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Council of Economic Advisers

The Council of Economic Advisers (CEA) is a United States agency within the Executive Office of the President established in 1946, which advises the president of the United States on economic policy.[2] The CEA provides much of the empirical research for the White House and prepares the publicly-available annual Economic Report of the President.[3] The council is made up of its chairperson and generally two to three additional member economists. Its chairperson requires appointment and Senate confirmation, and its other members are appointed by the President.

For the body that advises the Scottish Government, see Council of Economic Advisers (Scotland). For another similarly sounding agency within the U.S. federal government, see National Economic Council (United States).

History[edit]

Establishment[edit]

The Truman administration established the Council of Economic Advisers via the Employment Act of 1946 to provide presidents with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. It was a step from an "ad hoc style of economic policy-making to a more institutionalized and focused process". The act gave the council the following goals:

Organization[edit]

The council's chairman is nominated by the president and confirmed by the United States Senate. The members are appointed by the president. As of July 2017, the council's eighteen person staff consisted of a chief of staff (Director of Macroeconomic Forecasting), fifteen economists (five senior, four research, four staff economists, two economic statisticians) and two operations staff.[13] Many of the staff economists are academics on leave or government economists on temporary assignment from other agencies.[12]

2019–2020 [16]

Joshua D. Rauh

Kevin Corinth 2020–2021

[17]

Ernie Tedeschi 2023–present (March 2024)

[18]

Brazelton, W. Robert (2001), Designing U.S. Economic Policy: An Analytical Biography of Leon H. Keyserling, New York: Palgrave,  0-333-77575-9

ISBN

Brazelton, W. Robert (1997), "The Economics of Leon Hirsch Keyserling", Journal of Economic Perspectives, 11 (4): 189–197, :10.1257/jep.11.4.189, ISSN 0895-3309

doi

Brune, Lester H. (1989), "Guns and Butter: the Pre-Korean War Dispute over Budget Allocations: Nourse's Conservative Keynesianism Loses Favor Against Keyserling's Economic Expansion Plan", , 48 (3): 357–371, doi:10.1111/j.1536-7150.1989.tb03189.x, ISSN 0002-9246

The American Journal of Economics and Sociology

Cimbala, Stephen J.; Stout, Robert L. (1983), "The Economic Report of the President: Before and after the Full Employment and Balanced Growth Act of 1978", Presidential Studies Quarterly, 13 (1): 50–61,  0360-4918

ISSN

Eizenstat, Stuart E. (1992), "Economists and White House Decisions", Journal of Economic Perspectives, 6 (3): 65–71, :10.1257/jep.6.3.65, ISSN 0895-3309

doi

Engelbourg, Saul (1980), "The Council of Economic Advisers and the Recession of 1953–1954", Business History Review, 54 (2): 192–214, :10.2307/3114480, ISSN 0007-6805, JSTOR 3114480, S2CID 154554637

doi

Flickenschild, Michael, Afonso, Alexandre (2018), "Networks of economic policy expertise in Germany and the United States in the wake of the Great Recession", Journal of European Public Policy, 26 (9): 1292–1311, :10.1080/13501763.2018.1518992, hdl:1887/71157, ISSN 1466-4429{{citation}}: CS1 maint: multiple names: authors list (link)

doi

Leeson, Robert (1997), "The Political Economy of the Inflation-unemployment Trade-off", History of Political Economy, 29 (1): 117–156, :10.1215/00182702-29-1-117, ISSN 0018-2702

doi

McCaleb, Thomas S. (1986), "The Council of Economic Advisers after Forty Years", Cato Journal, 6 (2): 685–693,  0273-3072

ISSN

Norton, Hugh S. (1977), The Employment Act and the Council of Economic Advisers, 1946–1976, Columbia: University of South Carolina Press,  0-87249-296-6

ISBN

Salant, Walter S. (1973), "Some Intellectual Contributions of the Truman Council of Economic Advisers to Policy-making", History of Political Economy, 5 (1): 36–49, :10.1215/00182702-5-1-36, ISSN 0018-2702

doi

Sobel, Robert (1988), Biographical Directory of the Council of Economic Advisers, New York: Greenwood Press,  0-313-22554-0

ISBN

Tobin, James; Weidenbaum, Murray, eds. (1988), , Cambridge: MIT Press, ISBN 0-262-70034-4

Two Revolutions in Economic Policy: The First Economic Reports of Presidents Kennedy and Reagan

Wehrle, Edmund F. (2004), , Historian, 66 (4): 730–748, doi:10.1111/j.1540-6563.2004.00094.x, ISSN 0018-2370, S2CID 143607377

"Guns, Butter, Leon Keyserling, the AFL-CIO, and the Fate of Full-employment Economics"

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Official website

2017-2021

List of reports by the Council of Economic Advisors

1953–61

Records of the Office of the Council of Economic Advisors, Dwight D. Eisenhower Presidential Library

Papers of Arthur F. Burns, Dwight D. Eisenhower Presidential Library

Papers of Raymond J. Saulnier, Dwight D. Eisenhower Presidential Library

Economic Report of the President