More in Global Economy


6 days

The Evolution of Exchange Rate Markets

Back in 1848, John Stuart Mill made a classic argument that money was insignificant to the essential nature of an economy, because it was only a facilitator for what really matters--the actual transactions. Mill wrote (Principles of Political Economy, Book III, Ch. VII):

12 days

Does the Fed Have Ammunition to Fight the Next Recession?

Ben S. Bernanke delivered his Presidential Address to the American Economic Association last weekend on the topic, "The New Tools of Monetary Policy" (January 4, 2020, here's a weblink to watch the lecture, and here's a written-out version of the paper on which the lecture was based). To set the stage, he started the talk with a figure similar to this one showing the "federal funds" interest rate--the key interest rate on which Fed policy focuses.

26 days

How Big is the Space Economy?

The short answer for an estimate of the size of the space economy is: "Probably around $400 billion."

1 month

The Beginning of the End of Uncertainty for the UK

·        The UK election result was a clear mandate for Brexit ·        A UK/EU free-trade agreement may not be ready by December 2020 ·        Uncertainty remains but real economic progress can now begin

1 month

Interview with Douglas Holtz-Eakin: Career, Budgets, Deficits

Mark A. Wynne of the Dallas Fed has one-hour interview: "Douglas Holtz-Eakin on Economic Projections, Deficits and Climate Change" (December 12, 2019). Holtz-Eakin has had an eminent academic career at Columbia and currently at Syracuse, but he is perhaps most widely for his time as head of the Congressional Budget Office from 2003-2005. Audio is available, but no full transcript. Here are some comments from Holtz-Eakin:

1 month

Carbon Capture and Storage

In my experience, carbon capture and storage (CCS) is often viewed as a quirky technological possibility, not of central significance to the overall issue of reducing the rise of atmospheric carbon. This perception is incorrect. The Global CCS Institute provides an overview in Global Status of CCS 2019. As the report notes: 

1 month

Remembering Paul Volcker: 1927-2019

Paul Volcker, who was chair of the Federal Reserve from August 1979 to August 1987 has died. He is generally credited, or in some cases blamed, for the set of monetary policies which both ended the inflationary period of the 1970s but also brought on the very deep double-dip recessions of 1980 and 1981-2. The New York Times obituary is here.