Current Account Imbalances Coming Back

This paper finds statistically robust and economically important effects of fiscal policy, external financial policy, net foreign assets, and oil prices on current account balances. The statistical model builds upon and improves previous explanations of current account balances in the academic literature. A key advance is that the model captures the effect of external financial policies, including exchange rate policies, through data on net official financial flows. Based on current and expected future policies, current account imbalances in major G-20 economies are likely to widen much more in the next five years than projected by the International Monetary Fund (IMF). This paper concludes with a discussion of appropriate policies to prevent widening imbalances.exchange rate, G-20, official financial flows, sterilized intervention

The World Needs Further Monetary Ease, Not an Early Exit

Governments and central banks around the world eased macroeconomic policies aggressively in response to the 2008 financial crisis, arguably forestalling a second Great Depression. More recently, however, policymakers have been talking about when to withdraw the stimulus. This focus on exit is misguided. Current forecasts show an extended period of economic stagnation in the developed world. We need additional stimulus now, argues Joseph Gagnon. In particular, central banks in the main developed economies should push long-term interest rates 75 basis points below the levels they would otherwise be by purchasing a combined $6 trillion in long-term public and private debt securities. Relative to current forecasts, this policy action is expected to boost GDP 3 percent or more over the next eight quarters and to reduce unemployment rates by between 1 and 3 percent. Without additional stimulus, unemployment rates are likely to remain above equilibrium levels for many years at great cost to the world economy in terms of lost income and personal hardship. Moreover, with inflation rates already below desired levels, excess unemployment threatens to cause a fall in prices that would further damp recovery and retard the necessary process of deleveraging. In light of high and rising levels of public debt, additional monetary stimulus is preferable to additional fiscal stimulus. Indeed, monetary stimulus reduces the ratio of public debt to GDP by reducing interest expenses, increasing GDP, expanding tax revenues, and enabling an earlier start to fiscal consolidation.

Inflation regimes and inflation expectations

This paper examines the formation of expectations about future inflation over long horizons. A key issue that agents must confront is the possibility that the economic policy framework— especially the monetary policy regime—could change at some future date. Agents are likely to base inferences about possible future regimes on experience over many years and decades past. This aspect of expectations formation may explain why inflation premiums in long-term bond yields are higher in countries with a long history of high inflation.Inflation (Finance)

U.S. international transactions in 2000

The U.S. current account deficit widened to $435 billion in 2000, a record 4.4 percent of gross domestic product, as the lagged effect of strong growth in the U.S. economy in late 1999 and early 2000 continued to drive up imports of goods and services faster than exports increased. To a lesser extent, a decline in U.S. price competitiveness also contributed to the expansion in the deficit. The$104 billion increase in the current account deficit was entirely accounted for by an equal-sized increase in the goods and services deficit. Other components of the current account moved in small and offsetting directions. The current account deficit represents an excess of U.S. investment over U.S. saving of more than $400 billion. In addition, almost$300 billion of U.S. saving flowed abroad in the form of a continued increase in foreign direct and portfolio investment by U.S. residents. To finance the current account deficit and the capital outflow, the foreign private sector purchased a record amount--more than $700 billion--of U.S. securities and direct investment assets. The sharp slowdown in U.S. economic growth in late 2000 and early 2001 should reduce the rate of increase of the current account deficit in 2001 through a slowing of the rate of growth of goods and services imports.International trade ; Exports ; Imports

Alien Registration- Gagnon, Joseph (Lewiston, Androscoggin County)

https://digitalmaine.com/alien_docs/29818/thumbnail.jp

Alien Registration- Gagnon, Joseph (Fairfield, Somerset County)

https://digitalmaine.com/alien_docs/9619/thumbnail.jp

Alien Registration- Gagnon, Joseph (Jackman, Somerset County)

https://digitalmaine.com/alien_docs/6447/thumbnail.jp

Advocacy for Incarcerated Youth : A Conversation With Peter Leone

Dr. Peter Leone is an internationally renowned researcher and advocate for incarcerated youth. Throughout his almost four decades at the University of Maryland, his expertise and research have influenced lawsuits related to the provision of education and special education services in juvenile corrections and paved the way for changes in policy and practice. Dr. Leone shared his reflections on his career, progress that has been made in juvenile justice education, urgent matters, future directions, and recommendations for future juvenile justice educators and researchers.Non peer reviewe

The solitary confinement of incarcerated American youth during COVID-19

Non peer reviewe

Inclusion in American and Finnish Schools : The Neglect of Youth with Emotional and Behavioral Disorders

Youth with emotional and behavioural disorders (EBD) are guaranteed the same right to inclusive education as other students with and without disabilities. While Finland and the United States (U.S.) are committed to the ideals of inclusion, evidence suggests that these students are often excluded. This paper discusses Finnish and U.S policies and practices that identify and 'push out' youth with EBD. Additionally, the quality of education in exclusive settings, including Finnish reform schools, U.S. alternative schools and day treatment/residential psychiatric facility schools, as well as (juvenile) correctional facilities in both countries, are discussed. Recommendations are provided for policy and practice that will promote access to inclusive education for these troubled youth.Peer reviewe