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Addicted to Dollars

And yet global finance has not mirrored this shift in balance from the advanced to the emerging. The post-war Bretton Woods arrangements institutionalized the role of the US dollar as the main reserve currency...
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Three Surprises in 2017

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The only uncertainty is how monetary policy will respond to this “Trumpflation.” But whether the Fed tries to counteract it by raising interest rates more aggressively than its current forecasts imply, or decides ......
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National Debt and Global Order

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Trump and his populist allies in Europe have denounced globalization, while Xi now stands as its principal defender. But Trump’s message, in particular, is conflicted: pursuing strictly national economic interests ......
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From Economic Analysis to Inclusive Growth

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Good economic analysis can enable “constructive populists” to debate the “post-fact, fanciful populists” who seem to be on the rise, with a realistic alternative discourse – one that is transparent and based on credible expectations......
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Economic Crises and the Crisis of Economics

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Economics is a vast discipline that comprises researchers and practitioners whose work spans macro and micro perspectives and theoretical and applied approaches. Like any other intellectual discipline, it produces excellent, good, and mediocre output....
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UK economic growth revised up to 0.6%

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Further figures from the ONS showed that the UK's service sector, which accounts for nearly 80% of the economy, grew by 0.3% in October from the month before....
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Economists versus the Economy

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Good economists have always understood that this method has severe limitations. They use their discipline as a kind of mental hygiene to protect against the grossest errors in thinking....
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The Age of Hyper-Uncertainty

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Moreover, to buttress its common market, the EC had just established a regional monetary system, the suggestively named “snake in the tunnel.” While this was far from a perfect monetary system, it had one very positive attribute......
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The Complexity of Inequality

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There is, however, one policy prescription that would benefit many of the countries with the highest levels of inequality. Central banks must bring down the curtain on zero and, especially, negative interest rates....
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The Free-Trade Miracle

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Global free trade provides the greatest opportunity to improve human welfare over the next decade and a half. It has already helped lift more than a billion people out of poverty over the past quarter-century. ...
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