Is the Emerging Market Currency Plunge Really About Trade? (Benn Steil, Emma Smith, Council on Foreign Relations)

http://blogs.cfr.org/geographics/2016/12/12/is-the-emerging-market-currency-plunge-really-about-trade/

Paul Krugman Doubles Down On Fiscal Expansion Claims Contradicted by Data (Benn Steil, Emma Smith, Council on Foreign Relations)

http://blogs.cfr.org/geographics/2016/11/14/paul-krugman-doubles-down-on-fiscal-expansion-claims-contradicted-by-data/

Large Scale Central Bank Asset Purchases, by Currency (Brad Setser, Emma Smith, Council on Foreign Relations)

In an earlier post, I added reserve purchases by the world’s major emerging market central banks, Japan and Switzerland to the bonds purchases by the Fed, the BoJ, the ECB and Bank of England. I wanted to highlight that the central banks of the world were buying a lot of U.S. and European bonds before the big central banks started quantitative easing (QE). China and others bought a ton of bonds prior to the global crisis.

http://blogs.cfr.org/setser/2016/10/18/large-scale-central-bank-asset-purchases-by-currency/

History Shows Trump’s Trade Policy Is a Recipe for Recession (Benn Steil, Emma Smith, Council on Foreign Relations)

The central theme of Donald Trump’s economic policy is trade. He promises to slash America’s trade deficit by tearing up international agreements and imposing massive new tariffs on imports from China (45%) and Mexico (35%). By cutting the trade deficit from $500 billion to zero, according tohis senior economic advisers, $1.74 trillion in new tax revenue will accrue to the Treasury over the next decade. Trump will use this massive windfall to fund two-thirds of his proposed tax cuts. If true, this will indeed go some way toward Making America Great Again.

http://blogs.cfr.org/geographics/2016/10/12/trump-trade-policy-recession/

Eurozone Monetary Policy Is Working Again (Benn Steil, Emma Smith, CFR)

http://blogs.cfr.org/geographics/2016/09/27/eurozonemonetarypolicypassthrough/

Italy’s (Not So) Big Bad Bank Bailout (Benn Steil, Emma Smith, CFR)

http://blogs.cfr.org/geographics/2016/08/24/italybankbailout/

Portugal Gaining on Italy in the Banking ‘Doom Loop’ (Benn Steil, Emma Smith, CFR)

http://blogs.cfr.org/geographics/2016/08/11/portugalgainitalybankingdoomloop/

What If Japan Becomes Treasury’s First Currency ‘Manipulator’ in 22 Years? (Benn Steil, Emma Smith, CFR)

In May, Japanese Finance Minister Taro Aso and colleagues warned of their willingness to intervene in currency markets to counteract upward pressure on the yen. And in the wake of Britain’s historic Brexit vote on June 23, which prompted another surge in the currency, even Prime Minister Shinzo Abe joined the chorus.

http://blogs.cfr.org/geographics/2016/07/07/japantreasurycurrencymanipulator/

Has the Fed Become More Accommodative than the ECB and BoJ? (Benn Steil, Emma Smith, CFR)

http://blogs.cfr.org/geographics/2016/04/15/nominalvsrealrates/

CoCo Nuts Have Been Hammered, but the Market Is Doing Just Fine (Benn Steil, Emma Smith, CFR)

Anxiety over whether Deutsche Bank would suspend interest payments on its contingent convertible bonds, otherwise known as CoCos, fueled a February selloff in the $250 billion market – as well as in bank shares broadly. While Deutsche Bank has insisted that it will have no difficulty making interest payments, yields on CoCo bonds remain well above their levels at the start of the year – as shown in the graphic above.

http://blogs.cfr.org/geographics/2016/03/03/cocobonds/

Could China Have a Reserves Crisis? (Benn Steil, Emma Smith, CFR)

Last summer, U.S. lawmakers were condemning China for pushing down its currency, arguing that it was still “terribly undervalued.” But those days may be long gone. Chinese and foreigners alike have been stampeding out of RMB, leaving the Chinese central bank struggling to keep its value up and prevent a rout.

http://blogs.cfr.org/geographics/2016/02/10/chinareserves/

Rate Hikes or Balance Sheet Reductions? How Should the Fed Tighten? (Benn Steil, Emma Smith, CFR)

http://blogs.cfr.org/geographics/2016/02/03/howtotighten/

Emerging Markets Fear Yellen, But Need To Keep Their Eye On Draghi (Benn Steil, Emma Smith, CFR)

http://www.cfr.org/emerging-markets/emerging-markets-fear-yellen-but-need-keep-their-eye-draghi/p37467