Category Archives: International Economics

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 Woods agreements aimed to “do away with economic evils.” … Continue reading

Posted in International Economics

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 monetary system.  First, sterilized exchange market interventions are largely ineffective. A … Continue reading

Posted in International Economics

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 intentions, it is useful to look at … Continue reading

Posted in International Economics

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 monetary reform.  The case starts with perhaps the … Continue reading

Posted in Financial Crisis, International Economics

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 causes of the housing price boom that preceded the financial … Continue reading

Posted in International Economics, Monetary Policy

Surprising Findings at the Macro Handbook Conferences

In order to further progress on the new Handbook of Macroeconomics, which will be published next year, Harald Uhlig and I, the co-editors of the Handbook, hosted two conferences at Stanford and Chicago in April. Harald and I attended both … Continue reading

Posted in Budget & Debt, Financial Crisis, Fiscal Policy and Reforms, International Economics


Due to previous commitments in Hong Kong I could not attend today’s Bretton Woods: The Founders and the Future conference in New Hampshire, but I was invited to speak via video. Here is the text of my remarks. I want … Continue reading

Posted in International Economics