Paul Krugman kwestionuje powszechną na świecie strategię bezpośredniego celu inflacyjnego na poziomie 2%. Zdaniem Krugmana można za cel przyjąć inflację w wysokości 4, albo 5%. Chwali Fed za deklaracje , że stopy pozostaną niskie, to znaczy praktycznie zerowe, przez kolejne 3 lata. - To jest „coś”, ale można by uzyskać więcej podnosząc poziomy inflacji - uważa Krugman.
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The Future of Economics
I was approached by Bloomberg to write an 800-word feature on “The Future of Economics” for the World Economic Forum, which starts today in Davos. I haven’t heard back as to whether they actually ran it in their newsletter, but hopefully the Davos participants had the following item in their breakfast reading this morning
For its [...]
We’re Learning from the 1980s’ Push for Gold, At Last
Six down quarters of GDP growth, unemployment that pushed 11%, a stock market that hadn’t made money in over a decade – it’s a wonder that we’ve had the temerity to call ours the worst economic crisis since the 1930s. For the previous statistics apply to the horrid years of 1980-1982.
It’s been strange that during [...]
A Tad Unsettled
Suddenly, global credit markets are looking, shall we say, a tad unsettled…
[rentowności.png]
I wonder if we’re (finally) beginning to see bond markets pricing in the post-financial-crisis orgy of fiscal recklessness (not to mention the tsunami of refinancing-related supply)?
If so, that’s not going to be very good for the public finances of countries that decided high debt levels don’t really [...]
Münchau: We are fighting the wrong crisis
Wolfgang Münchau wrote a piece that was carried online today at Der Spiegel. I haven’t seen an English language version so I thought I would say a few words about the piece I saw in German. Münchau says that Standard and Poors was right – not necessarily about the ratings downgrades, but rather that Europe [...]
Why Debt Downgrade Matters Even Though It Shouldn’t
Given the fact that bond yields of most of the euro area countries that were downgraded by Standard & Poors actually fell (contrary to what one might expect), similar by the way to how U.S. treasury yields dropped after they got downgraded by S&P, one can ask if S&P and other credit rating agencies have [...]
Tale of two small countries
Cayman is rich, and Belize is poor. Why? Both are small Caribbean countries with the same climate and roughly the same mixed racial heritage, and both were English-speaking British colonies. Belize (the former British Honduras) received its independence in 1981, while Cayman is still not fully independent but is self-governing at the local level, with its own currency, [...]
Protest and Nationalism in Eastern Europe
Since the possibility of further social tensions leading to nationalism is something on my radar screen, I thought I would post these videos from Euronews and Al Jazeera. In a good economy, these issues are nothing to get concerned about. But in a bad economy, especially one wracked by austerity and unemployment, tensions will have [...]
In Good Company
In a 16-slide gallery feature, “Apocalypse How? Dire 2012 Forecasts,” Bloomberg highlights the perspectives of those with a penchant for telling it like it is.
Pessimistic Prognosticators
Only the gloomiest of Wall Street’s prognosticators got it right in 2008 and 2009. Since then, their pessimism has been infectious. On almost any investing topic — from emerging markets to U.S. [...]
Bad News, Good News?
In “Are Americans Getting Healthier?” the Wall Street Journal’s Real Time Economics blog notes an interesting turn of events:
Americans might be getting healthier, a development that — if true — could have economic causes and consequences.
Obesity may be on the decline.The percentage of Americans who are obese declined from 2010 to 2011, according to a Gallup report [...]
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