Peterson Institute for International Economics

Photo Credit: Pixabay/Thomas Breher

Don't blame America's current account deficit on the dollar

Some US and Chinese officials wrongly argue that the dollar's status as the world's dominant reserve currency is the main driver of America's large and persistent current account deficits, writes Maurice Obstfeld. This theory misconstrues how international financial markets work.

Trade Talks

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Chad P. Bown (PIIE)

April 19, 2026

A Tisza Party supporter waves the EU and Hungarian flags outside the Hungarian parliament in Budapest, Hungary. Photo taken on April 12, 2026.

NurPhoto/Marek Antoni Iwańczuk

Photo Credit: NurPhoto/Marek Antoni Iwańczuk

RealTime Economics

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People gather after President Trump agreed to a two-week ceasefire with Iran, in Tehran. Picture taken on April 8, 2026.

WANA/Majid Asgaripour

Photo Credit: WANA/Majid Asgaripour

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Smoke rises after reported Iranian missile attacks in Doha, following the US and Israel strikes on Iran. Photo taken on March 1, 2026.

REUTERS/Mohammed Salem

Photo Credit: REUTERS/Mohammed Salem

RealTime Economics

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Elina Ribakova (PIIE) and Alicia García-Herrero (Bruegel; Hong Kong University of Science and Technology)

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What's New

The exterior of the Marriner S. Eccles Federal Reserve Board building is seen in Washington, DC. Photo taken on June 14, 2022.

Amid wartime disruptions, most emerging-market central banks will follow the Fed

Alfredo Mendoza-Fernández (University of California, Berkeley), Maurice Obstfeld (PIIE) and Serra Pelin (PIIE)

April 23, 2026

Fertilizer is loaded into a seeder, but the ongoing conflict in Iran has disrupted global fertilizer supplies, particularly through the Strait of Hormuz.

Use the WTO to address global fertilizer supply constraints related to the Iran war

Simon J. Evenett (IMD Business School, Lausanne; St. Gallen Endowment for Prosperity Through Trade), Bernard M. Hoekman (Robert Schuman Centre for Advanced Studies), Petros C. Mavroidis (Columbia Law School; Bruegel) and Alan Wm. Wolff (PIIE)

April 23, 2026