Found 83 article(s) for author 'Jeffrey Frankel'

Reagan’s Tax Reforms Revisited

Reagan’s Tax Reforms Revisited. Jeffrey Frankel, November 24, 2017, Opinion, “The US has plenty of experience with irresponsible tax cuts. Yet its leaders seem not to have learned their lesson. Should Republicans secure the legislative victory they so desire, the entire country – with the exception, perhaps, of the wealthiest few – will lose.Link

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The Fed shortlist: who will hold the second most important job in the US?

The Fed shortlist: who will hold the second most important job in the US? Jeffrey Frankel, October 27, 2017, Opinion, “US President Donald Trump’s administration is expected, by 2 November, to announce its choice, subject to Senate approval, to succeed Janet Yellen as chair of the Federal Reserve Board in February 2018. The White House has indicated it is weighing up five potential candidates. Not all of them would be a good choice.Link

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The Next Fed Chair

The Next Fed Chair. Jeffrey Frankel, October 26, 2017, Opinion, “Good central bankers make decisions based on what they believe is best for the economy, relying on evolving data, not on evolving political imperatives. Only two of the Trump administration’s five apparent candidates to chair the US Federal Reserve fit the bill.Link

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Four Proposals to Help Commodity Exporters Cope with Price Volatility

Four Proposals to Help Commodity Exporters Cope with Price Volatility. Jeffrey Frankel, October 17, 2017, Paper, “Financial markets have done little, if anything, to moderate the impact of commodity price volatility on the exporting countries. This column reviews four proposals to make exporters less vulnerable to volatility – two attempts at appropriate financial engineering, and two attempts at countercyclical macroeconomic policy. One in each category is tried and tested; the other two have hardly been tried.Link

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Why Financial Markets Underestimate Risk

Why Financial Markets Underestimate Risk. Jeffrey Frankel, September 25, 2017, Opinion, “Today’s economy is in a “risk-on” period, when investors exchange safe-haven assets like US Treasury Bills for riskier ones, from real estate to carry-trade currencies. But when such behavior assumes that economic conditions are more stable than they are, as seems to be the case today, trouble inevitably follows.Link

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Trump’s trade policy on China won’t win its help on North Korea

Trump’s trade policy on China won’t win its help on North Korea. Jeffrey Frankel, August 25, 2017, Opinion, “For years, Americans have misunderstood the nuclear threat from North Korea, misjudging how to address it. They have also misunderstood the bilateral trade deficits with China, overestimating their importance. Today, as President Donald Trump threatens new trade barriers against China, on which the United States must depend to help rein in an increasingly dangerous North Korea, these two issues have become closely connected. Yet US officials seem no closer to figuring them out.Link

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Trump’s Sugar Swamp

Trump’s Sugar Swamp. Jeffrey Frankel, June 22, 2017, Opinion, “As the United States, Mexico, and Canada prepare to renegotiate the North American Free Trade Agreement, as US President Donald Trump’s administration has demanded, much attention is being devoted to one item in particular: sugar. The negotiations will probably produce a sweet deal for the US sugar industry, highlighting the emptiness of Trump’s promises to “drain the swamp” of special-interest influence over policymaking.Link

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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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