Author Archives: wcoats

About wcoats

I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy.  I joined the International Monetary Fund in 1975 from which I retired in 2003 as Assistant Director of the Monetary and Financial Systems Department. While at the IMF I led or participated in missions to the central banks of over twenty countries (including Afghanistan, Bosnia, Croatia, Egypt, Iraq, Israel, Kazakhstan, Kenya, Kosovo, Kyrgystan, Moldova, Serbia, Turkey, West Bank and Gaza Strip, and Zimbabwe) and was seconded as a visiting economist to the Board of Governors of the Federal Reserve System (1979-80), and to the World Bank's World Development Report team in 1989.  After retirement from the IMF I was a member of the Board of the Cayman Islands Monetary Authority from 2003-10 and of the editorial board of the Cayman Financial Review from 2010-2017.  Prior to joining the IMF I was Assistant Prof of Economics at UVa from 1970-75.  I am currently a fellow of Johns Hopkins Krieger School of Arts and Sciences, Institute for Applied Economics, Global Health, and the Study of Business Enterprise.  In March 2019 Central Banking Journal awarded me for my “Outstanding Contribution for Capacity Building.”  My most recent book is One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina. I have a BA in Economics from the UC Berkeley and a PhD in Economics from the University of Chicago. My dissertation committee was chaired by Milton Friedman and included Robert J. Gordon.

The Corporate Income Tax

Should the U.S. Corporate Income Tax be increased from its current 21% (plus state corporate income taxes that average about 5%) back to 28%? No, it should be reduced to zero. The corporate income tax should be abolished. One of … Continue reading

Posted in Economics, taxes | Tagged , , , , , | 2 Comments

Vaccine Passports

Discussions of the pros and cons of mandated lock downs to stop (or slow) the spread of Covid-19 often miss the most important point. The key factor in restraining the spread of a contagious disease (beyond vaccines, basic public health … Continue reading

Posted in Healthcare, regulation | Tagged , , , , , | 2 Comments

A New SDR Allocation

On March 23, the Managing Director of the International Monetary Fund, Kristalina Georgieva, reported that: “I am very encouraged by initial discussions on a possible SDR allocation of US$650 billion. By addressing the long-term global need for reserve assets, a … Continue reading

Posted in Economics, Money | Tagged , , , , , | 2 Comments

Hate Crimes

“The shooting deaths of eight people at Asian-run spas in Georgia this week triggered a vigorous national debate Thursday over whether the mass killing amounted to a hate crime.” “Georgia hate crime law-Atlanta shooting”  These deaths (and recent attacks on … Continue reading

Posted in Discrimination, Government, Israel, Palestine, racism | Tagged , , , , | 1 Comment

Should you get vaccinated for Covid-19?

“A CBS/YouGov poll released this weekend found 33 percent of GOP voters say they will not get the vaccine when it’s available to them. Another 20 percent say they aren’t sure.” “The-daily-202”  After being thoroughly satisfied that Moderna was safe and … Continue reading

Posted in Healthcare | Tagged , , , , | 1 Comment

Shifting Gears: The Way Forward

The Trump administration accomplished many good things and many bad things (especially in the trade and foreign policy areas). Trump himself belongs in jail in my opinion. Hopefully, with the new Biden administration we can turn our attention to policy … Continue reading

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The unnecessary fight over Covid-19

We American’s expect to be able to make our own choices about what risks we are willing to take. The limits on our behavior generally concern when it threatens to harm others. When state after state issued stay at home … Continue reading

Posted in Healthcare, regulation | Tagged , , | 1 Comment

Australia and Facebook

As reported in Bloomberg: “Australia’s parliament passed a world-first law to force digital giants such as Facebook Inc. and Google pay local publishers for news content…. The legislation was passed Thursday and will ensure “news media businesses are fairly remunerated … Continue reading

Posted in News and politics, regulation | Tagged , , , , | 2 Comments

More on Trump “acquittal”

Following the Senate’s failure to convict Donald Trump of inciting the January 6 attack on the U.S. Capital as part of his “Stop the Steal” campaign to overturn Biden’s election, Senator Mitch McConnell proclaimed that “There’s no question, none, that … Continue reading

Posted in Government | Tagged , , , , , , , , , , , | 2 Comments

The New Covid-19 Support Bill

The New Covid-19 assistance bill could add an additional 1.9 trillion dollars to support the fight against Covid-19.  In discussing the 2 trillion dollar CARES Act last April I wrote that: “The idea is that as the government has requested/mandated … Continue reading

Posted in Debt, Money | Tagged , , , , , | 3 Comments