Kevin Hassett

Dr. Kevin Hassett
Conservative
Republican candidate in 2008.
Nationality American
Institution American Enterprise Institute
Alma mater University of Pennsylvania

Kevin Allen Hassett is an American economist. He is best known for his work on tax policy and for coauthoring Dow 36,000, published in 1999. Hassett is currently a senior fellow and director of economic policy studies at the American Enterprise Institute, a conservative[1][2][3][4] think tank. He was John McCain's chief economic adviser in the 2000 presidential primaries and an economic adviser to the campaigns of George W. Bush in the 2004 presidential election and McCain in the presidential election of 2008. He was Mitt Romney's economic adviser for the 2012 presidential campaign.[5]

Education and early career

Hassett is a native of Greenfield, Massachusetts, where he graduated from Greenfield High School and played for Turnbull's in the Greenfield Minor League. He received a B.A. in economics from Swarthmore College and a Ph.D. in economics from the University of Pennsylvania. He was an assistant professor of economics at Columbia Business School from 1989 to 1993 and an associate professor there from 1993 to 1994. From 1992 to 1997, Hassett was an economist in the Division of Research and Statistics at the Federal Reserve Board of Governors. He served as a policy consultant to the United States Treasury Department during the George H. W. Bush and Bill Clinton administrations.[6]

American Enterprise Institute

Hassett joined AEI as a resident scholar in 1997. He worked on tax policy, fiscal policy, energy issues, and investing in the stock market. He collaborated with R. Glenn Hubbard on work on the budget surplus, income inequality, and tax reform. Hassett published papers and articles on capital taxation, the consistency of tax policy, returns on energy conservation investments, corporate taxation, telecommunications competition, the effects of taxation on wages, dividend taxation, and carbon taxes.[6]

In 2003, Hassett was named director of economic policy studies at AEI. During his tenure at AEI, he became an increasingly prolific popular writer, penning articles in major newspapers like the New York Times, the Washington Post, and the Wall Street Journal. He writes a monthly column for National Review and, since 2005, a weekly column for Bloomberg.[7]

Dow 36,000

Hassett is coauthor with James K. Glassman of Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market. It was published in 1999 before the dot-com bubble burst. The book's title was based on a calculation that, in the absence of the equity premium, stock prices would be approximately four times as high as they actually were. In its introduction, Glassman and Hassett wrote that the book "will convince you of the single most important fact about stocks at the dawn of the twenty-first century: They are cheap....If you are worried about missing the market's big move upward, you will discover that it is not too late. Stocks are now in the midst of a one-time-only rise to much higher ground–to the neighborhood of 36,000 on the Dow Jones industrial average."[8] The Dow industrials index closed at 10,681.06 on the day of the book's publication[9] but by the end of 2004 it remained at essentially the same level – 10,783.01, having dropped over 25% in the meantime but recovered. As of March 9, 2009, the trough of the 2008–9 bear market, the Dow Jones was at 6,547.05, 81% below his 36,000 prediction.

Bibliography

References

External links

  • Kevin Hassett bio at AEI

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.