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ALAN WM. WOLFF
Alan Wm. Wolff is a distinguished visiting fellow at the Peterson Institute for International Economics. Until joining PIIE, he was Deputy Director-General of the World Trade Organization (WTO). His research focuses on developing reforms of the WTO, responding to the role of the United States, the European Union and China in the international trading system, and serving theADAM S. POSEN
Adam S. Posen has been president of the Peterson Institute for International Economics since January 2013. Over his career, he has contributed to research and public policy regarding monetary and fiscal policies in the G-20, the challenges of European integration since the adoption of the euro, China-US economic relations, and developing new approaches to financial recovery and stability. INFLATION FEARS AND THE BIDEN STIMULUS: LOOK TO THE KOREAN The debate among economists over the size of President Joseph R. Biden Jr.’s proposed $1.9 trillion stimulus package has drawn attention topast
WORKING PAPER 20-13: SOVEREIGN DEBT RESTRUCTURING: THE 10 Massachusetts venue ashington DC 2003-103 S 120232000 wwiie.co W APER 20-13 Sovereign Debt Restructuring: The Centrality of the IMF’sRole
CHAD P. BOWN
Chad P. Bown, Reginald Jones Senior Fellow since March 2018, joined the Peterson Institute for International Economics as a senior fellow in April 2016. His research examines international trade laws and institutions, trade negotiations, and trade disputes. With Soumaya Keynes, he cohosts Trade Talks, a weekly podcast on the economics of international trade policy.GARY CLYDE HUFBAUER
Gary Clyde Hufbauer, nonresident senior fellow, was the Institute's Reginald Jones Senior Fellow from 1992 to January 2018. He was previously the Maurice Greenberg Chair and Director of Studies at the Council on Foreign Relations (1996–98), the Marcus Wallenberg Professor of International Finance Diplomacy at Georgetown University (1985–92), senior fellow at the Institute (1981–85 PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. US LABOR MARKET HEATED UP IN MAY AS JOBS GREW AND WAGES The Labor Market Looks Very Tight. The clearest sign of the tightness of labor markets is the fact that job openings rate in May was 5.9 percent, which is the highest on record—and well above their pre-pandemic value as shown in figure 4. HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes andsimplifications.
ALAN WM. WOLFF
Alan Wm. Wolff is a distinguished visiting fellow at the Peterson Institute for International Economics. Until joining PIIE, he was Deputy Director-General of the World Trade Organization (WTO). His research focuses on developing reforms of the WTO, responding to the role of the United States, the European Union and China in the international trading system, and serving theADAM S. POSEN
Adam S. Posen has been president of the Peterson Institute for International Economics since January 2013. Over his career, he has contributed to research and public policy regarding monetary and fiscal policies in the G-20, the challenges of European integration since the adoption of the euro, China-US economic relations, and developing new approaches to financial recovery and stability. INFLATION FEARS AND THE BIDEN STIMULUS: LOOK TO THE KOREAN The debate among economists over the size of President Joseph R. Biden Jr.’s proposed $1.9 trillion stimulus package has drawn attention topast
WORKING PAPER 20-13: SOVEREIGN DEBT RESTRUCTURING: THE 10 Massachusetts venue ashington DC 2003-103 S 120232000 wwiie.co W APER 20-13 Sovereign Debt Restructuring: The Centrality of the IMF’sRole
CHAD P. BOWN
Chad P. Bown, Reginald Jones Senior Fellow since March 2018, joined the Peterson Institute for International Economics as a senior fellow in April 2016. His research examines international trade laws and institutions, trade negotiations, and trade disputes. With Soumaya Keynes, he cohosts Trade Talks, a weekly podcast on the economics of international trade policy.GARY CLYDE HUFBAUER
Gary Clyde Hufbauer, nonresident senior fellow, was the Institute's Reginald Jones Senior Fellow from 1992 to January 2018. He was previously the Maurice Greenberg Chair and Director of Studies at the Council on Foreign Relations (1996–98), the Marcus Wallenberg Professor of International Finance Diplomacy at Georgetown University (1985–92), senior fellow at the Institute (1981–85 US SPENDING PATTERNS HAVE CHANGED DRAMATICALLY SINCE THE Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and ECONOMISTS ARE SLIGHTLY BETTER AT PREDICTING INFLATION The jump in consumer price index (CPI) inflation in April 2021—to 4.2 percent over the previous 12 months—has sparked numerous stories in the press about the potential inflationary impact of President Joseph R. Biden Jr.’s American Rescue Plan and his proposed American Jobs Plan and American Families Plan. FORMER EUROPEAN COMMISSIONER CECILIA MALMSTRÖM JOINS PIIE WASHINGTON—The Peterson Institute for International Economics (PIIE) is pleased to announce that Cecilia Malmström, a former member of the European Commission and the European Parliament, has joined the Institute as nonresident senior fellow. She will be a new host of PIIE’s popular Trade Winds biweekly virtual discussion series, as founding host and PIIE senior fellow Anabel A TIMELINE OF CENTRAL BANK RESPONSES TO THE COVID-19 The near certainty of a major global recession means that governments must continue to harness both monetary and fiscal policy to soften the blow. Fiscal policy must do the heaviest lifting, but monetary policy can play an important role.CECILIA MALMSTRÖM
Cecilia Malmström, a former member of the European Commission and the European Parliament, joined the Peterson Institute for International Economics as nonresident senior fellow in June 2021. She is a host of PIIE's Trade Winds biweekly virtual discussion series. She is also a visiting professor at the School of Business, Economics and Law at the University of Gothenburg. IN DEFENSE OF CONCERNS OVER THE $1.9 TRILLION RELIEF PLAN Those economists (like myself) who agree with Treasury Secretary Janet Yellen about the need to “go big” on a protection and stimulus package, but who have misgivings about the size of the Biden administration’s $1.9 trillion coronavirus relief plan, are getting criticized as overly concerned about overheating and inflation. THE US LABOR MARKET IS RUNNING HOT…OR NOT? The United States added 266,000 jobs in April while the unemployment rate rose slightly to 6.1 percent with the realistic unemployment rate, which adjusts for misclassification and the unusual decline in labor force participation, falling to 7.6 percent as more people entered the labor market. HIGHER WAGES FOR LOW-INCOME WORKERS LEAD TO HIGHER Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis andDAVID WILCOX
David Wilcox has been a nonresident senior fellow at the Peterson Institute for International Economics since August 2019. His current research focuses on the US macroeconomy, monetary policy, and diversity and inclusion, especially in the economics profession.JEFFREY J. SCHOTT
Jeffrey J. Schott joined the Peterson Institute for International Economics in 1983 and is a senior fellow working on international trade policy and economic sanctions. During his tenure at the Institute, Schott was also a visiting lecturer at Princeton University (1994) and an adjunct professor at Georgetown University (1986–88). He was a senior associate at the Carnegie PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. US LABOR MARKET HEATED UP IN MAY AS JOBS GREW AND WAGES The Labor Market Looks Very Tight. The clearest sign of the tightness of labor markets is the fact that job openings rate in May was 5.9 percent, which is the highest on record—and well above their pre-pandemic value as shown in figure 4. US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OFALAN WM. WOLFF
Alan Wm. Wolff is a distinguished visiting fellow at the Peterson Institute for International Economics. Until joining PIIE, he was Deputy Director-General of the World Trade Organization (WTO). His research focuses on developing reforms of the WTO, responding to the role of the United States, the European Union and China in the international trading system, and serving the HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector. REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes andsimplifications.
THE PRICE OF AMERICAN ECONOMIC NOSTALGIA Adam S. Posen discussed his Foreign Affairs article, “The Price of Nostalgia: America’s Self-Defeating Economic Retreat.” The new conventional wisdom that the United States has recklessly pursued international economic openness at the expense of workers, causing populism, is incorrect—successive US administrations have increasingly attempted to insulate the American POLICY BRIEF 17-21: STEEL, ALUMINUM, LUMBER, SOLAR: TRUMP 17 assachusetts Avenue, ashington, C 2-1 USA 22.2. e 22.2.2 a www.piie.com POLICY B 17-21 Steel, Aluminum, Lumber, Solar: Trump’sStealth Trade
CHINA-TAIWAN ECONOMIC RELATIONS 10 THE IMPLICATIONS OF CHINA-TAIWAN ECONOMIC LIBERALIZATION columns in figure 1.1 present these adjusted numbers for two-way trade between Taiwan and China alongside the nominal figures. Understand-ably, the discrepancies were quite significant in the 1990s but have since PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. US LABOR MARKET HEATED UP IN MAY AS JOBS GREW AND WAGES The Labor Market Looks Very Tight. The clearest sign of the tightness of labor markets is the fact that job openings rate in May was 5.9 percent, which is the highest on record—and well above their pre-pandemic value as shown in figure 4. US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OFALAN WM. WOLFF
Alan Wm. Wolff is a distinguished visiting fellow at the Peterson Institute for International Economics. Until joining PIIE, he was Deputy Director-General of the World Trade Organization (WTO). His research focuses on developing reforms of the WTO, responding to the role of the United States, the European Union and China in the international trading system, and serving the HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector. REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes andsimplifications.
THE PRICE OF AMERICAN ECONOMIC NOSTALGIA Adam S. Posen discussed his Foreign Affairs article, “The Price of Nostalgia: America’s Self-Defeating Economic Retreat.” The new conventional wisdom that the United States has recklessly pursued international economic openness at the expense of workers, causing populism, is incorrect—successive US administrations have increasingly attempted to insulate the American POLICY BRIEF 17-21: STEEL, ALUMINUM, LUMBER, SOLAR: TRUMP 17 assachusetts Avenue, ashington, C 2-1 USA 22.2. e 22.2.2 a www.piie.com POLICY B 17-21 Steel, Aluminum, Lumber, Solar: Trump’sStealth Trade
CHINA-TAIWAN ECONOMIC RELATIONS 10 THE IMPLICATIONS OF CHINA-TAIWAN ECONOMIC LIBERALIZATION columns in figure 1.1 present these adjusted numbers for two-way trade between Taiwan and China alongside the nominal figures. Understand-ably, the discrepancies were quite significant in the 1990s but have since A TIMELINE OF CENTRAL BANK RESPONSES TO THE COVID-19 The near certainty of a major global recession means that governments must continue to harness both monetary and fiscal policy to soften the blow. Fiscal policy must do the heaviest lifting, but monetary policy can play an important role. US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF On February 14, 2020, the Economic and Trade Agreement Between the United States of America and the People's Republic of China: Phase One went into effect. China agreed to expand purchases of certain US goods and services by a combined $200 billion for the two-year period from January 1, 2020, through December 31, 2021, above the 2017 baselinelevels.
US SPENDING PATTERNS HAVE CHANGED DRAMATICALLY SINCE THE Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and THE EVOLVING GENDER GAP IN LABOR FORCE PARTICIPATION Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practicalpolicy solutions.
ECONOMISTS ARE SLIGHTLY BETTER AT PREDICTING INFLATION The jump in consumer price index (CPI) inflation in April 2021—to 4.2 percent over the previous 12 months—has sparked numerous stories in the press about the potential inflationary impact of President Joseph R. Biden Jr.’s American Rescue Plan and his proposed American Jobs Plan and American Families Plan. THE US LABOR MARKET IS RUNNING HOT…OR NOT? The United States added 266,000 jobs in April while the unemployment rate rose slightly to 6.1 percent with the realistic unemployment rate, which adjusts for misclassification and the unusual decline in labor force participation, falling to 7.6 percent as more people entered the labor market. THE US DID NOT BAN EXPORTS OF VACCINE SUPPLIES. BUT MORE To manufacturer the Novavax vaccine, for example, the Serum Institute procured massive new pieces of capital equipment in September, buying six 4,000 liter bioreactors that ABEC indicated were the “largest in the industry by a factor of two.” ABEC would manufacture the bioreactors and customized, single-use bioreactor bags “in its US and Ireland facilities to meet Serum Institute’s FORMER EUROPEAN COMMISSIONER CECILIA MALMSTRÖM JOINS PIIE WASHINGTON—The Peterson Institute for International Economics (PIIE) is pleased to announce that Cecilia Malmström, a former member of the European Commission and the European Parliament, has joined the Institute as nonresident senior fellow. She will be a new host of PIIE’s popular Trade Winds biweekly virtual discussion series, as founding host and PIIE senior fellow AnabelCECILIA MALMSTRÖM
Cecilia Malmström, a former member of the European Commission and the European Parliament, joined the Peterson Institute for International Economics as nonresident senior fellow in June 2021. She is a host of PIIE's Trade Winds biweekly virtual discussion series. She is also a visiting professor at the School of Business, Economics and Law at the University of Gothenburg.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury Department PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. US LABOR MARKET HEATED UP IN MAY AS JOBS GREW AND WAGES US labor market heated up in May as jobs grew and wages soared. The US economy added 559,000 jobs in May, similar to the average of 533,000 jobs over the previous three months and much faster than the pace in the three months before that. This still leaves the economy 10 million jobs short of its trend. At the same time the unemployment rate US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than wouldALAN WM. WOLFF
Alan Wm. Wolff is a distinguished visiting fellow at the Peterson Institute for International Economics. Until joining PIIE, he was Deputy Director-General of the World Trade Organization (WTO). His research focuses on developing reforms of the WTO, responding to the role of the United States, the European Union and China in the international trading system, and serving the FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector. BOOKSTORE CUSTOMER SERVICE PIIE Press is distributed by Columbia University Press. Prices, Titles, and Availability Dates All prices, titles, and availability dates are subject to change without notice. Customer Service Please visit the Columbia University Press website for detailed informationon ordering.
THE PRICE OF AMERICAN ECONOMIC NOSTALGIA Adam S. Posen discussed his Foreign Affairs article, “The Price of Nostalgia: America’s Self-Defeating Economic Retreat.” The new conventional wisdom that the United States has recklessly pursued international economic openness at the expense of workers, causing populism, is incorrect—successive US administrations have increasingly attempted to insulate the American THE UNAPPRECIATED TREND TOWARD UNILATERAL TRADE The unappreciated trend toward unilateral trade liberalization. A frequently voiced complaint from the Trump administration was that US firms have faced a competitive disadvantage in exports because the US market is open and US tariffs are low but US trading partners protect their markets with high tariffs. The administration used this concern CHINA-TAIWAN ECONOMIC RELATIONS 10 THE IMPLICATIONS OF CHINA-TAIWAN ECONOMIC LIBERALIZATION columns in figure 1.1 present these adjusted numbers for two-way trade between Taiwan and China alongside the nominal figures. Understand-ably, the discrepancies were quite significant in the 1990s but have since PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. US LABOR MARKET HEATED UP IN MAY AS JOBS GREW AND WAGES US labor market heated up in May as jobs grew and wages soared. The US economy added 559,000 jobs in May, similar to the average of 533,000 jobs over the previous three months and much faster than the pace in the three months before that. This still leaves the economy 10 million jobs short of its trend. At the same time the unemployment rate US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than wouldALAN WM. WOLFF
Alan Wm. Wolff is a distinguished visiting fellow at the Peterson Institute for International Economics. Until joining PIIE, he was Deputy Director-General of the World Trade Organization (WTO). His research focuses on developing reforms of the WTO, responding to the role of the United States, the European Union and China in the international trading system, and serving the FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector. BOOKSTORE CUSTOMER SERVICE PIIE Press is distributed by Columbia University Press. Prices, Titles, and Availability Dates All prices, titles, and availability dates are subject to change without notice. Customer Service Please visit the Columbia University Press website for detailed informationon ordering.
THE PRICE OF AMERICAN ECONOMIC NOSTALGIA Adam S. Posen discussed his Foreign Affairs article, “The Price of Nostalgia: America’s Self-Defeating Economic Retreat.” The new conventional wisdom that the United States has recklessly pursued international economic openness at the expense of workers, causing populism, is incorrect—successive US administrations have increasingly attempted to insulate the American THE UNAPPRECIATED TREND TOWARD UNILATERAL TRADE The unappreciated trend toward unilateral trade liberalization. A frequently voiced complaint from the Trump administration was that US firms have faced a competitive disadvantage in exports because the US market is open and US tariffs are low but US trading partners protect their markets with high tariffs. The administration used this concern CHINA-TAIWAN ECONOMIC RELATIONS 10 THE IMPLICATIONS OF CHINA-TAIWAN ECONOMIC LIBERALIZATION columns in figure 1.1 present these adjusted numbers for two-way trade between Taiwan and China alongside the nominal figures. Understand-ably, the discrepancies were quite significant in the 1990s but have since US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF On February 14, 2020, the Economic and Trade Agreement Between the United States of America and the People's Republic of China: Phase One went into effect. China agreed to expand purchases of certain US goods and services by a combined $200 billion for the two-year period from January 1, 2020, through December 31, 2021, above the 2017 baselinelevels.
THE US LABOR MARKET IS RUNNING HOT…OR NOT? The labor market has made rapid progress but remains well short of where it was. The US economy lost 22 million jobs in March and April of 2020. It has since gained back 14 million jobs. This still leaves jobs 8 million short of their level in February 2020, and 10 million short of their pre-pandemic trend, as shown in figure 1. THE EVOLVING GENDER GAP IN LABOR FORCE PARTICIPATION The evolving gender gap in labor force participation during COVID-19. Despite many significant gains by women in the paid workforce in recent decades, the percentage of women participating in the labor force has remained lower than the percentage of male participants. Now, in response to the COVID-19 pandemic and the global economicdownturn it
A TIMELINE OF CENTRAL BANK RESPONSES TO THE COVID-19 A timeline of central bank responses to the COVID-19 pandemic. The near certainty of a major global recession means that governments must continue to harness both monetary and fiscal policy to soften the blow. Fiscal policy must do the heaviest lifting, but monetary policy can play an important role. The following timeline displays theactions
US SPENDING PATTERNS HAVE CHANGED DRAMATICALLY SINCE THE Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and ECONOMISTS ARE SLIGHTLY BETTER AT PREDICTING INFLATION The jump in consumer price index (CPI) inflation in April 2021—to 4.2 percent over the previous 12 months—has sparked numerous stories in the press about the potential inflationary impact of President Joseph R. Biden Jr.’s American Rescue Plan and his proposed American Jobs Plan and American Families Plan. THE US DID NOT BAN EXPORTS OF VACCINE SUPPLIES. BUT MORE To manufacturer the Novavax vaccine, for example, the Serum Institute procured massive new pieces of capital equipment in September, buying six 4,000 liter bioreactors that ABEC indicated were the “largest in the industry by a factor of two.” ABEC would manufacture the bioreactors and customized, single-use bioreactor bags “in its US and Ireland facilities to meet Serum Institute’s OVERHEATING DEBATE: WHY NOT IN JAPAN? An intense debate has erupted over whether the unprecedented size of the US fiscal stimulus will cause the US economy to overheat and generate high inflation.CECILIA MALMSTRÖM
Cecilia Malmström, a former member of the European Commission and the European Parliament, joined the Peterson Institute for International Economics as nonresident senior fellow in June 2021. She is a host of PIIE's Trade Winds biweekly virtual discussion series. She is also a visiting professor at the School of Business, Economics and Law at the University of Gothenburg. FORMER EUROPEAN COMMISSIONER CECILIA MALMSTRÖM JOINS PIIE WASHINGTON—The Peterson Institute for International Economics (PIIE) is pleased to announce that Cecilia Malmström, a former member of the European Commission and the European Parliament, has joined the Institute as nonresident senior fellow. She will be a new host of PIIE’s popular Trade Winds biweekly virtual discussion series, as founding host and PIIE senior fellow Anabel PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector. THE US LABOR MARKET IS RUNNING HOT…OR NOT? The United States added 266,000 jobs in April while the unemployment rate rose slightly to 6.1 percent with the realistic unemployment rate, which adjusts for misclassification and the unusual decline in labor force participation, falling to 7.6 percent as more people entered the labor market. REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes andsimplifications.
THE UNAPPRECIATED TREND TOWARD UNILATERAL TRADE Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practicalpolicy solutions.
TEN FACTS ABOUT INEQUALITY IN ADVANCED ECONOMIES Appendix Figure 1).7 Tax data also has a relatively poor coverage of the bottom of the distribution. This is true in high-income countries but even more so in the emerging world.8 Finally, tax data is known to suffer from evasion practices - at a varying degree across nations depending on norms, political systems and tax policies. LOCAL CONTENT REQUIREMENTS: BACKDOOR PROTECTIONISM Local content requirements (LCRs), or more broadly “localization rules,” have become a popular protectionist tool to favor domestic industries over foreign competitors. CHINA-TAIWAN ECONOMIC RELATIONS 10 THE IMPLICATIONS OF CHINA-TAIWAN ECONOMIC LIBERALIZATION columns in figure 1.1 present these adjusted numbers for two-way trade between Taiwan and China alongside the nominal figures. Understand-ably, the discrepancies were quite significant in the 1990s but have since PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector. THE US LABOR MARKET IS RUNNING HOT…OR NOT? The United States added 266,000 jobs in April while the unemployment rate rose slightly to 6.1 percent with the realistic unemployment rate, which adjusts for misclassification and the unusual decline in labor force participation, falling to 7.6 percent as more people entered the labor market. REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes andsimplifications.
THE UNAPPRECIATED TREND TOWARD UNILATERAL TRADE Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practicalpolicy solutions.
TEN FACTS ABOUT INEQUALITY IN ADVANCED ECONOMIES Appendix Figure 1).7 Tax data also has a relatively poor coverage of the bottom of the distribution. This is true in high-income countries but even more so in the emerging world.8 Finally, tax data is known to suffer from evasion practices - at a varying degree across nations depending on norms, political systems and tax policies. POLICY BRIEF 21-7: DOES THE NEW FISCAL CONSENSUS IN P 21-7 MARCH 2021 3 contrast, in EMs, more robust demand has kept inflation running at much higher levels. In India, inflation has averaged 5 percent over the past decade, exceeding LOCAL CONTENT REQUIREMENTS: BACKDOOR PROTECTIONISM Local content requirements (LCRs), or more broadly “localization rules,” have become a popular protectionist tool to favor domestic industries over foreign competitors. CHINA-TAIWAN ECONOMIC RELATIONS 10 THE IMPLICATIONS OF CHINA-TAIWAN ECONOMIC LIBERALIZATION columns in figure 1.1 present these adjusted numbers for two-way trade between Taiwan and China alongside the nominal figures. Understand-ably, the discrepancies were quite significant in the 1990s but have since US SPENDING PATTERNS HAVE CHANGED DRAMATICALLY SINCE THE Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and US LABOR MARKET HEATED UP IN MAY AS JOBS GREW AND WAGES The Labor Market Looks Very Tight. The clearest sign of the tightness of labor markets is the fact that job openings rate in May was 5.9 percent, which is the highest on record—and well above their pre-pandemic value as shown in figure 4. US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF On February 14, 2020, the Economic and Trade Agreement Between the United States of America and the People's Republic of China: Phase One went into effect. China agreed to expand purchases of certain US goods and services by a combined $200 billion for the two-year period from January 1, 2020, through December 31, 2021, above the 2017 baselinelevels.
ECONOMISTS ARE SLIGHTLY BETTER AT PREDICTING INFLATION The jump in consumer price index (CPI) inflation in April 2021—to 4.2 percent over the previous 12 months—has sparked numerous stories in the press about the potential inflationary impact of President Joseph R. Biden Jr.’s American Rescue Plan and his proposed American Jobs Plan and American Families Plan. THE US LABOR MARKET IS RUNNING HOT…OR NOT? The United States added 266,000 jobs in April while the unemployment rate rose slightly to 6.1 percent with the realistic unemployment rate, which adjusts for misclassification and the unusual decline in labor force participation, falling to 7.6 percent as more people entered the labor market. IN DEFENSE OF CONCERNS OVER THE $1.9 TRILLION RELIEF PLAN Those economists (like myself) who agree with Treasury Secretary Janet Yellen about the need to “go big” on a protection and stimulus package, but who have misgivings about the size of the Biden administration’s $1.9 trillion coronavirus relief plan, are getting criticized as overly concerned about overheating and inflation. PETERSON INSTITUTE NAMED BEST ECONOMIC AND FINANCIAL The Peterson Institute for International Economics is pleased to announce that it is the recipient of the 2020 Prospect Award for Best Think Tank in the category of Economic and Financial Affairs. This is the fifth year in a row that the Peterson Institute has won the award, which the BBC has dubbed "the Oscars of the think tank world."CECILIA MALMSTRÖM
Cecilia Malmström, a former member of the European Commission and the European Parliament, joined the Peterson Institute for International Economics as nonresident senior fellow in June 2021. She is a host of PIIE's Trade Winds biweekly virtual discussion series. She is also a visiting professor at the School of Business, Economics and Law at the University of Gothenburg. US LABOR MARKET IMPROVED IN MAY, BUT RECOVERY TAKES TIME Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and OVERHEATING DEBATE: WHY NOT IN JAPAN? An intense debate has erupted over whether the unprecedented size of the US fiscal stimulus will cause the US economy to overheat and generate high inflation. PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector. A TIMELINE OF CENTRAL BANK RESPONSES TO THE COVID-19 A timeline of central bank responses to the COVID-19 pandemic. The near certainty of a major global recession means that governments must continue to harness both monetary and fiscal policy to soften the blow. Fiscal policy must do the heaviest lifting, but monetary policy can play an important role. The following timeline displays theactions
REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS Redesigning EU fiscal rules: From rules to standards. The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes and simplifications. BOOKSTORE CUSTOMER SERVICE PIIE Press is distributed by Columbia University Press. Prices, Titles, and Availability Dates All prices, titles, and availability dates are subject to change without notice. Customer Service Please visit the Columbia University Press website for detailed informationon ordering.
THE UNAPPRECIATED TREND TOWARD UNILATERAL TRADE The unappreciated trend toward unilateral trade liberalization. A frequently voiced complaint from the Trump administration was that US firms have faced a competitive disadvantage in exports because the US market is open and US tariffs are low but US trading partners protect their markets with high tariffs. The administration used this concern THE PRICE OF AMERICAN ECONOMIC NOSTALGIA Adam S. Posen discussed his Foreign Affairs article, “The Price of Nostalgia: America’s Self-Defeating Economic Retreat.” The new conventional wisdom that the United States has recklessly pursued international economic openness at the expense of workers, causing populism, is incorrect—successive US administrations have increasingly attempted to insulate the American TEN FACTS ABOUT INEQUALITY IN ADVANCED ECONOMIES Appendix Figure 1).7 Tax data also has a relatively poor coverage of the bottom of the distribution. This is true in high-income countries but even more so in the emerging world.8 Finally, tax data is known to suffer from evasion practices - at a varying degree across nations depending on norms, political systems and tax policies. DISCUSSION DRAFT A RECONSIDERATION OF FISCAL POLICY IN THE DISCUSSION DRAFT . A Reconsideration of Fiscal Policy in the Era of Low Interest Rates . Jason Furman and Lawrence Summers. 1. November 30, 2020 . The last generation has witnessed an epochal decline in real interest rates in the United PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector. A TIMELINE OF CENTRAL BANK RESPONSES TO THE COVID-19 A timeline of central bank responses to the COVID-19 pandemic. The near certainty of a major global recession means that governments must continue to harness both monetary and fiscal policy to soften the blow. Fiscal policy must do the heaviest lifting, but monetary policy can play an important role. The following timeline displays theactions
REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS Redesigning EU fiscal rules: From rules to standards. The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes and simplifications. BOOKSTORE CUSTOMER SERVICE PIIE Press is distributed by Columbia University Press. Prices, Titles, and Availability Dates All prices, titles, and availability dates are subject to change without notice. Customer Service Please visit the Columbia University Press website for detailed informationon ordering.
THE UNAPPRECIATED TREND TOWARD UNILATERAL TRADE The unappreciated trend toward unilateral trade liberalization. A frequently voiced complaint from the Trump administration was that US firms have faced a competitive disadvantage in exports because the US market is open and US tariffs are low but US trading partners protect their markets with high tariffs. The administration used this concern THE PRICE OF AMERICAN ECONOMIC NOSTALGIA Adam S. Posen discussed his Foreign Affairs article, “The Price of Nostalgia: America’s Self-Defeating Economic Retreat.” The new conventional wisdom that the United States has recklessly pursued international economic openness at the expense of workers, causing populism, is incorrect—successive US administrations have increasingly attempted to insulate the American TEN FACTS ABOUT INEQUALITY IN ADVANCED ECONOMIES Appendix Figure 1).7 Tax data also has a relatively poor coverage of the bottom of the distribution. This is true in high-income countries but even more so in the emerging world.8 Finally, tax data is known to suffer from evasion practices - at a varying degree across nations depending on norms, political systems and tax policies. DISCUSSION DRAFT A RECONSIDERATION OF FISCAL POLICY IN THE DISCUSSION DRAFT . A Reconsideration of Fiscal Policy in the Era of Low Interest Rates . Jason Furman and Lawrence Summers. 1. November 30, 2020 . The last generation has witnessed an epochal decline in real interest rates in the United IN DEFENSE OF CONCERNS OVER THE $1.9 TRILLION RELIEF PLAN Those economists (like myself) who agree with Treasury Secretary Janet Yellen about the need to “go big” on a protection and stimulus package, but who have misgivings about the size of the Biden administration’s $1.9 trillion coronavirus relief plan, are getting criticized as overly concerned about overheating and inflation. US SPENDING PATTERNS HAVE CHANGED DRAMATICALLY SINCE THE Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF On February 14, 2020, the Economic and Trade Agreement Between the United States of America and the People's Republic of China: Phase One went into effect. China agreed to expand purchases of certain US goods and services by a combined $200 billion for the two-year period from January 1, 2020, through December 31, 2021, above the 2017 baselinelevels.
EAST ASIA DECOUPLES FROM THE UNITED STATES: TRADE WAR The deepening US-China trade war and nationalist reactions to the COVID-19 pandemic are reshaping global economic relationships. Alongside these developments, two new megaregional trade agreements, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), will refocus East Asia’s economic ties in FORMER EUROPEAN COMMISSIONER CECILIA MALMSTRÖM JOINS PIIE WASHINGTON—The Peterson Institute for International Economics (PIIE) is pleased to announce that Cecilia Malmström, a former member of the European Commission and the European Parliament, has joined the Institute as nonresident senior fellow. She will be a new host of PIIE’s popular Trade Winds biweekly virtual discussion series, as founding host and PIIE senior fellow Anabel THE US DID NOT BAN EXPORTS OF VACCINE SUPPLIES. BUT MORE To manufacturer the Novavax vaccine, for example, the Serum Institute procured massive new pieces of capital equipment in September, buying six 4,000 liter bioreactors that ABEC indicated were the “largest in the industry by a factor of two.” ABEC would manufacture the bioreactors and customized, single-use bioreactor bags “in its US and Ireland facilities to meet Serum Institute’s OVERHEATING DEBATE: WHY NOT IN JAPAN? An intense debate has erupted over whether the unprecedented size of the US fiscal stimulus will cause the US economy to overheat and generate high inflation. US LABOR MARKET IMPROVED IN MAY, BUT RECOVERY TAKES TIME Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis andCECILIA MALMSTRÖM
Cecilia Malmström, a former member of the European Commission and the European Parliament, joined the Peterson Institute for International Economics as nonresident senior fellow in June 2021. She is a host of PIIE's Trade Winds biweekly virtual discussion series. She is also a visiting professor at the School of Business, Economics and Law at the University of Gothenburg. 21-12 OVERHEATING DEBATE PB 21-12 JUNE 2021 2 number about twice as high as the US fiscal packages, which together represent approximately 26 percent of GDP (see figure 1).2 No one, however, seems to be actively raising overheating concerns for Japan. PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions.ABOUT PIIE | PIIE
About PIIE. The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. The Institute is committed to rigorous, intellectually open, and indepthstudy
HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS Redesigning EU fiscal rules: From rules to standards. The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes and simplifications. COVID-19: CHINA'S EXPORTS OF MEDICAL SUPPLIES PROVIDE A Partially abetted by the Trump administration’s demonization of China over the COVID-19 pandemic, there has been widespread fear that vital exports of Chinese personal protective equipment supplies to the United States would disappear. The European Union worried that China’s outbreak might lead to supply disruptions. Newly released Chinese customs data indicate, however, that there was a FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury DepartmentCHAD P. BOWN
Chad P. Bown, Reginald Jones Senior Fellow since March 2018, joined the Peterson Institute for International Economics as a senior fellow in April 2016. His research examines international trade laws and institutions, trade negotiations, and trade disputes. With Soumaya Keynes, he cohosts Trade Talks, a weekly podcast on the economics of international trade policy.OLIVIER BLANCHARD
Olivier Blanchard joined the Peterson Institute for International Economics as the first C. Fred Bergsten Senior Fellow in October 2015. A citizen of France, Blanchard has spent most of his professional life in Cambridge, MA. After obtaining his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1977, he taught at Harvard University, and returned to MIT POLICY BRIEF 12-9: US TIRE TARIFFS: SAVING FEW JOBS AT NUMBER PB12-9 APRIL 2012 1750 Massachusetts Avenue, NW Washington, DC 20036 Tel 202.328.9000 Fax 202.659.3225 www.piie.com Policy Brief PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions.ABOUT PIIE | PIIE
About PIIE. The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. The Institute is committed to rigorous, intellectually open, and indepthstudy
HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS Redesigning EU fiscal rules: From rules to standards. The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes and simplifications. COVID-19: CHINA'S EXPORTS OF MEDICAL SUPPLIES PROVIDE A Partially abetted by the Trump administration’s demonization of China over the COVID-19 pandemic, there has been widespread fear that vital exports of Chinese personal protective equipment supplies to the United States would disappear. The European Union worried that China’s outbreak might lead to supply disruptions. Newly released Chinese customs data indicate, however, that there was a FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury DepartmentCHAD P. BOWN
Chad P. Bown, Reginald Jones Senior Fellow since March 2018, joined the Peterson Institute for International Economics as a senior fellow in April 2016. His research examines international trade laws and institutions, trade negotiations, and trade disputes. With Soumaya Keynes, he cohosts Trade Talks, a weekly podcast on the economics of international trade policy.OLIVIER BLANCHARD
Olivier Blanchard joined the Peterson Institute for International Economics as the first C. Fred Bergsten Senior Fellow in October 2015. A citizen of France, Blanchard has spent most of his professional life in Cambridge, MA. After obtaining his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1977, he taught at Harvard University, and returned to MIT POLICY BRIEF 12-9: US TIRE TARIFFS: SAVING FEW JOBS AT NUMBER PB12-9 APRIL 2012 1750 Massachusetts Avenue, NW Washington, DC 20036 Tel 202.328.9000 Fax 202.659.3225 www.piie.com Policy BriefABOUT PIIE | PIIE
About PIIE. The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. The Institute is committed to rigorous, intellectually open, and indepthstudy
EXPERTS | PIIE
Our widely recognized specialists on international economics bring their expertise to bear on a vast and diverse range of topics and regions. Their books, policy papers, op-eds, blog posts, and other scholarly writings meet our exceptional standards of rigor and transparency. Look through the pages below to learn more about our scholars and their work, which has generated international acclaim OVERHEATING DEBATE: WHY NOT IN JAPAN? An intense debate has erupted over whether the unprecedented size of the US fiscal stimulus will cause the US economy to overheat and generate high inflation. US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF On February 14, 2020, the Economic and Trade Agreement Between the United States of America and the People's Republic of China: Phase One went into effect. China agreed to expand purchases of certain US goods and services by a combined $200 billion for the two-year period from January 1, 2020, through December 31, 2021, above the 2017 baselinelevels.
21-12 OVERHEATING DEBATE PB 21-12 JUNE 2021 2 number about twice as high as the US fiscal packages, which together represent approximately 26 percent of GDP (see figure 1).2 No one, however, seems to be actively raising overheating concerns for Japan. US LABOR MARKET IMPROVED IN MAY, BUT RECOVERY TAKES TIME Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and THE US DID NOT BAN EXPORTS OF VACCINE SUPPLIES. BUT MORE To manufacturer the Novavax vaccine, for example, the Serum Institute procured massive new pieces of capital equipment in September, buying six 4,000 liter bioreactors that ABEC indicated were the “largest in the industry by a factor of two.” ABEC would manufacture the bioreactors and customized, single-use bioreactor bags “in its US and Ireland facilities to meet Serum Institute’s THE US LABOR MARKET IS RUNNING HOT…OR NOT? The labor market has made rapid progress but remains well short of where it was. The US economy lost 22 million jobs in March and April of 2020. It has since gained back 14 million jobs. This still leaves jobs 8 million short of their level in February 2020, and 10 million short of their pre-pandemic trend, as shown in figure 1.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury DepartmentJEFFREY J. SCHOTT
Jeffrey J. Schott joined the Peterson Institute for International Economics in 1983 and is a senior fellow working on international trade policy and economic sanctions. During his tenure at the Institute, Schott was also a visiting lecturer at Princeton University (1994) and an adjunct professor at Georgetown University (1986–88). He was a senior associate at the Carnegie PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions.ABOUT PIIE | PIIE
About PIIE. The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. The Institute is committed to rigorous, intellectually open, and indepthstudy
HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS Redesigning EU fiscal rules: From rules to standards. The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes and simplifications. COVID-19: CHINA'S EXPORTS OF MEDICAL SUPPLIES PROVIDE A Partially abetted by the Trump administration’s demonization of China over the COVID-19 pandemic, there has been widespread fear that vital exports of Chinese personal protective equipment supplies to the United States would disappear. The European Union worried that China’s outbreak might lead to supply disruptions. Newly released Chinese customs data indicate, however, that there was a FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury DepartmentCHAD P. BOWN
Chad P. Bown, Reginald Jones Senior Fellow since March 2018, joined the Peterson Institute for International Economics as a senior fellow in April 2016. His research examines international trade laws and institutions, trade negotiations, and trade disputes. With Soumaya Keynes, he cohosts Trade Talks, a weekly podcast on the economics of international trade policy.OLIVIER BLANCHARD
Olivier Blanchard joined the Peterson Institute for International Economics as the first C. Fred Bergsten Senior Fellow in October 2015. A citizen of France, Blanchard has spent most of his professional life in Cambridge, MA. After obtaining his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1977, he taught at Harvard University, and returned to MIT POLICY BRIEF 12-9: US TIRE TARIFFS: SAVING FEW JOBS AT NUMBER PB12-9 APRIL 2012 1750 Massachusetts Avenue, NW Washington, DC 20036 Tel 202.328.9000 Fax 202.659.3225 www.piie.com Policy Brief PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions.ABOUT PIIE | PIIE
About PIIE. The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. The Institute is committed to rigorous, intellectually open, and indepthstudy
HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS Redesigning EU fiscal rules: From rules to standards. The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes and simplifications. COVID-19: CHINA'S EXPORTS OF MEDICAL SUPPLIES PROVIDE A Partially abetted by the Trump administration’s demonization of China over the COVID-19 pandemic, there has been widespread fear that vital exports of Chinese personal protective equipment supplies to the United States would disappear. The European Union worried that China’s outbreak might lead to supply disruptions. Newly released Chinese customs data indicate, however, that there was a FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury DepartmentCHAD P. BOWN
Chad P. Bown, Reginald Jones Senior Fellow since March 2018, joined the Peterson Institute for International Economics as a senior fellow in April 2016. His research examines international trade laws and institutions, trade negotiations, and trade disputes. With Soumaya Keynes, he cohosts Trade Talks, a weekly podcast on the economics of international trade policy.OLIVIER BLANCHARD
Olivier Blanchard joined the Peterson Institute for International Economics as the first C. Fred Bergsten Senior Fellow in October 2015. A citizen of France, Blanchard has spent most of his professional life in Cambridge, MA. After obtaining his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1977, he taught at Harvard University, and returned to MIT POLICY BRIEF 12-9: US TIRE TARIFFS: SAVING FEW JOBS AT NUMBER PB12-9 APRIL 2012 1750 Massachusetts Avenue, NW Washington, DC 20036 Tel 202.328.9000 Fax 202.659.3225 www.piie.com Policy BriefABOUT PIIE | PIIE
About PIIE. The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. The Institute is committed to rigorous, intellectually open, and indepthstudy
EXPERTS | PIIE
Our widely recognized specialists on international economics bring their expertise to bear on a vast and diverse range of topics and regions. Their books, policy papers, op-eds, blog posts, and other scholarly writings meet our exceptional standards of rigor and transparency. Look through the pages below to learn more about our scholars and their work, which has generated international acclaim OVERHEATING DEBATE: WHY NOT IN JAPAN? An intense debate has erupted over whether the unprecedented size of the US fiscal stimulus will cause the US economy to overheat and generate high inflation. US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF On February 14, 2020, the Economic and Trade Agreement Between the United States of America and the People's Republic of China: Phase One went into effect. China agreed to expand purchases of certain US goods and services by a combined $200 billion for the two-year period from January 1, 2020, through December 31, 2021, above the 2017 baselinelevels.
21-12 OVERHEATING DEBATE PB 21-12 JUNE 2021 2 number about twice as high as the US fiscal packages, which together represent approximately 26 percent of GDP (see figure 1).2 No one, however, seems to be actively raising overheating concerns for Japan. US LABOR MARKET IMPROVED IN MAY, BUT RECOVERY TAKES TIME Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and THE US DID NOT BAN EXPORTS OF VACCINE SUPPLIES. BUT MORE To manufacturer the Novavax vaccine, for example, the Serum Institute procured massive new pieces of capital equipment in September, buying six 4,000 liter bioreactors that ABEC indicated were the “largest in the industry by a factor of two.” ABEC would manufacture the bioreactors and customized, single-use bioreactor bags “in its US and Ireland facilities to meet Serum Institute’s THE US LABOR MARKET IS RUNNING HOT…OR NOT? The labor market has made rapid progress but remains well short of where it was. The US economy lost 22 million jobs in March and April of 2020. It has since gained back 14 million jobs. This still leaves jobs 8 million short of their level in February 2020, and 10 million short of their pre-pandemic trend, as shown in figure 1.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury DepartmentJEFFREY J. SCHOTT
Jeffrey J. Schott joined the Peterson Institute for International Economics in 1983 and is a senior fellow working on international trade policy and economic sanctions. During his tenure at the Institute, Schott was also a visiting lecturer at Princeton University (1994) and an adjunct professor at Georgetown University (1986–88). He was a senior associate at the Carnegie PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions.ABOUT PIIE | PIIE
About PIIE. The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. The Institute is committed to rigorous, intellectually open, and indepthstudy
HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS Redesigning EU fiscal rules: From rules to standards. The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes and simplifications. COVID-19: CHINA'S EXPORTS OF MEDICAL SUPPLIES PROVIDE A Partially abetted by the Trump administration’s demonization of China over the COVID-19 pandemic, there has been widespread fear that vital exports of Chinese personal protective equipment supplies to the United States would disappear. The European Union worried that China’s outbreak might lead to supply disruptions. Newly released Chinese customs data indicate, however, that there was a FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury DepartmentCHAD P. BOWN
Chad P. Bown, Reginald Jones Senior Fellow since March 2018, joined the Peterson Institute for International Economics as a senior fellow in April 2016. His research examines international trade laws and institutions, trade negotiations, and trade disputes. With Soumaya Keynes, he cohosts Trade Talks, a weekly podcast on the economics of international trade policy.OLIVIER BLANCHARD
Olivier Blanchard joined the Peterson Institute for International Economics as the first C. Fred Bergsten Senior Fellow in October 2015. A citizen of France, Blanchard has spent most of his professional life in Cambridge, MA. After obtaining his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1977, he taught at Harvard University, and returned to MIT POLICY BRIEF 12-9: US TIRE TARIFFS: SAVING FEW JOBS AT NUMBER PB12-9 APRIL 2012 1750 Massachusetts Avenue, NW Washington, DC 20036 Tel 202.328.9000 Fax 202.659.3225 www.piie.com Policy Brief PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICSRESEARCHEXPERTSBLOGSEVENTSNEWSROOMBOOKSTORE The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions.ABOUT PIIE | PIIE
About PIIE. The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. The Institute is committed to rigorous, intellectually open, and indepthstudy
HOW MUCH HAVE CHILDCARE CHALLENGES SLOWED THE US JOBS The US economy lost a net of 8 million jobs between February 2020 and April 2021. Agreement is growing that people not actively seeking employment (inadequate labor supply) have been playing a major role in the slow recovery, as evidenced by factors including record job openings, the largest wage increases in decades, and other signs of a tighter labor market than would REDESIGNING EU FISCAL RULES: FROM RULES TO STANDARDS Redesigning EU fiscal rules: From rules to standards. The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made—and more are to come—suggesting various changes and simplifications. COVID-19: CHINA'S EXPORTS OF MEDICAL SUPPLIES PROVIDE A Partially abetted by the Trump administration’s demonization of China over the COVID-19 pandemic, there has been widespread fear that vital exports of Chinese personal protective equipment supplies to the United States would disappear. The European Union worried that China’s outbreak might lead to supply disruptions. Newly released Chinese customs data indicate, however, that there was a FINANCIAL STATEMENTS Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury DepartmentCHAD P. BOWN
Chad P. Bown, Reginald Jones Senior Fellow since March 2018, joined the Peterson Institute for International Economics as a senior fellow in April 2016. His research examines international trade laws and institutions, trade negotiations, and trade disputes. With Soumaya Keynes, he cohosts Trade Talks, a weekly podcast on the economics of international trade policy.OLIVIER BLANCHARD
Olivier Blanchard joined the Peterson Institute for International Economics as the first C. Fred Bergsten Senior Fellow in October 2015. A citizen of France, Blanchard has spent most of his professional life in Cambridge, MA. After obtaining his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1977, he taught at Harvard University, and returned to MIT POLICY BRIEF 12-9: US TIRE TARIFFS: SAVING FEW JOBS AT NUMBER PB12-9 APRIL 2012 1750 Massachusetts Avenue, NW Washington, DC 20036 Tel 202.328.9000 Fax 202.659.3225 www.piie.com Policy BriefABOUT PIIE | PIIE
About PIIE. The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. The Institute is committed to rigorous, intellectually open, and indepthstudy
EXPERTS | PIIE
Our widely recognized specialists on international economics bring their expertise to bear on a vast and diverse range of topics and regions. Their books, policy papers, op-eds, blog posts, and other scholarly writings meet our exceptional standards of rigor and transparency. Look through the pages below to learn more about our scholars and their work, which has generated international acclaim OVERHEATING DEBATE: WHY NOT IN JAPAN? An intense debate has erupted over whether the unprecedented size of the US fiscal stimulus will cause the US economy to overheat and generate high inflation. US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF On February 14, 2020, the Economic and Trade Agreement Between the United States of America and the People's Republic of China: Phase One went into effect. China agreed to expand purchases of certain US goods and services by a combined $200 billion for the two-year period from January 1, 2020, through December 31, 2021, above the 2017 baselinelevels.
21-12 OVERHEATING DEBATE PB 21-12 JUNE 2021 2 number about twice as high as the US fiscal packages, which together represent approximately 26 percent of GDP (see figure 1).2 No one, however, seems to be actively raising overheating concerns for Japan. US LABOR MARKET IMPROVED IN MAY, BUT RECOVERY TAKES TIME Peterson Institute For International Economics. The Peterson Institute for International Economics is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and THE US DID NOT BAN EXPORTS OF VACCINE SUPPLIES. BUT MORE To manufacturer the Novavax vaccine, for example, the Serum Institute procured massive new pieces of capital equipment in September, buying six 4,000 liter bioreactors that ABEC indicated were the “largest in the industry by a factor of two.” ABEC would manufacture the bioreactors and customized, single-use bioreactor bags “in its US and Ireland facilities to meet Serum Institute’s THE US LABOR MARKET IS RUNNING HOT…OR NOT? The labor market has made rapid progress but remains well short of where it was. The US economy lost 22 million jobs in March and April of 2020. It has since gained back 14 million jobs. This still leaves jobs 8 million short of their level in February 2020, and 10 million short of their pre-pandemic trend, as shown in figure 1.JOSEPH E. GAGNON
Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury DepartmentJEFFREY J. SCHOTT
Jeffrey J. Schott joined the Peterson Institute for International Economics in 1983 and is a senior fellow working on international trade policy and economic sanctions. During his tenure at the Institute, Schott was also a visiting lecturer at Princeton University (1994) and an adjunct professor at Georgetown University (1986–88). He was a senior associate at the CarnegieJump to content
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US labor market heated up in May as jobs grew and wages soared Jason Furman (PIIE) and Wilson Powell III (Harvard Kennedy School) With the US economy still 10 million jobs short of its pre-pandemic trend and an unusually high number of unemployed workers, the most important solution is time for job matches, the extent of the virus to improve, and expanded unemployment benefits to expire or be replaced by more modest increases. _The Peterson Institute for International Economics building is closed to staff and visitors until further notice. PIIE personnel are working remotely, with access to telephone messages._Photo Credit:
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RealTime Economic Issues Watch FOLLOW THE TREND: US DEMAND IS BACK, SUPPLY IS LAGGING, BUT BOTH ARE LIKELY TO GROW IN COMING MONTHS Jason Furman (PIIE) and Wilson Powell III (Harvard Kennedy School)June 2, 2021
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REBUILDING THE GLOBAL ECONOMY Adam S. Posen (PIIE)October 20, 2020
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Sipa USA/Pool/Susan Walsh Trade and Investment Policy Watch HOW US TRADE POLICY CAN SUPPORT CLIMATE CHANGE GOALS Jeffrey J. Schott (PIIE)May 20, 2021
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HONG KONG AS AN INTERNATIONAL FINANCIAL CENTER Nicolas Véron (PIIE), Douglas Arner (University of Hong Kong) and Lorin Gu (PIIE GlobalFuture Council)
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This session of Financial Statements will be devoted to taking stock of the evolution of Hong Kong as an international financial center and its prospects and role in the short and longer term. Joining this episode were: HOST Nicolas Véron , Senior Fellow, Peterson Institute for International... Upcoming Streaming Event WOMEN AND WORK: HAS THE PANDEMIC UNDONE YEARS OF PROGRESS IN DEVELOPED AND DEVELOPING COUNTRIES? Caroline Atkinson (RockCreek; PIIE Executive Committee), Betsey Stevenson (University of Michigan; Former Member of the Council of Economic Advisers) and Abebe Selassie (International Monetary Fund)June 8, 2021
Upcoming Streaming Event CHINA-US FINANCIAL (DE)COUPLING: LOOKING AT THE RIGHT NUMBERS Nicolas Véron (PIIE), Brent Neiman (Chicago Booth School of Business) and Joseph E. Gagnon(PIIE)
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US LABOR MARKET IMPROVED IN MAY, BUT RECOVERY TAKES TIME AND HAS NOT BEEN EVENLY DISTRIBUTED Jason Furman (PIIE) andWilson Powell III
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CHINA'S LENDING TO EMERGING MARKETS BECAME MORE SECRETIVE AFTER 2014 US-CHINA PHASE ONE TRACKER: CHINA’S PURCHASES OF US GOODS GIVING LEGAL STATUS TO MORE UNAUTHORIZED IMMIGRANT WORKERS DELIVERSMORE ECONOMIC GAINS
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