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A General Theory Of Austerity?

Paul Krugman: A General Theory Of Austerity?: Simon Wren-Lewis has an excellent new paper trying to explain the widespread resort to austerity in the face of a liquidity trap, which is exactly the moment when such policies do the most...
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McCulley: Monetary and Fiscal policy must be "irresponsible" in a liquidity trap

Business & Finance / Economics : CalculatedRisk

I've been reading former PIMCO managing director Paul McCulley for years (great insights). The following piece discusses the current liquidity trap and the failure of austerity in Europe: "Fiscal austerity does not work in a liquidi...

Paul Krugman: Monetary Policy In A Liquidity Trap

Business & Finance / Economics : Grasping Reality with Both Hands

Monetary Policy In A Liquidity Trap: >I’ve made it clear that I very much approve of Japan’s new monetary aggressiveness. But I gather that some readers are confused – haven’t I been arguing that monetary policy is ineffective in a ...

Eggertsson and Krugman: Debt, Deleveraging, and the Liquidity Trap

Business & Finance / Economics : Economist's View

Another quick one before I rush to my next class -- a new model from Paul Krugman and Gauti Eggertsson:...This column explains the core logic of a new model by Eggertsson and Krugman in which debt shocks and policy...

Simon Wren Lewis: Missing the Point at the IMF: Noted for August 24, 2013

Business & Finance / Economics : Grasping Reality with Both Hands

Simon Wren Lewis: Missing the point at the IMF: >[Ran Bi, Haonan Qu, and James Roaf of] the IMF have just published a working paper entitled: ‘Assessing the Impact and Phasing of Multi-year Fiscal Adjustment: A General Framework’. O...

Paul Krugman: He Told Us So

Business & Finance / Economics : Grasping Reality with Both Hands

Paul Krugman: >Blunder of Blunders: DeLong and Summers on fiscal policy in a depressed economy is out. The headline point is the argument that austerity when you’re in the liquidity trap may well worsen, not improve, your long-run f...

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