When James Tobin joined President John F. Kennedy’s administration in 1961, the U.S. economy was struggling to recover from its third recession in seven years. As a member of Kennedy’s Council of Economic Advisers, the Yale University professor put his theoretical research on asset markets to work in fashioning a novel strategy -- nicknamed Operation Twist -- to reduce long-term interest rates.
French Finance Minister Christine Lagarde is cementing her status as the front-runner to head the International Monetary Fund , arousing concerns among emerging- market nations about a rush to judgment in filling the job.
The International Monetary Fund’s Christine Lagarde used the word “challenging” to describe the Cyprus rescue to which she pledged $1.3 billion. She might say the same about where the IMF stands with the U.S. Congress.
Europe’s debt crisis could be contained by using the European Central Bank to make up to 5 trillion euros ($6.7 trillion) available through a euro-area rescue fund, according to a “strategy game” conducted by about 50 experts and former government officials.