Found 72 article(s) for author 'Jeffrey Frankel'

The Case Against Subsidizing Housing Debt

The Case Against Subsidizing Housing Debt. Jeffrey Frankel, May 29, 2017, Opinion, “At the end of the first quarter, according to the Federal Reserve Bank of New York, American consumer debt for the first time exceeded its previous peak (in dollars), reached in the third quarter of 2008, just as the global financial crisis erupted. Although car loans and student debt have been rising especially rapidly, housing debt remains more than two-thirds of the $12.7 trillion total.Link

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How to Renegotiate NAFTA

How to Renegotiate NAFTA. Kenneth Rogoff, April 24, 2017, Opinion, “US President Donald Trump’s administration says that it is sticking with its campaign promise to renegotiate the North American Free Trade Agreement. Indeed, Trump has now reiterated his intention to invoke the procedures for renegotiating NAFTA soon (within “the next two weeks”), triggering a 90-day consultation period with the US Congress, before talks with Mexico and Canada commence. Assuming that happens – a very big if – it is worth asking how renegotiation could be done right.Link

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The Currency-Plus-Commodity Basket: A Proposal for Exchange Rates in Oil-Exporting Countries to Accommodate Trade Shocks Automatically

The Currency-Plus-Commodity Basket: A Proposal for Exchange Rates in Oil-Exporting Countries to Accommodate Trade Shocks Automatically. Jeffrey Frankel, March 2017, Paper, “The paper proposes an exchange rate regime for oil-exporting countries. The goal is to achieve the best of both flexible and fixed exchange rates. The arrangement is designed to deliver monetary policy that counteracts rather than exacerbates the effects of swings in the oil market, while yet offering the day-to-day transparency and predictability of a currency peg. The proposal is to peg the national currency to a basket, but a basket that includes not only the currencies of major trading partners (in particular, the dollar and the euro), but also the export commodity (oil). The plan is called Currency-plus-Commodity Basket (CCB). The paper begins by fleshing out the need for an innovative arrangement that allows accommodation to trade shocks.Link

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Mnuchin’s Mission

Mnuchin’s Mission. Jeffrey Frankel, March 22, 2017, Opinion, “US Treasury Secretary Steven Mnuchin is hemmed in on all sides. Domestically, he’s trapped between the promises he has made (such as the “Mnuchin rule” that taxes wouldn’t be cut for the rich), the actions of President Donald Trump (whose tax plan includes cuts for the rich), and simple arithmetic (which makes the administration’s conflicting pledges impossible to fulfill). But even on the international stage, where US treasury secretaries typically enjoy more latitude and esteem, Mnuchin is likely to have a hard time.Link

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Demonetization on Five Continents

Demonetization on Five Continents. Jeffrey Frankel, December 22, 2016, Opinion, “Around the world, several countries are currently undergoing “demonetization,” or currency reforms in which the government removes banknotes of a certain denomination from circulation and replaces them with new notes. Governments pursue demonetization for a variety of reasons, and some of the recent initiatives are going better than others.Link

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Trump’s Fiscal Follies

Trump’s Fiscal Follies. Jeffrey Frankel, August 16, 2016, Opinion, “This year’s presidential election campaign in the United States is certainly unique. Donald Trump has shaken up the way a campaign is run, how a nominee communicates with voters, and the Republican Party’s platform, with many of his positions deviating from GOP tradition. But, on tax policy, Trump has toed the party line – and that’s not a good thing.Link

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Are Democrats Really Better for America’s Economy?

Are Democrats Really Better for America’s Economy? Jeffrey Frankel, June 22, 2016, Opinion. “Hillary Clinton has repeatedly claimed in recent months that the US economy does much better when a Democrat is in the White House. Coming from the presumptive Democratic presidential nominee, that probably sounds like political spin. But the truth is that she is absolutely right.Link

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Rediscovering Fiscal Policy at the G7

Rediscovering Fiscal Policy at the G7. Jeffrey Frankel, May 24, 2016, Opinion. “As G7 leaders convene in Ise-Shima, Japan, the global economy’s fragility is a top concern. But instead of focusing on currency wars, the leaders of the major developed economies should be discussing fiscal policy, which under current conditions would be a more powerful tool than monetary policy for boosting economic activity. After all, today, unlike in normal times, the effects of fiscal policy would not be limited by too-high interest rates, inadequate private demand, strict capacity constraints, or excessive inflation.Link

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