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

5 Reasons to Worry About Deflation

brookings.edu — The deflation scare is back, as Jon Hilsenrath and Brian Blackstone report on the front page of The Wall Street Journal. It's worth taking a moment to contemplate why deflation is such a bad thing. After all, falling prices sound appealing to consumers, especially compared with the alternative of higher prices.

5 Reasons to Worry About Deflation

blogs.wsj.com — The deflation scare is back, as Jon Hilsenrath and Brian Blackstone report on the front page of The Wall Street Journal. It's worth taking a moment to contemplate why deflation is such a bad thing. After all, falling prices sound appealing to consumers, especially compared with the alternative of higher prices.

Lousy Economic Growth Is a Choice, Not an Inevitability

brookings.edu — Some of this reflects unfortunate, enduring after-effects of the global financial crisis and the Great Recession. But the notion that all this is inevitable and economic policy has done all that it can do is defeatist and wrong. Take the U.S. and Europe.

Lousy Economic Growth Is a Choice, Not an Inevitability

blogs.wsj.com — The headlines are full of gloom about the world economy: " Global Slowdown Threatens Recovery," The Wall Street Journal warns. " Emerging markets slowdown fuels concern for global outlook: Unease that low growth has become 'the new normal,' " says the Financial Times.

The Fiscal Barometer

brookings.edu — Click small charts to enlarge. Mouse over large charts to view details. Tap for touch devices. The fiscal impact measure shows how much federal, state, and local government taxes and spending added to or subtracted from the overall pace of economic growth.

The Glass Ceiling is Getting Thinner

blogs.wsj.com — The glass ceiling is still there, but it's getting thinner. A trio of economists, wielding big data from Social Security's records, says that in 1981-85, women constituted just 1.9% of the top 0.1% of earners (based on average earnings for those years) and 5.2% of the top 1%.

Debt Management in an Era of Quantitative Easing: What Should the Treasury and the Fed Do?

brookings.edu — While the Federal Reserve was buying trillions of dollars of long-term U.S. Treasury bonds and taking them out of private investors' portfolios in its quest to resuscitate the U.S. economy, the debt managers at the U.S. Treasury were moving in the opposite direction by lengthening the average maturity of its bond issuance, putting more long-term Treasury bonds into private investors' portfolios.

New HHS Chief Presses Reset on Health Law, Plugs Savings and Quality

blogs.wsj.com — A bit more than three months into her tenure as secretary of health and human services, Sylvia Mathews Burwell is moving to polish the image and improve implementation of the Affordable Care Act, an effort likely to determine whether she is seen as a success in the post.

【寄稿】通貨戦争への回帰はあるか - WSJ

jp.wsj.com — ある国の経済があまりにも鈍化したときの一般的な短期的対策は、政府支出を拡大するか、減税するか、金利を引き下げることである。いずれのオプションも利用できないときには、政府は多くの場合、通貨安を演出して、輸出価格を引き下げる(さらに最近では輸入価格を引き上げ、物価上昇率を望ましい水準に押し上げる)。 ...

The Return of the Currency Wars

blogs.wsj.com — When a country's economy grows too slowly, the standard short-term remedies are to increase government spending, cut taxes or reduce interest rates. When none of those options is available, governments often resort to pushing down their currencies to make their exports more attractive to foreigners (and, these days, to push up import prices and thus bring inflation back up to desired levels).
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