From a global perspective, are these developments economically beneficial or harmful? Current Account Deficit On most dimensions the U. Third, to the extent that the movement toward surplus in developing-country current accounts has had a differential impact on the United States relative to other industrial countries, what accounts for the difference?
He suggested that lenders "may have gone a little bit too far on mortgage credit conditions". Treasury securities and other assets. Fischer became an Israeli citizen but did not renounce U.
What policies, if any, should be used to address this situation? These capital inflows were not always productively used. Return to text 7.
By definition, this excess of U. Output growth has returned to healthy levels, the labor market is firming, and inflation appears to be well controlled.
In general, the perspective one takes depends on the particular analysis at Bernanke thesis advisor. The factors underlying the U. As the WSJ conveniently adds, the selection of regional bank presidents has become a hot-button issue.
Return to text 8. The professor also wants all Fed officials to serve for single seven-year terms, which would give them the needed distance from the political process while eliminating situations where some policy makers stay at the bank for decades.
As we can infer from table 1, most of the swing toward surplus did not occur in the other industrial countries as a whole although some individual industrial countries did experience large moves toward surplus, as we will see.
The Senate first voted 77—23 to end debate, Bernanke winning more than the 60 approval votes needed to overcome the possibility of a filibuster.
Because the dollar is the leading international reserve currency, and because some emerging-market countries use the dollar as a reference point when managing the values of their own currencies, the saving flowing out of the developing world has been directed relatively more into dollar-denominated assets, such as U.
He has written two textbooks: Fischer resigned for personal reasons in mid-October,8 months before the June,expiry of his term as vice chair. What he said to justify his new found cause, however, is. What policy options exist to deal with the U.
What implications do the U. Most obviously, the developing and emerging-market countries that brought their current accounts into surplus did so to reduce their foreign debts, stabilize their currencies, and reduce the risk of financial crisis.
However, as I have argued today, some of the key reasons for the large U. On May 2,Fischer was sworn in for a second term.
Fischer was an executive at Citigroup from February to Aprilearning millions of dollars in salary and stock. That explanation holds that one of the factors driving recent developments in the U. Return to text 2. This further hurts the economy, creating a vicious cycle and potentially turning a mild recession into a major depression.And this is coming from a former Fed employee and Ben Bernanke's personal advisor!
That in itself is a most striking development, because now that the insiders are finally speaking up, it will be a race among both current and prior Fed workers to reveal as much dirty laundry as possible ahead of what is increasingly being perceived by many as.
Stock Advisor Flagship service. Who Will Succeed Ben Bernanke?
He was Ben Bernanke's thesis advisor at MIT. Also for Mario Draghi, the president of the ECB; he also advised Mario Draghi at. He was my thesis advisor. In later years, when I was first a governor in the Fed and MR.
BERNANKE: And looking back what was the most exciting work that you did. Jul 22, · Rep. Jeb Hensarling used Bernanke's own Ph.D thesis in an attempt to make a point about business investment amid fiscal uncertainty. Economist Stanley Fischer was Ben Bernanke's thesis advisor at MIT; he knew better than most that his former student had the right stuff to avert a.
Remarks by Governor Ben S. Bernanke At the Sandridge Lecture, Virginia Association of Economists, Richmond, Virginia Governor Bernanke presented similar remarks with updated data at the Homer Jones Lecture, St.
Louis, Missouri, on April 14,Download