Arnold Kling

Arnold Kling

  • Senior Affiliated Scholar
  • Member, Financial Markets Working Group

Arnold Kling is a Senior Affiliated Scholar and a member of the Financial Markets Working Group at the Mercatus Center at George Mason University. 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

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.

Follow Arnold on Google+

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

Speeches & Presentations

Expert Commentary

By Robert Higgs, Arnold Kling, Scott Sumner, Dean Baker, Andreas Bergh, Marjorie Griffin Cohen, Anthony Randazzo, Jonathan Haidt, Cass Sunstein |
Jan 01, 2015

The symposium Prologue suggests that among economists in the United States, on matters of the welfare state and the regulatory state, virtually none favors one while opposing the other. Such pattern is a common and intuitive impression, and is supported by scatterplots of survey data. But what explains the pattern? Why don’t some economists favor one and oppose the other?
Dec 08, 2014

The gulf remains wide between Wallison and his opponents, who refuse to ascribe any blame for the crisis to Freddie Mac, Fannie Mae and other misguided government interventions in mortgage lending. A fair-minded person should at least read Wallison's book before committing wholeheartedly to an opposing narrative.
Nov 19, 2014

It is difficult to imagine rapid economic growth taking place in the United States without technological innovation. Other countries can grow by catching up to existing technology, but for us it is necessary to push the frontier.
May 22, 2014

If the United States is ever to enjoy sensible policy in housing, the choices will have to be made at a time when officials are focused on the public interest and firmly reject the suggestions coming from the social engineers and the special-interest lobbyists. Unfortunately, that does not seem to be the case today.



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.
' '