The magazine of international economic policy.

From the Fall 2013 issue

The Challenge of a Lifetime

The new Fed Chair will surely have her hands full.

By John H. Makin

Financial Risk Is Declining

Dodd-Frank, while incomplete, is working. Now if only the European banks were fully recapitalized.

By John M. Berry

Yellen’s Coming Crisis

How has quantitative easing failed? Let me count the ways.

By Tadashi Nakamae

Is Regulation, or the Lack Thereof, Risking a Second Great Financial Crisis?

Is the lack of effective financial market regulation exposing the United States and the world to a second crisis? Or does the threat of the Volcker Rule and the overall uncertainty of U.S. financial market regulation have the potential to dramatically reduce market liquidity?

A symposium of views

Treasury’s Little Buddy

The Federal Reserve’s World War II-style monetary regime is both not working and producing extraordinary inequality.

By Reuven Brenner and Martin Fridson

Lehman Lessons

While regulation is important, we need a change in culture to prevent another crisis.

By Andreas Dombret

What Are the Chances the United States Becomes Energy Independent?

Is the shale oil/U.S. energy independence narrative a myth or a certainty?

A symposium of views

Astonishing Developments

A review of Gregory Zuckerman’s compelling new book, The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters.

By Philip K. Verleger, Jr.

The New Protectionists

Lew’s shrill criticism of Germany suggests the U.S. Treasury has been thoroughly politicized.

By Melvyn Krauss

Europe 1914 vs. Monetary Union Today

The difference is that World War I was a tragedy, not a crime. “Monetary union is a tragedy and a crime.”

By Bernard Connolly

Europe’s Sputnik

With the spying scandal, Europe—and particularly Germany— discover “mindboggling vulnerabilities.” Will the spotlight now move to financial espionage?

By Klaus C. Engelen

The Demand Side of Innovation

A new approach to higher productivity.

By Joseph V. Kennedy

Chinese Option

Anticipating the Third Plenum.

By Derek Scissors

Off the News

Prophets of scarity, Obama's good news, did the Tea Party win?, and more.

From the Founder

Yellen's Plea.

By David M. Smick

Letter from Berlin

“Janet Who?”

By Klaus C. Engelen