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A Proposal to End the COVID-19 Pandemic
Many countries have stepped up in the global fight against the pandemic, as have institutions such as the World Health Organization, the World Bank, Gavi (the Global Alliance for Vaccines and Immunization), the…
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US Dollar Share of Global Foreign Exchange Reserves Drops to 25-Year Low
The share of US dollar reserves held by central banks fell to 59 percent—its lowest level in 25 years—during the fourth quarter of 2020, according to the IMF’s Currency Composition of Official Foreign Exchange…
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The Policymaker’s Trilemma
Imagine you’re a policymaker in sub-Saharan Africa. You’ve been charged with lifting your country out of the worst health crisis in living memory, and nobody around you knows when it will end—the second…
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Why Soaring Stocks Could Be Bad News For The Economy
While it’s had some ups and downs, the stock market has soared to historic heights in recent years. For many, that’s great news: it’s a sign that the economy and their retirement accounts…
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104 days of Bidenonomics
President Biden has now been in office for 100 days. Okay, technically 104 days. In that time, presidential tweets have gotten way more boring, but the federal government's plans to intervene in the…
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Understanding the Rise in US Long-Term Rates
The rise in long-term US interest rates has become a focus of global macro-financial concerns. The nominal yield on the benchmark 10-year Treasury has increased about 70 basis points since the beginning of…
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A Future with High Public Debt: Low-for-Long Is Not Low Forever
Many countries are experiencing a combination of high public debt and low interest rates. This was already the case in advanced economies even prior to the pandemic but has become even starker in…
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Managing Divergent Recoveries
It is one year into the COVID-19 pandemic and the global community still confronts extreme social and economic strain as the human toll rises and millions remain unemployed. Yet, even with high uncertainty…
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How Rising Interest Rates Could Affect Emerging Markets
Emerging and developing economies are viewing rising interest rates with trepidation. Most of them are facing a slower economic recovery than advanced economies because of longer waits for vaccines and limited space for…
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Slow-Healing Scars: The Pandemic’s Legacy
Recessions wreak havoc and the damage is often long-lived. Businesses shut down, investment spending is cut, and people out of work can lose skills and motivation as the months stretch on. But the…
