Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
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May 17, 2009
Monetary Policy
"We hate you guys ... but there is nothing much we can do"
That – now famous -- quote by Luo Peng isn’t really true. China’s government choose to peg its currency to the dollar. More importantly, China’s government choose to peg to the dollar at a rate t…
August 4, 2009
Monetary Policy
Bonus graph
A quick chart showing how my estimates (from work I have done with Arpana Pandey of the CFR) for official holdings of Treasuries and Agencies compares with the FRBNY custodial holdings and the data t…
January 3, 2009
Monetary Policy
Secrets of SAFE, Part 1: Look to the UK to find some of China’s Treasuries and Agencies
Not everyone who read my earlier post on China’s flight from risky assets was convinced that a large share of the UK’s (net) Treasury purchases should be attributed to China. Talk is cheap. M…
June 16, 2008
Budget, Debt, and Deficits
The April TIC data lends itself to a host of different headlines …
One might be “Foreigners love US Treasury bonds.” Foreign investors bought $80 billion of long-term Treasuries in April, and another $3.3 billion of short-term bills for good measure. Anyone who …
January 13, 2009
Emerging Markets
The fall in the US trade deficit in November
I’ll be unusually brief. I have been working through the latest data on China -- and, well, it is hard to top Calculated Risk. The fall in the US trade deficit today was easy to anticipate. …
