Taking the mandate of the ECB seriously
Fratzscher, Marcel, Hüther, Michael & Wolff, Guntram. European Central Bank President Draghi has played down German fears about high inflation and urged Germany not to ignore the positive impact of European monetary policy. Bundesbank president Weidmann has also recently stressed that there are no reasons for German concern about inflation. The public debate about European monetary policy, […]
Tracking the causes of Eurozone external imbalances: New evidence
Jose Luis Diaz Sanchez, Aristomene Varoudakis. External imbalances within the Eurozone grew substantially between the introduction of the euro in 1999 and the global financial crisis of 2008–09. Using new empirical evidence, this column argues that imbalances in the Eurozone periphery were mainly driven by a domestic demand boom, triggered by greater financial integration, with […]
Διάλεξη του Dani Rodrik περί την οικονομική (επιστήμη;)
Διάλεξη του καθηγητή του Πανεπιστημίου Harvard Dani Rodrik στο Institute for Advanced Studies. When economists skip over real-world complications, it’s as if physicists spoke of a world without gravity. When the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (colloquially known as the “Economics Nobel”) was awarded to Eugene Fama and […]
Bullard on the ‘Death of a Theory’
Simon Wren-Lewis. Following this post, James Bullard (President of the St. Louis Fed, and member of the FOMC – the US equivalent of the Monetary Policy Committee) kindly sent me his article (pdf) entitled ‘Death of a Theory’. As the theory he is referring to is the idea of fiscal stimulus at the Zero Lower Bound (ZLB), the title tells you that the […]