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…

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…

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…

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…

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…

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 well in a rece…

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…

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…