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December 8, 2004

Politics and Government
Damaged Snow

If you were John Snow, would you stay knowing that you were at best the President’s second choice?Do DC’s conservative activists really value tax cuts more than financial stability? And does their op…

March 26, 2006

Monetary Policy
Summers on reserves, exchange rates, the international financial architecture and other big topics close to my heart

Larry Summers has always believed that capital should flow from the already rich and aging societies that constitute the current core of the world economy to the poor and young countries on the perip…

March 14, 2006

United States
Why didn’t the current account deficit start to adjust in 2003? Will the adjustment start in 2006? And where are all the world’s reserves?

I think I can now welcome Brad DeLong to the "gloom and doom caucus, trade deficit division."  He joins some pretty good company:  Paul Volcker, Robert Rubin, Larry Summers, Warren Buffet, Martin Fel…

Why didn’t the current account deficit start to adjust in 2003?   Will the adjustment start in 2006? And where are all the world’s reserves?

October 24, 2005

United States
Bernanke and the global savings glut

If you want a quip --A John Roberts, not a Harriet Miers.  Actually, more of a moderate John Roberts than a John Roberts. Bernanke will have no trouble getting confirmed.  Bernanke's academic cre…

May 10, 2006

United States
Self promotion watch (Treasury foreign exchange report edition)

I was interviewed by Adam Davidson of NPR about the Treasury’s forthcoming foreign exchange report (to be released at 4 pm today). You can hear the results here.    Adam Davidson also interviewed the…

March 14, 2006

United States
The 2005 (and 2006) current account deficit

The 2005 current account deficit: $805 billion. or 6.4% of US GDP That is a bit smaller than I expected.    The q3 deficit was revised down.  Reinsurance payments were higher than initially foreca…

March 27, 2006

Economics
The Economist’s Lexington columnist needs to get out a bit more …

Rather amazingly, the only US public intellectuals that seem to have made it onto Lexington's radar screen come from the American right.     The Neocon right and its pet idea (invading Iraq), the…

July 19, 2006

China
Chinese growth accelerates, RMB depreciates

That was yesterday’s headline.   Or, given the time differences, perhaps the headline from two days ago. Chinese second quarter growth picked up to 11% plus.  The only real surprise here was that the…

October 18, 2006

Monetary Policy
The impact of central bank demand on US bond yields.

In late 2004 and early 2005, Nouriel and I estimated that the actions of foreign central banks might be holding US yields down by as much as 200 bp. That estimate found its way into Pam Woodall’s Eco…

September 13, 2006

Monetary Policy
So, just who is financing the US deficit? (My work on global reserve growth)

I spend a lot of time thinking and writing about world’s growing stock of reserves.  Some of that material appears on this blog, some lies hidden behind RGE’s firewall and some never quite sees the l…

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