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November 20, 2018

United States
The Fed Is Tightening More Than It Realizes

Before the 2008 collapse of Lehman Brothers, the Fed’s balance sheet stood at $925 billion—mostly U.S. Treasury securities. After 59 months of asset purchases to push down longer-term interest ra…

The Fed Is Tightening More Than It Realizes

October 30, 2008

Monetary Policy
Fed Balance Sheet

Complementing the IMF’s $100 billion liquidity facility, the Federal Reserve has announced the establishment of swap lines with the central banks of Mexico, Brazil, South Korea, and Singapore for u…

Fed Balance Sheet

October 1, 2008

Monetary Policy
Fed Balance Sheet Troubles

The U.S. Senate passed Paulson’s $700 billion rescue plan three days after the House rejected it. The House is expected to vote again on Friday. While the political maneuvering continues, the Feder…

Fed Balance Sheet Troubles

November 8, 2018

Monetary Policy
The Role of the U.S. Federal Reserve

The role of the Federal Reserve has transformed in the past decade, as it has deployed trillions of dollars to boost the U.S. economy while expanding its regulatory oversight of the nation’s financia…

Federal Reserve

November 1, 2018

International Organizations
The IMF: The World’s Controversial Financial Firefighter

The International Monetary Fund, both criticized and lauded for its efforts to promote financial stability, continues to find itself at the forefront of global economic crisis management.

IMF Director Christine Lagarde

October 30, 2018

China
Where Will the Yuan Go Next? China's Big Choice

China could widen the trading band around its currency in response to Trump's tariffs, but that wouldn't give it full policy autonomy. It would still need to defend the new edge of any trading band.

Where Will the Yuan Go Next?  China's Big Choice

October 9, 2018

International Finance
Russia, China, and (the Absence of ) Global Funding of the U.S. Fiscal Deficit…

A technical post on the q2 global reserves and balance of payments data … wonky.

Russia, China, and (the Absence of ) Global Funding of the U.S. Fiscal Deficit…

September 27, 2018

Puerto Rico
Will the Proposed Restructuring of COFINA Bonds Assure Puerto Rico’s Return to Debt Sustainability?

Puerto Rico’s government and the bulk of the holders of Puerto Rico’s Sales tax backed bonds (COFINA) appear to have reached agreement on restructuring terms (details here). The deal will reduce Puer…

Will the Proposed Restructuring of COFINA Bonds Assure Puerto Rico’s Return to Debt Sustainability?

September 24, 2018

China
How Did China Manage its Currency Over the Summer?

China still manages its currency. That’s hardly a shocking statement, I know. But I don’t fully subscribe to the view that China’s depreciation in the summer was simply a market move, given the dolla…

How Did China Manage its Currency Over the Summer?

September 20, 2018

International Finance
Three Sudden Stops and a Surge

Reflections on the Global Financial Crisis, through the lens of the U.S. balance of payments.

Three Sudden Stops and a Surge