That’s from the title of a Harvard Gazette article today:
Most economists live in the world of theory, using careful calculations to predict the future. But Richard N. Cooper believed theory couldn’t tell the whole story when it came to solving real-world problems, particularly when they involve the whole world — which he amply demonstrated after a global recession in the 1970s.
Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. A shorter version appeared at Project Syndicate .
The trade balance hit -$63.6 billion (monthly, seasonally adjusted) in July. The trade balance has been deteriorating since the recession began, in contrast to what usually happens — an improvement in the trade balance, as imports decline with a decline in domestic economic activity.
Since 2016Q4, the Net International Inestment Position of the US has become more negative.
Reader Bruce Hall brings our attention to the performance of Swedish GDP, given the pandemic response they have adopted – comparing against UK, Germany, France and UK. My guess is that he wanted to show the tradeoff between lives lost and growth. Personally, I think the Sweden vs. next-door-neighbor Norway comparison is at least as interesting.
Today we are pleased to present a guest contribution written by Ayhan Kose and Franziska Ohnsorge, respectively Director and Manager in the World Bank’s Prospects Group. The findings, interpretations, and conclusions expressed in this blog are entirely those of the authors. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent.
Today we are fortunate to have as a guest contributor Joseph Joyce, Professor of Economics and M. Margaret Ball Professor of International Relations at Wellesley College.
Yesterday, I had the pleasure of joining a virtual panel sponsored by the Official Monetary and Financial Institutions Forum (OMFIF), is think tank covering central banking, economic policy and public investment.
Today, the IMF released an extensive update to its April forecast, incorporating substantial downward revisions to forecasted growth.