Op-Eds & Articles


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


Give People Choices, Not Edicts

Authors: Peter R. Orszag and Cass R. Sunstein

Peter Orszag and Cass Sunstein write that governments should use "nudges"—policies that harness economics and psychology to encourage certain behaviors—to deliver major benefits without imposing big costs on the public or private sector.

See more in United States; Tax Policy; Technology and Science


New Zealand Stops a Housing Bubble

Author: Peter R. Orszag

Peter Orszag writes that the Reserve Bank of New Zealand's limits on high loan-to-value mortgages are a model for the kind of actions the U.S. Federal Reserve could have taken to manage the U.S. mortgage market and reduce the risks that the housing bubble posed to the financial system.

See more in New Zealand; Banks and Banking; Financial Crises