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China's End of Exuberance

Author: A. Michael Spence
Project Syndicate

Michael Spence writes that slowing growth puts Chinese authorities in the tricky position of shifting their economy from a growth model based heavily on public investment-led growth to a growth model that mixes more domestic consumption with higher-yielding forms of investment.

See more in China; Economic Development; Industrial Policy

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

Retirement Will Kill You

Author: Peter R. Orszag
Bloomberg.com

Peter Orszag explains that employment, in and of itself, may provide health benefits in the form of decreased rates of depression, increased mobility, and improved life expectancy as compared to those who are unemployed or retired.

See more in United States; Labor; Aging

The Sino-American Decade

Author: A. Michael Spence
Project Syndicate

Michael Spence writes that cooperation between the United States and China on issues surrounding the environment, trade, investment, and financial stability will be critical not only for the continued well-being of the two countries, but also for the successful rebalancing of the world economy.

See more in China; United States; International Finance; Trade

Would a New 'Bretton Woods' Save the Global Economy?

Author: Benn Steil
PBS NewsHour

Benn Steil's op-ed for Paul Solman's PBS The Business Desk site looks critically at calls for "a new Bretton Woods." He argues that many of the critical precepts behind the 1944 American Bretton Woods blueprint were overturned by the Truman Administration a mere three years later, and that the operation of the Bretton Woods monetary system was far briefer and more troubled than is typically reckoned.

See more in Global; Financial Crises; International Finance