It’s always a pleasure to announce an auspicious new partnership, and we launched one this week that is particularly promising. National Affairs, the policy journal Yuval Levin edits, will make its home at AEI, in the newly launched Social, Cultural, and Constitutional Studies research division.
Is there a way the US could stymie a Chinese attack in the Pacific, or a Russian land grab in Eastern Europe, without having to defeat enemy forces head-on? Hal Brands writes that this is the motivating question behind the idea of “horizontal escalation.”
The Trump administration has proposed to test reforms in the way Medicare pays for drugs and biologics covered under Part B. Those reforms would promote competition but also impose tighter price regulation using international reference pricing, explain Joseph Antos and James Capretta. This hybrid policy is not as unusual as it first appears.
China’s investment and construction around the world plunged in the first half of 2019 and is unlikely to return to 2016–17 levels in the foreseeable future, writes Derek Scissors. The principal cause is fewer large transactions by state-owned enterprises.
In this paper, Paul Kupiec highlights the policy uncertainty inherent in using stress tests, both to set minimum bank capital requirements and to assess the capital adequacy needed to maintain banking system stability.
The federal Pell Grant was designed to help low-income students pay for college. But over the past two decades, a growing share of middle-income students have become eligible for the program. This was not policymakers’ explicit goal, explain Jason Delisle and Cody Christensen.
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