From 30 ‘Memos to the Left’ entitled ‘Progressive Governance: The Politics of Growth, Stability and Reform’.
For over four years, the economies of the Euro zone, the UK, US and Japan have been mired in a slow and hesitating recovery from the deepest recession since the Great Depression. In the beginning, policymakers responded aggressively to both the illiquidity and insolvency problems in the financial systems, and the collapse in aggregate demand. …
From an article with Isao Kamata, in the Spring 2013 La Follette Policy Review:
Carmen Reinhart and Kenneth Rogoff have posted an open letter to Paul Krugman to try to correct some of the misrepresentations of their scholarship that continue to be repeated by people who should know better.
Newly released BLS data indicate an absence of strong employment growth.
In testimony before Congress today, Bernanke explained why the Fed’s large-scale asset purchases are continuing.
According to the CBO, under the President’s budget, the deficit hovers around 2% of GDP, and debt-to-GDP stabilizes through 2023 at levels lower than today’s.
…in Detroit
Here is striking photo of a pile of by-product of processing Canadian tar sands oil, from NY Times:
Interest rates on government debt for a number of European countries– notably Greece, Portugal, Ireland, Italy, and Spain– shot up considerably during 2010-2012. Those yields have fallen significantly from their peaks, though these five countries still face higher borrowing costs than most other countries in Europe.
In a blogpost taking stock of the IMF conference on lessons from the crisis, the Nobel laureate distills the lessons learned.
The Heritage Foundation’s Salim Furth writes: