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

Lessons learned from Detroit: A judge's perspective — U.S. District Judge Gerald E. Rosen has more experience than most in resolving thorny cases of municipal distress: He was the mediator in the high profile bankruptcy of Detroit. What lessons did he draw from that experience that might apply to future municipal bankruptcies?

How to Right the U.S. ‘Fiscal Ship’? Online Game Players Chart Their Own Course. — David Wessel is director of the Brookings Institution's Hutchins Center on Fiscal & Monetary Policy and a contributing correspondent to The Wall Street Journal. He is on Twitter: @davidmwessel. Confronted with more than 100 spending and tax options to restrain the rise of the federal debt, Americans who play " The Fiscal Ship " computer game to completion overwhelmingly choose tax increases over spending cuts, the game's creators report.

How to right the U.S. 'Fiscal Ship'? Online game players chart their own course — The Fiscal Ship, a free game online at, has been played almost 46,000 times since it was launched in late April by the Brookings Institution’s Hutchins Center and the Woodrow Wilson International Center for Scholars.

In wake of 'Brexit,' addressing voter anger with more than lip service — Proponents of technological progress, globalization, and immigration have long known that what's good for society as a whole is not good for everyone. But they have talked more about compensating the losers than they have acted. Donald Trump gets this.

In Wake of ‘Brexit,’ Addressing Voter Anger With More Than Lip Service — David Wessel is director of the Brookings Institution's Hutchins Center on Fiscal & Monetary Policy and a contributing correspondent to The Wall Street Journal. He is on Twitter: @davidmwessel. Amid all the turmoil in global financial markets and political upheaval in the U.K.

Hutchins Roundup: Occupational licensing, real exchange rates, and more — Studies in this week's Hutchins Roundup find no change in nurses' earnings in states that adopt multistate licensing, real exchange rate depreciation can have a strong positive effect on growth in developing economies with fixed exchange rate regimes, and more.

Did negative rates in Europe trigger massive cash hoarding? — For a long time, economists believed that negative interest rates - charging savers to keep money in the bank instead of paying them interest - were close to impossible. If confronted with negative rates, people and institutions would hoard currency, economists reasoned.

Are negative rates a “calamitous misadventure"? ECB economists say no — In June 2014, the European Central Bank (ECB) brought its deposit facility rate (the one that banks face when they put their excess reserves at the ECB) below zero for the first time in its history, to -0.10%. By March 2016, the rate was -0.40%.

Do Fed officials talk too much about plans for interest rate moves? — Federal Reserve policy makers have been working hard to persuade Wall Street observers and financial markets that, contrary to market expectations a few weeks ago, the Fed may boost short-term interest rates in June or July. Journalistic surveys of Fed watchers and trading in futures markets suggests these efforts are succeeding.

Janet Yellen and the four big uncertainties — When Federal Reserve Chair Janet Yellen spoke in Philadelphia on Monday, a lot of people listened for clues on when the Fed would next raise interest rates. (She didn’t give many, though nothing she said changed the view, now widespread, that the Fed won’t raise rates next week.)
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