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Understanding the Trans-Pacific Partnership


PIIE scholars assess the benefits and costs of the final agreement of the Trans-Pacific Partnership, a potentially historic trade accord between the United States and 11 Pacific Rim trading partners.

Trade and Investment Policy Watch

TPP and Exchange Rates
C. Fred Bergsten and Jeffrey J. Schott — November 6, 2015

Currency Manipulation: A Clarification
Joseph E. Gagnon — November 6, 2015

US Service Firms: Neglected TPP Winners
Gary Clyde Hufbauer, J. Bradford Jensen and Euijin Jung — October 13, 2015

The TPP Timeline
Jeffrey J. Schott — October 6, 2015

The Pharma Compromise on TPP Is Good for US Consumers
Caroline Freund — October 5, 2015

The Case for TPP: Rebutting the Naysayers
Lee G. Branstetter and Gary Clyde Hufbauer — October 5, 2015

audio Peterson Perspectives Interview

What’s Next for TPP?
Jeffrey J. Schott — October 6, 2015

Books and Policy Analyses

Understanding the Trans-Pacific Partnership
Policy Analyses in International Economics 99
by Jeffrey J. Schott, Barbara Kotschwar, and Julia Muir

The Trans-Pacific Partnership and Asia-Pacific Integration: A Quantitative Assessment
Policy Analyses in International Economics 98
by Peter A. Petri, Michael G. Plummer, and Fan Zhai

Most recently posted material.

RealTime Economic Issues Watch It Could Be Worse: Five Things to Be Thankful for in a Wobbly World Economy
Pedro Nicolaci da Costa — November 25, 2015
It's all too easy these days to be pessimistic about the global economic outlook in a post-crisis world that has shown itself prone to persistent scrapes and bruises. But in the spirit of Thanksgiving, perhaps it's time to try to take a glass half-full (of wine?) approach to gauging gl ...

North Korea: Witness to Transformation Moranbong Rocks "Without a Break" (단숨에) Satellite Launch
Stephan Haggard — November 25, 2015
An unfortunate theme of several recent posts (for example on the 70th KWP anniversary speech) is what political scientists call “authoritarian resilience”: the fact that dictatorships can survive not only through repression but by courting particular c ...

RealTime Economic Issues Watch What Mauricio Macri Means for Brazil
Monica de Bolle — November 24, 2015
In a presidential runoff on Sunday, Mauricio Macri of the opposition alliance Cambiemos became Argentina's new president, ending over a decade of so-called Kirchnerism. While opening up Argentina's economy and turning Kirchnerist economic policy on its head will be a major challenge for the presi ...

China Economic Watch Renminbi Inclusion in SDR—More about Financial Reform
Zixuan Huang and Nicholas R. Lardy — November 24, 2015
The International Monetary Fund (IMF) will decide soon whether or not to add the renminbi to its Special Drawing Rights (SDR) basket. The Fund's review of this issue last summer focused on two issues. The first, referred to as the gateway criterion, was a simple matter. China met this criterio ...

audio Peterson Perspectives Interview Can Macri Deliver on Macro Reforms?
Monica de Bolle — November 24, 2015
Monica de Bolle discusses the center-right victory in Argentina's presidential elections and what it means for the country's economic reform prospects as well as the region.

RealTime Economic Issues Watch Some Big Changes in Macroeconomic Thinking from Lawrence Summers
Adam S. Posen — November 20, 2015
A lot of economists, myself included, have spoken about the need to fundamentally rethink major parts of macroeconomics following the global financial crisis. At a truly fascinating and intense conference on the global productivity slowdown we ho ...

RealTime Economic Issues Watch The Misery of Brazil's Economy
Monica de Bolle — November 19, 2015
The sum of the inflation and the unemployment rates, referred to as the misery index, is often used as a measure of economic well-being. Brazil's runaway inflation and rising unemployment over the course of 2015 show a steep increase in misery. ...

RealTime Economic Issues Watch Capital Adequacy for Banks: Why the New Standard Falls Short
Avinash Persaud — November 19, 2015
Can systemically important banks now fail without placing the rest of the financial system or public funds at risk? Has "too-big-to-fail" been dealt with? "Yes" was the courageous judgment of the Financial Stability Board (FSB) when it unveiled its new capital adequacy regime on November 9 for th ...

Op-ed How to Pay for a Refugee Crisis
Jacob Funk Kirkegaard and Thomas Philippon — November 18, 2015
Security and mobility bonds offer the kind of financial engineering, macroeconomic policy, and political economy Europe needs to mobilize collective resources and fund its immigration policy while preserving open internal borders.

RealTime Economic Issues Watch A More Inflexible Fed Would Cause More Crises
Adam S. Posen — November 18, 2015
Having saved the US economy from a second Great Depression, the Federal Reserve has become a political scapegoat in the Congress for its own failures to secure the recovery. Rather than improving our tax code, investing in our future, or simply passing a budget that is little more than avoiding d ...

Op-ed The Trans-Pacific Partnership and Japan
C. Fred Bergsten — November 18, 2015
Prime Minister Abe has rightly seized on the TPP as a promising catalyst for the kinds of changes that Japan needs.

Policy Brief 15-21 World on the Move: The Changing Global Income Distribution and Its Implications for Consumption Patterns and Public Policies [pdf]
Tomas Hellebrandt and Paolo Mauro — November 17, 2015
In the next two decades, hundreds of millions of people in emerging economies are projected to reach income levels at which they will be able to afford cars and air travel. Higher spending on transportation, especially in China, India, and Sub-Saharan Africa, will increase pressures on the infrastructure in these economies and aggravate global climate change. Governments will need to respond to these challenges in a fiscally sustainable and environmentally responsible way.

Policy Brief 15-20 Estimates of Fundamental Equilibrium Exchange Rates, November 2015 [pdf]
William R. Cline — November 17, 2015
Falling commodity prices in recent months have led to declines in the real effective exchange rates (REERs) for major emerging-market economies and resource-based advanced economies, which in turn have widened the overvaluation of the US dollar to about 10 percent.

China Economic Watch Christine Lagarde and the SDR Basket
Edwin M. Truman — November 17, 2015
International Monetary Fund (IMF) managing director Christine Lagarde has thrown her personal support behind China’s long-time campaign for the inclusion of its currency, the yuan or renminbi, among the small basket of currencies that are used to value the IMF’s special drawing rights (SDR). ...

RealTime Economic Issues Watch Euro Area Risk: Catalonia's Secession Fight Is Not Contained
Angel Ubide — November 16, 2015
If only what happened in Catalonia stayed in Catalonia. A fumbled process of updating the Catalan Statute of Independence, started a decade ago, has evolved into what could become a serious constitutional crisis in Spain, with unpredictable consequences. With the financial crisis inflicting po ...

Trade and Investment Policy Watch PIIE Chart: US Auto Tariffs Under TPP
Caroline Freund and Sarah Oliver — November 16, 2015
As shown in previous posts, the United States is not the most liberalized member of the TPP in terms of tariff reductions, particularly in important sectors of the US economy, such as the auto sector. For the United States, the importance of the auto sector in the TPP focused on Japan.

RealTime Economic Issues Watch Ten Questions on Productivity, the Holy Grail of Economics
Pedro Nicolaci da Costa — November 16, 2015
Productivity, the amount of goods or services firms and workers can produce per hour of labor, is as central a concept to modern economic thinking as it is elusive to grasp and explain.

RealTime Economic Issues Watch Portugal's Risky Experiment
Jacob Funk Kirkegaard — November 13, 2015
Portugal is heading into politically unchartered territory with the fall of its center-right government on November 10 in the face of protests and defections by anti-austerity lawmakers. A new Socialist government led by Antonio Costa is expected to take power with two other leftist partie ...



Lawrence H. Summers

Making Sense of the Productivity Slowdown

Lawrence H. Summers delivers the keynote address at an all-day conference on productivity.

Caroline Atkinson

The G-20 and the Global Economy

Caroline Atkinson, Deputy Assistant to President Obama and Deputy National Security Advisor for International Economics, discusses the G-20 and the global economy.

Pascal Lamy

The New Global Trade Agenda

Pascal Lamy, former director-general at the WTO, presents recent work on the TPP, the TTIP, and the prospects of multilateral trade negotiations.

Maroš Šefcovic

A 21st Century Transatlantic Energy Compact

Maroš Šefcovic, vice-president for Energy Union, European Commission, speaks at a PIIE event cohosted with the Center for Transatlantic Relations at SAIS Johns Hopkins University.


The Great Global Slowdown: Causes and Effects

Joseph E. Gagnon says demographics, technology, and emerging markets have contributed to global "secular stagnation," and the solutions are not obvious.


Can Macri Deliver on Macro Reforms?

Monica de Bolle discusses the center-right victory in Argentina's presidential elections and what it means for the country's economic reform prospects as well as the region.


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