Martin Wolf’s FT column makes a number of crucial points:1) Asia has let undervalued exchange rates (and reserve accumulation) substitute for policies to promote domestic demand. The (growing) back…

I rarely agree with Steven "trade deficits do not matter" Jen.   His models for G3 exchange rate determination leave out a variable - the pace at which the US is adding to its external debt and its r…

Some days are marked by a surplus of good material.   The TIC data.  The second quarter current account data.  DeLong's magnus opus on what the great and good talked about on the margins of Jackson h…

The Economist's Buttonwood struggles with something I have also struggled with:Stephen "Interest rate and growth differentials, not current account deficits" Jen has basically been right on the dolla…