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International Macroeconomics: Exchange Rates, International Debt, etc.
A Category Archive (30 entries)
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July 1, 2008
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
A reader forwarded me this story. Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors... MORE
June 18, 2008
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Bryan writes, the effect of the exchange rate on the price of gas turns out to be enormous. Our present search for scapegoats is deeply misguided, but a few people really are personally responsible for the high price of gas.... MORE
May 23, 2008
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
David T. King writes, In Europe, the price of oil has risen by 50 euros in the past five-and-a-half years. It now stands at about 75 euros per barrel, three times what it was then. But in the U.S., the... MORE
November 20, 2007
International Macroeconomics: Exchange Rates, International Debt, etc.
Bryan Caplan
Two years ago I denounced home country bias, people's propensity to invest solely in their own country's assets. International diversification is a free lunch in terms of mean-variance efficiency, but most of us pass on it. As Karen Lewis explains:Indeed,... MORE
November 18, 2007
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Tyler Cowen writes, I know full well that in most sensible intertemporal models the U.S. dollar is overvalued and must fall further to set right the trade balance. But these same intertemporal models don't explain business cycles or unemployment very... MORE
November 1, 2007
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
In an interview, Larry Summers says, The classic concern with respect to imbalances is that a situation develops where people are both trying to take money out of a country’s banks and trying to sell its currency. And the central... MORE
February 12, 2007
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
From the 2007 Economic Report: the Chinese intervention does not systematically change the relative real prices between the United States and China. Had the Chinese government not intervened, Chinese domestic prices would have remained the same in terms of yuan... MORE
January 22, 2007
Macroeconomics
Bryan Caplan
I made a wager this weekend while I was at a Liberty Fund conference in Chicago. Fellow participant Jeremy Rabkin of Cornell made quite a few predictions about the non-future of the EU that struck me as overconfident. When he... MORE
September 28, 2006
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
The World Economic Forum writes (in its executive summary), Switzerland takes the leading position as the world’s most competitive economy in 2006–2007, overtaking Finland and Sweden, and replacing the United States, which dropped to sixth position. Switzerland’s top ranking reflects... MORE
September 15, 2006
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Mary Anastasia O'Grady writes, In a world of floating exchange rates and open capital markets, the IMF's raison d'être no longer exists. Its "clients" are rapidly repaying their outstanding loans. Macroeconomic accountability has improved world-wide, not because the fund mandates... MORE
February 24, 2006
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Don Boudreaux writes, Now consider a slightly different example in which I live, not in Virginia, but in Maine on the U.S. side of the Canada-U.S. border. My neighbor is a Canadian living in Canada. He mows my lawn; I... MORE
February 10, 2006
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Don Boudreaux writes A trade deficit isn't debt. My young son, for example, received for Christmas several Chinese-made toys. These were bought with cash. If the Chinese toymakers invest their newly earned dollars in, say, that factory in Utah, the... MORE
December 28, 2004
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Edmund Phelps, who I once said might have won the Noble Prize had he been Scandinavian, ventures a perspective on the dollar and the trade deficit. This model revolves around the epochal event hanging over the present situation: the explosion... MORE
December 20, 2004
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
About the falling dollar, I literally say "So what?" Taking as given government policy for spending, taxes, and money creation, there is nothing specific that political leaders can contribute to the operation of the foreign exchange markets...Our government has no... MORE
December 3, 2004
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Don Boudreaux is puzzled as to why I should care about my country's net savings position, as opposed to just my personal net savings position. Suppose that government starts collecting trade data on blonde-haired people. The government could then calculate... MORE
November 9, 2004
International Trade
Arnold Kling
The link may only work for a day, but Tyler Cowen and John Irons go at it on the online WSJ over outcourcing. I think that Tyler supplies all of the highlights: Outsourcing resembles technical progress in its economics; in... MORE
October 18, 2004
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Brad DeLong continues to predict a crash for the dollar. Japan, China, and other export-oriented East Asian economies are indeed eager to keep the value of the dollar relatively high, and their central banks have piled up close to $2... MORE
June 21, 2004
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Should we worry about what I call the Balance of Saving (our trade deficit)? Don Boudreaux says no. Why should I care if new enterprises are financed out of the savings of a stranger from South Dakota rather than out... MORE
June 7, 2004
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Tyler Cowen meditates on the topic of exchange rates. I am headed back from Poland to France, for one more day in Europe. I cannot help but wince at the especially high prices in France, compared to the United States.... MORE
April 30, 2004
Finance: stocks, options, etc.
Arnold Kling
Brad DeLong wonders, U.S. interest rates are low relative to those of other major countries (save Japan). Where is my uncovered interest parity? Here is what Brad is thinking. If I own dollars today and want to invest in bonds... MORE
March 11, 2004
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Brad DeLong and I were sitting East-West, with Warren Mosler and Thomas E. Nugent sitting North-South. Somehow, we got to two ad hominems, doubled and redoubled. Let's review the bidding. Mosler and Nugent opened with Understanding that government deficits add... MORE
November 18, 2003
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
I argue that our trade deficit is really a savings deficit. Increasing exports relative to imports is not a matter of beating up on China to live up to its commitments in the World Trade Organization. It is not a... MORE
October 20, 2003
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Ken Rogoff, former chief economist of the International Monetary Fund, finds it odd that the United States is a borrower rather than a lender in international capital markets. Isn't it even stranger that this borrowing includes sizable chunks from countries... MORE
August 20, 2003
International Trade
Arnold Kling
Brad DeLong makes another attempt to explain the economics of outsourcing. Remember: few would be worried about "outsourcing" if the U.S. unemployment rate were still close to four percent, rather than at the above six percent level that it is.... MORE
August 17, 2003
International Trade
Arnold Kling
To what extent is the large trade deficit reported for the U.S. a cause for concern? In my Bubbleheads essay a couple months back, I discussed some of the fears about the deficit and the apparently-overvalued dollar. Brad DeLong wonders... MORE
June 17, 2003
Macroeconomics
Arnold Kling
Robert Solow favors common sense over exotic theory. On the concerns about deflation in the U.S., he writes, If you look at the hundreds of prices that are tracked by the Bureau of Labour Statistics as elements of the consumer... MORE
June 11, 2003
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
The German economy is in bad shape. Brad DeLong points to a paper by Adam S. Posen that assesses Germany's potential to go into a long slump like Japan. For an advanced economy to perpetually stagnate, its political economy must... MORE
May 29, 2003
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Prashant Kothari forwarded an email from one of his readers that said, I think global deflation is [in] the cards as long as we have free trade in goods and services. China is rapidly becoming a sophisticated manufacturer and there... MORE
May 9, 2003
Macroeconomics
Arnold Kling
Continuing the discussion that began with the thread Liquidity Trapped?, we can add opinions from Richard Berner of Morgan Stanley and Victor Canto of the Cato Institute. Canto writes, The data make a compelling case that we are on the... MORE
April 22, 2003
Optimum Currency Areas
Arnold Kling
Martin Feldstein explains why Europe is not an optimum currency area, even though the United States is one. First, American employees move within the country when demand is relatively weak in a particular region, facilitated by a common language and... MORE
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