Finance

We continue to learn about what the Fed did during the crisis.

As a matter of accounting, if the U.S. as a whole buys from the rest of the world more than it sells to the rest of the world, then it must, on net, also be borrowing from the rest of the world. Perry has previously put this into a money-view context.

Bailout, Default, or Plan C

Further Thoughts

Sense about Social Security

These days, one hears worries of impending inflation.

Currencies or Commodities?

Breaking the Silence

Learning How to Swap

The Term Securities Lending Facility (TSLF) was one of the bigger (in dollar terms) emergency programs implemented by the Fed during the crisis of 2008.

An Interview with the Author of “The New Lombard Street: How the Fed Became the Dealer of Last Resort”

War Reparations, or Prosperity

And what was QE about anyway?

In my last post I argued that if we want a Fed that is ready for the next crisis, we had better understand what happened to it during the last one.

In a classic book and subsequent articles, Obstfeld and Taylor (2004) have shown how the broad contours of international financial history over the past century and a half can be well understood by appealing to the famous economictrilemma which emerges from the standard Mundell-Fleming model many of us still teach our undergraduates.