Kleinbard describes himself as a "Dutch uncle" which the dictionary tells me is someone who admonishes sternly and bluntly... tells us the hard truths whether we want to hear them or not.
In some countries, particularly in Europe, reform of labor markets may be necessary to remove persistent rigidities. Fiscal policy cannot substitute for such reforms. But fiscal policy can work in tandem with broader structural reform efforts to support job creation.
It turns out, we get results in the places we invest. The question is, are we investing in the right places?
I was listening to an interview with Tim Geithner this weekend, and after going through his new book, they asked him where he thought the economy was headed. "I don't believe forecasts," he said, which sounded smart to me.
Corruption, natural disasters, wars, bad policies, and bad luck made it impossible for African governments to keep up with debt payments without cutting basic services to their people, who were already poor and getting few services in the first place.
We've had a spate of good news on the economic front recently. Does this mean that we are finally out of the fiscal woods? According to our most recen...
Very few taxpayers have ever heard of the Congressional Bed Mandate -- the quota that requires 34,000 undocumented immigrants be detained every single night -- but it's costing them five million dollars, each and every day.
This has all the makings of a bubble and when it bursts, it will hobble students' ability to borrow for college. Reforms are needed, but there is very little political will and talk of bubbles never penetrates those inside the bubble.
Their growth rate dropped about three percentage points in 2013 from 2010 levels, with more than two thirds of countries seeing a decline -- Brazil, China, and India lead the pack.
In our recent annual review of Turkey's economy, regression analysis suggests that, barring a significant change in policies or the economic environment, the level of growth consistent with a stable current account is in the 2¾ to 3½ percent range. In other words, growth above this speed limit would lead to a wider current account deficit.
The global economy looks poised to display better growth performance in 2014. Leading indicators are pointing upward -- or at least to stability -- in major growth poles. However, for this to translate into reality policymakers will need to be nimble enough to calibrate responses to idiosyncratic challenges.
With further pressures likely to build over the period ahead -- as economic growth has slowed, commodity prices have softened, and external funding costs are bound to rise -- now is the right time to rethink fiscal policies across the region.
Now don't get me wrong: they're partially defusing a fiscal time-bomb they set themselves, so no one should mistake this for a great advance in bi-partisan fiscal policy.
Two weeks ago, the IMF organized a major research conference, in honor of Stanley Fischer, on lessons from the crisis. Here is my take.
It's time for the president to live up to the spirit of his campaign promises. He should voice his support for this bill and encourage both houses of Congress to attach it to their next major piece of budgetary or fiscal legislation.
Put very simply, Congressional gridlock is killing the American dream. It is being sacrificed on the altar of ideological purity and partisan sanctimony. We need to put the brakes on that approach or we will break apart.