Better than Plaza? Reflections on Today's Currency Constellation with Lawrence Summers

Since the time that we took on the project of publishing International Monetary Cooperation: Lessons from the Plaza Accord after Thirty Years, we found our analytical work has become extremely topical. Concerns over countries relying on beggar-thy-neighbor competitive depreciations in a time of low global demand have risen in salience, with fears of a currency war emerging. The Federal Open Market Committee has paid more attention to "external conditions" and the dollar's value in its recent dec

Source: Peterson Institute (PIIE)