The rescue offers Greece the opportunity for an extended struggle to settle for slow economic growth for an extended period. This debt crisis is not over...

Legislation to raise the debt ceiling will give the government headroom to operate until 2013. But a temporary ceasefire in this fiscal war will not address the country's longer-run problems. The rating agencies are therefore justified in reconsidering America's triple-A credit rating.

The United States may not have laid the foundation for sustained expansion, with real per-capita output still 2.2 percent below its 2006 level. The chance that the economy slips into another recession within a year is about four in ten.

As has been generally understood and underscored by Standard & Poor's downgrade of the U.S.'s AAA credit rating, elected officials were willing to push the federal government to the brink of default. This was startling proof of deep dysfunction in the political process.

En los últimos diez años, las autoridades de política en distintos países emergentes han optado por limitar las fluctuaciones del valor de sus monedas respecto al dólar americano. En este documento se utiliza una relación de paridad de tasas de interés para identificar las fuentes potenciales de presiones alcistas en el valor del tipo de cambio y para explicar las opciones de política orientadas a contener dichas presiones.

Timothy Geithner will go to great lengths to avoid missing a payment of interest or principal on the debt. But, to honor that constitutional precedent, he may have to break (or, more charitably, to interpret generously) some laws.