The Fed chief told the House budget panel the prospect of high unemployment and low inflation continued to justify the central bank's controversial purchases of government bonds.
Property taxes are the best way for governments to raise the extra revenue they need to reduce their debts without hurting growth, according to a group of OECD economists.
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Credit-rating firm Standard & Poor's downgraded New Jersey one notch, citing the state's poorly funded pension system and "above-average" debt levels.
German Bundesbank President Axel Weber is no longer seeking the presidency of the European Central Bank, euro-zone officials said, throwing the race for Europe's top monetary position into disarray.
Germany's current account surplus in 2010 rose to $177.09 billion, or 5.2% of estimated national output, according to figures released by Destatis.
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House Republicans said they are concerned of a "looming fiscal crisis" in state and local finances but ruled out any federal bailouts for states.
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Europe will need more sweeping stress tests for its banks in the future to restore investors' faith in the process, Bank of France Governor Christian Noyer, who sits on the European Central Bank's governing council, said.
Inflation jitters spread through emerging markets, prompting China's central bank to raise interest rates for the third time in four months amid worries that a drought threatening the country's wheat crop will put further pressure on global food prices.
China's government outlined farm subsidies and other new support aimed at encouraging grain production as the country braces for the possibility of a weak wheat crop that could further exacerbate a global food inflation scare.
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The U.K.'s trade deficit grew to its biggest on record in December, as unusually severe weather hit export activity but imports were boosted by a surge in aircraft bought from overseas.
A combination of fiscal consolidation weighing on growth and higher inflation means that the risk of so-called "stagflation" in the U.K. and the euro zone has increased, Fitch Ratings said.
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We speak with Kenneth Rogoff about how he sees the world faring in the wake of the latest financial crisis -- and solicit some advice on exchange rates.
The Treasury market continues to function normally despite significantly sized bond buying by the Fed, a key central bank staffer said Wednesday.
Young women are outpacing men in educational attainment and there's little sign males will make up ground any time soon.
When Barack Obama's budget arrives on Monday, look for responses to two issues: The budget is on an unsustainable course, and the economy isn't growing fast enough to bring down unemployment and raise incomes.
Commercial property took less of a drubbing than residential real estate in the recession but still faces a long and painful recovery.
Companies are starting to hire again, but finding highly qualified applicants for more technical positions is proving a challenge for some firms.
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Strong economic growth should, in theory, make the U.S.'s problems easier to solve. In reality, it often fosters complacency and allows officials to avoid unpalatable choices.
Jean-Claude Trichet is doing a fair imitation of a pretzel. The European Central Bank's president is having to tie himself in knots to square euro-zone monetary policy.
Since the start of the recession in 2007, U.S. consumer spending has taken a hit. Track adjusted estimates of spending, based on data from the monthly and annual Retail Trade Survey and administrative records.
As the world-wide economy slowly heals from the Great Recession, central banks take different paths to recovery. Most countries remain in an easing cycle with low interest rates, but some are seeking to tighten policy.
Dig in and download forecasts for GDP growth, inflation, oil prices, housing, recession calls and more. See prior survey installments at WSJ.com/Economist.