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The race to default...is it time for 'Puerto Ricixt'?

The race to default...is it time for 'Puerto Ricixt'?

It has been characteristic about the Great Recession that so relatively few countries have defaulted given the scale of the financial distress and the slump in economic activity. But it now seems to be changing. Greece this weekend moved dramatically closer to a sovereign default and the Ukrainian government has signaled that it could effectively default in July.

We need a mechanism for sovereign debt crisis resolution

We need a mechanism for sovereign debt crisis resolution

In the future I will be writing a weekly column for the Danish business daily Børsen. The first column appears in today's edition of the newspaper (you can read the article in Danish here). International news outlets and newspapers interested a syndication deal on my new weekly column are welcome to contact me (lacsen@gmail.com).

Remember the "Corralito"? Lessons on Greece and Argentina from the New York Times
How the RECOVERY will look like when Greece leaves the euro

How the RECOVERY will look like when Greece leaves the euro

Most indications are that Greece this weekend effectively has been pushed over edge by the collective failures of Greek and European policy makers. The combined forces of an European monetary straitjacket, the lack of a coherent European sovereign debt crisis resolution mechanism and weak Greek institutional structures and a lot of badwill on both sides of the issue in the end did it.

The end game or a new beginning for Greece? We have seen all this before

The end game or a new beginning for Greece? We have seen all this before

Ever since I started my blog in 2011 Greece has been on the verge of banking crisis, sovereign default and euro exit. It now looks as if we might get all of that very soon and very quickly.

Guest post: Europe’s problem is not a Greek drama but a medieval Calvinist morality play (by Mikio Kumada)

Guest post: Europe’s problem is not a Greek drama but a medieval Calvinist morality play (by Mikio Kumada)

I have asked my friend Mikio Kumada to write a guest post on blog on a topic he knows very well - the Greek crisis. While I do not agree with everything Mikio writes (I do agree with most of it) I think it is extremely important to get a broader and more insightful perspective on the Greek crisis (and the euro crisis) than the standard "Calvinist" version.

Awesome LEGOnomics – positive TFP shocks and the Danish economy

Awesome LEGOnomics – positive TFP shocks and the Danish economy

The Christensen family has been spending an awesome weekend at LEGO-land (Billund) so that is a good excuse for me to write a post on how to understand the impact of a corporate success story like LEGO on a small open economy with a pegged exchange rate regime like Denmark.

Even more optimistic thoughts about productivity growth, labour market flexibility and Secular Stagnation

Even more optimistic thoughts about productivity growth, labour market flexibility and Secular Stagnation

David Glasner has an excellent new blog post on why he is fairly optimistic on the outlook for productivity and the risk of "Secular Stagnation" in the US. The post contrast another blog post from Scott Sumner who argues the pessimistic case on US productivity.

The stock market remains at a “permanently high plateau”

The stock market remains at a “permanently high plateau”

Nearly a year ago I in a response to Fed Chair Janet Yellen’s apparent concerns over the valuation of the US stock market argued – echoing Irving Fisher’s ill-fated views from 1929 – that the US stock market had reached a “permanently high plateau”.

Does Y determine MV or is it MV that determines P?

Does Y determine MV or is it MV that determines P?

Scott Sumner a couple of days ago wrote a post on the what he believes is a Great Stagnation story for the US. I don't agree with Scott about his pessimism about long-term US growth and I don't think he does a particularly good job arguing his case.

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