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pgl ???? You don't think the USD is overvalued? As Procopius says the concentration on depreciation is odd.
Toggle Commented yesterday on IMF profile of Hélène Rey at Economist's View
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It is time this system was ended. I find it strange that they concentrate on depreciation though. I thought the problem with the US dollar, was that it is too high (hence the deficit). Notice also, the distributive consequences - all the gains (asset appreciation and low interest rates), go to rich. The costs (of an overvalued currency) to workers (lower real wages).
Toggle Commented yesterday on IMF profile of Hélène Rey at Economist's View
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Interesting from Monbiot´: http://www.theguardian.com/commentisfree/2015/may/27/threat-islamic-state-fossil-fuel-burning
Toggle Commented 2 days ago on Links for 05-28-15 at Economist's View
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One theory I have - and I have never seen anybody really study it, is that the impact of technology is in returns to scale. The maximum size of competitive businesses has been raised. This doesn't necessarily show up in increased productivity, because what it combats is diseconomies of scale, i.e. it stop productivity from hitting an upper boundary, but it doesn't increase it much over all. The implication of increased scale, is of course, increased market power, i.e. higher profits and also relatively lower wages.
Toggle Commented 4 days ago on Paul Krugman: The Big Meh at Economist's View
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JohnH instead of arguing AGAINST the price mechanism, maybe you should argue FOR redistributive measures.
Toggle Commented May 21, 2015 on 'Conservatives and Keynes' at Economist's View
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JohnH "However, yields on bonds and other forms of savings are at record lows, severely hurting the incomes and purchasing power of wealthy bondholders as well people on pensions. " No this is clearly false. Yields on newly purchased bonds have fallen, hurting people buying bonds for interest. Notice the subtle but important difference. And yes all price changes (and note most interest rates are set by the market) have distributive effects. In a way that is exactly a part of HOW PRICES WORK (they reward people for doing things that are now appropriate). If you are part of the problem you can be expected to hurt by the solution.
Toggle Commented May 21, 2015 on 'Conservatives and Keynes' at Economist's View
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Nicolas "And it points to one policy consequence: give the same opportunity to every kid and you will reduce inequality." But you can't. So it is not a policy consequence.
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Dr Dick "Libertarian argle-bargle. All money is, and always has been, government created fiat money." That may be true, but conservatives don't want to believe it. Money is the preserved value of their hard work.
Toggle Commented May 21, 2015 on 'Conservatives and Keynes' at Economist's View
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Anne, Dean Baker has a model? Do you mean a formal mathematical model with estimated empirical parameters? If so, can you link to it?
Toggle Commented May 21, 2015 on 'Consistent With' at Economist's View
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This whole post starts off with the very shaky assumption that equal OPPORTUNITY is sufficient. What we need is a uniformly prosperous world, not a world in which everyone has an equal chance of being a billionaire or a pauper.
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cm "I wish I could say my dentist is my least favorite place. Even my various root canal procedures were not really unpleasant." Either cm has a really nice dentist or he is addicted to anesthetics.
Toggle Commented May 21, 2015 on 'Why Are Interest Rates So Low?' at Economist's View
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"Just as political debates in Britain and the United States today turn in large part on the response to the great recession of 2008," Unfortunately they don't.
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I think he is slightly missing something - it is that government created money, undercuts the power of money. To the conservative debts are sacred. The true conservative is Shylock.
Toggle Commented May 21, 2015 on 'Conservatives and Keynes' at Economist's View
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Anne, but then again, people are always confusing inflation and (one off) price changes. Same thing, but happens all the time.
Toggle Commented May 20, 2015 on Links for 05-20-15 at Economist's View
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Anne, where did you find that paper on bankruptcy - it is very interesting?
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JohnH notice something - that along with declining inflation, comes increasing inequality - in fact we might get back to the 19th century mix of low inflation and high inequality. Sort of makes you think doesn't it.
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Isn't the clear answer that equality of opportunity is not the right goal to pursue - we need to worry more about equality of outcome. http://stumblingandmumbling.typepad.com/stumbling_and_mumbling/2006/10/against_equalit.html
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ezra abrams, isn't the issue though that the audience is much more critical in your field.
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I think you have missed the point. That whoosh sound you heard, is it going over your head.
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"The usual way to protect a scientific discussion from the factionalism of academic politics is to exclude people who opt out of the norms of science. The challenge lies in knowing how to identify them." Well if they call themselves "Austrian" it is a big hint.
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The extermination of the Jews (and the Armenians) had nothing to do with "Lebensraum".
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Count me as completely unconvinced by this paper. All the work is done by inflation targeting somehow avoiding deflation, whereas nominal GDP targeting doesn't. I think this paper tells us something about their model, but nothing about reality. i.e. Typical DSGE.
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Ben Groves So I can borrow money from you at -2% interest?
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One note about my comment the mix of policy (fiscal and monetary), this was not meant to be conditional on a particular cyclical state of the economy, but a general comment on strategy. That is, having a long term goal of paying off government debt is a bad idea for large rich economies whose exchange rate (and trade balance) is not very sensitive to monetary policy. If the exchange rate is very sensitive to monetary policy and/or significant amounts of debt are owed in foreign currency, then the analysis may well be different.
Toggle Commented May 11, 2015 on Links for 05-11-15 at Economist's View
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pgl "Friedman's permanent income hypothesis in action:" or maybe it is just inertia?
Toggle Commented May 11, 2015 on Links for 05-11-15 at Economist's View
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