Peterson Institute for International Economics

October was a busy month for data viz! We explored Trump's proposed economic policies, countries that have applied to the #CPTPP, post-pandemic manufacturing employment in the US, & more. Check it out 👇

The BRICS is plagued by members' misalignments on the group's identity and how much they want to distance the group from the "rules-based" order they criticize. This inability to agree on an orientation has obstructed achieving stated economic goals, like creating payment and currency systems to avoid the dollar. Nevertheless, Western nations would be foolish to ignore the dissatisfaction with the status quo voiced in Kazan.

📺 The recording of the Geneva Report 27 launch is now available! https://lnkd.in/eUQRSh3V Catch up on the insightful discussion from our panel of experts on "Much Money, Little Capital, and Few Reforms: The 2023 Banking Turmoil." The event explores post-global financial crisis vulnerabilities, monetary policy impacts, and persistent structural issues within the banking system. 🎙 Presenters: Beatrice Weder di Mauro, President, CEPR & Geneva Graduate Institute Stijn Claessens, Executive Fellow, Yale School of Management & CEPR 💬 Discussion with: Stefan Ingves, Chair, Toronto Centre & Former Governor, Sveriges riksbank Adam Posen, President, Peterson Institute for International Economics and CEPR The event was part of the #MacroWeek2024 of the Peterson Institute for International Economics #Banking #Economics #Policy

Chinese export controls on gallium, germanium, & graphite were intended to hit US green energy & semiconductor supply chains by denying them, or at least complicating the sourcing, of these critical minerals. But China's shares of total US imports of these commodities haven't moved much, if at all. Read more: https://lnkd.in/g8agPhNh

TODAY, at 3:00 PM EST, the Peterson Institute for International Economics (PIIE) will host a conversation with Pablo Moreno (IEO Director) and Ratna Sahay (Center for Global Development) on The IMF on its 80th anniversary, moderated by Adam Posen (PIIE President). Over the last decade, the International Monetary Fund (IMF) has enlarged the scope of its activities into newer policy areas such as climate change, gender, digital money, social spending, and governance and corruption, going beyond its traditional core concerns. While this enlarged scope reflects IMF members’ priorities and is consistent with the Fund’s history of adaptation, it has created operational problems given its limited resources and expertise. As new challenges emerge from more frequent shocks and increased geopolitical fragmentation, this event considers what the role of the Fund should be, its coordination with other international financial institutions, and whether its governance structure is fit for these changing purposes. To register and add to your calendar, please click here: https://lnkd.in/eWJ94bRV The IEO's evaluation of The Evolving Application of the IMF's Mandate is available on the IEO's website: https://lnkd.in/ebbNcVBt #IEO #independentevaluationoffice #evaluation #imf #surveillance #mandate #lessonslearned #experience #challenges #lookingforward #governance #corruption #socialspending #socialprotection #climate #climatechange #digitalmoney #gender #decisionmaking #partners #clarity #trilemma #scope #resources #traction

NEW: We're excited to announce the launch of our new podcast Policy for the Planet! Solving the climate crisis requires a historic global collective effort. Policy for the Planet is a biweekly podcast that explores how countries are responding. Monica de Bolle converses with economists, health experts, political scientists, & more to unravel the complex policy choices to save our planet's future.  Listen here or wherever you get your podcasts:

Wednesday, October 30th, at 3:00 PM EST, the Peterson Institute for International Economics (PIIE) will host a conversation with Pablo Moreno (IEO Director) and Ratna Sahay (Center for Global Development) on The IMF on its 80th anniversary, moderated by Adam Posen (PIIE President). Over the last decade, the International Monetary Fund (IMF) has enlarged the scope of its activities into newer policy areas such as climate change, gender, digital money, social spending, and governance and corruption, going beyond its traditional core concerns. While this enlarged scope reflects IMF members’ priorities and is consistent with the Fund’s history of adaptation, it has created operational problems given its limited resources and expertise. As new challenges emerge from more frequent shocks and increased geopolitical fragmentation, this event considers what the role of the Fund should be, its coordination with other international financial institutions, and whether its governance structure is fit for these changing purposes. To register and add to your calendar, please click here: https://lnkd.in/eWJ94bRV The IEO's evaluation of The Evolving Application of the IMF's Mandate is available on the IEO's website: https://lnkd.in/ebbNcVBt #IEO #independentevaluationoffice #evaluation #imf #surveillance #mandate #lessonslearned #experience #challenges #lookingforward #governance #corruption #socialspending #socialprotection #climate #climatechange #digitalmoney #gender #decisionmaking #partners #clarity #trilemma #scope #resources #traction

Congratulations to former PIIE senior fellow Simon Johnson for being awarded the 2024 Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel, The Nobel Prize, jointly with Daron Acemoglu & James A. Robinson! 🎉

Nice discussions last week at the Peterson Institute for International Economics. I presented macroeconomic evidence of monetary policy transmission in the euro area, with a focus on the indirect transmission through the balance sheets of non-financial corporations (NFCs). The main takaways are the following: ✔Monetary policy works: counterfactual exercises carried out at the Banque de France find that monetary tightening shaved approx 2pp of inflation in 2023 and 2.9pp in 2024; and this is without accounting for possible de-anchoring of expectations should monetary policy not have reacted to the inflation surge; ✔NFCs in Germany, France and the Netherlands stand out as having a small share of variable-rate leverage (around 20%), and relatively long residual maturities (around 4 years on aggregate). So far, the effective rate paid on their outstanding loans has increased much less than the rates on new loans. Going forward, the effective rate on outstanding amounts should stay roughly stable given the opposite effects of debt rollovers and declining rates on new loans. ✔French NFCs stand out as having more leverage and, for larger firms, a higher share of market debt. The initial impact of monetary tightening was a rise in the remuneration of cash holdings which was still abundant after the pandemic. Given their lower levels of leverage and longer debt maturities, smaller firms (<250 employees) had not yet seen any increase in their net interest payments in percent of value added as of end-2023, unlike larger firms. ✔Although declining, firm heterogeneity is still larger than pre-pandemic within sectors and size categories in France. Hence, average resilience may hide fat tails. The replay of the session is available here: https://lnkd.in/eX8DrdyM

Das Interesse an Liechtenstein und unserem Beitritt war nicht zuletzt deswegen gross, weil es mit uns nur zwei Länder gibt, in denen der IWF-Beitritt per Volksentscheid herbeigeführt wurde. So stand ich Amanda Walker für «IMF Today», Ambassador Mark A. Gree, dem CEO des The Wilson Center und Alan Parson, dem Präsidenten des Peterson Institute for International Economics für die «Macro Week 2024», öffentlich Rede und Antwort. Peterson Institute: https://bit.ly/4faMAv8 Wilson Center: https://bit.ly/4hhjhJ3 IMF Today https://bit.ly/4fl2cMI