Daniel H. Neilson

The current account still matters, but other things do too, and maybe more. In light of recent focus on gross flows, here and elsewhere, I want to argue for the language of the balance of payments.

A correspondent sends us to a column of Paul Krugman’s that asserts that “nobody understands debt”. Fair enough.

As we prepare to digest the implications of this week’s ECB move, it seems worthwhile to take a look at the monetary economics of fixed exchange rates.

The ECB has always been the protagonist of the eurozone crisis story.