President Barack Obama has shown a determination to redistribute wealth by increasing government spending, despite unsustainable deficits. We shouldn’t be surprised if Janet Yellen, the president’s nominee to be Federal Reserve chairman, shares his objective.
Japanese companies eased off on capital-spending growth in the third quarter and failed to step up exports even with a cheaper yen, contributing to an economic slowdown that puts pressure on Prime Minister Shinzo Abe.
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.
Students who dream of starting a high-tech company may aim for Stanford University, while those who want to be scientists target the Massachusetts Institute of Technology. If running a Major League Baseball team is on your to-do list, it pays to attend Amherst College.
Nobel Prize-winning economist Joseph Stiglitz said today the U.S. needs more fiscal stimulus to aid the economy and that more unconventional monetary easing by the Federal Reserve would do little to spur the recovery.
President Barack Obama will nominate Janet Yellen as chairman of the Federal Reserve, which would put the world’s most powerful central bank in the hands of a key architect of its unprecedented stimulus program and the first female leader in its 100-year history.
Scottish First Minister Alex Salmond is in no position to promise that an independent Scotland would keep the British pound after separation, said Ed Balls, the Treasury spokesman for the U.K.’s Labour opposition.