[Economic Report of the President (2013)]
[Administration of Barack H. Obama]
[Online through the Government Publishing Office, www.gpo.gov]

 
APPENDIX A

REPORT TO THE PRESIDENT
ON THE ACTIVITIES OF THE
COUNCIL OF ECONOMIC
ADVISERS DURING 2012


LETTER OF TRANSMITTAL
COUNCIL OF ECONOMIC ADVISERS
Washington, D.C., December 31, 2012

Mr. PRESIDENT:
The Council of Economic Advisers submits this report on
its activities during calendar year 2012 in accordance with the
requirements of the Congress, as set forth in section 10(d) of the
Employment Act of 1946 as amended by the Full Employment and Balanced
Growth Act of 1978.

Sincerely yours,
Alan B. Krueger, Chairman
Katharine G. Abraham, Member
James H. Stock, Member


Activities of the Council of Economic Advisers During 2012 | 301

Council Members and Their Dates of Service


Name  			Position  	Oath of office date  	Separation date

Edwin G. Nourse  	Chairman  	August 9, 1946  	November 1, 1949
Leon H. Keyserling    Vice Chairman 	August 9, 1946
Acting Chairman 	November 2, 1949
Chairman  	May 10, 1950  		January 20, 1953
John D. Clark  		Member  	August 9, 1946
Vice Chairman  	May 10, 1950  		February 11, 1953
Roy Blough  		Member  	June 29, 1950  		August 20, 1952
Robert C. Turner  	Member  	September 8, 1952  	January 20, 1953
Arthur F. Burns  	Chairman  	March 19, 1953  	December 1, 1956
Neil H. Jacoby  	Member  	September 15, 1953  	February 9, 1955
Walter W. Stewart  	Member  	December 2, 1953  	April 29, 1955
Raymond J. Saulnier  	Member  	April 4, 1955
Chairman  	December 3, 1956  	January 20, 1961
Joseph S. Davis  	Member  	May 2, 1955  		October 31, 1958
Paul W. McCracken  	Member  	December 3, 1956  	January 31, 1959
Karl Brandt  		Member  	November 1, 1958  	January 20, 1961
Henry C. Wallich  	Member  	May 7, 1959  		January 20, 1961
Walter W. Heller  	Chairman  	January 29, 1961  	November 15, 1964
James Tobin  		Member  	January 29, 1961  	July 31, 1962
Kermit Gordon  		Member  	January 29, 1961  	December 27, 1962
Gardner Ackley  	Member  	August 3, 1962
Chairman  	November 16, 1964  	February 15, 1968
John P. Lewis  		Member  	May 17, 1963  		August 31, 1964
Otto Eckstein  		Member  	September 2, 1964  	February 1, 1966
Arthur M. Okun  	Member  	November 16, 1964
Chairman  	February 15, 1968  	January 20, 1969
James S. Duesenberry  	Member  	February 2, 1966  	June 30, 1968
Merton J. Peck  	Member  	February 15, 1968  	January 20, 1969
Warren L. Smith  	Member  	July 1, 1968  		January 20, 1969
Paul W. McCracken  	Chairman  	February 4, 1969  	December 31, 1971
Hendrik S. Houthakker  	Member  	February 4, 1969  	July 15, 1971
Herbert Stein  		Member  	February 4, 1969
Chairman  	January 1, 1972  	August 31, 1974
Ezra Solomon  		Member  	September 9, 1971  	March 26, 1973
Marina v.N. Whitman  	Member  	March 13, 1972  	August 15, 1973
Gary L. Seevers  	Member  	July 23, 1973  		April 15, 1975
William J. Fellner  	Member  	October 31, 1973  	February 25, 1975
Alan Greenspan  	Chairman  	September 4, 1974  	January 20, 1977
Paul W. MacAvoy  	Member  	June 13, 1975  		November 15, 1976
Burton G. Malkiel  	Member  	July 22, 1975  		January 20, 1977
Charles L. Schultze  	Chairman  	January 22, 1977  	January 20, 1981
William D. Nordhaus  	Member  	March 18, 1977  	February 4, 1979
Lyle E. Gramley  	Member 		March 18, 1977  	May 27, 1980
George C. Eads  	Member  	June 6, 1979  		January 20, 1981
Stephen M. Goldfeld  	Member  	August 20, 1980  	January 20, 1981

Name  			Position  	Oath of office date  	Separation date

Murray L. Weidenbaum  	Chairman  	February 27, 1981  	August 25, 1982
William A. Niskanen  	Member  	June 12, 1981  		March 30, 1985
Jerry L. Jordan  	Member  	July 14, 1981  		July 31, 1982
Martin Feldstein  	Chairman  	October 14, 1982  	July 10, 1984
William Poole  		Member  	December 10, 1982  	January 20, 1985
Beryl W. Sprinkel  	Chairman  	April 18, 1985  	January 20, 1989
Thomas Gale Moore  	Member  	July 1, 1985  		May 1, 1989
Michael L. Mussa  	Member  	August 18, 1986  	September 19, 1988
Michael J. Boskin  	Chairman  	February 2, 1989  	January 12, 1993
John B. Taylor  	Member  	June 9, 1989  		August 2, 1991
Richard L. Schmalensee  Member  	October 3, 1989  	June 21, 1991
David F. Bradford  	Member  	November 13, 1991  	January 20, 1993
Paul Wonnacott  	Member  	November 13, 1991  	January 20, 1993
Laura D'Andrea Tyson  	Chair  		February 5, 1993  	April 22, 1995
Alan S. Blinder  	Member  	July 27, 1993  		June 26, 1994
Joseph E. Stiglitz  	Member  	July 27, 1993
Chairman  	June 28, 1995  		February 10, 1997
Martin N. Baily  	Member  	June 30, 1995  		August 30, 1996
Alicia H. Munnell  	Member  	January 29, 1996  	August 1, 1997
Janet L. Yellen  	Chair  		February 18, 1997  	August 3, 1999
Jeffrey A. Frankel  	Member  	April 23, 1997  	March 2, 1999
Rebecca M. Blank  	Member  	October 22, 1998  	July 9, 1999
Martin N. Baily  	Chairman  	August 12, 1999  	January 19, 2001
Robert Z. Lawrence  	Member  	August 12, 1999  	January 12, 2001
Kathryn L. Shaw  	Member  	May 31, 2000  		January 19, 2001
R. Glenn Hubbard  	Chairman  	May 11, 2001  		February 28, 2003
Mark B. McClellan  	Member  	July 25, 2001  		November 13, 2002
Randall S. Kroszner  	Member  	November 30, 2001  	July 1, 2003
N. Gregory Mankiw  	Chairman  	May 29, 2003  		February 18, 2005
Kristin J. Forbes  	Member  	November 21, 2003  	June 3, 2005
Harvey S. Rosen  	Member  	November 21, 2003
Chairman  	February 23, 2005  	June 10, 2005
Ben S. Bernanke  	Chairman  	June 21, 2005  		January 31, 2006
Katherine Baicker  	Member  	November 18, 2005  	July 11, 2007
Matthew J. Slaughter  	Member  	November 18, 2005  	March 1, 2007
Edward P. Lazear  	Chairman  	February 27, 2006  	January 20, 2009
Donald B. Marron  	Member  	July 17, 2008  		January 20, 2009
Christina D. Romer  	Chair  		January 29, 2009  	September 3, 2010
Austan D. Goolsbee  	Member  	March 11, 2009
Chairman  	September 10, 2010  	August 5, 2011
Cecilia Elena Rouse  	Member  	March 11, 2009  	February 28, 2011
Katharine G. Abraham  	Member  	April 19, 2011
Carl Shapiro  		Member  	April 19, 2011  	May 4, 2012
Alan B. Krueger  	Chairman  	November 7, 2011
James H. Stock  	Member  	February 7, 2013


Report to the President
on the Activities of the
Council of Economic Advisers
During 2012

The Council of Economic Advisers was established by the Employment
Act of 1946 to provide the President with objective economic analysis
and advice on the development and implementation of a wide range of
domestic and international economic policy issues. The Council is governed
by a Chairman and two Members. The Chairman is appointed by the President
and confirmed by the United States Senate. The Members are appointed by the
President.


The Chairman of the Council

Alan B. Krueger continued to chair the Council during 2012. Dr.
Krueger is on a leave of absence from Princeton University, where he is
the  Bendheim Professor of Economics and Public Affairs. He served as
Assistant  Secretary for Economic Policy at the Treasury Department from
2009 to 2010.


Chairman Krueger is a member of the Presidentï¿½s Cabinet and is
responsible for communicating the Councilï¿½s views on economic matters
directly to the President through personal discussions and written reports.
Chairman Krueger represents the Council at Presidential economic briefings,
daily White House senior staff meetings, budget meetings, Cabinet meetings,
a variety of inter-agency meetings, and other formal and informal meetings
with the President, the Vice President, and other senior government
officials. He also meets with members of Congress well as with business,
academic and labor leaders to discuss economic policy issues.

The Members of the Council

Katharine G. Abraham is a Member of the Council of Economic
Advisers. She is on a leave of absence from the University of Maryland,
where she is a faculty associate in the Maryland Population Research Center
and a

Activities of the Council of Economic Advisers During 2012 | 305




professor in the Joint Program in Survey Methodology. Dr. Abraham served
as the Commissioner of the Bureau of Labor Statistics from 1993 to 2001.
James H. Stock was appointed by the President on February 7, 2013.
He served as Chief Economist of the Council of Economic Advisers from
September 12, 2012 until then. Dr. Stock is on leave from Harvard University,
where he is the Harold Hitchings Burbank Professor of Political Economy.
Dr. Stock served as the Chair of the Harvard University Department of
Economics from 2006 to 2009.
Carl Shapiro resigned as Member of the Council on May 4, 2012 to
return to the University of California, where he is the Transamerica
Professor of Business Strategy at the Haas School of Business.

Areas of Activities

A central function of the Council is to advise the President on all
economic issues and developments. In the past year, as in the three
previous years, advising the President on policies to spur economic growth
and job creation, and evaluating the effects of the policies on the economy,
have been a priority.
The Council works closely with various government agencies, including
the National Economic Council, the Office of Management and Budget, White
House senior staff, and other officials and engages in discussions on
numerous policy matters. In the area of international economic policy, the
Council coordinates with other units of the White House, the Treasury
Department, the State Department, the Commerce Department, and the Federal
Reserve on matters related to the global financial system.
Among the specific economic policy areas that received attention in 2012
were: housing policies, including foreclosure mitigation and prevention
and refinancing; implementation of the Affordable Care Act; income
inequality; individual and corporate taxation; college affordability; small
business lending; regional development; intellectual property and
innovation; infrastructure investment; regulatory measures; trade policies;
unemployment insurance; job training; and policies to promote the international
competitiveness of American manufacturing companies. The Council also worked on
several issues related to the quality of the data available for assessing economic
conditions.
The Council prepares for the President, the Vice President, and the
White House senior staff a daily economic briefing memo analyzing current
economic developments, and almost-daily memos on key economic data releases.
Chairman Krueger has also presented regular monthly briefings on the state of
the economy to senior White House officials.

306 | Appendix A


The Council, the Department of Treasury, and the Office of Management
and Budget_the Administrationï¿½s economic ``troika''_are responsible for
producing the economic forecasts that underlie the Administration's budget
proposals. The Council initiates the forecasting process twice each year,
consulting with a wide variety of outside sources, including leading private
sector forecasters and other government agencies.
The Council was an active participant in the trade policy process,
participating in the Trade Policy Staff Committee and the Trade Policy
Review Group. The Council provided analysis and opinions on a range of
trade-related issues involving the enforcement of existing trade agreements,
reviews of current U.S. trade policies, and consideration of future policies.
The Council also participated on the Trade Promotion Coordinating Committee,
helping to examine the ways in which exports may support economic growth in
the years to come. In the area of investment and secuï¿½rity, the Council
participated on the Committee on Foreign Investment in the United States
(CFIUS), reviewing individual cases before the committee.
Council Members and staff regularly met with economists, policy
officials, and government officials from other countries to discuss issues
relating to the global economy. The Councilï¿½s role also included policy
development and planning for the G-20 Summit in Saint Petersburg, Russia,
and the G-8 Summit in Northern Ireland.
The Council is a leading participant in the Organisation for Economic
Co-operation and Development (OECD), an important forum for economic
cooperation among high-income industrial economies. The Council coordinated
and oversaw the OECD's review of the U.S. economy. Dr. Krueger is chairman
of the OECD's Economic Policy Committee, and Council Members and staff
participate actively in working-party meetings on macroï¿½economic policy and
coordination and contribute to the OECDï¿½s research agenda.
The Council issued a series of reports in 2012. In February, the Council
released two reports: Supporting Retirement for American Families and The
Economic Benefits of New Spectrum for Wireless Broadband. In May, the Council
led the preparation of a White House report on the labor market situation of
Americaï¿½s veterans. In June, the Council was a primary contributor to a White
House report on job creation in rural communities. In November, the Council
led the preparation of a White House report on the impact of tax cuts on the
middle class and the subsequent effect on consumer spending and retailers.
The Council continued its efforts to improve the publicï¿½s understanding of
economic developments and of the Administrationï¿½s economic policies through
briefings with the economic and financial press, speeches, discussions with
outside economists, presentations

Activities of the Council of Economic Advisers During 2012 | 307


to outside organizations, and regular updates on major data releases on the
CEA blog. The Chairman and Members also regularly met to exchange views on
the economy with the Chairman and Members of the Board of Governors of the
Federal Reserve System.

Public Information
The Council's annual Economic Report of the President is an important
vehicle for presenting the Administrationï¿½s domestic and international
economic policies. It is available for purchase through the Government
Printing Office, and is viewable on the Internet at www.gpo.gov/erp.

The Council prepared numerous reports in 2012, and the Chairman and
Members gave numerous public speeches. The reports and texts of speeches
are available at the Councilï¿½s website, www.whitehouse.gov/cea. Finally, the
Council published the monthly Economic Indicators, which is available on-line
at www.gpo.gov/economicindicators.

The Staff of the Council of Economic Advisers
The staff of the Council consists of the senior staff, senior economists,
economists, staff economists, research economists, a research assistant, and
the administrative and support staff. The staff at the end of 2012 was:

Senior Staff
David P. Vandivier. . . . . . . . . . . . . . . . Chief of Staff
Petra Smeltzer Starke. . . . . . . . . . . . . .  General Counsel
Steven N. Braun . . . . . . . . . . . . . . . .   Director of Macroeconomic
Forecasting
Adrienne Pilot . . . . . . . . . . . . . . . . .  Director of Statistical
Office
Archana Snyder . . . . . . . . . . . . . . . . .  Director of Finance and
Administration
Senior Economists
Bevin Ashenmiller . . . . . . . . . . . . . . . . Environment, Energy
Benjamin H. Harris . . . . . . . . . . . . . . .  Tax, Budget
Susan Helper. . . . . . . . . . . . . . . . . . . Manufacturing, Innovation,
Small Business
Chinhui Juhn . . . . . . . . . . . . . . . . . .  Labor
Paul Lengermann. . . . . . . . . . . . . . . . .  Macroeconomics
Emily Y. Lin . . . . . . . . . . . . . . . . . .  Tax, Budget


308 | Appendix A




Rodney D. Ludema . . . . . . . . . . . . . . . International
James M. Williamson . . . . . . . . . . . . . Agriculture, Transportation, Tax
Wesley Yin . . . . . . . . . . . . . . . . . .Health, Housing

Economist

David Cho. . . . . . . . . . . . . . . . . . . . . . . Macroeconomics

Staff Economists
Nicholas Li . . . . . . . . . . . . . . . . . . . . . . Labor, Health, Housing
Ben Meiselman. . . . . . . . . . . . . . . . . . . Macroeconomics, Public
Finance Nicholas Tilipman . . . . . . . . . . . . . . . . Labor, Health,
Immigration Lee Tucker. . . . . . . . . . . . . . . . . . . . . . . Labor,
Immigration, Housing Jeffery Y. Zhang . . . . . . . . . . . . . . . . . .
Energy, Environment,
Macroeconomics
Research Economists
Matthew L. Aks . . . . . . . . . . . . . . . . . . Macroeconomics, International Carys Golesworthy. . . . . . . . . . International, Trade
Dina Grossman. . . . . . . . . . . . . . . . . . . Labor, Health, Immigration
Cordaye T. Ogletree. . . . . . . . . . . . . . . . Energy, Environment,
International Trade
Spencer Smith. . . . . . . .  . . . . . . . .  . . Public Finance, Energy. Environment

Rudy Telles Jr . . . . . . . . . . . . . . . . . . . . Agriculture, Tax

Research Assistant
Philip K. Lambrakos . . . . . . . . . . . . . . Macroeconomics, International


Statistical Office

The Statistical Office gathers, administers, and produces statistical
information for the Council. Duties include preparing the statistical
appendix to the Economic Report of the President and the monthly
publication Economic Indicators. The staff also creates background
materials for economic analysis and verifies statistical content
in Presidential memoranda. The Office serves as the Councilï¿½s liaison
to the statistical community.


Brian A. Amorosi. . . . . . . . . . . . . . .  Statistical Analyst
Sarah Murray . . . . . . . . . . . . . . . . . Economic Statistician



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Office of the Chairman
Michael P. Bourgeois. . . . . . . . . . . . . . Special Assistant to the Chairman Emily C. Berret. . . . . . . . . . . . Special Assistant to the Members Natasha S. Lawrence . . . . . . . . . . Staff Assistant

Administrative Office

The Administrative Office provides general support for the
Council's activities. This includes financial management, human
resource manageï¿½ment, travel, operations of facilities, security,
information technology, and telecommunications management support.

Doris T. Searles. . . . . . . . . . . . .Administrative and Information
Management Specialist
Thomas F. Hunt. . . . . . . . . . .  . . Staff Assistant


Interns

Student interns provide invaluable help with research projects,
day- to-day operations, and fact-checking. Interns during the year
were: Norm Dannen, Laura Du, Shawn Du, Conor Foley, Scott Freitag,
Rebecca Freidman, Isaac Green, Sonya Huang, Christopher Kilgore,
Zachary Kleinbart, Amaze Lusompa, Nathan Mayo, John McDonough,
Joel Moore, Yolanda Ngo, Robert Owens, Scott Pippin, Katharine
Rodihan, Charles Rubenfeld, Rebecca Sachs, Zachary Silvis, Craig
Smyser, Michael Sullivan, David Wasser, William Weber, Derek Wu,
and Barr Yaron.

Departures in 2012

Judith K. Hellerstein left her position as Chief Economist of the
Council in May, and she has returned to her position as Professor
of Economics at the University of Maryland, College Park.
The senior economists who resigned in 2012 (with the
institutions to which they returned after leaving the Council in
parentheses) were: Gene Amromin (Federal Reserve Bank of Chicago),
Lee G. Branstetter (Carnegie Mellon University, Heinz College),
Thomas C. Buchmueller (University of Michigan, Ross School of
Business), Lisa D. Cook (Michigan State University), Robert
Johansson (U.S. Department of Agriculture), Craig T. Peters
(Department of Justice), Charles R. Pierret (U.S. Bureau of
Labor Statistics), and Daniel J. Vine (Federal Reserve Board).
The economist who departed in 2012 was Reid Stevens
(UC, Berkeley). Reid served the CEA for more than two and a half
years and was the first recipient of the Robert M. Solow Award
for Distinguished Service.
The staff economists who departed in 2012 were Jeffrey
Borowitz, Colleen M. Carey, Judd N.L. Cramer, and Edward Zhong.
The research economists who departed in 2012 at the were
Julia H. Yoo and Pedro Spivakovsky-Gonzalez.
The research assistants who departed in 2012 were Sandra M. Levy,
Carter Mundell and Seth H. Werfel.
Andres Bustamante resigned from his position as Special
Assistant to the Chairman and Staff Economist to pursue other
endeavors. Paige Shevlin resigned from her position as Special
Assistant to the Chairman. Sharon Thomas resigned from her position
as Administrative Support Assistant, after serving in the Federal
Government for over 25 years. Lindsay M. Kuberka completed her
detail as a statistical analyst and returned to the Census Bureau.



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