…What’s driving this? Primarily the real exchange rate. The chart below illustrates the real effective exchange rates for China and the US, as measured by a broad set of trading…

…of its real-exchange rate (REER), where the REER is the nominal exchange rate adjusted for relative prices in China versus its trading partners – faced by the Chinese. As illustrated…

…dues used for political purposes. Shareholders, including institutional investors such as pension funds, by contrast, too should be entitled, if they are not now, under the Securities Exchange Act and…

…Exchange. RRB is Railroad Retirement, a parallel and older retirement system to Social Security and one with reciprocal funding with Exchange being the net transfer. As you can see from…

…of foreign exchange reserves that prevented their exchange rates from falling enough, flooding U.S. financial markets with dollars and thereby helping to finance the lending boom. Some economists have gone…

…suspect Darda and I have different views as to what these collected works should tell us. Mundell examined the different implications of fixed versus floating exchange rates for the transmission…

…US and $1,800 of which are held by foreign individuals and institutions. What would happen if China decided to dump, say, $100 bn of US government bonds on the market…

by Joseph Joyce Group Therapy Pop quiz: which U.S. policymaker said last week: “We can’t solve everyone else’s problems anymore” in response to foreign criticism of U.S. handling of what…

…exactly, is a crypto reserve? Look, I get it. Money is whatever people use as a medium of exchange and a store of value. And crypto is used as a…

…one year of reserves. For ‘short term’ the test is stricter, it requires that EACH YEAR in the period show that one year of reserves (Trust Fund Ratio = 100),…