Paul Krugman: The Backwards S Of Doom (Wonkish)


The Backwards S Of Doom (Wonkish), by Paul Krugman, in NY Times: Greg Ip reports on a Bank Credit Analyst analysis of the euro crisis that emphasizes the possibility of multiple equilibria; it’s similar in spirit to what I’ve been saying, but with a niftier picture:

This kind of thing is familiar if you were involved with the attempts to make sense of the Asian crisis of the 1990s; see this paper, for example. In general, my sense is that international macro people, who have long studied crises in developing countries, have been a lot quicker to grasp the seriousness of the crisis now gripping all of us.

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