Arnold Kling

Arnold Kling

  • Affiliated Scholar

Arnold Kling is a Mercatus Center–affiliated senior scholar at George Mason University and a member of the Financial Markets Working Group. He specializes in housing-finance policy, financial institutions, macroeconomics, and the inside workings of America’s federal financial institutions. He also is an adjunct scholar at the Cato Institute in Washington, DC.

Kling has testified before Congress on the collapse of Fannie Mae and Freddie Mac and has authored five books, including Crisis of Abundance: Rethinking How We Pay for Health Care and Invisible Wealth. He has published articles in the Economist, the Wall Street Journal, the New York Times, the Atlantic, and Forbes, among others, and he blogs at arnoldkling.com/blog/.

Previously, Kling served as a senior economist at Freddie Mac and a staff economist on the Board of Governors of the Federal Reserve System. He started Homefair, one of the first commercial websites on the Internet. He also has taught economics and statistics at Berman Hebrew Academy in Rockville, MD, and the Economics for the Citizen course at George Mason University. 

Kling received his PhD in economics from the Massachusetts Institute of Technology.

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Published Research

Working Papers

Policy Briefs

Testimony & Comments

Arnold Kling | Oct 23, 2013
On August 20, the Federal Reserve Board, Office of Comptroller of the Currency, and Federal Deposit Insurance Corporation posted a proposed rule that would raise supplementary leverage ratio standards for large, systemically important financial institutions (SIFIs). The agencies solicited comments on a list of questions. This comment pertains primarily to question 2, “Would the proposed strengthening of the leverage ratio mitigate public-policy concerns about the regulatory treatment of banking organizations that may pose risks to the broader economy?”…
Arnold Kling | Apr 24, 2013
I do not believe that the 30-year fixed-rate mortgage can be issued in large volume without taxpay- ers becoming liable for interest-rate risk. Conversely, if we reform the housing system so that the private sector truly bears the risk, then borrowers would encounter a large differential between the cost of a 30-year fixed-rate mortgage and the cost of a loan with an interest rate that is fixed for only 5 years. Borrowers should be making their choices based on this true cost differential.
Arnold Kling | Mar 29, 2011
Arnold Kling testified before the Senate Banking Committee about the future of the housing finance system.
Arnold Kling | Apr 14, 2010
Since the financial crisis in 2008, fueled by the bubble in the housing market, many homeowners are still facing foreclosures, as they can no longer afford their monthly mortgage payments. The…

Research Summaries & Toolkits

Expert Commentary

Sep 03, 2013

Arnold Kling at U.S. News & World Report.
Jul 17, 2013

There is fundamentally new economic thinking to be found in the latest book by George Gilder, called Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World (Regnery Publishing, June 2013).
Oct 17, 2012

At a time when low rates have led to a boom in new and refinanced mortgages, recent moves by the Federal Reserve have allowed banks to make even more profit off mortgage-backed bonds than they did previously. And those rates could be a half-point lower if banks were satisfied with the profit margins of just a few years ago. But should the government consider cutting out the middleman, as it does with student loans, and issue mortgages itself?
Jul 20, 2012

Two years later, after being praised by politicians as the financial system’s magic bullet, Dodd-Frank is, in effect, riddled with half-baked solutions, corrupted by special interests, and poised to create, not prevent, the next financial crisis.

Podcasts

Russell Roberts, Arnold Kling | June 03, 2013
Arnold Kling, author of The Three Languages of Politics, talks with EconTalk host Russ Roberts about the ideas in the book. Kling argues that Progressives, Conservatives, and Libertarians each have their own language and way of looking at the world that often doesn't overlap. This makes it easier for each group to demonize the others. The result is ideological intolerance and incivility.
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