Here, Daron Acemoglu, Professor of Economics at MIT and co-author of Why Nations Fail, takes a closer look at the failed American attempt to build a functioning Afghan state.

ISTANBUL – The United States invaded Afghanistan 20 years ago with the hope of rebuilding a country that had become a scourge to the world and its own people. As General Stanley McChrystal explained in the run-up to the 2009 surge of US troops, the <a title="House Hearing, 111 Congress, October 15, 2009" href="https://www.govinfo.gov/content/pkg/CHRG-111hhrg52853/html/CHRG-111hhrg52853.htm" target="_blank" rel="noopener">objective was</a> that the “government of Afghanistan sufficiently control its territory to support regional stability and prevent its use for international terrorism.”

A mural of former Afghan president Ashraf Ghani at the airport named after his predecessor Hamid Karzai. In 2009 Dr Ghani co-authored a book entitled ”Fixing Failed States”, but he himself seems to have failed to learn the lessons outlined in his own book. Photo: Rahmat Gul/AP/TT

Professor Daron Acemoglu, co-author Why Nations Fail, on what went wrong in rebuilding Afghanistan.

Why Nation-Building Failed in Afghanistan

Inequality seems to be on the rise and increasingly central banks are blamed. Here, Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University, takes a closer look at the role played by central banks in this development.

CAMBRIDGE – Judging by the number of times phrases such as “<a title="Economic Inequality &amp; Equitable Growth" href="https://www.newyorkfed.org/outreach-and-education/community-development/economic-inequality" target="_blank" rel="noopener">equitable growth</a>” and “<a title="The distributional footprint of monetary policy" href="https://www.bis.org/publ/arpdf/ar2021e2.htm" target="_blank" rel="noopener">the distributional footprint of monetary policy</a>” appear in central bankers’ speeches nowadays, it is clear that monetary policymakers are feeling the heat as concerns about the rise of inequality continue to grow. But is monetary policy to blame for this problem, and is it really the right tool for redistributing income?

Beachgoers and the superyacht Bravo Eugenia outside Santa Barbara, California, last summer. Despite being 109 meters long, it is only the 51st largest superyacht in the world according to Superyacht Times. Photo: John Antczak/AP/TT

Kenneth Rogoff takes a closer look at what is going on and the arguments for blaming central banks.

Are Central Banks to Blame for Rising Inequality?

John H. Cochrane, tidigare professor i finansiell ekonomi vid University of Chicago, skriver om problemen med att ge finansiella tillsynsmyndigheter miljömål.

STANFORD – I USA håller centralbanken, Securities and Exchange Commission (som granskar värdepappershandeln), samt finansdepartementet på att förbereda sig på att införliva klimatpolitik i det finansiella regelverket. Detta följer på att Europa redan tagit ännu djärvare steg. <a title="Yellen vows to set up Treasury team to focus on climate, in victory for advocates" href="https://www.politico.com/news/2021/01/19/yellen-treasury-department-climate-change-460408" target="_blank" rel="noopener">Motiveringen</a> är att ”klimatrisk” utgör en fara för det finansiella systemet. Men det påståendet är absurt. Det finansiella regelverket används för att smyga in klimatpolitik som annars skulle förkastats för att den är impopulär eller ineffektiv.

Miami, Florida. En destination för turister, flyttfåglar och flyttlass. Foto: Alan Diaz/AP/TT

Nationalekonomen John H. Cochrane om problemen med att ge finansiella tillsynsmyndigheter miljömål.

Cochrane: Villfarelsen om klimatrelaterad finansiell risk

Raghuram G. Rajan, Professor of Finance at the University of Chicago Booth School of Business and a former governor of the Reserve Bank of India, shares his thoughts on effects and future of quantitative easing.

CHICAGO – Inflation readings in the United States have shot up in recent months. Labor markets are extremely tight. In one recent <a title="NFIB Small Business Jobs Report" href="https://www.nfib.com/foundations/research-center/monthly-reports/jobs-report/" target="_blank" rel="noopener">survey</a>, 46 percent of small-business owners said they could not find workers to fill open jobs, and a net 39 percent reported having increased their employees’ compensation. Yet, at the time of this writing, the yield on ten-year Treasury bonds is <a title="Daily Treasury Yield Curve Rates" href="https://www.treasury.gov/resource-center/data-chart-center/interest-rates/pages/TextView.aspx?data=yieldYear&amp;year=2021" target="_blank" rel="noopener">1.24 percent</a>, well below the ten-year breakeven inflation rate of 2.4 percent. At the same time, stock markets are flirting with all-time highs.

The City, London’s financial district, on a Thursday in april 2021. Like so many other central banks, the Bank of England (building to the right) have responded with more quantitative easing. Photo: Alastair Grant/AP/TT

The former governor of the Reserve Bank of India professor Raghuram G. Rajan shares his thoughts on Quantitative Easing.