It is nice to be in good company. Ken Rogoff is as confused by US policy toward dollar pegs as I am. Rogoff: Does it make sense for the United States Treasury Secretary, Hank Paulson, to be tourin…

Two decades ago, the United States was the world’s largest creditor; now it’s the world’s largest debtor. As Ben Bernanke assumes the post of Federal Reserve chairman, succeeding Alan Greenspan, opin…

The US economy looks to be slowing.   Job creation (and wage growth; also see Leonhardt in the New York Times) wasn’t that impressive even when the economy was growing strongly.   Like many, I was st…

The 2005 current account deficit was revised down to $791.5b or so.The q1 2006 deficit was $208.7b -- down from $223.1b in q4.   We knew the trade balance improved a bit.  But the income balance also…

Poor countries tend to have relatively weak currencies – that is, there is a big gap between their currencies' nominal exchange rate and the exchange rate implied by “purchasing power parity.”   Or,…