Found 99 article(s) for author 'Jeffrey Frankel'

Nominal GDP Targeting for Developing Countries

Nominal GDP Targeting for Developing Countries. Jeffrey Frankel, January 2015, Paper. “The revival of interest in nominal GDP (NGDP) targeting has come in the context of large advanced economies. We consider the case for NGDP targeting for mid-sized developing countries, in light of their susceptibility to supply shocks and terms of trade shocks. For India, in particular, one major exogenous supply shock is the monsoon rains. NGDP targeting splits the impact of supply shocks automatically between inflation and real GDP growth. In the case of annual inflation targeting (IT), by contrast, the full impact of an adverse supply shock or terms of trade shock is felt as a loss in real GDP alone.” Link

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Why commodity prices are down in US but up in Europe

Why commodity prices are down in US but up in Europe. Jeffrey Frankel, December 31, 2014, Opinion. OIL prices plummeted 43 per cent during the course of 2014 – good news for oil-importing countries, but bad news for Russia, Nigeria, Venezuela and other oil exporters. Some attribute the price drop to the US shale-energy boom. Others cite Opec’s (Organization of the Petroleum Exporting Countries) failure to agree on supply restrictions. But that is not the whole story…” May require purchase or user account. Link

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Harvard Professor Jeffrey Frankel: America, The Balanced

Harvard Professor Jeffrey Frankel: America, The Balanced. Jeffery Frankel, October 2014, Opinion. “When the United States’ current account fell into deficit in 1982, the US Council of Economic Advisers accurately predict record deficits for years to come, owing to budget deficits, a low national saving rate, and an overvalued dollar. If the US did not adjust, knowledgeable forecasters intoned, it would go from being the world’s largest creditor to its largest debtor. Many of us worried that the imbalances were unsustainable, and might end in a “hard landing” for the dollar if and when global investors tired of holding it…” Link

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Piketty’s Missing Rentiers

Piketty’s Missing Rentiers. Jeffery Frankel, September 18, 2014, Opinion. “Most reviews of Thomas Piketty’s book Capital in the Twenty-First Century have already been written since its startling rise to the top of bestseller lists in April. But I thought it wise to read the volume in its entirety before offering my thoughts. It has taken me five months, but I have finally finished it. One thing that the book has in common with Karl Marx’s Capital is that it serves as a rallying point for those concerned about inequality, regardless of whether they understand or agree with Piketty’s particular argument…” Link

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The Subsidy Trap

The Subsidy Trap. Jeffrey Frankel, August 14, 2014. Opinion. “Few policies place good economics so directly at odds with good politics as subsidies for food and energy. The issue of unaffordable subsidies is now front and center for three of the world’s most important new leaders: Egyptian President Abdel Fattah el-Sisi, Indonesian President-elect Joko “Jokowi” Widodo, and Indian Prime Minister Narendra Modi. Sisi is confronting the need to cut subsidies better than might have been expected. Modi, by contrast, is doing worse than expected – even torpedoing a long-anticipated Word Trade Organization agreement…Link

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China is not yet number one

China is not yet number one. Jeffrey Frankel, May 9, 2014, Opinion. “Many claim that China will soon overtake the US. This column argues that this claim is based on a misuse of statistics. ICP price data is necessary to compare living standards, since a dollar’s worth of yuan buys more in China than a dollar buys in the US. But the fact that rice and clothes are cheap in rural China does not make the Chinese economy larger. What matters for size in the world economy is how much a yuan can buy on world markets. Using the correct prices, the US remains the world’s largest economic power by a substantial margin….Link

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Measure twice, cut once: China’s economy still lags the US

Measure twice, cut once: China’s economy still lags the US. Jeffrey Frankel, May 8, 2014, Opinion. “Headlines around the world last week trumpeted a watershed moment for the global economy. China is poised to pass the US as the world’s leading economic power this year. This is a startling development – or it would be if the claim were not essentially wrong. In fact, the United States remains the world’s largest national economy by a substantial margin…” Link

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China is Still Number Two

China is Still Number Two. Jeffrey Frankel, May 5, 2014, Opinion. “Headlines around the world this week trumpeted a watershed moment for the global economy. As the Financial Times put it, “China poised to pass US as world’s leading economic power this year.” This is a startling development – or it would be if the claim were not essentially wrong. In fact, the United States remains the world’s largest national economy by a substantial margin…” Link verified June 19, 2014

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The Oligarchy Fallacy

The Oligarchy Fallacy. Jeffrey Frankel, April 22, 2014, Opinion. “Income inequality has received a lot of attention lately, particularly in two arenas where it previously received little: American public debate and the International Monetary Fund. A major reason is concern in the United States that income inequality has returned to Gilded Age extremes; but inequality has increased in many other parts of the world as well, and remains high in Latin America…” Link

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