Benn Steil and Dinah Walker explain why the Fed's massive holdings of mortgage-backed securities (MBS) are distorting its thinking about the conduct of monetary policy going forward. They propose a novel plan to rectify this, in which the Fed swaps its MBS with the Treasury in return for Treasury securities, which the Fed can sell as part of a normal "exit" from monetary stimulus.

This chart book shows the growth in foreign ownership of U.S. assets over time.

Examines data including GDP, household debt, and industrial production to show the weakness of the current recovery compared to previous postwar rebounds.

Benn Steil's Wall Street Journal Europe op-ed, co-authored with Dinah Walker, argues that the Bank of England is getting "Libored"—that is, misled and manipulated—by the banks benefiting from its Funding for Lending Scheme. The Fed, which has shown interest in the scheme, should beware.

Benn Steil's column in Dow Jones' Financial News, co-authored with Dinah Walker, shows why last March's Greek debt restructuring left Greece in poor shape to avoid financial collapse

Economic Downturn: Compares economic indicators from the latest recession to past downturns, both post-war and pre-war, to demonstrate the recent recession is worse than other post-war recessions.