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Browsing Category
Political Economy
The politics of adjustment
China is not the first country to have experienced a long period of miraculous growth. But the most difficult part of growth miracles has not been the growth miracle itself but rather the subsequent adjustment.
Summers: History will overwhelmingly approve QE
Below is a video interview Larry Summers conducted with Bloomberg Television. We provide the partial transcript without comment, courtesy of Bloomberg Television.
OECD suggests ECB consider non-conventional measures due to Eurozone deflation risks
As a follow-up to an earlier discussion on rising deflationary risks in the Eurozone (here), it seems that the OECD is now also growing concerned about this issue. The latest economic report is openly suggesting that the ECB consider…
Bullard pushes inflation floor threshold, says tapering on table for December
St. Louis Federal Reserve President, James Bullard, spoke to Bloomberg News Editor in Chief Matthew Winkler this morning at Bloomberg’s The Year Ahead 2014 conference in Chicago. What he said there confirmed my comments las week about the…
Larry Summers expects a long winter
After having been considered to head both the Federal Reserve and the Bank of Israel earlier this year, Lawrence Summers has been propelled back into the center of the broader economic dialogue with a speech at a recent IMF Economic Forum.…
Five years of QE and the distributional effects
As we approach the fifth anniversary of the start of the first quantitative easing program, some are asking the thorny question about the so-called "distributional effects" of these unprecedented programs. Who really benefited since the…
European cohesion, austerity, Grexit, and eurozone expulsion
With Ireland and Spain poised to leave Europe’s bailout mechanism, Europe appears to have weathered a very big storm. Yet, the Eurozone is still wracked with joblessness and economic growth remains elusive. What’s more, Europe’s…
Full text: Janet Yellen’s prepared remarks for US Senate, 14 Nov 2013
The following are prepared remarks by Janet Yellen for her first meeting with Congress after being nominated to replace Ben Bernanke as the Federal Reserve Chair
The Crisis as a Classic Financial Panic
Below is the text of a speech delivered on Friday by Federal Reserve Chairman Ben Bernanke on the recent financial crisis and its similarities to financial panics like the Panic of 1907 (which led to the founding of the Federal Reserve in…
It Ain’t Gonna be Ben’s Fed for Much Longer
Everyone is familiar with the fact that Federal Reserve Chairman Bernanke’s second term as Chairman is drawing to a close. Janet Yellen is widely expected to ultimately be confirmed by the Senate. What is less appreciated is that the…