The trade policies of the new Trump Administration will lead to job losses and higher consumer prices. Moreover, the emphasis on bilateral trade balances is likely to be restrictive. The current protectionist tide is due to the lack of an honest public debate about the potential benefits of free...

Domestic (but not foreign) borrowing became cheaper after the 17th century financial revolution. Trilemmas present a way of weighing the losses and gains from trade-offs from capital openness. The policy limitations on democracy resulting from capital openness may be treated analogously....

Book description: Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James,...

Eine zentrale vertretende These der Ökonomie lautet: Die Aufhebung von Beschränkungen im Handel und Kapitalverkehr weltweit vermehrt die Wohlfahrt. Internationale Abkommen und Zollunionen verfolgen das Ziel des Freihandels. Auch das europäische Integrationsprojekt basiert mit dem...

The lesson from previous episodes of trade reform is in part a story of political framing as well as a story of compensatory deals. Countries can calculate that they might lose out on the solution to one of the issues but gain on another.

John Maynard Keynes composed The General Theory as a response to the Great Crash and Great Depression with all their devastating consequences for the US macro economy and financial markets, as well as the rest of the world. The role of expectations his new theory set out has been widely...

The modern development of a policy revolution in the late twentieth century that places monetary stability at the core of central banking functions has three roots: an academic discussion of the design of monetary policy institutions; the example of successful central banking practice; and the...