Greenberg Center for Geoeconomic Studies Publications Archive

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, Economics, Financial Crises

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What will happen if Britain quits the European Union?

Asked by Neela Chipalkatty, from New York University
Author: Sebastian Mallaby

Britain has long been ambivalent about the European Union (EU) and Britons' low regard for the EU has been exacerbated by the euro crisis. British prime minister David Cameron has said two things. There will be a referendum on Europe before the end of 2017. But before that, Cameron promises to renegotiate Britain's relationship with the EU. Putting these two promises together, the referendum may be less important than one might think.

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See more in U.K., EU

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What should the red lines be for the Iranian nuclear program?

People love to talk about "red lines" for all sorts of challenges, and the Iranian nuclear program is no exception. The United States can, in principle, threaten stronger sanctions if Iran crosses certain red lines. It can threaten military action if Iran crosses others. But it's not clear that setting red lines—particularly in public, where failing to follow through on threats can be costly—is a productive course.

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See more in Iran, Defense Strategy