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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Chart of the Day: Bank credit card fees induce big antitrust lawsuit
This story seems to be breaking out. Here’s how the Street.com puts it:
Private antitrust litigation pitting some five million retailers against Visa(V), MasterCard(MA), and 13 large banks, including Bank of America(BAC) and Citigroup(C) has slipped under the radar of many analysts and investors who follow those companies, but the case may deliver a multi-billion dollar shock to bank bulls in [...]
Let’s Get Real
With all of this going on in the world’s other major economies –
China
“China Slowdown Spreading, HSBC Services PMI Shows” (Reuters)
China’s services sector cooled in November to its weakest growth in three months, an HSBC purchasing managers’ index showed on Monday, the latest data portraying an economy slowing quickly and in need of policy support.
The index fell [...]
A Recession Came, and We Failed to Cut Taxes
Now that the economy appears to be recovering, we can take stock of the missed opportunities in terms of policy and reform these last years of the Great Recession.
The president has been insisting loudly that he cut taxes during the crisis – he refers to payroll tax reductions and tax credits given to income-earners.
However, long [...]
PIMCO’s El-Erian: QE3 won’t produce the outcomes we want
Bloomberg wrote the following paragraphs about a recent interview with Mohamed El-Erian. What i thought was interesting was his belief that the Fed is out of bullets. Monetarists and Keynesians believe the Fed can still be effective by managing expectations. So the Fed is on a mission to improve its communication of interest rate policy.
Like [...]
The Job Guarantee, Kleptocracy and Blogging
This is a post about the job guarantee idea in the context of a historic economic crisis.
I intended to write this post on Thursday night as a response to a good post by Pavlina Tcherneva on the job guarantee that is now up on Credit Writedowns, but my schedule didn’t allow it. Now, I have a [...]
The expansionary fiscal contraction bust
The UK was always going to be an important laboratory experiment for the US, as it imposed austerity by choice. This strategy has demonstrably failed, as the UK economy looks to have gone back into recession, public borrowing is on the rise, business and consumer confidence and spending have collapsed and unemployment is rising inexorably. Larry [...]
The Myth Of Machines Causing Unemployment
Despite a modest recovery the last few months, the U.S. labor market remains depressed as this chart over the employment to population ratio illustrates.
Now again the myth that this is caused by machines displacing human workers resurfaces.
Yet if that was true then productivity growth would have increased, whereas in reality it has decreased from the [...]
Summary Of 2011 Currency Movements
It has become something of an annual tradition at this blog to summarize the yearly movement of a number of important currencies. This year, most currencies didn’t change very dramatically against the U.S. dollar for the year as a whole. 5 currencies rose, three of which (the Australian and New Zealand dollars and the U.K. [...]
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