Commentary

Are Central Banks to Blame for Rising Inequality?

The view that central-bank interest-rate policy can and should be the main driving force behind greater income equality is stupefyingly naive, no matter how often it is stated.

Commentary

Biden's Neo-Populist Economic Doctrine

Within the space of just half a year, US President Joe Biden has completed a necessary economic-policy regime shift that started chaotically under his predecessor.

Commentary

Are US Corporations Above the Law?

By siding with major food corporations over six Malian former child slaves who were seeking compensation under US tort laws, the US Supreme Court has sent a dangerous message.

Commentary

Central Banking, Fast and Slow

As the global economy emerges from the COVID-19 shock, systemically important central banks are faced with the unenviable task of deciding when and how quickly to phase out extraordinary stimulus measures.

Commentary

Under the Latin American Volcano

Most of Latin America is still far from the horrific conditions prevailing in Venezuela, where output has fallen by a staggering 75% since 2013.

Commentary

The Looming Stagflationary Debt Crisis

Years of ultra-loose fiscal and monetary policies have put the global economy on track for a slow-motion train wreck in the coming years. When the crash comes, the stagflation of the 1970s will be combined with the spiraling debt crises of the post-2008 era, leaving major central banks in an impossible position.

Commentary

The Return of the Finance Threat?

Given recent history, policymakers would be unwise merely to hope for a best-case scenario in which a strong and quick economic recovery redeems the enormous run-up in debt, leverage, and asset valuations.

Commentary

The Inflation Red Herring

Far from signaling the return of significant inflation, temporary price increases are exactly what one would expect in a recovery following an economic shutdown.

Commentary

A Curse Worse than Cash

Although prominent cryptocurrency advocates are politically connected and have democratized their base, regulators simply cannot sit on their hands forever.

Commentary

Vaccines and the West’s Credibility Crisis

Trust is a precious commodity.

Commentary

Leaders and Laggards in the Post-Pandemic Recovery

While some major economies are recovering fast from the pandemic-induced recession, others are languishing, and still others remain in a state of acute crisis.

Commentary

Helping the Other 66%

Addressing within-country inequality may be the political imperative of the moment.

Commentary

High Growth Sectors in the Post-Recovery Decade

The post-pandemic economy could well be defined by the return of robust aggregate productivity growth after 15 years of relative sclerosis.

Commentary

My Worst Forecasting Mistake

There were three seemingly strong reasons to predict last year that the US economy was headed for a double-dip recession.

Commentary

Is Stagflation Coming?

Lost in the debate over whether today's ultra-loose fiscal and monetary policies will trigger painful inflation is the broader risk posed by potential negative supply shocks.