Band 7, Heft 1

Thomas Ferguson of U. Mass, Boston and Robert Johnson of the Roosevelt Institute argue that letting Lehman fail--not the later bailout announcement--triggered the financial collapse, contrary to the views of John Taylor and John Cochrane and Luigi Zingales.

Over the past decade, developing nations such as China built up reserves to prevent a repeat of the 97-98 East Asian financial crisis. However, this may have set the stage for our current financial troubles, as spelled out by Moritz Schularick.

At the international level, a global carbon price is a better form of commitment to reduce carbon emissions than a system of national caps. Peter Cramton and Steven Stoft outline a price-based approach that is simple, effective, and remarkably affordable.

Alan Blinder argues that something must be done, and outlines the bare minimum that we must do.

The rush to reduce deficits could cause serious trouble, according to Joseph Stiglitz of Columbia University.

The Cash for Clunkers program is not such a clunker if one considers a fuller list of benefits, according to Anna Ching, Mika Clark, Tania Dutta and Yan Zhu.