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October 22, 2004

United States
How Bush budget deficits ended up hurting Ohio

Ronald McKinnon has an interesting argument in yesterday’s Financial Times (based on this policy brief), namely that manufacturing workers are paying for low US private savings and large US budget de…

March 8, 2005

Financial Markets
I hope Andy Xie is wrong about this

Xie argues that Chinese prices won’t converge to US levels; rather US prices are likely to need to fall to Chinese levels.When a small economy like South Korea begins to develop, it is quite reasonab…

July 26, 2005

Mining European data

I spent some time over the weekend delving into the Eurozone balance of payments data published by the ECB in its monthly bulletin, looking for insights into the global flow of funds. But to jazz thi…

April 24, 2005

United States
US policy (once again) fails the Chinese test

Lots of folks in Washington don’t think the Bush Administration and the Congress are serious about cutting the fiscal deficit, and reducing the strain the federal government places on anemic US savin…

July 29, 2005

More trade with Central America, less with China?

Is that the deal that brought wavering Republicans from textile states on board?  We will see. But the House speaker, J. Dennis Hastert, told him they needed his vote anyway. If he switched from "nay…

August 26, 2005

Monetary Policy
Preparing for shifts in the balance of financial power?

It seems like some in Asia are a bit worried that so much of the world's wealth is denominated in the currency of the world's largest debtor.  Cynic's Delight highlights their concerns we…

August 24, 2006

My testimony on China - and the Bergsten/ McKinnon debate …

I had the opportunity to testify before the US-China Economic and Security Review Commission on Tuesday – on a panel with C. Fred Bergsten and Professor Ronald McKinnon of Stanford.   It is q…

September 27, 2006

What is the most important price in the world economy?

Dollar/ oil?The ten-year Treasury rate?The S&P 500?European policy rates?The fed funds rate?The RMB/ dollar? At an on-the-record event at the Council on Foreign Relations this morning, Martin Wolf im…

January 5, 2007

Spence on China

Michael Spence has a Nobel prize in economics, a series of very prestigious academic appointments, friends on the Harvard faculty and access to the opinion page of the Wall Street Journal. I…


November 19, 2010

Diplomacy and International Institutions
Friday File: Obama Heads to Lisbon

Above the Fold. President Obama’s scheduler must be nursing a grudge.  Last Sunday the president returned from what had to be an exhausting ten-day, around-the-world trip that took him to four coun…

Friday File: Obama Heads to Lisbon