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The Wilder View

Unfounded Obsession With the Greek Minimum Wage

The Greek minimum wage is apparently a point of contention between the Troika (ECB/EU/IMF) and the Greek government. The NY Times cites competitiveness gains as a rationale for the minimum wage cut: The goal of any pay cuts would be to help make Greek workers, who are generally less productive than workers elsewhere in Europe, [...]

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GMac

Negative Fatigue (or, The Power of Asset Allocation Rebalancing)

Blistering! Amazing! Astounding! Terrifying! We start off the New Year with no shortage of adjectives to describe the month in markets that was January.  While it remains unclear how broad the participation has been and to what degree the strength is sustainable, there is no question that investors, helped by the world’s central banks, moved [...]

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United States

Can Raising Interest Rates Spark a Robust Recovery?

Could the Fed spark a robust recovery by raising its federal funds rate target? For Bill Gross the answer is yes. He believes a key reason holding back the recovery is that the Fed is engaged in a type of financial repression where financial intermediaries’ net interest margins–the difference between their funding costs and lending [...]

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Eurozone Crisis

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Dan Alpert's Two Cents

Tinkerbell Economics – The Confidence Fairy, Pixie Dust and a Sleeping Dragon

While we may be hours away from a partial (and certainly a stopgap) agreement in the talks among the Greek government, the troika and private sector creditors, it is doubtful that a deal will emerge in a fully constructed fashion that will survive its application in the real economy. It is likely that the only common view amongst [...]

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It looks to me like the fiscal austerity driven recession is indeed resulting in a reduction in Greece’s relative labor costs irrespective of minimum wage policy. Isn’t that the point?

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