Dinah Walker

Analyst, Geoeconomics

Contact Info:

E-mail: dwalker@cfr.org

Publications

Op-Ed

What Europe Can Learn From the U.S. Bank Crisis

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil's latest op-ed in the Wall Street Journal, co-authored with Dinah Walker, explains why the ECB's anticipated foray into more aggressive monetary stimulus next week won't have any significant effect on the availability and cost of private-sector credit. The ECB believes that its ongoing bank stress tests will help revive the eurozone's moribund banking industry, but we argue that the tests are counterproductive without a mechanism in place to assure sufficient recapitalization of banks that fall short—as there was in the United States in 2009.

See more in Europe; Banks and Banking

Op-Ed

How Fed Policy Roils Emerging Markets

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil's latest op-ed in the Wall Street Journal, co-authored with Dinah Walker, shows that developing countries running large current account deficits have seen their economies whipsawed by volatile capital flows triggered by unconventional monetary policy at the Fed and elsewhere in the developed world. The clear lesson for such countries is that they should pursue policies which constitute "currency manipulation" in Washington, thereby setting the stage for rising global trade tensions.

See more in United States; Financial Markets; International Finance

Op-Ed

Will Greece Decide the German Elections? If So, What's Next?

Authors: Benn Steil and Dinah Walker
Forbes Online

Benn Steil's latest Forbes op-ed, co-authored with Dinah Walker, shows why Greece may turn out to be a deciding factor in the German elections. While it is widely believed that a fresh mandate for Chancellor Merkel means more robust German involvement to end the eurozone crisis, they show why the loss of her FDP coalition partner could mean the opposite.

See more in Greece; Germany; Elections; International Finance

Op-Ed

Bernanke Is Calibrating the Markets Into Fits

Authors: Benn Steil and Dinah Walker
Financial News

Benn Steil and Dinah Walker explain the market massacre following Ben Bernanke's press conference on June 19. Bernanke's repeated statements that a key tool of current Fed policy, asset purchases, would be "calibrated" to employment data, each month's publication of which can imply a major shift in the unemployment trend line, suggests that Fed tightening could begin as early as the middle of next year—nearly a year and half earlier than the Fed had suggested in its pledge statement last fall.

See more in Financial Crises; Monetary Policy

Op-Ed

Bernanke Should Follow the Advice He Gave to Japan

Authors: Benn Steil and Dinah Walker
Wall Street Journal

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.

See more in United States; Financial Crises; Monetary Policy

Op-Ed

Bernanke's 'Risk-On, Risk-Off' Monetary Policy

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil's Wall Street Journal op-ed, co-authored with Dinah Walker, shows that the Fed has effectively been targeting "risk on, risk off"—prodding investors into and out of risky financial assets—for over a decade now. He derives a rule that predicts the Fed's behavior since 2000 even better than the "Taylor Rule" did from 1987 to 1999.

See more in Financial Crises; Monetary Policy; United States

Other Report

Trends in U.S. Military Spending

Author: Dinah Walker

Policymakers are currently debating the appropriate level of U.S. military spending given increasingly constrained budgets and the winding down of wars in Iraq and Afghanistan. The following charts present historical trends in U.S. military spending and analyze the forces that may drive it lower.

See more in United States; Defense Budget