Established | 1981 |
---|---|
Founder | C. Fred Bergsten |
Type | 501(c)3 organization |
52-1226967 | |
Focus | International Economics |
Headquarters | 1750 Massachusetts Avenue NW, Washington, D.C., U.S. |
Coordinates | 38°54′30″N77°02′27″W / 38.9083°N 77.0409°W |
President | Adam S. Posen |
Chairman | Michael A. Peterson |
Budget | Revenue: $8,980,271 Expenses: $14,090,558 (FYE June 2016) [1] |
Staff | 60 |
Website | www |
Formerly called | Institute for International Economics |
The Peterson Institute for International Economics (PIIE), known until 2006 as the Institute for International Economics (IIE), is an American think tank based in Washington, D.C. It was founded by C. Fred Bergsten in 1981 and has been led by Adam S. Posen since 2013. PIIE conducts research, provides policy recommendations, and publishes books and articles on a wide range of topics related to the US economy and international economics.
According to the 2015 Global Go To Think Tank Index Report (Think Tanks and Civil Societies Program, University of Pennsylvania), PIIE ranked number 20 (of 150) in the "Top Think Tanks Worldwide" and number 13 (of 60) in the "Top Think Tanks in the United States". [2]
PIIE's origin can be traced back to an urgent request sent to the German Marshall Fund from C. Fred Bergsten, then assistant secretary at the Treasury Department during the Carter administration, in 1980. It was initially met with some hesitation from GMF board members due to the long-term commitment and large amount of funding proposed, but with strong support and recommendation from then GMF president Frank Loy, a center "devoted to helping provide the needed thinking on international economic issues," as Bergsten wrote at the time, was founded. [3]
During the 1970s, President Richard Nixon ended the link to the gold standard, the first oil shock occurred in 1973, and the first G5 summit convened. As a result, the new IIE sought to conduct policy-oriented research on international economic issues by bringing together experts, academics, and policymakers. The GMF committed an initial $4 million to the institute. The IIE's founding chairman was Peter G. Peterson, who had served on Nixon's Council on International Economic Policy and as Secretary of Commerce. Anthony M. Solomon (the Undersecretary of the Treasury for Monetary Affairs and President of the Federal Reserve Bank of New York) and Richard N. Cooper (a consultant to the U.S. National Security Council) also joined the IIE in the early 1980s. [4]
Throughout the 1980s and 1990s, the IIE expanded to become one of the most internationally recognized think tanks in Washington D.C. The Ford Foundation was also a significant supporter of the IIE, having provided a major grant in 1991. In the 1990s, the IIE created a number of endowed chairs for its members: one in honor of Reginald Jones, the former CEO of General Electric, and another for Dennis Weatherstone, the former CEO of JP Morgan. [5]
It moved from 11 Dupont Circle to its current building on Massachusetts Avenue in 2001. In 2006, a capital campaign led to the creation of a sizable endowment in order to celebrate the institute's 25th anniversary. Previously known as the Institute of International Economics, it changed its name that same year in recognition of Peter G. Peterson's role in the capital campaign and for his longstanding support of the institute since the early 1980s. At its conference in New York, NY, a number of major economic figures attended: Alan Greenspan, former Federal Reserve Board Chairman; Robert Rubin, former Secretary of the Treasury; Jean-Claude Trichet, Governor of the European Central Bank, among others. [6]
Adam S. Posen succeeded Bergsten as president on January 1, 2013. [7] Michael A. Peterson succeeded his father Peter G. Peterson as chairman in the spring of 2018. In 2019, PIIE's annual budget was about $12–13 million. It is financially supported by foundations, private corporations, and individuals, as well as earnings from its publications and capital fund. [8]
Senior scholars at the Peterson Institute include (as of September 2021):
Former scholars include Michael Mussa, Carmen Reinhart, Dani Rodrik, Edwin M. Truman, and John Williamson. The latter coined the term "Washington Consensus" while working at the institute. [9]
This section may be in need of reorganization to comply with Wikipedia's layout guidelines . The reason given is: Why is this section organized this way? Is this their style?(November 2022) |
The Peterson Institute was at the forefront of research on the proposals by the first Trump Administration of reforming the tax code. Comparative analyses in advanced economies show the tax proposal will increase the budget deficit, unless coupled with a reduction of tax loopholes.[ non-primary source needed ]
In 2001 the Peterson Institute moved into a building it commissioned and built at 1750 Massachusetts Avenue ("Embassy Row"), NW, Washington, D.C. It is located across from the main Brookings Institution building, diagonally across from Carnegie Endowment for International Peace, and next to the Paul H. Nitze School of Advanced International Studies.
The building was designed by James von Klemperer from the architectural firm Kohn Pedersen Fox. Its state-of-the-art conference center is named in honor of the institute's founder, C. Fred Bergsten. The sculpture garden is named in honor of Institute benefactor Anthony M. Solomon. The building houses several pieces of art donated by Stephan Schmidheiny, a former director of the institute, including a sculpture by Joan Miró and a painting by Elizabeth Murray. It also houses collections of Chinese and African art donated by William M. Keck II, Ambassador John M. Yates, and Anthony M. Solomon.
The building was granted the Best Architecture for 2001 award by the Washington Business Journal and won a Best Design award from the American Institute of Architects in 2003. [10] Former U.S. Deputy Secretary of the Treasury and Under Secretary of State Stuart Eizenstat opined that the Peterson Institute building "is to international economics what the House that Ruth Built Yankee Stadium was to baseball". [10] A contemporary review by Washington Post architectural critic Benjamin Forgey observed that "this is a very pretty building, lovely to look at on its own," finding its proportions "satisfying" and its workmanship "superb". [11]
In an opinion piece for The New York Times published in 2016, Steven Rattner called the new building of the Peterson Institute "the locker room of the Team Globalization and Free Trade cheering squad". Rattner said that the United States should not close the borders or retreat from the world but that free trade has winners and losers, and "we need to be more sensitive to the losers and try to help", for example by redistribution of income through the tax system, which he said the United States has not been doing. He argued that Ross Perot was right when he said that the North American Free Trade Agreement would transfer American jobs to Mexico, particularly in manufacturing. From 2009 to 2013, employment in the American auto manufacturing sector rose by 23%, from 560,000 to 690,000, while employment in the Mexican auto sector rose from 368,000 to 589,000, or 60%. He wrote: "I'm happy that 221,000 more Mexicans got jobs, but lets be honest: Absent open borders, many of those jobs would have been in America." He concluded by observing that wages in American auto manufacturing were down by 12.7%, and that American auto manufacturing compensation was $35.67 an hour, while it was $6.36 an hour in Mexico. Adam Posen, then the Peterson Institute's director, responded that "fetishization" of any industry was "immoral". [12]
The Carnegie Endowment for International Peace (CEIP) is a nonpartisan international affairs think tank headquartered in Washington, D.C., with operations in Europe, South Asia, East Asia, and the Middle East, as well as the United States. Founded in 1910 by Andrew Carnegie, the organization describes itself as being dedicated to advancing cooperation between countries, reducing global conflict, and promoting active international engagement between the United States and countries around the world. It engages leaders from multiple sectors and across the political spectrum.
John Harold Williamson was a British-born economist who coined the term Washington Consensus. He served as a senior fellow at the Peterson Institute for International Economics from 1981 until his retirement in 2012. During that time, he was the project director for the United Nations High-Level Panel on Financing for Development in 2001. He was also on leave as chief economist for South Asia at the World Bank during 1996–99, adviser to the International Monetary Fund from 1972 to 1974, and an economic consultant to the UK Treasury from 1968 to 1970. He was also an economics professor at Pontifícia Universidade Católica do Rio de Janeiro (1978–81), University of Warwick (1970–77), Massachusetts Institute of Technology, University of York (1963–68) and Princeton University (1962–63).
The German Marshall Fund of the United States (GMF) is a non-partisan American public policy think tank that seeks to promote cooperation and understanding between North America and the European Union.
Olivier Jean Blanchard is a French economist and professor. He is Robert M. Solow Professor Emeritus of Economics at the Massachusetts Institute of Technology, Professor of Economics at the Paris School of Economics, and as the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics.
Martin Neil Baily is an economist at the Brookings Institution and formerly at the Peterson Institute. He is best known for his work on productivity and competitiveness and for his tenure as a cabinet member during the Clinton Administration. He was one of three members of the Council of Economic Advisers from 1994 to 1996, and chairman of the Council from 1999 to 2001. He currently co-chairs the Bipartisan Policy Center's Financial Regulatory Reform Initiative and serves as a senior advisor at Albright Stonebridge Group.
C. Fred Bergsten is an American economist, author, think tank entrepreneur, and policy adviser. He has served as assistant for international economic affairs to Henry Kissinger within the National Security Council and as assistant secretary for international affairs at the U.S. Department of the Treasury. He was the founding director of the Peterson Institute for International Economics, until 2006 the Institute for International Economics, which he established in 1981 and led through 2012. In addition to his academic work, he has been an influential public commentator and advisor to the American and global economic policy community, writing for influential periodicals such as Foreign Affairs magazine and by writing numerous books.
The Information Technology and Innovation Foundation (ITIF) is a U.S. nonprofit public policy think tank based in Washington, D.C., focused on public policy surrounding industry and technology. As of 2019, the University of Pennsylvania ranks ITIF as the most authoritative science and technology policy think tank in the world. In its role in developing industrial and technological policies, ITIF has attracted controversy for its affiliations with various technology companies.
Maurice Moses "Maury" Obstfeld is a professor of economics at the University of California, Berkeley and previously Chief Economist at the International Monetary Fund. He is also a nonresident senior fellow at the Peterson Institute for International Economics.
The Center for Global Development (CGD) is a nonprofit think tank based in Washington, D.C., and London that focuses on international development.
José De Gregorio Rebeco is a Chilean economist, academic, researcher, consultant and politician. He has been the Governor of the Central Bank of Chile, Minister of the Economy, Mining and Energy during the administration of Ricardo Lagos and is currently the Dean of the School of Economics and Business of the Universidad de Chile. He is also a nonresident Senior Fellow at the Peterson Institute for International Economics.
Jean Pisani-Ferry is a French economist and public policy expert. He is a fellow at think tanks Bruegel in Brussels and the Peterson Institute for International Economics in Washington, D.C. He is also a senior professor in economics and public management at the Hertie School of Governance in Berlin, and a professor at the European University Institute near Florence.
Douglas James Holtz-Eakin is an American economist. He was formerly an economics professor at Syracuse University, director of the Congressional Budget Office, and chief economic policy adviser to Senator John McCain's 2008 presidential campaign. Holtz-Eakin is currently president of the American Action Forum policy institute, a conservative think tank.
Adam Simon Posen CBE is an American economist and President of the Peterson Institute for International Economics (PIIE). He became PIIE president on January 1, 2013, having first joined the Institute in July 1997.
Richard E. Baldwin is a professor of international economics at the IMD Business School. He is Editor-in-Chief of VoxEU, which he founded in June 2007, and was President of the Centre for Economic Policy Research (CEPR) from 2014 to 2018. He is a research associate at the National Bureau of Economic Research and was twice elected as a Member of the Council of the European Economic Association. Baldwin has been called "one of the most important thinkers in this era of global disruption".
Elina Ribakova is an economist and expert on the Russian economy, US-Russia relations, and macro-financial matters. She is affiliated with Bruegel in Brussels, the Kyiv School of Economics in Kyiv, and the Peterson Institute for International Economics in Washington DC.
Caroline L. Freund is an American economist who is currently the dean of University of California San Diego’s School of Global Policy and Strategy (GPS). She was Director of Trade, Regional Integration and Investment Climate at the World Bank and a Senior Fellow at the Peterson Institute for International Economics since 2013, a position from which she is on leave.
Anna Gelpern is a legal scholar and expert on sovereign debt and financial regulation. She is Professor of Law and the Agnes N. Williams Research Professor at the Georgetown University Law Center, and a nonresident senior fellow at the Peterson Institute for International Economics.
The China Finance 40 Forum or CF40 is a Chinese think tank created in 2008 which specializes on issues of economic and financial policy. In January 2021, the University of Pennsylvania's Think Tanks and Civil Societies Program ranked CF40 as #8 top think tank in China, and #31 among think tanks in China, India, Japan and the Republic of Korea.
Mary Elizabeth Lovely is a professor emeritus of economics at the Maxwell School of Citizenship and Public Affairs of Syracuse University. She is a senior fellow of the Peterson Institute for International Economics in Washington, D.C. Lovely often appears on national media as an expert on China-US trade, international economic integration, and public economics.
Anabel González is an economic development expert. She is currently Vice President for Countries at the Inter-American Development Bank (IDB).