The magazine of international economic policy.

From the Winter 2014 issue

China Under Attack

An economy amazingly vulnerable to bad news.

By K. Philippa Malmgren

Flying Blind

How shadow banks in emerging markets have become the global economy’s greatest threat.

By Nicholas Borst

Improving the Euro

If you could roll back the clock to the late 1990s, what if anything would you do differently with the introduction of monetary union and the euro?

A symposium of views

The Professor of Passivity

Three lessons for Mario Draghi.

By Desmond Lachman

A Better EMU Blueprint

The current system is “conceptually incomplete and functionally ineffective.”

By Lucas Papademos

Draghi’s German Nightmare

And tensions could worsen.

By Klaus C. Engelen

Yellen’s Long Journey

A transition fraught with risks.

By John M. Berry

Diversity Now

As it celebrates its 100th birthday, the Federal Reserve needs some reexamining.

By Charles Calomiris

Guidance Counselors

The Taylor Rule and the Fed's forward guidance.

By Richard Clarida and Saumil Parikh

Fed Politics

The Congressional heat on the U.S. central bank is about to intensify.

By Matthew Benjamin

Turkey’s Volcker Moment

Snuffing out structural inflation.

By Klaus Friedrich

Shinzo Abe: The Underachiever

His country has deep structural problems he has failed to adequately address.

By Milton Ezrati

China’s Reform Agenda

A victim of its own success.

By Chi Lo

Currency Protectionism

The greatest trade impediment facing America.

By Greg Mastel

Off the News

Stephen Cecchetti on why the euro remains strong, half the French workforce is state supported, and what Fannie and Freddie haven't done for home ownership.

From the Founder

Welcome to the Late Nineteenth Century: The glass-is-half-empty view of today's economy.

By David M. Smick

The Energy Realist

Hit Putin Where It Hurts: Sell the Strategic Petroleum Reserve.

By Philip K. Verleger, Jr.