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October 11, 2018

Trade
Trump's Stimulus Trumps his Trade Policy

It is hard to think of a President more committed—at least rhetorically—to closing the trade balance than President Trump. The usual criticism of his trade policy is that it is overly focused on a si…

Trump's Stimulus Trumps his Trade Policy

April 6, 2018

China
When Did the China Shock End?

Conventional wisdom among economists is that the China shock ended a decade ago. That is largely because the U.S. bilateral deficit with China has been fairly stable since 2007 (measured as a share o…

When Did the China Shock End?

March 6, 2018

United States
How Will the U.S. Fund its Twin Deficits?

Will there be a mismatch between what the U.S. wants to sell (Treasuries) and what the world wants to buy?

How Will the U.S. Fund its Twin Deficits?

March 8, 2017

United States
The January U.S. Trade Data

Over the last year, U.S. import growth stalled. Capital goods imports did nothing—in part because of weakness in non-residential investment. And consumer goods imports were flat. That appears to hav…

The January U.S. Trade Data

February 14, 2017

China
How Serious Is the Threat to Global Financial Stability From a Border-Adjustment Tax?

Neil Irwin’s column on the border-adjustment tax spurred an interesting debate. Irwin notes that a 25 percent rise in the dollar (or even a somewhat smaller rise) would have an impact outside the Uni…

November 22, 2016

United States
Fiscal Reflation in One Country

President-elect Trump wants to cut taxes and increase investment in U.S. infrastructure (or at least provide a tax break for existing infrastructure investment) and doesn’t seem especially worried if…

March 12, 2015

Brazil
Why Is Walmart Raising Wages?

On February 19, Walmart announced that it was raising its minimum starting wage to $9 an hour.  Since Walmart is famous for its ruthless cost management, this appeared to be a significant sign of …

Why Is Walmart Raising Wages?

October 23, 2012

Trade
A U.S.-China "Trade War": Time to Abolish a Silly Notion

I have a suggestion for everyone who writes about international trade: it is time to bury, once and for all, the concept of a “trade war.” The phrase is so ubiquitous that it will be awfully hard to …

Republican presidential nominee Mitt Romney makes a point as U.S. President Barack Obama listens during the final U.S. presidential debate in Boca Raton, Florida on October 22, 2012 (Scott Audette/Courtesy Reuters).

February 22, 2012

Corporate Governance
Why the United States Needs a Real Corporate Tax Cut

There is no morally defensible reason for cutting corporate taxes at a time of deepening national debt that will require greater burdens for all Americans, either through higher taxes on income and c…

President Obama and Treasury Secretary Geithner deliver remarks about executive compensation at the White House in February 2009 (Jonathan Ernst/Courtesy Reuters).

January 29, 2009

Budget, Debt, and Deficits
U.S. Recession

As our chart indicates, the U.S. budget deficit is expanding at its fastest rate in the post-war era. Obama’s proposed fiscal stimulus will add to this deficit. This aggressive fiscal response is m…

U.S. Recession