Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
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July 27, 2009
China
The problem with relying on the dollar to produce a real appreciation in China ...
Is now rather obvious. The dollar goes down as well as up. Last fall, demand for dollars rose -- in part because Americans pulled funds out of the rest of the world faster than foreigners pu…
January 28, 2009
Monetary Policy
Central banks were not the big buyers of synthetic triple AAA …
Ricardo Caballero argues that the current crisis stems from (flawed) efforts to construct safe assets out of risky assets in order to meet a surge in investor demand for safe assets. He is on to som…
December 1, 2008
Monetary Policy
Bretton Woods 2 and the current crisis: any link?
Last week, I attended a conference on international financial reform. These kinds of conferences don’t really produce consensus; there is no need to agree on anything. But there was a sense -- a…
October 20, 2008
United States
How far will the US trade deficit fall next year?
US exports have been growing faster than non-oil imports for the last two years. The August trade data hints at a slowdown in exports. But at least on a y/y basis, the slowdown remains modest. …
June 10, 2008
Budget, Debt, and Deficits
Shhh.. don’t tell any one. The US trade deficit is getting worse, not better
The $60.9 billion monthly April trade deficit was the largest monthly deficit since last March. So much for the notion that the trade deficit has turned the proverbial corner. One price explains …
