Thank you for inviting me to speak here at the Institute of International Finance Annual Membership meeting. I am pleased to note that there have been signs lately that a sustainable global recovery may finally be materializing. This is certainly good news, although significant risks and uncertainties remain. One important question is how the emerging market economies (EMEs) will fare as global mo
Release Date: October 6, 2008 For release at 8:15 a.m. EDT The Federal Reserve Board on Monday announced that it will begin to pay interest on depository institutions' required and excess reserve balances. The payment of interest on excess reserve balances will give the Federal Reserve greater scope to use its lending programs to address conditions in credit markets while also maintaining the fede
Good evening. I'm honored to have the opportunity to address the Boston Economic Club and I'm grateful to Chip Case for inviting me to speak to you tonight. As most of you probably know, Chip was one of the first economists to document worrisome signs of a housing bubble in parts of the United States. After sounding an early alarm in 2003, Chip watched the bubble grow and was prescient in anticipa
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