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November 20, 2004

United States
Large Players in Large Markets

One of the world’s ironies is that even as John Snow putters on about how currency values should be set by market forces, the market -- or at least the private market -- is now playing a comparativel…

November 12, 2004

Capital Flows
Geopolitics of a new G-7

There is a growing sense that the G-7 no longer is the right grouping for discussing today’s major international macroeconomic issues. It is hard to see, for example, how you can discuss "global reb…

September 26, 2004

Capital Flows
Confronting Iran would be a lot easier if the Saudis had more spare capacity

David Sanger looks at Iran and North Korea’s nuclear ambitions in today’s New York Times. Sanger suggests it will be hard to stop Iran’s quest for nukes, no matter what the nature of Iran’s regime -…

October 29, 2004

Financial Markets
David Wessel visited the Harvard economics department

Or at least talked to Summers and Rogoff, before writing his Thursday Wall Street Journal column. It is worth reading if you have access to the Journal. I agree with his bottom line: getting out of…

November 18, 2004

Taking away the punch bowl when the party is really getting going?

That is the classic view of the role of the central bank. It extends beyond using monetary policy to prevent "overheating" and price inflation. Most central bank regulate the banking system, and si…

December 8, 2004

Budget, Debt, and Deficits
The central bank bid

It seems like America’s biggest creditors stepped up to the plate today. China’s rapidly growing reserves have to go somewhere ... From Bloomberg:"So-called indirect bidders, which include the forei…

January 2, 2005

United States
Bretton Woods Two Lives

The Fed has started to tighten, Greenspan said anyone who has not hedged their interest rate risk desires to lose money. Yet higher short-term rates have not led to higher long-term rates. In the j…

November 18, 2004

Is it the currency of John Snow and the problem of everyone else?

That headline draws on a nice quote from Steve Barrow of Bear Stearns. It paraphrases the famous saying about the dollar -- I think from Nixon’s Treasury Secretary John Connally -- "it is our curren…

January 18, 2005

Financial Markets
The November TIC data: Matching debtor and creditor side data

The November TIC data has been out since this morning. The TIC data provides information about the most important way the US is financing its ongoing current account deficit: selling long-term secu…

January 15, 2005

Economics
Latest speech of FRBNY President Tim Geithner

I pay a certain amount of attention to what New York Federal Reserve President Tim Geithner has to say just because he was my boss at the Treasury and the IMF (noted in the spirit of full blog disclo…