Author Archives: admin

Currency and Commodity Markets in 2015

This is the third and final installment of an interview on the outlook for the New Year. Part 3. Forecasts for International Currency and Commodity Markets Q – What is your forecast for the U.S. dollar? Do you think maintaining … Continue reading

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The US Economy in 2015

Following the first installment of a year-end interview on the global outlook, I turn in the second installment to the domestic economy. Part 2. The US Economy Q – As economic adviser to President Clinton, you oversaw one of the most prosperous … Continue reading

Posted in Budget, Financial Crisis, Fiscal Stimulus, inequality, Monetary Policy, Nobel Prize, Recession | Tagged , , , , | Leave a comment

The World Economy in 2015

I am posting in three parts the results of an interview on the year-end outlook.  (The questions come from Chosun Daily, leading Korean newspaper. The interview is to be published there January 1.) Part 1. The Global Economy in 2015 Q: … Continue reading

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Why Are Commodity Prices Falling?

Oil prices have plummeted 40% since June – good news for oil-importing countries, but bad news for Russia, Venezuela, Nigeria, and other oil exporters. Some attribute the price drop to the US shale-energy boom. Others cite OPEC’s failure to agree on … Continue reading

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Emissions Reduction by the Numbers

Discussions in Beijing between US President Barack Obama and Chinese President Xi Jinping – the leaders of the world’s two largest carbon-emitting countries – produced an unexpected, groundbreaking bilateral agreement on greenhouse-gas emissions. Under the new deal, the US is to reduce … Continue reading

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America, the Balanced

When the United States’ current account fell into deficit in 1982, the US Council of Economic Advisers accurately predicted record deficits for years to come, owing to budget deficits, a low national saving rate, and an overvalued dollar. If the US did … Continue reading

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The Return of Voodoo Economics

Paul Krugman’s column in the New York Times today talked of the revival of “Voodoo economics” by some Republican politicians.  This refers to the Laffer Proposition that a cut in income tax rates stimulates economic activity so much that tax revenue goes up … Continue reading

Posted in 2008 presidential election, Budget, Fiscal Stimulus, Laffer Curve | Tagged , , , , , , , , , , , , , , | Leave a comment

Piketty’s Fence

Most of the reviews of Thomas Piketty’s book Capital in the Twenty-First Century have already been written.  But I thought it might be best to read it all the way through before offering my own thoughts on this book, which startlingly rose … Continue reading

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Modi, Sisi & Jokowi: Three New Leaders Face the Challenge of Food & Fuel Subsidies

In few policy areas does good economics seem to conflict so dramatically with good politics as in the practice of subsidies to food and energy.  Economics textbooks explain that these subsidies are lose-lose policies. In the political world that can … Continue reading

Posted in Asia, Commodities, Economic Development, Gas Prices, International Trade, Oil, Poverty | Tagged , , , , , , | Leave a comment

Has Italy Really “Gone Back Into Recession”?

Italians and the world have now been told that their economy slipped back into recession in the first half of 2014.  This characterization is based on the criterion for recession that is standard in Europe and most countries:  two successive … Continue reading

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