Director, Hutchins Center on Fiscal & Monetary Policy, Brookings institution. Contributing correspondent, The Wall Street Journal

IMF Cites Hidden Price of Energy Subsidies

online.wsj.com — Problem one: Governments from the U.S. to Egypt to Japan are running big, unsustainable budget deficits. Problem two: Global governments are finding it tough to agree on an efficient, fair way to head off climate change. Fact one: Those governments...

4 Challenges for Central Bankers after the Financial Crisis

brookings.edu — David Wessel summarizes his remarks to the IMF's Jacques Polak Research Conference, noting new challenges to the world's central bankers such as increased public attention, the value of forward guidance and signaling, the persistence of "unconventional monetary policy," and the spread of macroprudential tools to bolster financial stability.

Lew to Germany and Japan: Be More Like Us

blogs.wsj.com — David Wessel: When Jack Lew took over at Treasury a little less than two years ago, the rest of the world was still blaming the U.S. for triggering the worst global financial crisis in generations. Today, the U.S. is doing better than nearly any other advanced economy.

Business books of the decade

Yes, the Jobless Rate Fell. Here’s Why Americans Are Still Gloomy.

brookings.edu — The U.S. economy is getting better. Why are Americans so unconvinced of that? The jobless rate in October fell to 5.8%, the lowest since July 2008, and the broader measure (which includes discouraged workers and the like) is down to 11.5%, the lowest since September 2008.

Yes, the Jobless Rate Fell. Here’s Why Americans Are Still Gloomy.

blogs.wsj.com — The U.S. economy is getting better. Why are Americans so unconvinced of that? The jobless rate in October fell to 5.8%, the lowest since July 2008, and the broader measure (which includes discouraged workers and the like) is down to 11.5%, the lowest since September 2008.

Home Ownership in the U.S.: Rethinking Big Part of the American Dream

online.wsj.com — (Please see Corrections and Amplifications below.) It's time to have a serious conversation about the American approach to home ownership and mortgages. A system once celebrated for putting so many families into their own homes and for making mortgages so widely available has become, as one housing economist puts it, "a case study in failure."

Today's Deficit is not the Problem

brookings.edu — There are reasons to be relaxed about the federal deficit. But... When the books closed on fiscal year 2014 on Sept. 30, revenues were up 9% and spending was up just 1%. Even Medicare grew slowly.

Dodd-Frank Financial Reform: Wins, Losses, Trade-Offs, Not Far Enough and Too-Soon-to-Tell

brookings.edu — The Dodd-Frank Wall Street Reform and Consumer Protection Act made the financial system safer, stronger and less prone to a repeat of the 2007-09 crisis, but the law could be tweaked to make it better, say Brookings' Martin Baily and Aaron David Klein, director of the financial regulatory reform initiative at the Bipartisan Policy Center.

Wessel: Today’s Deficit Is Not the Problem

blogs.wsj.com — There are reasons to be relaxed about the federal deficit. But ... When the books closed on fiscal year 2014 on Sept. 30, revenues were up 9% and spending was up just 1%. Even Medicare grew slowly.
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