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How would German public finances look with Greek NGDP?

How would German public finances look with Greek NGDP?

While government bond yields have continued to spike in the PIIGS countries German government bond yields have continued to drop and 10% German yields are soon at 1%. This is by many seen as a testimony to the strength of the German economy and particularly to the strength of German public finances. However, is this really the story? I would argue it is not.

Dubai's new crash - it is all about moral hazard (and a pegged exchange rate)
NGDP targeting is the forward for India

NGDP targeting is the forward for India

Jeff Frankel has a good piece on Project Syndicate on why Emerging Markets central banks should target nominal GDP.

The U-shaped Ethiopian Phillips curve - war, drought and monetary policy

The U-shaped Ethiopian Phillips curve - war, drought and monetary policy

Some time ago I started my a little project to focus a bit on monetary reform in Africa - Project African Monetary Reform (PAMR). I am afraid I have failed to as much on Africa monetary matters as I would like. However, this post is an attempt to catch up a bit on that.

Kiwi inflation and the Chuck Norris effect in FX markets

Kiwi inflation and the Chuck Norris effect in FX markets

This is from Bloomberg today:

Krugman is (almost) right about the Baltics

Krugman is (almost) right about the Baltics

Paul Krugman has recently focused a bit on the economies of the Baltic States and to what extent the Baltic States should be seen a post

Piketty has peaked - the one graph version

Piketty has peaked - the one graph version

This is a bit of summer fun and don't take it too seriously.

"Depreciation of the yen - allegations of intent denied"
Edward Nelson
Should the Fed do emergency lending? Haltom and Lacker have the (correct) answer

Should the Fed do emergency lending? Haltom and Lacker have the (correct) answer

One of the most common mistunderstandings in the debate over monetary policy is to confuse credit policy and monetary policy. In fact it seems like most monetary policy makers don't really understand the difference between the two things. Or maybe they do understand, but think the role of central banks is to do both credit and monetary policy.

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