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December 4, 2015

Europe
ECB and the Limits of QE

Markets were clearly underwhelmed by the European Central Bank’s (ECB) easing announcement yesterday, marginally cutting its (already negative) deposit rate and extending the duration of its asset pu…

June 26, 2023

Israel
The Netanyahu Invitation and West Bank Settlement Expansion

By refusing to invite Israeli Prime Minister Benjamin Netanyahu to visit the White House, the Biden administration is foolishly strengthening the very forces it most often criticizes in the Israeli g…

September 16, 2004

United States
U.S. dependence on Asian central banks

One country’s external debt is another country’s asset. The U.S. capital account data leaves little doubt that foreign central banks have been a huge source of financing for the U.S. current account…

September 30, 2016

China
The ECB on the Slowdown in Global Trade

I really liked the ECB’s recent report on the slowdown in global trade (summarized here), for five reasons. 1) It doesn’t assume that trade should always grow faster than output. A liberalization …

china-manu-trade

March 22, 2021

El Salvador
Why Central American Migrants Are Arriving at the U.S. Border

Thousands of people are arriving at the U.S. southern border after fleeing the Northern Triangle countries of El Salvador, Guatemala, and Honduras. President Biden is reviving efforts to tackle the p…