The Great Debate
The volume of excess reserves commercial banks are holding with the Federal Reserve System has declined by $275 billion (31 percent) over the last five weeks, in what could be the first sign of stabilization within the core of the banking system (https://customers.reuters.com/d/graphics/RESBAL.pdf).
— Peter Schechter is an author and an international political and communications consultant. A founder of one of Washington’s strategic communications consulting firms, he has spent twenty years advising Presidents, writing advertising for political parties, ghost-writing columns for CEO’s, and counseling international organizations out of crises. “Pipeline” is his second novel. The views expressed are his own. —
— Arturo Sarukhan, a career diplomat, has been Mexican ambassador to the United States since 2007. Ambassador Sarukhan was President Calderon’s chief foreign policy adviser and international spokesperson during the 2006 presidential campaign and headed his foreign policy transition team. The views expressed are his own. —
Every budding economist is taught the distinction between nominal variables (expressed in terms of contemporary cash values) and real variables (adjusted for inflation and expressed in constant-dollars).