LONDON – The doctrine of imposing present pain for future benefit has a long history – stretching all the way back to Adam Smith and his pra…
CANBERRA – The brouhaha over Carmen Reinhart’s and Kenneth Rogoff’s article “Growth in a Time of Debt” may be the most conspicuous and incen…
PRINCETON – Since the 2008 financial crisis, most industrial economies have avoided anything like the collapse that occurred during the Grea…
NEW YORK – At the conclusion of their summit in Durban in March, the leaders of the BRICS (Brazil, Russia, India, China, and South Africa) a…
MILAN – Charles P. Kindleberger, the great economic historian, once noted that the Great Depression was so deep and so long because of “Brit…
BERKELEY – Imagine two central banks. One is hyperactive, responding aggressively to events. While it certainly cannot be accused of ignorin…
BERKELEY – In the 12 years of the Great Depression – between the stock-market crash of 1929 and America’s mobilization for World War II – pr…
CAMBRIDGE – This year marks the 100th anniversaries of two distinct institutional innovations in American economic policy: the introduction …
SEOUL – South Korea’s incoming president, Park Geun-hye, takes over a country that has been a global role model for economic development. Bu…
CAMBRIDGE – In a recent commentary, I examined whether increasing pressure from more rapid stock trading is inducing corporate managers to o…