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by Nicholas P. Sargen (Author)
About the Author
Nicholas P. Sargen is an international econo-mist turned global money manager. He has been involved in international financial markets since the early 1970s, when he began his career at the U.S. Treasury and the Federal Reserve. He subsequently worked on Wall Street for 25 years, holding senior positions with Morgan Guaranty Trust, Salomon Brothers Inc., Prudential Insurance and J.P. Morgan Private Bank. In 2003 he became Chief Investment Officer for the Western & Southern Financial Group and its affiliate, Fort Washington Investment Advisors Inc, where he now serves as Chief Econo-mist.
Sargen has written extensively on international financial markets, and he currently produces a blog Focus: Separate News from Noise on his website, where his views are updated. He appeared frequently on business television programs throughout his career on Wall Street, and was a regular panelist on Louis Rukeyser’s Wall Street Week. He was born and raised in the San Francisco Bay Area, and received a PhD in Economics from Stanford University.
About this book
In the wake of the 2016 U.S. presidential election, investors and the electorate alike are seeking clarity on a wide range of macro policy issues that will impact the economy and markets in the years ahead. The primary goal of this book is to provide an objective source for investors to learn about economic policy issues that surfaced. Topics include long-term growth, the federal budget deficit, healthcare reform, tax reform, regulatory policies affecting the financial system and environment, the nexus of monetary, exchange rate and trade policies, and globalization. The book explains how these issues have evolved, considers arguments from both sides of the political divide, and draws upon evidence from studies by experts in the respective areas. A related goal is to assess the likely impact of economic policies on financial markets. While the presidential election was close, the markets’ response was decisive: U.S. and global equity markets went on a tear as consumer and business confidence soared. This surprised many investors who believed a Trump victory would be bad for financial markets. It also caused many to question whether expectations embedded in markets were too optimistic. Sargen’s assessment is presented in the opening and concluding chapters.
Table of contents
Part I Financial Markets and Long-Term Growth 1
1 Is Trump’s Election a Game-Changer? 3
2 Challenges to Restoring Long-Term Economic Growth 15
Part II Fiscal and Regulatory Policies to Promote Growth 29
3 Assessing the US Fiscal Imbalance: Why It Matters 31
4 What Makes Healthcare Reform So Complex: A Primer 43
5 Tax Policy: Tax Cuts Versus Tax Reform 59
6 Macroeconomic Effects of Deregulation 77
Part III Monetary, Exchange Rate and Trade Policies 93
7 Changes in US Monetary Policy: Past and Prospective 95
8 Trade Imbalances and Jobs: A Macro Perspective 107
Part IV Globalization and Financial Markets 121
9 Globalization and Widening Income Inequality 123
10 Economic and Market Prospects for the Medium Term 137
Index 149
Length: 156 pages
Publisher: Palgrave Macmillan; 1st ed. 2018 edition (June 21, 2018)
Language: English
ISBN-10: 3319760440
ISBN-13: 978-3319760445
Palgrave__Investing in the Trump Era.pdf
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