HKS Affiliated Authors

Excerpt

Harvard Professor Jeffrey Frankel: America, The Balanced. Jeffery Frankel, October 2014, Opinion. "When the United States’ current account fell into deficit in 1982, the US Council of Economic Advisers accurately predict record deficits for years to come, owing to budget deficits, a low national saving rate, and an overvalued dollar. If the US did not adjust, knowledgeable forecasters intoned, it would go from being the world’s largest creditor to its largest debtor. Many of us worried that the imbalances were unsustainable, and might end in a “hard landing” for the dollar if and when global investors tired of holding it..." Link