Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
March 7, 2013

"Washington's premier think tank on the global economy"
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Financial Stability and the Problem of Too-Big-to-Fail Financial Institutions
  Former  FDIC Chairman Sheila Bair, Senator Sherrod Brown (D-OH), and former Governor  Jon Huntsman (R-UT) Former FDIC Chairman Sheila Bair, Senator Sherrod Brown (D-OH), and former Governor Jon Huntsman (R-UT) discussed effective regulatory and supervisory policies for the global financial system and government intervention on too-big-to-fail financial institutions at the Peterson Institute on March 5, 2013. PIIE Senior Fellow Simon Johnson moderated the discussion.

>> View event

  The International Economy
Adam Posen Takes the Stage
  Adam  Posen Takes the Stage The Winter 2013 issue of The International Economy (TIE) magazine features an in-depth interview with Peterson Institute President Adam S. Posen. In the 10-page interview, conducted by TIE founder and editor David Smick, Posen discusses his plans for the Institute, what we can and should learn from the Global Financial Crisis, and the power and limitations of monetary policy, amongst other topics. In his concluding thought, Posen states he is unsettled by what the global economic slowdown will mean for income inequality, stagnation of the average worker's income, and youth unemployment.

>> Read full interview [pdf]

  Policy Brief 13-6
Liquefied Natural Gas Exports: An Opportunity for America

Gary Clyde Hufbauer, Allie E. Bagnall , and Julia Muir
  Gary Clyde Hufbauer Prohibitions or restrictions on US exports of liquefied natural gas (LNG) are a bad idea. LNG exports will deliver economic benefits to the US economy. The US Department of Energy should approve pending LNG export applications for projects at an advanced planning stage, in conjunction with appropriate regulation to limit environmental dangers from wells to ports. Three strong considerations support this recommendation: (1) The United States regularly opposes export restraints on natural resources by other countries; (2) contrary action by the United States would violate World Trade Organization rules and lead foreign nations to ignore the rules as well; and (3) LNG export restrictions would contradict the Obama administration's stated goal of growing US exports.

>> Read full policy brief [pdf]

  Congressional Testimony
America Needs More Expansionary Monetary Policy

Joseph E. Gagnon
  Joseph E. Gagnon There are four major forces preventing a rapid return of the US economy to its full potential: increased household saving rates, a bank credit crunch, currency manipulation by foreign countries, and government budget cuts.  The case for easier monetary policy is strong.  With the short-term interest rate stuck at zero, the Federal Reserve is using unconventional monetary policy but it has been too timid.  The widely discussed costs of unconventional monetary policy are far smaller than the benefits.

>> Read full congressional testimony [pdf]

Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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Hugo Chavez's Bolivarian Legacy and Aspirations in Venezuela and Latin America

How the Central and Eastern European Banking System Managed the Financial Crisis

Has Europe Returned to the Brink? Not Yet

Repudiating Fiscal Populism? India's Budget Disappoints

Italy's Election Results Might Yield Progress on Reform
  Show me the money: Chinese banks retain profits despite interest rate reforms

Will municipal bonds save China's urbanization plan?

Beijing's 2015 Industry Consolidation Targets: Problem or Solution?

Can China Meet its Minimum Wage Goal?

China's New Income Inequality Plan
  Slave to the Blog: Racketeering Edition

Withdrawing from the ArmisticeľAgain

Nuclear Weapons, Northeast Asia, and the Greater Fool Theory

Rodman in North Korea: Everyone Covers Themselves in Glory

A Romantic Twist on North-South Relations

PIIE Noted in the News and on the Web

Bernanke to Start Congressional Testimony
Joseph E. Gagnon defends the Federal Reserve's quantitative easing (QE) efforts, noting that without QE2 and QE3 economic recovery in the United States would be even weaker, and prospects for growth would be worse.

NPR's All Things Considered
Natural Gas Dethrones King Coal as Power Companies Look to Future
Trevor Houser tells NPR that the low cost of natural gas is the main reason the United States added almost twice as much natural gas capacity in 2012 while retiring coal capacity for generating electricity.

Preview of Our Next Issue

Working Paper
The Elephant Hiding in the Room: Currency Intervention and Trade Imbalances
Joseph E. Gagnon
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