The research agenda and recommendations of The Belfer Center experts are rooted in open-minded inquiry and our 300+ scholars represent diverse points of view. Research topics cover foreign policy, economics, development, and governance.
(-) Views on the Economy and the World (5)
Iran Matters (2)
(-) Economics & Global Affairs--Economic Policy (5)
Economics & Global Affairs--Monetary Policy (4)
(-) Economics & Global Affairs--Oil & Energy Prices (4)
Economics & Global Affairs--China's Economy (2)
Governance--African Governance (2)
Governance--U.S. domestic politics (1)
International Relations--International finance (1)
(-) Middle East & North Africa (5)
Blog Post - Views on the Economy and the World
Fiscal Education for the G-7
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As the G-7 Leaders gather in Ise-Shima, Japan, on May 26-27, the still fragile global economy is on their minds. They would like a road map to address stagnant growth. Their approach should be to talk less about currency wars and more about fiscal policy.Fiscal policy vs. monetary policyUnder the conditions that have prevailed in most major countries over the last ten years, we have reason to think that fiscal policy is a more powerful tool for affecting the level of economic activity, as compared to monetary policy.
Escaping the Oil Curse
| Dec. 15, 2011
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Libyans have a new lease on life, a feeling that, at long last, they are the masters of their own fate. Perhaps Iraqis, after a decade of warfare, feel the same way. Both countries are oil producers, and there is widespread expectation among their citizens that that wealth will be a big advantage in rebuilding their societies.Meanwhile, in Africa, Ghana has begun pumping oil for the first time, and Uganda is about to do so as well. Indeed, from West Africa to Mongolia, countries are experiencing windfalls from new sources of oil and mineral wealth.
UAE and Other Gulf Countries Urged to Switch Currency Peg from the Dollar to a Basket That Includes Oil
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The possibility that some Gulf states, particularly the United Arab Emirates, might abandon their long-time pegs to the dollar has been getting increasing attention recently (for example, from Feldstein and, especially, Setser). It makes sense. The combination of high oil prices, rapid growth, a tightly fixed exchange rate, and the big depreciation of the dollar against other currencies (especially the euro, important for Gulf imports) was always going to be a recipe for strong money inflows and inflation in these countries.
The NYT Should Have Paid More Attention To The Nordhaus Estimates Before The Iraq War
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At the 5th anniversary of the war in Iraq, estimates of its long-run cost range from $1.2-$1.7 trillion by my former colleague Peter Orszag, now Director of the Congressional Budget Office, to $2 - 3 trillion by my current colleague Linda Bilmes with another former colleague Joe Stiglitz (in a book that is appropriately getting lots of attention, including for example from John Cusack). The important point is that the costs far exceed the $50-$60 billion that the White House predicted ahead of time.