Peterson Institute for International Economics

Photo Credit: Pixabay/Thomas Breher

Don't blame America's current account deficit on the dollar

Some US and Chinese officials wrongly argue that the dollar's status as the world's dominant reserve currency is the main driver of America's large and persistent current account deficits, writes Maurice Obstfeld. This theory misconstrues how international financial markets work.

People gather after President Trump agreed to a two-week ceasefire with Iran, in Tehran. Picture taken on April 8, 2026.

WANA/Majid Asgaripour

Photo Credit: WANA/Majid Asgaripour

RealTime Economics

The US-Iran ceasefire is better than a wider war. That doesn't make it a US victory

Cullen S. Hendrix (PIIE)

April 8, 2026

Smoke rises after reported Iranian missile attacks in Doha, following the US and Israel strikes on Iran. Photo taken on March 1, 2026.

REUTERS/Mohammed Salem

Photo Credit: REUTERS/Mohammed Salem

RealTime Economics

How Russia and China are winning the war in Iran

Elina Ribakova (PIIE) and Alicia García-Herrero (Bruegel; Hong Kong University of Science and Technology)

March 30, 2026

Tisza Party voters await the results of the parliamentary elections in Budapest, Hungary, on April 12, 2026.

NurPhoto/Marek Antoni Iwanczuk

Photo Credit: NurPhoto/Marek Antoni Iwanczuk

RealTime Economics

Orbán's fall sends a warning signal to Argentina and Brazil

Monica de Bolle (PIIE)

April 16, 2026

A general view of the US Federal Reserve Marriner S. Eccles building, in Washington, DC. Picture taken on Monday, May 27, 2024.

Sipa USA/Graeme Sloan

Photo Credit: Sipa USA/Graeme Sloan

PIIE Briefings

Central bank independence in practice

John H. Cochrane (Hoover Institution), Adam S. Posen (PIIE), and David Wilcox (PIIE), editors

December 15, 2025

What's New

Orbán's fall sends a warning signal to Argentina and Brazil

Monica de Bolle (PIIE)

April 16, 2026

An aerial view of San Francisco in July 2025.

With less immigration, urban growth slowed in 2025

Jed Kolko (PIIE)

April 16, 2026

The globe is depicted in this illustration.

Podcast: Global Imbalances Redux

Maurice Obstfeld (PIIE) interviewed by Tim Phillips

April 13, 2026

via VoxEU

Customer paying with cash in Washington, DC.

Prices Are High. Here's One Reason Not to Panic.

Jason Furman (PIIE)

April 10, 2026

via New York Times

PIIE Charts

War, uncertainty slow 2026 growth across advanced and emerging economies

Karen Dynan (PIIE)

April 9, 2026

Trump's tariff revenue tracker: How much is the US collecting? Which imports are hit?

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

March 24, 2026

The Trump administration wants foreign investment pledges to boost several sectors that Biden targeted

Gregory Auclair (PIIE) and Adnan Mazarei (PIIE)

February 11, 2026

Some countries will struggle to fulfill their investment pledges to President Trump

Gregory Auclair (PIIE) and Adnan Mazarei (PIIE)

January 29, 2026

The future economic architecture of the eurozone

April 16, 2026, 9:00 AM to 10:00 AM EDT

Olivier Blanchard (PIIE), Carlos Cuerpo Caballero (First Vice President and Minister for Economy, Trade, and Business, Spain), Adam S. Posen (PIIE), Isabel Schnabel (European Central Bank) and Ángel Ubide (Citadel LLC)

Apr

AI and the imminent transformation of work: New dimensions and analyses

April 16, 2026, 1:00 PM to 2:15 PM EDT

Caroline Atkinson (RockCreek), Martin Chorzempa (PIIE), Jed Kolko (PIIE), Anton Korinek (PIIE) and Fabien Curto Millet (Google)

Apr

International imbalances again? Still? Forever?

April 16, 2026, 3:00 PM to 4:00 PM EDT

Joseph E. Gagnon (PIIE), Maurice Obstfeld (PIIE), Hélène Rey (London Business School; Centre for Economic Policy Research), Alan Taylor (Columbia University; Bank of England) and Isabel Vansteenkiste (European Central Bank)

Apr