Welcome to Economics International Inc (EII), a Washington DC research and consulting corporation.  This website features the research of William R. Cline, President of EII.

William R. Cline


Carbon-Equivalent Taxes on US Meat (July 2020). — This study calculates US carbon-equivalent consumption taxes for beef, milk, pork, and chicken that could accompany fossil-fuel taxes or regulations in the rest of the economy. (See Working Papers.)

Transient Climate Response to Cumulative Emissions (TCRE) As A Reduced-form Climate Model (May 2020). — This study uses TCRE to estimate a simple climate model for use in policy analysis. (See Working Papers.)

Calculating the China Shock to US Employment:  An Input-Output Labor-Accounting Approach (March 2020). — This study refines and extends the analysis of the 2019 Working Paper. (See Working Papers.)

Recalculating the China Shock to US Manufacturing Employment (April 2019; rev. Sept.) — This study finds that the number of US jobs displaced by imports from China is substantially lower than estimated previously in the most widely cited studies on this issue. (See Working Papers.)

Justified Stock Market Price, January 2019 — This report applies Dr. Cline’s model of stock market price levels to the January macroeconomic outlook and consensus earnings projections. (See Working Papers.)

Fundamental Equilibrium Exchange Rates, November 2018 — This report continues the periodic series estimated by Dr. Cline at the Peterson Institute for International Economics in 2008-17.  This series has been cited by the Commerce Department as one of two sources (along with the IMF) providing “information … regarding whether countries’ exchange rates were undervalued …” (p. 24411). (See Working Papers.)

US Median Household Income Has Risen More Than You Think (October 2018)  —   This study finds that real median household income has risen much more over the past 50 years than generally recognized.  (See Working Papers.)

Analyzing the international economy,


Economics International Inc is a sub-chapter S corporation established in 1981.  In its first decade, it provided the Latin American Economic Outlook on a subscription basis, producing a total of 40 reports on the largest Latin American economies. In 1987 EII published the monograph Informatics and Development. 

In the 1990s and early 2000s, EII provided major individual economic studies on Venezuela, Argentina, and Brazil for official-sector and corporate clients, in addition to expert witness work regarding valuation of sovereign debt. From 2006 to 2015 the corporation’s work focused on economic translations. In October 2018 EII launched its website featuring Dr. Cline’s ongoing policy research (see Working Papers).  This site also provides a compilation of Dr. Cline’s past work (see Publications).

exchange rates,


William R. Cline is President of Economics International Inc.  He is Senior Fellow Emeritus at the Peterson Institute for International Economics (PIIE), where he was a Senior Fellow from the Institute’s inception in 1981 through 2017.  He was formerly Senior Fellow at the Center for Global Development, where he held a joint appointment with PIIE;  Deputy Managing Director and Chief Economist at the Institute of International Finance; Senior Fellow at the Brookings Institution; Deputy Director for Trade and Development Research at the US Treasury Department; Ford Foundation Visiting Professor in Brazil; and Lecturer and Assistant Professor at Princeton University.  He received a PhD in Economics from Yale University and graduated summa cum laude from Princeton University.  He is the author of 26 books and numerous articles.

and financial markets



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