Robin Brooks analyzes changes in the U.S. dollar's reserve currency status during the second Trump administration.
Looking for a “fair” international monetary system
President Trump’s Chief Economic Adviser, Stephen Miran, has claimed that the international monetary system in which the US provides the rest of the world with a safe, liquid asset is “unfair” as it supposedly prevents the US from eliminating its current account deficit. His proposed solution is to lower the value of the dollar through coordinated currency market intervention by foreign central banks. This column finds the idea that there could be lasting reversal of exchange rates following an international currency agreement highly speculative, and argues that a multipolar system would attenuate the Triffin dilemma and provide the US with a deficit-adjustment tool.
annotations: Ni Triffin, ni Miran : pourquoi le statut de monnaie de réserve du dollar ne dépend plus du compte courant américain
Blog de sciences économiques et sociales de Martin Anota. Traductions, revues de presse.
The Quiet Rewiring of American Finance
Stablecoins, Treasury markets, and the most significant shift in financial infrastructure that almost nobody is discussing.
annotations: La Réserve fédérale doit garder son indépendance pour que l’économie américaine prospère
Blog de sciences économiques et sociales de Martin Anota. Traductions, revues de presse.
Is Dollar Dominance Good for the U.S.?
Thoughts on the U.S.'s so-called exorbitant privilege.
Does Monetary Policy Tightening Reduce Inflation?
Recent research has identified periods when the Federal Reserve intentionally acted to slow inflation when it exceeded desired levels. The success of these disinflation attempts reveals the extent of policymakers’ commitment to lowering inflation. An extension of this analysis indicates that successful disinflations are associated with a decline in the demand-driven component of inflation. This was especially evident during recent monetary policy tightening, with contributions to core inflation from demand declining 2 percentage points since the summer of 2022—the largest decline for any deliberate disinflation attempt since 1969.
annotations: Une réévaluation du yuan chinois contribuerait à réduire les déséquilibres mondiaux
traduction française du billet de blog "Currency revaluation is income rebalancing" de Michael Pettis
The Shadow Dollar System
Iran built a parallel financial infrastructure on the same stablecoin rails the US just legitimized. That contradiction is not an accident.
Tracking regulatory changes in the second Trump administration | Brookings
How much regulation is happening under the Trump administration? This tracker helps you monitor a selection of delayed, repealed, and new rules, notable guidance and policy implementations, and important court battles covering energy, health, labor, and more.
Trump's Fed Chair Search Is Complicated by Powell's Silence on His Future
As President Donald Trump and his advisers begin weighing replacements for Federal Reserve Chair Jerome Powell, they’re running into one significant complication: It’s not clear that Powell will leave the US central bank next year.
annotations: La globalisation, la fragmentation et le système monétaire international
Traduction française de "Globalisation, fragmentation, and the international monetary system" de Barry Eichengreen
Structural drivers of eurozone underperformance | Brookings
The eurozone's lack of fiscal union puts it at risk of heading for Japanification, Robin Brooks warns.
Trump-linked World Liberty crypto venture gets preliminary approval from currency comptroller
World Liberty Financial's proposed national trust bank would issue and manage the USD1 stablecoin under OCC supervision, but key preopening hurdles remain.
Trump est-il en train de casser le dollar ? Une conversation avec Barry Eichengreen | Le Grand Continent
Pour la première fois depuis la Seconde Guerre mondiale, l’hégémonie du dollar est en train de vaciller. Pourtant, ni l’euro, ni le yuan et encore moins le bitcoin ne semblent pouvoir devenir, demain, des monnaies de réserve. Pour comprendre pourquoi — et tenter de s’orienter dans un moment d’incertitude extrême — nous avons interrogé l’un des plus grands spécialistes de la monnaie, l’économiste Barry Eichengreen.
The US economy is doing well. President Biden wants to know why so many Americans are still feeling bad | CNN Politics
By many metrics, the US economy is humming along. The jobs market is robust; consumers are spending again; and inflation has eased to a three-year low.
Live Updates: Warsh and Fed Officials Raise Interest Rates to Fight Inflation
The Federal Reserve raised interest rates for the first time since 2023, by a quarter of a percentage point, and suggested more increases could follow. The move puts its new leader, Kevin Warsh, at odds with President Trump.
