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My good colleague Jens N. Pedersen has today successfully defended his master thesis at the Department on Economics at the University of Copenhagen.
Here is quote of the day:
Professor Nicholas Craft as written a report for the British think tank Centre Forum on "Delivering growth while reducing deficits: lessons from the 1930s". The report is an excellent overview of the British experience during the 1930s, where monetary easing through exchange rate depreciation combined with fiscal tightening delivered results that certainly should be of interest to today's policy makers.
Benjamin Anderson termed 1931 the "the tragic year" – these are some of the events in that tragic year:
Last week the Bank of Canada and Canadian government announced - not overly surprising - that it will continue its 2% inflation targeting regime.
A lot of the debate about how to escape the Great Recession is focused on the question of deleveraging and it is often said that we have entered a period of more or less permanent low growth – a “New Normal”. I fundamentally think the idea of the new normal theoretically and empirically flawed.