The magazine of international economic policy.

From the Fall 2009 issue

Should Central Banks Target Asset Prices?

How difficult is it to identify bubbles and to avoid moral hazard without, from time to time, engaging in a fool’s errand?

A symposium of views

Why Banks Aren’t Lending

The unintended consequences of a zero interest rate policy.

By Ronald McKinnon

Time for More Stimulus

It’s do or die.

By Joseph E. Stiglitz

Oil Lessons for Today

Energy expert Dan Yergin sat down with two of the main energy policymakers from the 1970s—former Senator Bennett Johnston (D-LA), and John Deutch, former undersecretary of the U.S. Department of Energy. The topic: Have we learned anything from the 1970s experience?

The Coming China Crisis

Trouble in paradise.

By Carl Delfeld

The Renminbi Challenge

The future role of the Chinese currency.

By Friedrich Wu

China’s Dollar Problem

The limits to eternal greenback accumulation.

By Kenneth Rogoff

Coming Water Wars

Beware the future.

By Brahma Chellaney

Why America Will Lead the “Asian Century”

A counterintuitive view.

By John Lee

European Integration, R.I.P?

Thoughts on the aftermath of the financial crisis.

By Thomas Mirow

What’s Still Exceptional About America

Why the United States is undervalued.

By Carl Schramm and Amar Bhidé

Japan’s Road to Harmonious Decline

Those lazy Japanese are goofing off again.

By Guy Sorman

Reinventing Economics

Time for a more realistic approach.

By Robert J. Shiller

America’s New Climate Unilateralism

A better approach to Copenhagen.

By Steve Charnovitz