Monetary Policy

Foreign Affairs Article

Taper Trouble

Author: Benn Steil

Benn Steil's essay in the July/August issue of Foreign Affairs looks at the international consequences of U.S. monetary policy action. He argues that developing-nation governments are coming to see the need for engineering current-account surpluses and large dollar-reserve stockpiles as a means of insulating themselves against Fed-induced capital-flow whiplash. As this amounts to "currency manipulation" in the eyes of U.S. policymakers, trade tensions are apt to grow.

See more in Ukraine; United States; Monetary Policy; International Finance

Analysis Brief
Renewing America

Renewing America

U.S. Takes Aim at Yuan

Author: Christopher Alessi

A U.S. Senate bill targeting China's controversial currency policy risks provoking retaliatory measures from Beijing, say analysts, and would make little headway in advancing U.S. economic interests.

See more in China; United States; Monetary Policy

Analysis Brief

The World's New Banker

Author: Eben Kaplan

Ben Bernanke has taken over control of the Federal Reserve, the world's most powerful central bank, from Alan Greenspan. More daunting than his predessor's big shoes is the rash of challenges Bernanke will face as the new champion of the U.S. economy.

See more in United States; Monetary Policy