As President-elect Barack Obama prepares to take office, how will turmoil in the international financial markets impact the formulation of his economic and foreign policy agendas?
Adam Posen joins the Council to shed light on the economic challenges and international implications facing the new Obama presidency- World Affairs Council of Northern California
Maurice Moses "Maury" Obstfeld (born 1952) is a professor of economics at the University of California, Berkeley. He is well known for his work in international economics and is among the 20 best economists in the world according to IDEAS/RePEc.
Adam Posen is deputy director of the Peterson Institute for International Economics in Washington, DC, where he has been a senior fellow since 1997. His research covers macroeconomic policy under globalization, G-3 (US-EU-Japan) economic relations, and central banking issues.
Dr. Posen is the author, coauthor, or editor of seven books: The Euro at Five: Ready for a Global Role? (Peterson Institute for International Economics, 2004); The Future of Monetary Policy (Blackwell, forthcoming); Inflation Targeting: Lessons from the International Experience (with B. Bernanke et al., Princeton, 1999); Japan's Financial Crisis and Its Parallels with US Experience (Peterson Institute for International Economics, 2000); Restoring Japan's Economic Growth (Peterson Institute for International Economics, 1998); and Stabilizing the Economy (Blackwell, forthcoming). His forthcoming book, Reform in a Rich Country: Germany, supported by a major grant from the German Marshall Fund of the United States, will be published by the Institute in 2007. He has also published over 30 articles in prominent academic journals and conference volumes, including in Brookings Papers on Economic Activity and NBER Macroeconomics Annual.
Dr. Posen has been a visiting scholar and consultant at central banks worldwide, including the Bank of England, Deutsche Bundesbank, European Central Bank, and the Federal Reserve Board. He has been a consultant to several US government agencies, the International Monetary Fund, and the European Commission, as well as to leading multinational corporations and global financial firms. Often cited in the global press, his opinion pieces and columns have appeared in the Financial Times, the New York Times, the Wall Street Journal, the Washington Post, Die Zeit, and the Nihon Keizai Shimbun, among others.
Economist Adam Posen says though much emphasis has been placed on bailing out banks, he claims less competition would help to ensure quality decision-making and increase stability in the banking industry.
Adam Posen argues the low exchange rate of the Chinese yuan against the American dollar caused only minor concerns during times of economic growth in the United States, but may become politically charged as the unemployment rate continues to rise.
Adam Posen says implementing universal healthcare may possibly result in economic stimulus, though it would most definitely strain the American healthcare infrastructure due to the increase in consumer demand.