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Germany’s Trade Surplus: Causes and Effects

On January 25, 2015, in a free election, the Greek people exercised their right to decide the destiny of their country. A majority of the Greeks voted against austerity. SYRIZA, an outspoken left-wing party, came to power. Since that day, many European governments, led by Germany, have stubbornly refused to allow the Greek government to…

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Toward a New Bretton Woods Agreement

The fifteenth anniversary of the euro in 2017 offers a good occasion to reexamine what is wrong with the present international monetary arrangements and the theories used to justify them. Theoretical questions concerning the nature of money have profound implications for policy issues, including the mandates of central banks, interest rates, exchange rates, credit growth…

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Dismiss Macroeconomic Myths and Restore Accountability

Statements from past and present Federal Reserve chairmen inspire little confidence that their models provide any understanding of what is going on within the United States, never mind the rest of the world. Yet the Fed continues to rely on the same analyses as it did before the financial crisis of 2008, and it is still led…

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