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Janet Yellen has done what
was needed to leave behind fond memories of her term as Fed chief. She waited
until the U.S. economy showed vigorous signs of recovery before announcing a
soft-landing solution from the excessive liquidity inherited from Ben Bernanke.
In part, this was a conscious choice to do what markets expected. But it may
have been governed more by a long-term pessimism about the outlook for the
Professor Enrico Colombatto
Egypt incurred the wrath of its citizens in November by floating the pound. But as long as the country has weak institutions and a weak economy, it must have a weak currency, too.
Despite quantitative easing, forward-guidance and negative interest rates, global GDP growth has not taken off. Avoiding the business cycle should not be the priority of central banks or governments. Creating conditions that allow businesses and individuals to deal with the cycle, should.
Just how badly have the oil
slump and sanctions hurt Russia’s economy? On the evidence, not nearly as much
as Western policymakers had hoped. Vladimir Putin has the resources to wait out
Europe and the next U.S. president on sanctions, at least until he runs for
reelection in 2018. But the long-term cost could be high.
Professor Stefan Hedlund
Let’s Change – Cambiemos – led by former Buenos Aires Mayor Mauricio Macri, won Argentina’s presidential run-off by less than 3 per cent of the popular vote. Headlines in Europe, the United States and Latin America heralded the opposition coalition’s victory as marking a reversal of the ‘pink tide’ – the swing to the left that has dominated South American politics ...
Dr. Joseph S. Tulchin