4, 1958 in Orlando, FloridaOrlando, Florida
Orlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...
, Hubbard received his B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
and B.S.
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
degrees summa cum laude from the University of Central Florida
University of Central Florida
The University of Central Florida, commonly referred to as UCF, is a metropolitan public research university located in Orlando, Florida, United States...
in 1979, and his Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
in economics from Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
in 1983.
Academic
Hubbard has been at Columbia UniversityColumbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
since 1988, being Russell L. Carson
Russell Carson
Russell L. Carson is a Co-founder and General Partner at Welsh, Carson, Anderson & Stowe.-Early life and career:Carson attended public high school in Toledo, Ohio. He then matriculated at Dartmouth College, graduating with an A.B. in economics in 1965. After Dartmouth, Carson attended Columbia...
Professor of Finance and Economics since 1994.
He was named dean
Dean (education)
In academic administration, a dean is a person with significant authority over a specific academic unit, or over a specific area of concern, or both...
of Columbia Business School
Columbia Business School
Columbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
on July 1, 2004.
Government
Hubbard was Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993.From February 2001 until March 2003, Hubbard was chairman
Chair (official)
The chairman is the highest officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office is typically elected or appointed by the members of the group. The chairman presides over meetings of the assembled group and conducts its business in an...
of the Council of Economic Advisors under President George W. Bush. A supply-side economist
Supply-side economics
Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created by lowering barriers for people to produce goods and services, such as lowering income tax and capital gains tax rates, and by allowing greater flexibility by reducing...
, he was instrumental in the design of the 2003 Bush Tax cuts
Jobs and Growth Tax Relief Reconciliation Act of 2003
The Jobs and Growth Tax Relief Reconciliation Act of 2003 , was passed by the United States Congress on May 23, 2003 and signed into law by President George W. Bush on May 28, 2003...
-- an issue which split the economics profession on ideological lines, with
those leaning left opposed and those leaning right supportive. See Economists' statement opposing the Bush tax cuts
Economists' statement opposing the Bush tax cuts
The Economists' statement opposing the Bush tax cuts was a statement signed by roughly 450 economists, including ten of the twenty-four American Nobel Prize laureates alive at the time, in February 2003 who urged the U.S. President George W. Bush not to enact the 2003 tax cuts; seeking and sought...
.
He was tipped by some media outlets to be a candidate for the position of Chairman of the Federal Reserve
Chairman of the Federal Reserve
The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. Known colloquially as "Chairman of the Fed," or in market circles "Fed Chairman" or "Fed Chief"...
when Alan Greenspan
Alan Greenspan
Alan Greenspan is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private advisor and provides consulting for firms through his company, Greenspan Associates LLC...
retired, although he was not nominated for the position.
On January 11, 2006, it was announced that he has been tapped to serve on the advisory board of a think tank
Think tank
A think tank is an organization that conducts research and engages in advocacy in areas such as social policy, political strategy, economics, military, and technology issues. Most think tanks are non-profit organizations, which some countries such as the United States and Canada provide with tax...
formed by the Federal Reserve Bank of Dallas
Federal Reserve Bank of Dallas
The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico....
to study the impact of globalization
Globalization
Globalization refers to the increasingly global relationships of culture, people and economic activity. Most often, it refers to economics: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import...
on the international economy.
Other
He serves as Co-Chair of the Committee on Capital Markets RegulationCommittee on Capital Markets Regulation
The Committee on Capital Markets Regulation is an independent and nonpartisan 501 research organization dedicated to improving the regulation of U.S. capital markets.-Background:...
.
Hubbard was an economic advisor to the 2008 presidential campaign of Mitt Romney
Mitt Romney presidential campaign, 2008
Mitt Romney was a Republican Party primary candidate in the 2008 United States presidential election. On January 3, 2007, two days before he stepped down as governor of Massachusetts, Romney filed to form a presidential exploratory committee with the Federal Election Commission...
.
"Hubbard is a member of the Board of Directors of Automatic Data Processing, Inc., BlackRock Closed-End Funds, Capmark Financial Corporation, Duke Realty Corporation, KKR Financial Corporation and Ripplewood Holdings. He is also a Director or Trustee of the Economic Club of New York, Tax Foundation, Resources for the Future, Manhattan Council and Fifth Avenue Presbyterian Church, New York, and a member of the Advisory Board of the National Center on Addiction and Substance Abuse... Director of MetLife and Metropolitan Life Insurance Company since February 2007."
Inside Job
Hubbard was interviewed in Charles Ferguson's Oscar-winning documentary film, Inside JobInside Job (film)
Inside Job is a 2010 documentary film about the late-2000s financial crisis directed by Charles H. Ferguson. The film is described by Ferguson as being about "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption." In five...
(2010), discussing his advocacy, as chief economic advisor to the Bush Administration, of deregulation, which Ferguson argues led to the 2008 international banking crisis sparked by the collapse of Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
and the sale of Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
. In the interview, Ferguson asks Hubbard to enumerate the firms from whom he receives outside income as an advisory board member in the context of possible conflict of interest
Conflict of interest
A conflict of interest occurs when an individual or organization is involved in multiple interests, one of which could possibly corrupt the motivation for an act in the other....
. Hubbard, hitherto cooperative, declines to answer and threatens to end the interview.