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Wed, 11 Nov 2009 00:00:00 GMT
While the economic entanglements between the U.S. and China have increased over the last decade, so has the tension. With President Obama visiting China and other Asian nations, Brookings expert Eswar Prasad and Grace Gu of Cornell University discuss the tightening embrace between the two countries—in terms of flows of goods and services, financial capital and people—and the implications.
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Mon, 19 Oct 2009 00:00:00 GMT
Amid White House efforts to revamp financial sector regulations—including creation of a new oversight agency—Martin Baily argues that the Federal Reserve should not take over this responsibility. The Fed, he says, is in a unique position to take on the macro side of prudential regulation—that of the systemic risk regulator, a responsibility that would well suit its purview of the overall stability and performance of the macro economy.
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Tue, 13 Oct 2009 00:00:00 GMT
The financial crisis has taught us a painful lesson that global macroeconomic imbalances can wreak enormous damage on the world economy. At the G-20 Pittsburgh Summit, leaders committed to a framework that would prevent further damage. Eswar Prasad proposes a Special Drawing Rights scheme that allows G-20 countries to make enforceable policy commitments.
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Sun, 04 Oct 2009 00:00:00 GMT
During a lecture at the IMF-World Bank 2009 Annual Meetings, Kemal Derviş discussed global growth prospects following the economic crisis and the role that supply side factors and macroeconomic management can play.
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Thu, 17 Sep 2009 00:00:00 GMT
On September 24, President Obama will chair his first G-20 Summit in Pittsburgh. With the world economy improving, leaders will now focus their attention on economic recovery and restoring financial stability. Experts from Brookings Global Economy and Development program analyze top issues to be addressed at the summit and provide recommendations on how to effectively overcome global economic and governance challenges to ensure recovery now and to prevent future crises.
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Tue, 08 Sep 2009 00:00:00 GMT
Martin N. Baily responds to the National Journal’s question regarding a recent New York Times Magazine column from Paul Krugman entitled, “How Did Economists Get it So Wrong?” in which Krugman argues that the recession points to a muddy future for economic theory and a greater legitimacy for behavioral economics.
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Wed, 08 Jul 2009 09:00:00 GMT
Event Information:
- July 08, 2009, 9:00 AM to 11:00 AM
The federal government responded aggressively to the economic crisis with fiscal, financial and monetary interventions. While boosting the economy has to be the top priority in the short run, it would be dangerous to lose focus on medium- and long-term fiscal issues that represent future threats to the economy and the solvency of the federal government. On July 8, Brookings experts and colleagues examined the delicate balancing act between economic recovery and fiscal sustainability.
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Thu, 28 May 2009 00:00:00 GMT
U.S. Treasury Secretary Timothy Geithner's first trip to China will feature a range of discussions about global economic issues and the U.S.-China economic relationship. Eswar Prasad outlines some of the critical agenda items and the broader challenges facing these two closely intertwined economies.
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Tue, 21 Apr 2009 00:00:00 GMT
In a new working paper, Eswar Prasad and co-authors examine the economic policies that can help developing countries manage the process of financial globalization and recommend a tailored approach to balance the risks and benefits of financial integration.
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Tue, 14 Apr 2009 00:00:00 GMT
Barry Bosworth and Aaron Flaaen summarize some research on the origins of the financial crisis and trace the evolution of the credit panic that hit in late 2008, its impact on the real economy, and the extraordinary policy actions that have been taken to mitigate the economic losses.
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Thu, 26 Mar 2009 00:00:00 GMT
Leaders of the Group of 20 (G-20) countries met in London on April 2 for their second summit on the global financial crisis. In a new set of articles, Brookings experts addressed the critical issues for policy-makers and offered guidelines for more effective global coordination.
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Thu, 05 Mar 2009 00:00:00 GMT
Almost all of the G-20 countries have agreed to some type of fiscal stimulus plan to get their economies back on track but how strong are the plans and what measures are included? Eswar Prasad and Isaac Sorkin analyze the G-20 stimulus plans in detail in new research.
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Sun, 01 Mar 2009 00:00:00 GMT
Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.
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Sun, 01 Mar 2009 00:00:00 GMT
Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.
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Wed, 28 Jan 2009 00:00:00 GMT
What is to blame for the global financial crisis? In new commentary, Eswar Prasad dissects the role global macroeconomic imbalances and other drivers might have played in precipitating the crisis and offers solutions for building future global economic stability.
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Sun, 30 Nov 2008 00:00:00 GMT
The global financial crisis underscores the importance of developing global climate change policies that can withstand major economic disruptions. In a new working paper, Warwick McKibbin, Adele Morris, and Peter Wilcoxen examine the effects of unexpected economic shocks on three potential climate change policy regimes.
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Fri, 10 Oct 2008 00:00:00 GMT
As President-Elect Obama prepares to lead the United States, what are the top global economic challenges facing the new president and his advisors and how should the new administration address them? A new report by Brookings global economic and development experts ranks the top 10 issues and details specific ideas for how to tackle the toughest challenges.
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Thu, 31 Jul 2008 00:00:00 GMT
Aid volatility, caused by various reasons including shifts in the donor’s economic and political landscape, can negatively affect development growth. Homi Kharas measures the cost of aid volatility using a financial metric, which if used by policymakers, can create a better system of aid flows and effective development. At times, recipient countries can incur negative income shocks, and Kharas calculates that in recent years about 16 billion USD in development assistance has been lost to aid volatility.
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Tue, 01 Jul 2008 12:00:00 GMT
The new editorial team will retain BPEA’s focus on empirical research of current issues in macroeconomics and economic policy, emphasizing real-world events and institutions.
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Fri, 13 Jun 2008 00:00:00 GMT
To unleash greater local and national prosperity, U.S. metropolitan leaders need to be better equipped to deal with today’s increasingly dynamic economic, social and environmental realities. This summary outlines a new federal-state-metro partnership that provides metropolitan actors the support, capacity, tools and discretion they need to resolve key challenges; grow in more productive, inclusive, and sustainable ways; and, ultimately, to maximize America’s overall prosperity.
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Mon, 09 Jun 2008 00:00:00 GMT
Isabel Sawhill and Emily Monea argue that it's time to tear up the intergenerational contract as we know it and construct public policy around the one group of people for whom social investments really pay off: kids.
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Thu, 01 May 2008 00:00:00 GMT
This tenth issue of the Brookings Trade Forum examines a variety of dimensions of FDI.
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Mon, 21 Apr 2008 00:00:00 GMT
By examining the IMF's World Economic Outlook, Senior Fellow Doug Elmendorf, discusses ways in which innovations in housing finance around the world might change the way monetary policy deals with housing developments in the future.
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Sun, 06 Apr 2008 00:00:00 GMT
The financial regulatory infrastructure that started during the Civil War is now an "alphabet soup" of agencies, and it suffers from duplication in some areas and gaps in others. Jason Furman provides guidance on how policy-makers can build a more effective and stable financial system.
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Fri, 04 Apr 2008 00:00:00 GMT
Rebecca Blank points out some of the troubling signs related to unemployment rates. The author discusses extending unemployment insurance benefits to address long-term unemployment and explains how changing demographics make the current numbers hard to compare to previous recessions.
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Sat, 08 Mar 2008 00:00:00 GMT
Matt Fellowes testifies before the House Committee on Financial Services on his research into the high costs of being poor.
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Fri, 07 Mar 2008 00:00:00 GMT
Testifying before the Joint Economic Committee, Rebecca Blank argued that the low unemployment rate is misleading when compared to earlier years because the composition of those in the workforce is changing. In fact, she said, the very high rates of long-term unemployment suggest that it might be time to extend Unemployment Insurance benefits beyond the standard 25 weeks.
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Fri, 08 Feb 2008 00:00:00 GMT
At the request of the European Central Bank, Martin N. Baily presented his work at a conference in Frankfurt, in January 2008. His work examined productivity and potential growth in the United States and the European Union for the whole economy and by industry. This is a PDF of Martin Bailey's PowerPoint presentation.
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Mon, 04 Feb 2008 00:00:00 GMT
Though Washington is abuzz with talk of a short-term stimulus for the economy, very little is being said about the long-term challenges to American prosperity.
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Fri, 01 Feb 2008 00:00:00 GMT
BPEA provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.
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Fri, 01 Feb 2008 00:00:00 GMT
Data from the Panel Study of Income Dynamics (PSID) reveals that household income has become noticeably more volatile during the past thirty years. Senior Fellow Doug Elmendorf with Karen Dynan and Daniel Sichel from the Federal Reserve Board estimate that the standard deviation of percent changes in household income rose one-fourth between the early 1970s and early 2000s.
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Fri, 01 Feb 2008 00:00:00 GMT
Will the economy get a much-needed boost from a stilmulus package? In a week long Los Angeles Times 'Dust Up' series, Jason Furman, a Brookings scholar and an advisor to President Clinton, and author-economist Steven E. Landsburg discuss the U.S. economy and the recently announced stimulus package.
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Thu, 31 Jan 2008 00:00:00 GMT
Will the economy get a much-needed boost from a stilmulus package? In a week long Los Angeles Times 'Dust Up' series, Jason Furman, a Brookings scholar and an advisor to President Clinton, and author-economist Steven E. Landsburg discuss the U.S. economy and the recently announced stimulus package.
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Tue, 29 Jan 2008 00:00:00 GMT
Will the economy get a much-needed boost from a stilmulus package? In a week long Los Angeles Times 'Dust Up' series, Jason Furman, a Brookings scholar and an advisor to President Clinton, and author-economist Steven E. Landsburg discuss the U.S. economy and the recently announced stimulus package.
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Tue, 29 Jan 2008 00:00:00 GMT
Michael Greenstone and Justin Gallagher use the housing market to develop estimates of the local welfare impacts of Superfund sponsored clean-ups of hazardous waste sites. They show that if consumers value the clean-ups, predictions will lead to increases in local housing prices and new home construction.
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Tue, 29 Jan 2008 00:00:00 GMT
As the government moves closer to finalizing a fiscal stimulus package, the Federal Reserve must decide what influence, if any, the legislation should have on policy. Two former Fed economists, Douglas Elmendorf of the Brookings Institution and Vincent Reinhart of the American Enterprise Institute, argue that fiscal stimulus shouldn't stop the Fed from significantly cutting rates.
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Tue, 29 Jan 2008 00:00:00 GMT
The economic stimulus package before Congress may provide temporary relief in the short-term, but, ultimately, bolstering America’s long-term economic growth depends on the “three Is”- innovation, intellect, and infrastructure. Alan Berube, research director and fellow at the Metropolitan Policy Program at Brookings discusses America’s major metropolitan areas hold the key to economic health for the long haul.
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Mon, 28 Jan 2008 00:00:00 GMT
Will the economy be stimulated by the House/White House stimulus package? In a week long series, The Hamilton Project director, Jason Furman, a Brookings scholar and an advisor to President Clinton, and author-economist Steven E. Landsburg discuss the U.S. economy and the recently announced stimulus package.
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Tue, 15 Jan 2008 00:00:00 GMT
Ralph C. Bryant summarizes an approach for periodic reviews of IMF quotas and voting shares, emphasizing the issues at stake in the design of a rebalancing formula, and assesses the status of the international negotiations as of the beginning of 2008.
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Sun, 16 Dec 2007 00:00:00 GMT
Hamilton Project Director Jason Furman was one of six experts asked by The New York Times to assess the current state and forecast the future direction of the American economy.
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Tue, 13 Nov 2007 00:00:00 GMT
Some argue that the Federal Reserve has kept rates too low for too long, thus setting the stage for the housing boom-bust and financial turmoil. But the optimal policy one can imagine in hindsight would not have changed the course of events much, says Doug Elmendorf.
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Tue, 13 Nov 2007 00:00:00 GMT
More families face losing their homes in the coming year as payments rise and house prices fall. Doug Elmendorf suggests that the government should help households facing foreclosures, but through a carefully targeted strategy.
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Wed, 31 Oct 2007 00:00:00 GMT
Despite troubles in the subprime mortgage industry, an otherwise healthy economy should avert a true credit crisis. This brief describes how there is no shortage of capital and why bailing out the lenders would merely encourage them to do it again.
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Fri, 21 Sep 2007 00:00:00 GMT
Doug Elmendorf offers a critical appraisal of recent policy responses to rising delinquencies and foreclosures of subprime mortgages. The Federal Reserve should reduce, but not slash, the federal funds rate, he argues.
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Sat, 01 Sep 2007 00:00:00 GMT
Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.
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Fri, 13 Jul 2007 00:00:00 GMT
Opinion by Johannes F. Linn and Colin I. Bradford, Frankfurter Allgemeine Zeitung (7/13/07)
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Fri, 13 Jul 2007 10:00:00 GMT
Event Information:
- July 13, 2007, 10:00 AM to 12:00 PM
On July 13, Brookings hosted a discussion to address the Lake Research Partners American Dream research, a new paper on economic security by Brookings research fellow Elisabeth Jacobs, and the implications of public attitudes toward government's ability to tackle critical issues.
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Sun, 01 Jul 2007 00:00:00 GMT
The contributors highlight the innovative way in which Japanese financiers and government officials have learned from the U.S. regarding the introduction of new instruments into their market.
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Thu, 28 Jun 2007 00:00:00 GMT
Opinion by Lex Rieffel, The Brookings Institution (6/28/07)
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Thu, 28 Jun 2007 00:00:00 GMT
Opinion by Wing Thye Woo, The Brookings Institution (6/28/07)
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Tue, 26 Jun 2007 00:00:00 GMT
Testimony by Kenneth Rogoff before the House Committee on the Budget (6/26/07)
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Fri, 01 Jun 2007 00:00:00 GMT
Using data from the PSID, we find that household income has become noticeably more volatile during the past thirty years. We estimate that the standard deviation of percent changes in household income rose one-fourth between the early 1970s and early 2000s.
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Fri, 01 Jun 2007 00:00:00 GMT
Paper by Jason Bordoff (Summer 2007)
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Wed, 30 May 2007 00:00:00 GMT
Interview by Colin I. Bradford, American Public Media's Marketplace (5/30/07)
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Tue, 17 Apr 2007 00:00:00 GMT
Event Information:
- April 17, 2007 at 12:00 AM
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Thu, 22 Feb 2007 00:00:00 GMT
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Thu, 15 Feb 2007 00:00:00 GMT
Opinion by Kenneth Rogoff, Project Syndicate (2/15/07)
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Thu, 08 Feb 2007 00:00:00 GMT
Kenneth Rogoff Opinion, Financial Times, February 8, 2007
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Tue, 09 Jan 2007 00:00:00 GMT
Interview wth Carol Graham, The Kojo Nnamdi Show (1/9/07)
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Mon, 08 Jan 2007 00:00:00 GMT
Opinion by Kenneth Rogoff, Project Syndicate (1/8/07)
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Sat, 06 Jan 2007 00:00:00 GMT
Barry P. Bosworth and Jack E. Triplett discuss data needs and important improvements in the statistical base for analyzing productivity.
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Fri, 24 Nov 2006 00:00:00 GMT
Opinion by Johannes Linn (11/24/2006)
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Wed, 01 Nov 2006 00:00:00 GMT
When should government intervene in market activity and when is it best to let market forces take their natural course? How does the existing empirical evidence about government performance guide our answers to these questions? In this clear, concise
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Wed, 01 Nov 2006 00:00:00 GMT
Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature.
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Wed, 01 Nov 2006 00:00:00 GMT
Paper by Barry Bosworth and Gabriel Chodorow-Reich (November 2006)
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Sun, 01 Oct 2006 00:00:00 GMT
Opinion by Raj Desai in Kommersant (10/2006)
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Sun, 01 Oct 2006 00:00:00 GMT
While developers and investors feel that investment in inner-city America holds some potential for profitable returns, there is little consensus on what works and what doesnt in urban markets. People believe that profitability and sustainability are
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Fri, 01 Sep 2006 00:00:00 GMT
On what basis is one to conclude that a policy to correct a market failure is as successful as possible? The first consideration is whether government has any reason to intervene in a market: Is there evidence of a serious market failure to correct? The second is whether government policy is at least improving market performance: Is it reducing the economic inefficiency, or "deadweight" loss, from market failure?
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Fri, 01 Sep 2006 00:00:00 GMT
The World Bank is assailed by critics on the left, right and center on the grounds it is not effective, not accountable, not democratic or legitimate, and most threatening of all, not relevant in a global economy where private capital, production, an
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Fri, 01 Sep 2006 00:00:00 GMT
BPEA provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.
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Fri, 01 Sep 2006 00:00:00 GMT
Paper by Warwick J. McKibbin and Jong-Wha Lee (09/2006)
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Tue, 25 Jul 2006 10:00:00 GMT
Event Information:
- July 25, 2006, 10:00 AM to 12:30 PM
The Hamilton Project released its second set of policy papers, examining trade and government reform.
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Sat, 01 Jul 2006 00:00:00 GMT
Paper by Peter R. Orszag and Michael Deich (7/17/2006)
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Thu, 29 Jun 2006 00:00:00 GMT
A June 29, 2006 speech by Peter R. Orszag at the APEC Symposium on Socio-Economic Disparity.
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Mon, 01 May 2006 00:00:00 GMT
Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers."
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Sat, 01 Apr 2006 00:00:00 GMT
Americans' long-held belief that education and hard work advances each generation's outlook has provided a powerful incentive for industrious activity, spurring the unprecedented economic growth that the United States has enjoyed for more than two centuries. Yet the fundamental principle that all citizens should have an opportunity to succeed is at risk today because the nation is neither paying its way nor investing adequately in its future. The Hamilton Project at Brookings advances innovative policy ideas for improving our nation's economic policy.
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Wed, 01 Mar 2006 00:00:00 GMT
This volume illuminates questions surrounding offshoring from a variety of complementary angles—from theory to empirics, from industry studies to aggregate labor market effects, and from both developed and developing country vantage points.
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Wed, 01 Feb 2006 00:00:00 GMT
This paper looks back at the efforts after 1981 to resolve the conflict over how to reduce the budget deficit. Large and sustained budget deficits have re-emerged as a central focus of the debate over U.S. economic policy. The parallels between today's situation and the large deficits of the 1980s are striking in several dimensions. Is it possible that history will simply repeat itself, and a return to the budget discipline of the 1990s will again restore balance?
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Wed, 01 Feb 2006 00:00:00 GMT
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Sun, 01 Jan 2006 00:00:00 GMT
This paper reviews competing explanations for the pattern of global imbalances and the magnitude of the U.S. external deficit. It argues that, far from being incompatible, existing explanations are all parts of the larger story.
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Sun, 01 Jan 2006 00:00:00 GMT
As trade flows expanded and trade agreements proliferated after World War II, governments—most notably the United States—came increasingly to use their power over imports and exports to influence the behavior of other countries. But trade is not the only way in which nations interact economically. Over the past two decades, another form of economic exchange has risen to a level of vastly greater significance and political concern: the purchase and sale of financial assets across borders. Nearly $2 trillion worth of currency now moves cross-border every day, roughly 90 percent of which is accounted for by financial flows unrelated to trade in goods and services—a stunning inversion of the figures in 1970. The time is ripe to ask fundamental questions about what Benn Steil and Robert Litan have coined as "financial statecraft," or those aspects of economic statecraft directed at influencing international capital flows. How has the American government practiced financial statecraft? How effective have these efforts been? How can they be made more effective? The authors provide penetrating and incisive answers in this timely and stimulating book.
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Thu, 15 Dec 2005 00:00:00 GMT
Paper by Eswar Prasad and Shang-Jin Wei, China at Crossroads Conference (December 15, 2005)
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Thu, 01 Dec 2005 00:00:00 GMT
Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts draw lessons from attempts to recover from these and other financial crises of recent history.
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Mon, 26 Sep 2005 09:30:00 GMT
Event Information:
- September 26, 2005, 9:30 AM to 11:30 AM
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Thu, 22 Sep 2005 00:00:00 GMT
Event Information:
- September 22, 2005 at 12:00 AM
The Global Markets Institute at Goldman Sachs joined Brookings to host a multilateral, two-day conference, "The Top Ten Financial Risks to the Global Economy: A Dialogue of Critical Perspectives."
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Thu, 11 Aug 2005 00:00:00 GMT
In a global economy characterized by some as being awash in saving, Americans stand out for their devotion to consumption. The rate of private saving in the United States has declined precipitously over the past two decades. While the corporate component has surged during the current economic expansion, the household saving rate has continued to fall. Household saving has fallen from ten percent of disposable income in the first half of the 1980s to less than two percent in the first half of the current decade. This development should strike us as all the more surprising given the large number of baby-boomers who are in their peak saving years. Despite considerable empirical research, the source of the saving decline remains controversial; primarily because it's one-time nature makes the question of the causes difficult to resolve on the basis of macroeconomic correlations.
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Mon, 01 Aug 2005 00:00:00 GMT
Subscribe to Brookings Papers on Economic Activity
Brookings Papers on Economic Activity (BPEA) provides academic a
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Fri, 01 Jul 2005 00:00:00 GMT
White-collar offshoring burst into public consciousness early last year in the middle of a peculiarly unbalanced recovery, in which the share of national income going to workers and the rate of job creation were both unusually low. Coming on top of accelerated job shedding in manufacturing and the bursting of the information technology bubble, this new wave of offshoring expanded yet again the group of U.S. workers facing fundamental insecurity about future earnings.
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Wed, 01 Jun 2005 00:00:00 GMT
Opinion by William G. Gale and Peter R. Orszag, Los Angeles Times (6/1/05)
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Wed, 01 Jun 2005 00:00:00 GMT
Article by Warwick J. McKibbin and Andrew Andrew Stoeckel, Economic Scenarios (June 2005)
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Wed, 01 Jun 2005 00:00:00 GMT
Paper by Warwick J. McKibbin (June 2005)
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Wed, 01 Jun 2005 00:00:00 GMT
Paper by James B. Ang and Warwick J. McKibbin (June 2005)
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Wed, 01 Jun 2005 00:00:00 GMT
Paper by Chad P. Bown and Rachel McCulloch (June 2005)
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Sun, 01 May 2005 00:00:00 GMT
Paper by Chad P. Bown and Bernard M. Hoekman (May 2005)
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Thu, 14 Apr 2005 12:30:00 GMT
Event Information:
- April 14, 2005, 12:30 PM to 2:00 PM
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Fri, 01 Apr 2005 00:00:00 GMT
Paper by Michael Kremer and Seema Jayachandran (April 2005)
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Tue, 01 Mar 2005 00:00:00 GMT
Article by Peter A. Diamond and Peter R. Orszag, Journal of Economic Perspectives (Spring 2005)
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Tue, 01 Mar 2005 00:00:00 GMT
Wealth inequality in America dwarfs income inequality, with low levels of asset ownership affecting a majority of the country. Thus the bottom 60 percent of the nation collectively possesses less than 5 percent of the nation’s wealth. Broadening the ownership of assets—through IDAs, children’s savings accounts, and targeted tax subsidies for wealth accumulation—may help expand economic security and opportunity for the nation’s poor.
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Tue, 01 Feb 2005 00:00:00 GMT
Article by Warwick J. McKibbin and Andrew Stoeckel, Economic Scenarios (February 2005)
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Sat, 01 Jan 2005 00:00:00 GMT
The India Policy Forum (IPF) is a new annual publication dedicated to research on the contemporary Indian economy. This inaugural issue contains highlights from a conference held in New Delhi in March 2004.