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.
Central bankers have always carried a mystique far beyond justification, whether they are cast as malicious, incomprehensible, or all-powerful. Neil Irwin's new book on monetary policy during the financial crisis should dispel these myths once and for all.
Bleak assessments by the IMF and the Fed this week underlined a worsening European sovereign debt crisis and stagnant U.S. economic growth, putting renewed pressure on global financial markets and intensifying policy debate.
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.
Benn Steil's article in the Spring/Summer edition of the CATO Journal argues that restraining excessive debt accumulation will require significant changes in the U.S. corporate taxation regime and the principles underlying the conduct of U.S. monetary policy.
In the Spring/Summer 2007 issue of The Cato Journal, Benn Steil writes on "Federal Reserve Policy in the Face of Crisis." He argues that the global monetary order of national fiat currencies represents the greatest threat to globalization.
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.
The authors argue that it is essential to begin working now to expand and establish rules and norms governing armed drones, thereby creating standards of behavior that other countries will be more likely to follow.
The author examines Pakistan's complex role in U.S. foreign policy and advocates for a two-pronged approach that works to quarantine threats while integrating Pakistan into the broader U.S. agenda in Asia.
Learn more about CFR’s mission and its work over the past year in the 2014 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »