The Perils of Prophecy
DeLong, Bradford. We economists who are steeped in economic and financial history – and aware of the history of economic thought concerning financial crises and their effects – have reason to be proud of our analyses over the past five years. We understood where we were heading, because we knew where we had been. Πηγή: […]
The death of Inflation Targeting
Frankel, Jeffrey. The current economic crisis has called into question the role of monetary policy, particularly Inflation Targeting and its oversight of asset bubbles and supply side shocks. This column is an obituary to Inflation Targeting and call for Nominal GDP Targeting to replace it. Πηγή: Voxeu πλήρες κείμενο
International rules for capital controls
Jeanne, Olivier, Subramanian, Arvind & Williamson, John. Do we need international rules for capital controls? This column looks at the different regimes in countries such as Brazil and China and argues that we do. Although economists generally agree that countries can derive substantial gains from international economic integration, the extent to which they should open themselves to […]
The Nordic Model’s Economic Appeal
Sachs, Daniel. Even on the global stage, there is a lot of talk about the benefits of the “Nordic” model of society. Is that because of hard facts or because of soft values? Is it because of a belief in the importance of solidarity and inclusion in a society? As a businessman and financier, Daniel […]
The 1 Percent’s Problem
Stiglitz, Joseph. Why won’t America’s 1 percent—such as the six Walmart heirs, whose wealth equals that of the entire bottom 30 percent—be a bit more . . . selfish? As the widening financial divide cripples the U.S. economy, even those at the top will pay a steep price. Πηγή: www.vanityfair.com πλήρες κείμενο
Euro Bonds With Strings Are Europe’s Best Way Forward
Crook, Clive. Whether Greece keeps the euro or abandons it, the European Union must strengthen its defenses against a wider attack on its monetary system, and soon. This will inevitably require steps toward fiscal union. Yet popular support for deeper political integration in the EU, never high to begin with, is lower than it has […]
Why Do Economies Stop Growing?
Spence, Michael. Over the years, advanced and developing countries have experimented, sometimes deliberately and frequently inadvertently, with a variety of approaches to growth. Unfortunately, many of these strategies have turned out to have built-in limitations or decelerators – what one might call elements of unsustainability. And avoiding serious damage and difficult recoveries requires us to […]
The age of equality
Pomfret, Richard. Politicians who rail against socialism or capitalism always adopt a more moderate stance after they come into office. This column argues this is because we are still experiencing the consequences of the industrial revolution. The current state of that process involves a widely accepted compromise between aggregate prosperity and distributional equality. Πηγή: Voxeu […]
Break up the big banks
Rohde, David. The numbers are startling. HSBC, the world’s fifth-largest bank, failed to review thousands of internal anti-money-laundering alerts, according to a Reuters investigation published last week. The bank did not file legally required “suspicious activity reports” to U.S. law enforcement officials. It hired “gullible, poorly trained, and otherwise incompetent personnel” to run its anti-money-laundering […]
Europe’s Opportunity in Hollande
Schulz, Martin. Rarely has an election resonated so widely across the European Union as the French presidential ballot has done. Rarely has a leadership change in one EU member state created expectations of a real policy shift. Remarkably, a new European demos and public sphere are emerging from the economic crisis. Europeans are recognizing how […]