Filter by
4190 results found
-
BlogThe IMF’s Puzzling Current Account Projections
The following table has been computed using data from the latest (April 2013) IMF World Economic Outlook database, with IMF estimates starting in 2013 for most countries. In my view, these projections are based on heroic assumptions and wishful thinking. The eurozone is supposed to improve its position, even though the current account balance of [...] -
The Economists’ Warning
Financial Times, September 23, 2013. The European crisis continues to destroy jobs. By the end of 2013 there will be 19 million unemployed in the eurozone alone, over 7 million more than in 2008, an increase unprecedented since the end of World War II and one that will stretch on into 2014. The employment crisis […] -
Blog
Another Way of Reading the CBO Report
On Tuesday, the Congressional Budget Office released its new projections (pdf) for the long-term budget. A Bloomberg article titled “CBO Says Short-Term Deficit Cut Won’t Avert Fiscal Crisis” provided a fairly typical summary: [F]ederal spending will rise from 22 percent of GDP in 2012 to 26 percent in 2038 … The deficit [currently 3.9 percent [...] -
MME, September 20, 2013
-
Η Ομοσπονδιακή Τράπεζα των ΗΠΑ “νεκρανάστησε» την Wall Street
Παρασκευή, 20 Σεπτεμβρίου 2013 -
Blog
The Euro: Can’t Live With It … ?
As a member of the eurozone, Greece does not control its own currency and therefore cannot devalue said currency in an effort to promote an export-led recovery. Instead, Greece is stuck with the troika’s strategy of internal devaluation: seeking export growth through reducing unit labor costs (wages). As Dimitri Papadimitriou, Michalis Nikiforos, and Gennaro Zezza [...] -
MME, September 18, 2013
-
Capital.gr: Δημοσιονομικός σαδισμός και η φάρσα της μείωσης του ελλείμματος
-
Blog
Fiscal Sadism in Greece
In case you missed it, what with all the celebrating going on in the eurozone over the incredible success of austerity policies, the unemployment rate in Greece is now at 27.9 percent and the country is likely on its way to a third bailout. C. J. Polychroniou argues in a new one-pager that offering Greece [...] -
One-Pager No. 43
Fiscal Sadism and the Farce of Deficit Reduction in Greece
Unemployment in Greece has climbed to a new record of 27.9 percent and the country is headed toward a third bailout. The obsession with reducing the budget deficit is crippling the Greek economy. Extreme fiscal consolidation in the midst of a major depression can only have extreme effects on output, leading to greater unemployment, widening […] -
Press ReleaseLeading Economists and Policymakers to Discuss Financial Governance Reform at Levy Economics Institute Conference in Rio de Janeiro, Brazil, September 26–27
-
The Loneliest Man in Greece
The New Yorker, September 17, 2013. © 2013 Condé Nast. All Rights Reserved. A bullet hole mars the window in the office of Yannis Stournaras, the finance minister of Greece. It is tempting to see it as yet another unpleasant outcome of austerity: in the face of crippling government debt, maybe he can’t afford to […]