Starting soon www.piie.com/events/2025/...

My article The New Economic Geography is out today in @foreignaffairs.com Please read! (Ungated link, suitable for sharing) shared.outlook.inky.com/link?domain=...

My latest blog post with Steve Kamin explores the dilemma of the Fed’s next meeting. Markets expect a cut, but inflation expectations are rising. www.piie.com/blogs/realti...

My latest with Tam Bayoumi on the real causes of the US trade deficit (not foreign tariffs or barriers) and why it is not sustainable. www.piie.com/publications...

My colleague Asher Rose just posted a nice chart showing the Fed’s projected return to profitability after 3 years of losses. QE raises Fed profits and makes them more variable. www.piie.com/research/pii...

My paper with Steve Kamin on long memory in COVID inflation is now on the PIIE website. www.piie.com/publications...

There is so much wrong with the new tariff policy, it is hard to begin. First of all, it makes no sense to tariff something we will never produce in the US. I don't see bananas and coffee on the exempted list. 1/n

Back from March vacation. My take on a Mar-a-Lago Accord is included in this symposium with other observers. I focused my remarks on what I would like to see, not what is likely to happen (which is not much in the near term). international-economy.com/TIE_F24_Mara...

In case anyone wants to read more about the effects of tariffs! www.eurofinance.com/news/the-hid...

Does it make sense to raise tariffs and cut interest rates now? No. www.voanews.com/a/trump-push...

I talk tariffs, trade deficits, and a lot more with @scclemons.bsky.social. t.co/5aT8g0WGSV

On his first day in office, President Trump published a memo titled "America First Trade Policy." His first item of business, similar to 8 years ago, is to find out what causes our "trade deficits in goods". 1/n www.whitehouse.gov/presidential...

My paper with Asher Rose on a 75 year perspective on COVID inflation is out. www.piie.com/publications...