History
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Upon leaving Mount Washington
Apr 13, 2011
The place invites poetry. By the way, all sessions can be viewed from the website – check out in particular the last session featuring Gillian Tett of the Financial Times moderating a discussion between Paul Volcker and George Soros
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A new K-hero
Apr 12, 2011
I was not in Bretton Woods this week. I followed the event through the videos posted on the INET website and the exhilarating and exhausting experience of Benjamin, Floris and Tiago.
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When my heart skipped a beat
Apr 10, 2011
I am writing a paper about an economist that was at the Treasury in the second half of the 1950s and 1960s.
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Who’s the INETiest of them all?
Apr 10, 2011
There are a lot of universities represented here, but who are the most likely candidates for participation and who might one expect INET to be interested in?
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Conference paper
A Tale of Two Trilemmas
Apr 2011
In a classic book and subsequent articles, Obstfeld and Taylor (2004) have shown how the broad contours of international financial history over the past century and a half can be well understood by appealing to the famous economictrilemma which emerges from the standard Mundell-Fleming model many of us still teach our undergraduates.
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Conference paper
A Comprehensive Approach to the Euro-Area Debt Crisis
Apr 2011
The euro area’s sovereign debt crisis continues though significant steps have been taken to resolve it.
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Optimal Currency Areas and Governance: The Challenge of Europe
Apr 9, 2011 | 09:30—11:30
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Rising to the Challenge: Equity, Adjustment and Balance in the World Economy
Apr 9, 2011 | 01:50—03:20
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Conference paper
Optimal Currency Areas and Governance: The Challenge of Europe
Apr 2011
In preparing this paper I have decided not to embark upon the decades-old issue of optimal-currency areas and governance as such. I assume that one of my colleagues on the panel will do that. Instead I will present an historical case of over-indebtedness of parts of a common-currency area somewhat similar to the present challenge of Europe, or rather of the Euro area with its common currency.
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Conference paper
High Wealth Concentration, Porous Exchange Control, and Shocks to Relative Return: the Fragile State of China’s Foreign Exchange Reserve
Apr 2011
At a time when China is the favored investment destination in the global market, it seems unlikely that it would ever face capital flight.
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Conference paper
Legislators Never Bowl Alone: Big Money, Mass Media, and the Polarization of Congress
Apr 2011
This is a small paper on a big subject: the polarization of American politics since the mid-1970s. In its early stages this process bore more than a passing resemblance to the opening scenes of a Grade B disaster movie: With almost everyone’s attention focused elsewhere, a series of tiny, seemingly insignificant departures from long standing routines took place.
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Conference paper
Too Big to Fail, Too Big to Jail
Apr 2011
The theme of this session is very timely and controversial, on the ability of sovereign governments to supervise Large Complex Financial Institutions (LCFIs), now officially described as G-SIFIs, global systemically important financial institutions.
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Conference paper
Global Imbalances: Past, Present and Future
Apr 2011
After the inception and, hopefully, the passing of the most dangerous phase of the international financial crisis, economists have returned to the long favoured subject of global imbalances.
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The Political Economy of Structural Adjustment: Understanding the Obstacles to Cooperation
Apr 9, 2011 | 03:15—05:10
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Of history repeating…
Apr 9, 2011
The Bretton Woods conference has a protean character.Talk in the corridors asks “what is it?” Some in the press (lots of press here) believe that deals are being made, the attendance of heavy hitters leads some to believe that consultations and strategies are being outlined for world government (Summers, Stiglitz, Brown, and yesterday Volcker arrived to close the event).