Good central bankers make decisions based on what they believe is best for the economy, relying on evolving data, not on evolving political imperatives. Only two of the Trump administration's five apparent candidates to chair the US Federal Reserve fit the bill.
evaluates the five candidates the Trump administration is considering for the position.
Since 1960, only a few countries in Latin America have narrowed the gap between their per capita income and that of the United States, while most of the region has lagged far behind. Making up for lost ground will require a coordinated effort, involving both technocratic tinkering and bold political leadership.
explain what it will take finally to achieve economic convergence with advanced economies.
Between now and the end of this decade, climate-related investments need to increase by orders of magnitude to keep the world on track toward achieving even more ambitious targets by mid-century. Fortunately, if done right, such investments could usher in an entirely new and better economy.
explains what it will take to mobilize capital for the net-zero transition worldwide.
发自纽约州伊萨卡——本来已经对美国的税收,贸易和移民政策大动手术的特朗普总统如今正研究一系列可能为美国经济引来更多后果的决策。随着美联储副主席斯坦利·费舍尔(Stanley Fischer)本月退休,美联储理事会的七个席位中已经出现了三个空缺。而到2018年2月美联储主席珍妮特·耶伦(Janet Yellen)的第一个任期也将结束,给特朗普造就了一个特殊的机会去给该机构贴上自己的标签。
而特朗普究竟会提名谁以及这些人选的产生过程不仅涉及到美联储的长期运作,还会对美国经济及其在全球金融体系中的核心地位产生持续的影响。
美联储的信誉是人们花费数十年时间按照一定程序精心树立起来的。一个例子就是美联储前主席保罗·沃尔克(Paul Volcker)在1980年代初决定加息以提升利率并接受暂时性的失业率增加。如果当年沃尔克未能采取行动,美国就会陷入螺旋式通货膨胀。沃尔克的举动引发了短期的痛苦;而且也巩固了美联储的长期信誉。
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
Subscribe
As a registered user, you can enjoy more PS content every month – for free.
Register
Already have an account? Log in