Finance and Development Magazine

Finance & Development

Economic growth | Analytical Series

Industrial Policy and the Growth Strategy Trilemma

Is it time to strike a new balance between state intervention and market forces?

EDITOR'S PICK

Monetary policy | March 2023

Rethinking Monetary Policy in a Changing World

After decades of quiescence, inflation is back; to fight it central banks must change their approach

Markus Brunnermeier
Monetary policy | March 2023

For Central Banks, Less Is More

More focused, less interventionist central banks would likely deliver better outcomes

RAGHURAM RAJAN
Monetary policy | March 2023

Crisis and Monetary Policy

The pandemic and war have bred new challenges for global central banks in coming years

GITA GOPINATH

Emerging Market Perspectives

Illustrations: Joel Kimmel

Political economy | March 2023

A Road Well Traveled

In an era of high inflation, emerging markets have lessons to share

LESETJA KGANYAGO

Illustrations: Joel Kimmel

Exchange rates | March 2023

The Case for Intervention

Under the right conditions, it can reduce unwarranted currency volatility

Illustrations: Joel Kimmel

Monetary policy | March 2023

Sticking to the Target

An inflation-targeting regime remains the best path through challenging times

LEONARDO VILLAR

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UPDATES | FREE PRINT

INFLATION

Inflation | March 2023

Shaping Expectations

Surveys show household inflation expectations are less stable than we thought

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ISTOCK/ gremlin

Inflation | March 2023

How We Missed the Recent Inflation Surge

A remarkable demand recovery and changed dynamics in goods and labor markets contributed to misjudgments

Christoffer Koch

Analytical Series

Globalization | March 2023

In Defense of Globalization

History suggests the path to taming inflation is through more international trade—not less

Ostry, chips

Inflation | Online Exclusive

The Costs of Misreading Inflation

The 2021 surge in global shipping costs was a canary in the coal mine for the persistent rise in inflation

JONATHAN D. OSTRY

Globalization | Analytical Series

Globalization and Resilience

Economists miscalculated the disruptions of the global financial crisis and the pandemic—and need to build better models

ANTONIO SPILIMBERGO

PEOPLE IN ECONOMICS

IMF/ Adobe Stock

Monetary policy | March 2023

Lars Svensson: Central Banking Revolutionary

Prakash Loungani profiles former Swedish central banker Lars E.O. Svensson, a leader of the inflation-targeting revolution

PRAKASH LOUNGANI

Questioning assumptions - Emi Nakamura

Economic theory | December 2022

Emi Nakamura: Questioning Assumptions

Peter J. Walker profiles Berkeley’s Emi Nakamura, who delves into details to answer big questions

PETER J. WALKER

Fiscal policy | September 2022

Stefanie Stantcheva: Getting Into People's Heads

Marjorie Henriquez profiles Harvard’s Stefanie Stantcheva, who uses surveys and experiments to uncover the invisible in traditional economic data

Marjorie Henríquez

Melissa Dell

Economic theory and methods | June 2022

Melissa Dell: Going the Distance

Chris Wellisz profiles Harvard’s Melissa Dell, who pioneers new ways of unmasking legacies of the past

More

In the Trenches

Alex Kolomoisky

Central banks | March 2023

Embrace Debate

Karnit Flug stresses the importance of accountability and transparency in central banking

Pipeline diplomacy

Commodities | December 2022

Pipeline Diplomacy

Piotr Naimski explains Poland’s decision to pursue energy independence

Courtesy of Togo’s Ministry of Digital Economy and Transformation

Digitalization | March 2022

Technology-Driven Development

Togo’s Cina Lawson views digitalization as key to her country’s growth and development

Trenches-Containing-COVID-Land-Thunder-Dragon-Hero

COVID-19 | December 2021

Containing COVID-19 in the Land of the Thunder Dragon

Bhutan leverages Gross National Happiness—and vaccines— in response to the pandemic

More

CAFÉ Economics

IMF / Adobe Stock/ ECB

Inflation | March 2023

On Inflation’s Front Line

ECB’s Philip R. Lane discusses the importance of bringing euro area inflation back to target

Globalization | Online Exclusive

A New Political Order Emerges

Some moments in US history need decades to be fully grasped—they aren’t bound by the two-, four-, and six-year election cycles.

Debt

Financial sector risk | December 2022

Reading the Tea Leaves on Household Debt

Amir Sufi talks about the state of household debt and why he doesn’t foresee a severe global recession

Samantha Gross discusses how the current crisis creates an impetus to tackle climate change while achieving energy security

Energy sector | Online Exclusive

In Search of Energy Security

Samantha Gross discusses how the current crisis creates an impetus to tackle climate change while achieving energy security

Marjorie Henríquez

More

PICTURE THIS

IMF/ Adobe Stock

Monetary policy | March 2023

Forces At Play

Advanced economies are contending with several major long-term structural changes that will affect the way monetary policy is conducted.

Energy Transition

Energy transition | December 2022

Energy Transitions

We need much more than just solar and wind to achieve a clean energy transition

The Ascent of CBDC

Virtual currencies | September 2022

The Ascent of CBDCs

More than half of the world’s central banks are exploring or developing digital currencies

Commodities | June 2022

War Fuels Food Crisis

Three compounding crises—conflict, COVID, and climate change—are giving rise to another: hunger

More

Back to Basics

Inflation | March 2023

Price Prediction

Today’s inflation expectations are likely to become tomorrow’s inflation reality

Francesco Grigoli

Public debt | December 2022

What Is Sovereign Debt?

It plays a pivotal role in the world economy but comes with risks

S. M. ALI ABBAS

ALEX PIENKOWSKI

Digital currencies | September 2022

Crypto’s Conservative Coins

Stablecoins are far from the revolutionary ideals of crypto’s creators and are not without risk

Parma Bains

RANJIT SINGH

Virtual currencies | September 2022

Digital Money 101

A guide to blockchain and crypto lingo

More

More

Book Reviews

Monetary policy | March 2023

Lessons from History

A Monetary and Fiscal History of the United States, 1961–2021

PETER CONTI-BROWN

Interest Is the Price of Time Edward Chancellor

Interest rate policy | March 2023

Interest Is the Price of Time

Financial writing loves superlatives like “four-week high” and “most in a year.”

Political economy | March 2023

Revisiting the Soviet Breakup

Towards Market Economies: The IMF and the Economic Transition in Russia and Other Former Soviet Countries

Gender | December 2022

Gender Discrimination in Economics

GENDER DISCRIMINATION and the associated biases and barriers to career advancement are unwelcome realities for many working women, and the economics profession is no exception.

More

Podcasts

Monetary policy

Johannes Wiegand on Bimetallism and Monetary Stability

Globalization

Harold James: In Defense of Globalization

Monetary policy

Alan S. Blinder on Monetary and Fiscal Policy: Rowing with Both Oars

Currency Notes

Love cricket

Currencies | December 2022

For the Love of Cricket

Barbados’ $5 banknote pays tribute to the man who united West Indian cricket

ANALISA R. BALA

Using older mobile phones to settle transactions offline

Digital currencies | September 2022

Taking Digital Currencies Offline

In many regions, internet-free access may be a make-or-break feature for central bank digital currencies.

Currency Notes Empowering Creators NFTs have opened up a potentially lucrative new world for artists in developing economies Analisa R. Bala

Technology | June 2022

Empowering Creators

NFTs have opened up a potentially lucrative new world for artists in developing economies

ANALISA R. BALA

The Art of Mexico’s Banknotes

Currencies | March 2022

The Art of Mexico’s Banknotes

Mexico’s 100-peso banknote features migratory butterflies and an influential poet

More

March 2023: New Directions for Monetary Policy

New Directions for Monetary Policy

The Future of Monetary Policy

Point of View

Also in this Issue

People in Economics

Lars Svensson: Central Banking Revolutionary

In the Trenches

Embrace Debate

Café Economics

On Inflation’s Front Line

Picture This

Forces At Play

Back to Basics

Price Prediction

Book Reviews

More

Latest Issues

New Directions for Monetary Policy

March 2023

Energy Security -

December 2022

Reimagining Money in the Age of Crypto and Central Bank Digital Currency

September 2022

Peter Reynolds

June 2022

More