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…
November 18, 2004
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…
March 9, 2005
Monetary PolicyThe dollar is under a bit of pressure today. The renminbi keeps falling too. The logic behind China’s tight peg to the dollar continues to elude me. The US dollar needs to depreciate as part of an…
April 28, 2005
United StatesThis week’s Economist looks at the "paper" losses that central banks issuing local currency (or selling local currency debt) to buy foreign exchange reserves would incur in the event of the revaluati…
May 12, 2005
United StatesThe market seems to have concluded that there is no need to put any pressure on the US to reduce its large external deficits. The dollar is up, at least against the euro. So is the renminbi for th…
June 23, 2005
United StatesGreenspan does not think a revaluation of the RMB would have a major impact on the US trade balance.The Fed does not think that reducing the fiscal deficit would generate a major reduction in the cur…