Good and Bad Deficits
Skidelsky, Robert. “Deficits are always bad,” thunder fiscal hawks. Not so, replies strategic investment analyst H. Wood Brock in an interesting new book, The American Gridlock. A proper assessment, Brock argues, depends on the “composition and quality of total government spending.” Πηγή: Project Syndicate πλήρες κείμενο
Evidence for the Monetary View of the Eurozone Crisis
Some observers argue that the current problems in the Eurozone are actually the result of a monetary crisis not a sovereign debt crisis. They acknowledge there are structural problems with European currency union but point back to the failure of the ECB to stabilize and restore nominal spending to expected levels during the crisis of 2008-2009 […]
Googlenomics and how LTRO might have ended the euro crisis
Market Monetarists like David Beckworth have long argued that the European crisis is not really a debt crisis or a fiscal crisis, but rather a nominal crisis. The crisis has been triggered not by too much debt, but rather than by overly tight monetary policy and the resulting drop in nominal GDP. Πηγή: The Market […]