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October 6, 2004

Capital Flows
Cheney is wrong: $80 billion in debt relief if not equal to $80 billion in cash

Last night, Vice President Cheney claimed that US allies were contributing $80 billion to the war in Iraq by providing Iraq with debt relief. He compared this $80 billion in debt relief to the cash …

November 7, 2004

United States
Updated paper on the sustainablility of US trade and current account deficits

Nouriel and I have just posted our updated analysis of US external sustainability, i.e. the United States capacity to continue to run large trade and current account deficits.The paper is certainly l…

April 18, 2005

Financial Markets
Tactical Issue Linkages

Dan Drezner has an interesting post up, laying out the components of a "serious" approach to encouraging (or pressuring) China to change its exchange rate peg. He nicely lays out the options, thoug…

January 9, 2005

Financial Markets
The price of a European vacation

As readers of this blog no doubt know, the dollar rallied v. the euro last week. Not that most of America noticed. In much of America’s heartland, the dollar’s value does not make the financial new…

January 15, 2005

Economics
Latest speech of FRBNY President Tim Geithner

I pay a certain amount of attention to what New York Federal Reserve President Tim Geithner has to say just because he was my boss at the Treasury and the IMF (noted in the spirit of full blog disclo…

March 4, 2005

Budget, Debt, and Deficits
Undisputed Unaffordability

That is a phrase from the Washington Post’s oped on Social Security.I think it goes a bit too far, so I want to dispute the "undisputed unaffordability" of Social Security.I do not dispute that there…

May 30, 2005

United States
Memo to Kirstof: China has some responsibility for global imbalances too

Nick Kristof accuses the US -- Democrats in Congress in particular -- of scapegoating China, and blaming China for global economic problems (more accurately, the risk of global economic problems) tha…

November 23, 2004

The budget deficit before all the bad stuff

Isn’t that what leaving any increase in deficit associated with partial privatization of social security off the books implies?Bush’s formula on the dollar in Santiago emphasized the need to control …

May 27, 2005

United States
Bretton Woods Two and Trade Politics

The interest rate on the 10 year Treasury note is somewhere between 4.0-4.1% -- and the US seems to be having no trouble financing its current account (or its budget) deficit right now. The risk of…

February 18, 2005

Budget, Debt, and Deficits
More borrowing, on the other hand, is always a political winner

Deficits really don’t matter, at least in some circlesBush said earlier this week that he would not rule out paying those transition costs by raising the current wage cap of $90,000 that can be taxed…