Sunday, August 30, 2015
  1. A Cautionary History of US Monetary Tightening

    J. Bradford DeLong

    A Cautionary History of US Monetary Tightening


     points out that the last four episodes reduced employment and output far more than anticipated.

    Janet Yellen Ron Sachs/ZumaPress

    The US Federal Reserve has tightened monetary policy four times in the past 40 years, and all four time the impact on the economy was more harmful than expected. As the Fed prepares to tighten monetary policy once again, an examination of this history suggests that the US is about to enter dangerous territory. READ MORE

  2. China’s Political Interventions

    Koichi Hamada
  3. Why the Fed Should Postpone Rate Hikes

    Anders Borg

    Why the Fed Should Postpone Rate Hikes


     warns that policymakers lose credibility when they fail to adapt to changing realities.

    Janet Yellen Yin Bogu/ZumaPress

    As central bankers from around the world gather this week in Jackson Hole for the Federal Reserve’s annual Economic Policy Symposium, one key topic of discussion will be the current global stock-market turmoil. But financial volatility is only one reason why the Fed should not raise interest rates this year. READ MORE

  4. Automation, Productivity, and Growth

    Michael Spence
  5. What Should China Do?

    Michael J. Boskin

    What Should China Do?


     underscores the danger to long-term stability implied by reversion to state control of the economy.

    Xi Jinping Rao Aimin/ZumaPress

    China’s government has a lot on its plate as it attempts to ease the short-term effects of an economic slowdown while implementing reforms aimed at smoothing the shift to a new growth model. The main danger, glimpsed in the authorities' ham-fisted response to the recent fall in equity prices, is a reversion to greater state control. READ MORE

Focal Point

318 pages
318 pages

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