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The magazine of international economic policy.

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Why Is the VIX “Fear Gauge” So Low?

The world today is a cauldron of global political uncertainty. Yet the VIX, the popular measure of the implied volatility of S&P 500 index options, is at its lowest level in years. Four noted analysts tackle the question: What gives?

By Jim O’Neill, Scott Bessent, Adam Posen, and Mohamed El-Erian

Has the World Been Fitted With a Debt Straightjacket?

The world’s combined public and private debt is approaching 300 percent of GDP. Nearly forty distinguished experts look at whether the global economy can handle today’s debt load.

Featuring comments from Anders Åslund, Stephen Axilrod, Dean Baker, Jared Bernstein, Mario I. Blejer, Michael J. Boskin, Bernard Connolly, Richard N. Cooper, W. Bowman Cutter, Andreas Dombret, Mohamed A. El-Erian, Arturo Estrella, Heiner Flassbeck, James E. Glassman, George R. Hoguet, Gustav A. Horn, Michael Hüther, Richard Jerram, Steve Keen, Richard C. Koo, Desmond Lachman, Robert E. Litan, Donald B. Marron, Thomas Mayer, Ewald Nowotny, Holger Schmieding, Ludger Schuknecht, Sherle R. Schwenninger, Jeffrey R. Shafer, Robert J. Shapiro, Allen Sinai, C. Eugene Steuerle, Jean-Claude Trichet, Makoto Utsumi, David M. Walker, R. Christopher Whalen, and William R. White

A symposium of views

Fed Policy in the Age of Trump

Would a rule make a difference?

By John M. Berry

An Infrastructure Rethink

It’s time to consolidate existing efforts. An infrastructure bank?

By Mansoor Dailami

Gulf State Currency Crisis

Which way out of the morass?

By Luiz Pinto

Upgrading the G7

And revamping its agenda.

By William R. White

China's Faustian Bargain

An extraordinary debt bomb?

By Chi Lo

Off the News

Not Yet Making America Great Again, Premature Celebration Over Macron Election, and ECB Mistake