A Digital Nixon Shock?

US President Richard Nixon’s 1971 decision to end the US dollar’s convertibility into gold had such far-reaching consequences that it took policymakers decades to learn to manage the new system. Now, digital technologies are driving a new monetary revolution that could end the greenback’s global primacy altogether. Read More Here

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China Still Needs Expansionary Economic Policy

To consolidate its post-pandemic growth momentum in 2021, China should not be in a rush to exit from expansionary fiscal and monetary policy. The government may have to issue more bonds than planned, and the People’s Bank of China may need to implement quantitative easing to facilitate this. Read Here | Project Syndicate

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The Growing Risk Of A Global Recession And Crisis In 2020

Beyond the US, the fragility of growth in debt-ridden China and some other emerging markets remains a concern, as do economic, policy, financial and political risks in Europe. Worse, across the advanced economies, the policy toolbox for responding to a crisis remains limited. The monetary and fiscal interventions and private-sector backstops used after the 2008 […]

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Why Stimulus Has Failed

Two fundamental beliefs have driven economic policy around the world in recent years. The first is that the world suffers from a shortage of aggregate demand relative to supply; the second is that monetary and fiscal stimulus will close the gap. Is it possible that the diagnosis is right, but that the remedy is wrong? […]

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Ten Economic Issues for Obama’s Second Term

The second term Obama administration is taking office facing challenging economic conditions. The economy continues to expand, yet the pace is disappointingly slow. The unemployment rate has fallen below 8 percent for the first time in almost 4 years, but is still unacceptably high. The economic expansion remains fragile and vulnerable to risks associated with […]

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