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October 5, 2017

Eurozone
Official Investors and the Eurozone Debt Market

The share of Treasuries held by official investors—foreign central bank reserve managers as well as the Fed—has been going down in recent years. But the share of Eurozone bonds held by official inves…

Official Investors and the Eurozone Debt Market

April 13, 2018

Thailand
Previewing the U.S. Treasury’s April Foreign Exchange Report

The U.S. Treasury Department’s next foreign exchange report is due on April 15—so it should come out soon, maybe even tonight. Normally the section on China attracts all the attention. But righ…

Previewing the U.S. Treasury’s April Foreign Exchange Report

April 20, 2017

Monetary Policy
The Combined Surplus of Asia and Europe Stayed Big in 2016

A long time ago I confessed that I like to read the IMF’s World Economic Outlook (WEO) from back to front. OK, I sometimes skip a few chapters. But I take particular interest in the IMF’s data tables…

The Combined Surplus of Asia and Europe Stayed Big in 2016

May 8, 2020

United States
Five Points about U.S. Trade Over the Last Thirty Years

A few things that jumped out at me about the U.S. trade data. Some no doubt are controversial. 

Five Points about U.S. Trade Over the Last Thirty Years

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…