Sorry, nothing prurient. Just a quick observation and reading/listening assignments for serious OTE’ers on some material that I will return to shortly with the necessary time and attention. Over the past few days, in three separate (though intimately connected) debates in which I take part, I’ve come across writers emphasizing the critical importance of getting… Read more
One problem in this whole debate over the Trans-Pacific Partnership is that we lose the forest for the trees. We end up arguing about trade deals—and worse, a deal almost no one has read (because it’s negotiated in secret)—as opposed to the broader underlying issues of the economic impact of trade from the perspective of… Read more
Just a brief note of confusion and befuddlement regarding a position on currency in the TPP that’s been uncritically picked up by news sources lately, including the WaPo today. The position touted by the piece is that since China’s currency has floated down relative to the dollar in recent years (see figure), and their trade… Read more
…to argue that currency provision cannot be addressed either inside or outside of the TPP…over at PostEverything.
[This post was written jointly with Ben Spielberg] In this PostEverything piece, Bernstein and Baker quote estimates of jobs lost in the U.S. due to higher trade deficits induced by currency management. In this memo, we explain how we derived the numbers cited in that piece. The analysis is “back-of-the-envelope” and is thus a rough… Read more