The magazine of international economic policy.

From the Summer 2012 issue

The Fed’s Limited Instruments

For FOMC policymakers, there is no obvious money play.

By John M. Berry

Rethinking the Rogoff-Reinhart Thesis

This time, things may not be different…from the 1930s.

By Bernard Connolly

Understanding Central Bank Balance Sheets

The new monetary tool.

By Joachim Nagel

The Zero Interest Rate Fallacy

Why raising rates is the only means of escaping the liquidity trap and restoring financial intermediation.

By Ronald I. McKinnon

Reading Romney’s Mind

If the former Massachusetts governor wins the White House, who would make up his economic brain trust?

By Fred Barnes

The Geopolitics of U.S. Energy Independence

If the United States becomes an energy exporter as a result of new deep drilling oil exploration and natural gas shale “fracking” techniques, how would or should U.S. foreign policy change in this new era of energy independence?

A symposium of views

Fast Track Revival

Suddenly both U.S. presidential contenders are interested in fast-track authority.

By Greg Mastel

The Coming Cyber Crisis

The striking parallels between the Great Financial Crisis and the threat of cyber attack.

By Kenneth Rogoff

The Disrobing of Angela Merkel

In the great struggle over the eurozone’s future, Club Med wins.

By Klaus C. Engelen

Germany’s Employment Miracle: Fact or Fiction?

An important expert looks behind the curtain.

By Ursula Engelen-Kefer

The Renminbi’s Slow Move Toward Equilibrium

Don’t hold your breath waiting for quick interest rate liberalization and capital account convertibility.

By Chi Lo

Off the News

Eurobonds, Volcker, Merkel and Draghi talk, Chinese debt

Mission Impossible

From the Founder

By David M. Smick