Author Archives: Menzie Chinn

The Trade Deficit Is Nearly 15% of GDP (“Alternatively Defined”)!

If we count only the import side and not the export side of re-exports, as some in the Administration have suggested, we might as well go “whole hog” and redefine the trade balance completely: Let’s count imports, but not exports.

Figure 1: The trade balance defined as net exports/GDP (blue), and the trade balance excluding exports (red). Source: GDP advance release for 2016Q4, and author’s calculations.

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Utilizing the National Guard to Deport Investigate, Identify, Apprehend, Arrest, and Detain Undocumented Immigrants

[Correction to title: it’s been pointed out that the National Guard will not necessarily be empowered to actually deport individuals; they can only have “authority to investigate, identify, apprehend, arrest, detain and conduct searches”. The actual deportation (transportation to port or border) would presumably be undertaken by other agencies. MDC 2/18 10:51AM Pacific]

What are the fiscal and economic implications?
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Would a Gold Standard Result in Fast Adjustment to Parity?

Judy Shelton argues that “Free trade needs sound money”:

…[T]he time has come to develop a comprehensive approach to international monetary reform compatible with genuine free trade under free-market conditions. If markets are to function properly, money needs to convey accurate price signals; that won’t happen as long as governments can manipulate exchange rates.

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