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“The benefit of maintaining price stability in the eurozone as a whole, and thereby keeping the inflation risk low, becomes even greater in times of crisis. At the height of the financial crisis, the ECB lowered interest rates aggressively in the face …
READ MORE“The financial strains created by crises in Japan and Europe highlight a growing problem: The rich world is getting close to the point where it won’t be able to bear the costs of another disaster. Japan and Europe face very different crises—one brought …
READ MORE“When the Federal Reserve began telegraphing late last summer that it would launch a new round of monetary stimulus to help the U.S. economy, Wall Street assumed that the dollar would be the sacrificial lamb. More money in the financial system, after a …
READ MORE“The ostensible reason for the currency interventions was to promote stability. According to David Mann, head of research for the Americas at Standard Chartered Bank. “This is about limiting volatility and reducing uncertainty.” However, if stability i …
READ MOREExtreme events sometimes cause big shifts in the economic point of view of the market process. The recent financial crisis brought back into scene Keynesian economics as a way to cope with the depression and make the economy recover. The recent tragic …
READ MORE“Summarizing an IMF conference, Olivier Blanchard lists nine points. I will make extended comments below the fold. Here is a crucial sentence: ‘Monetary policy has to go beyond inflation stability, adding output and financial stability to the list of t …
READ MORE“Despite government efforts to rein in inflation, China’s consumer price index in February rose 4.9% from a year earlier for the second straight month–well above the government’s target of 4%–the National Bureau of Statistics said Friday. China’s produ …
READ MORE“Just before the First World War in 1913, the German mark, the British Shilling, the French franc, and the Italian lira were all worth about the same, and four or five of any were worth about a dollar. At the end of 1923, it would have been possible to …
READ MORE“The greenback, in other words, is not just America’s currency. It’s the world’s. But as astonishing as that is, what may be even more astonishing is this: The dollar’s reign is coming to an end. I believe that over the next 10 years, we’re going to se …
READ MORE“As recently as last month, governments of emerging economies from South Africa to Brazil warned that competitive devaluations might be needed to keep their strengthening currencies from stifling economic growth. Now, talk of currency controls is being …
READ MORE“The world’s currencies are gyrating, but the strains are being felt beyond financial capitals and corporate boardrooms. Millions of families in developing countries rely on relatives sending dollars, euros and other weakened currencies from abroad to …
READ MORE“Unfortunately for defenders of Fed policy, today’s paper is filled with stories of rising inflation. In Singapore, consumer price inflation is running at 5.5%. In Vietnam, consumer price inflation is running at over 12%. There are food riots in India. …
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