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April 1, 2013

Europe and Eurasia
Beware Friendly Fire in the Currency Wars

Prominent economic commentators have argued the cases for significantly weaker currencies in each of the world’s major economies – in particular, the United States, the eurozone, Japan, and the UK…

Beware Friendly Fire in the Currency Wars

November 3, 2014

Europe and Eurasia
The ECB Fails to Stress Banks Over the One Critical Variable It Controls: Inflation

Relentlessly falling inflation is bad news for Eurozone banks.  It increases the real (inflation-adjusted) value of borrower debt and the real cost of servicing that debt.  It causes loan defaults…

The ECB Fails to Stress Banks Over the One Critical Variable It Controls: Inflation

February 12, 2013

Monetary Policy
Why NGDP Targeting is a Fad

Big-name economists have been lining up to show their support for yet another target-based approach to monetary policy making: nominal gross domestic product level (NGDP) targeting. The basic idea…

Why NGDP Targeting is a Fad

May 3, 2022

United States
James K. Galbraith: Can American-led Global Financial Capitalism Survive?

Trust in the U.S.-led economic and geopolitical order has been eroding. The Russian invasion of Ukraine and the U.S. response to it, whatever its merits, may be the last straw for the global monopoly…

G7 summit in Brussels

November 6, 2013

Europe and Eurasia
ECB Rate Cut a No-Brainer; Also, for Many, a No-Gainer

Back in April, we showed that the eurozone countries most in need of lower corporate borrowing rates benefited only marginally from ECB rate cuts. Today’s Geo-Graphic shows that little has changed…

ECB Rate Cut a No-Brainer; Also, for Many, a No-Gainer