The Federal Reserve is experiencing something new in its history: sustained and sizable operating losses. These losses—currently running at more than $100 billion a year on an annualized basis—stem largely from the sharp rise in short-term interest rates, which has increased the interest the Fed pays on bank reserves while the income from its long-term securities portfolio remains comparatively low.

By William Bergman

How inflationary inertia, driven by distributional conflict, disrupts the economy’s path to an effective demand equilibrium.

By Nicholas M. Burotto

We typically view competition as a positive force that lowers prices, improves quality and service, and increases variety. However, competition can sometimes be toxic.

By Maurice Stucke

Kalecki challenged the structuralist view by pointing to the internal social class barriers to development, and the need to assure supplies of basic wage goods in order to avoid inflationary pressures that could derail the development process.

By Jan Toporowski

We need a dual approach to AI: steer technology in the short term while building new systems for the long term.

By Anton Korinek and Joe Stiglitz

This paper examines in detail the interrelationships between the EU’s concerns, its energy policies, and the resulting challenges and uncertainties facing European gas through the rest of the decade, and beyond.

By Yaroslav Melekh, James Dixon, Katrina Salmon, and Michael Grubb