Found 385 article(s) in category 'Monetary Policy'

Italy Has Faced a Long, Difficult Time

Italy Has Faced a Long, Difficult Time. Kenneth Rogoff, December 1, 2016, Video, “In today’s “Morning Must Read,” Bloomberg’s Tom Keene and Francine Lacqua highlight comments on this weekend’s Italian referendum. They speak with Harvard University Professor of Economics Kenneth Rogoff on “Bloomberg Surveillance.”Link

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Progress and Confusion: The State of Macroeconomic Policy

Progress and Confusion: The State of Macroeconomic Policy. Kenneth Rogoff, Lawrence Summers, 2016, Book, “What will economic policy look like once the global financial crisis is finally over? Will it resume the pre-crisis consensus, or will it be forced to contend with a post-crisis “new normal”? Have we made progress in addressing these issues, or does confusion remain? In April of 2015, the International Monetary Fund gathered leading economists, both academics and policymakers, to address the shape of future macroeconomic policy. This book is the result, with prominent figures—including Ben Bernanke, Lawrence Summers, and Paul Volcker—offering essays that address topics that range from the measurement of systemic risk to foreign exchange intervention.Link

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PM Narendra Modi’s Notes Ban Neither Intelligent Nor Humane: Amartya Sen To NDTV

PM Narendra Modi’s Notes Ban Neither Intelligent Nor Humane: Amartya Sen To NDTV. Amartya Sen, November 30, 2016, Video, “Despotic and authoritarian” is how Nobel Laureate and Bharat Ratna Amartya Sen describes the decision to abruptly ban 500- and 1000-rupee notes. “The alleged objective of dealing with black money is something all Indians would laud. But we have to ask whether this is the good way to do it? This decision is about minimal achievement and maximal suffering,” Dr Sen said, appearing from Harvard University on NDTV’s The Buck Stops Here.Link

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Demonetization Dos and Don’ts

Demonetization Dos and Don’ts. Gita Gopinath, November 27, 2016, Opinion, “On November 8, at 8:15 in the evening, Indian Prime Minister Narendra Modi’s government announced that, at the stroke of midnight, all 500- and 1,000-rupee notes in circulation would no longer be considered legal tender, and would need to be exchanged for new 500- and 2,000-rupee notes. Modi’s “demonetization” intervention affected 85% of the money in circulation in India. It was an unprecedented move, whether in India or almost anywhere else, and it is by far Modi’s boldest policy intervention to date.Link

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Most sweeping change in currency policy in the world in decades

Most sweeping change in currency policy in the world in decades. Lawrence Summers, November 21, 2016, Opinion, “One of us (Larry) has long advocated the abolition of the $100 note in the US context and the 500 euro note (aka the Bin Laden) in the European context. We assumed the next step after the ECB’s announcement that the 500 euro note would be phased out would be discussion of the $100 bill and of the particularly pernicious 1000 Swiss franc note.Link

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Two Cheers for the Foreign Tax Credit, Even in the BEPS Era

Two Cheers for the Foreign Tax Credit, Even in the BEPS Era. Stephen Shay, November November 2016, Paper, “Reform of the U.S. international income taxation system has been a hotly debated topic for many years. The principal competing alternatives are a territorial or exemption system and a worldwide system. For reasons summarized in this Article, we favor worldwide taxation if it is real worldwide taxation; that is, a non-deferred U.S. tax is imposed on all foreign income of U.S. residents at the time the income is earned. However, this approach is not acceptable unless the resulting double taxation is alleviated. The longstanding U.S. approach for handling the international double taxation problem is a foreign tax credit limited to the U.S. levy on the taxpayer’s foreign income.Link

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India’s Currency Exchange and The Curse of Cash

India’s Currency Exchange and The Curse of Cash. Kenneth Rogoff, November 17, 2016, Opinion, “On the same day that the United States was carrying out its 2016 presidential election, India’s Prime Minister, Narendra Modi, announced on national TV that the country’s two highest-denomination notes, the 500 and 1000 rupee (worth roughly $7.50 and $15.00) would no longer be legal tender by midnight that night, and that citizens would have until the end of the year to surrender their notes for new ones. His stated aim was to fight “black money”: cash used for tax evasion, crime, terror, and corruption. It was a bold, audacious move to radically alter the mindset of an economy where less than 2% of citizens pay income tax, and where official corruption is endemic.Link

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Health and Taxes

Health and Taxes. David Cutler, October 25, 2016, Paper, “Viewing health care through the lens of a social issue prompts such questions as: What policies would best improve the population’s health? How can report cards be used to improve the quality of surgery? Where are there opportunities for additional disease prevention? The questions here are intricate and detailed. Some of the issues are clinical, and advice from physicians is actively sought and welcomed. For example, no one would develop a pay-for-performance system for surgeons without extensive involvement of the relevant surgical societies.Link

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