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Category Archives: Austerity
Paul Krugman: Greek Regrets
The IMF has released a fairly remarkable piece of self-criticism (pdf) over policy in Greece. On a first read, the report seems to suggest two main failings on the IMF’s part: it failed to acknowledge early on that Greece … Continue reading
Posted in Austerity, Greek, HomeWork, IMF, Paul Krugman, Troika
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Paul Krugman: Ben Bernanke, Force of Nature
By any reasonable standard, the great failing of economic policy over the past 5 years — monetary and fiscal both — is that it has done too little. Output lies far below reasonable estimates of potential, meaning trillions of … Continue reading
Posted in Austerity, Bernanke, HomeWork, Liquidity trap, Macroeconomics, Paul Krugman
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Paul Krugman: Debt and Growth: The State of the Debate
So, after a brief diversion into issues of manners and etiquette, I hope we’re back to the substance. And there are really three points that have been established; I’m not sure that everyone understands that any one of those … Continue reading
Posted in Austerity, Debt, HomeWork, Macroeconomics, Paul Krugman
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The Sloppiness Syndrome
So what is it with New Republic alumni? First Michael Kinsley, then Charles Lane, weigh in with defenses of austerity that aren’t just wrong, but painfully ill-informed. Kinsley not only makes a really bad analogy between current events and … Continue reading
Posted in Austerity, Paul Krugman
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Paul Krugman: Sharing Abuse Fairly
Jeff Frankel sorta-kinda defends Reinhart-Rogoff, and says that Alberto Alesina is the bigger austerity villain, having failed to receive his “fair share of abuse”. Brad DeLong weighs in to say that R-R continue to have a lot to answer … Continue reading
Paul Krugman: Old-fashioned Austerity
Matthew Yglesias piles on Michael Kinsley too, and makes a point I’ve also tried to make in the past: if the real problem is that we overspent and lived beyond our means, we should be working harder, not throwing … Continue reading
Posted in Austerity, Paul Krugman, UK
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Paul Krugman: The Smith/Klein/Kalecki Theory of Austerity
Noah Smith recently offered an interesting take on the real reasons austerity garners so much support from elites, no matter hw badly it fails in practice. Elites, he argues, see economic distress as an opportunity to push through “reforms” … Continue reading
Posted in Austerity, Macroeconomics, Neoliberal, Paul Krugman
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How the Case for Austerity Has Crumbled by Paul Krugman | The New York Review of Books
In normal times, an arithmetic mistake in an economics paper would be a complete nonevent as far as the wider world was concerned. But in April 2013, the discovery of such a mistake—actually, a coding error in a spreadsheet, … Continue reading
Posted in Austerity, Macroeconomics, Paul Krugman
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Paul Krugman: Exchange Rates and Austerity
Brad DeLong saves me the trouble of responding to Alan Reynolds.But I’d like to enlarge on one substantive point. Quite often, austerians point to some example of a country that engaged in fiscal austerity yet experienced a strong economic … Continue reading
Posted in Austerity, Macroeconomics, Paul Krugman
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Paul Krugman: Naive Fiscal Cynicism
Expansionary austerity has been refuted and even the IMF sayis that short-run multipliers are big. The 90 percent red line on debt was an artifact of fuzzy math. The bond vigilantes remain invisible, and the confidence fairy refuses to … Continue reading
Posted in Austerity, NYT, Paul Krugman
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