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Keep Those Remittance Flows Going
The importance of remittance flows to low and middle income countries is the subject of an important recent tweet from William Easterly @bill_easterly. His tweet includes this amazing chart: What is...
View ArticleMacroeconomic Modelling of Pandemics at Warp Speed
A pressing research issue with deep policy relevance concerns how econometric models should be adapted, changed, or modified in light of the COVID-19 pandemic. A new Webinar series–Macroeconomic...
View ArticleThree Attributes of a Sustainable Open and Stable Global Order
The IMF/World Bank meetings were held in Bali last week. In addition to the many good beaches there were many good panels including one I was on with Mark Carney and Agustin Carstens. It was organized...
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What’s Past is Prologue. Study the Past
Each year the Wall Street Journal asks friends for their favorite books of the year. Two years ago I chose Thomas Sowell’s history of income distribution in Wealth, Poverty, and Politics and Brian...
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New Results on International Monetary Policy Presented at the Swiss National...
This week I gave the Swiss National Bank’s Annual Karl Brunner Lecture in Zurich, and I thank Thomas Jordan who introduced me and the hundreds of central bankers, bankers, and academics who filled the...
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A World Cup in the Battle of Ideas
Markus Brunnermeier, Harold James and Jean-Pierre Landau have just published a fascinating book, The Euro and the Battle of Ideas, in which they bring together their respective skills in economic...
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Committing to Economic Freedom at Home and Abroad
Dartmouth’s Doug Irwin has been writing about the General Agreement on Tariffs and Trade (GATT) that was finalized seventy years ago this month. His tweets includes a link to President Harry Truman’s...
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A Less Weird Time at Jackson Hole?
I’m on my way to join the world’s central bankers at Jackson Hole for the 35th annual monetary-policy conference in the Grand Teton Mountains. I attended the first monetary-policy conference there in...
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An Economic and Security Policy Blueprint for America
A timely new policy book, Blueprint for America, edited by George P. Shultz, is being released today online for the first time. The release coincides with the start of platform writing by Republicans...
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Whither Economic Freedom Post-Brexit?
As events are turning out, the Brexit decision is providing an opening to revive a trend toward economic freedom and thus stronger economic growth. But will the UK leadership and their counterparts in...
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Rules Are Green and Discretion Is Red in the Monetary Game
Raghuram Rajan, Governor of the Reserve Bank of India, is calling for a reform of the international monetary system. He has been calling attention to problems in the system for a while, and now he is...
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New Test Finds No Impact of QE on Long-Term Interest Rate
The Fed’s stated purpose of quantitative easing (QE) was to lower long-term interest rates, and many papers have endeavored to test empirically whether it achieved that purpose. Some, such as the paper...
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A Reawakening of International Monetary Policy Research
International Monetary Stability: Past Present and Future was the topic of this year’s monetary policy conference held last week at Stanford’s Hoover Institution. With highly volatile exchange rates,...
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Ideas and Action: A Rules-Based Deal for the IMF
Several months ago in Congressional testimony, in a Wall Street Journal article, in meetings with public officials, and in a post on Economics One, I suggested the idea that “There is room for a deal”...
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Learning from Experiences in International Economic Policy
Last week we had a wonderful symposium in celebration of George Shultz’s 95th birthday. Many of George’s friends and colleagues spoke on the theme “Learning from Experience” in economic policy,...
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Doing Away with Evils in the International Financial System, Again
Seventy years ago President Harry Truman signed the Bretton Woods Agreements Act of 1945, officially creating the IMF and the World Bank. As Treasury Secretary Henry Morgenthau put it, the Bretton...
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Lessons Learned on the 30th Anniversary of the Plaza Accord
The Plaza Accord, which took place 30 years ago this month, provides two important (and fascinating) economic lessons essential for anyone interested in reforming, or simply teaching, the international...
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Seeking a Way through the Fog of a Currency War
Many have speculated on the nature of, and the reasons for, the exchange rate regime change in China last week. While the central bank has issued press statements and answered questions about it...
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A Deal and a Step to International Monetary Reform
I make the case in this Wall Street Journal piece and in more detail in Congressional testimony that there’s an opportunity for a deal between the Congress and the Administration on international...
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Too Low For Too Long Or Global Saving Glut? Both!
In an interesting new paper, “The U.S. Housing Price Bubble: Bernanke versus Taylor,” forthcoming in Journal of Economics and Business, Abrar Fitwi, Scott Hein, and Jeffrey Mercer examine two possible...
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