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    Europe

  • naked capitalism

    Links 8/29/14

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  • naked capitalism

    Mirable Dictu! Florida Activists Help Depose Terrible Foreclosure Judge

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  • naked capitalism

    Pump and Dump: How to Rig the Entire IPO Market with just $20 Million

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  • The Irish Economy

    Ireland

    Micheál Collins of the Nevin Institute is out with a new paper looking at the burden of taxation by income decile by tax-type, and the results are very interesting. From the piece: Using data from the most recent Household Budget Survey, this paper estimates both the direct and indirect taxation contributions of households. The paper examines, individually and collectively, the direct and indirect tax paid by households across the income deciles, alongside the overall average household contributions. The data is presented at the households and equivalised adult level. This chart summarises the fundings nicely. ...more

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  • The Irish Economy

    Germany

    Marcel Fratzscher writes in the FT here.

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  • The Irish Economy

    France

    Paul Krugman asks whether anyone thinks that Hollande has the faintest idea about how austerity is going to fix the French economy, in a context where France is clearly facing a huge demand-side problem. I guess this is the latest statement of what the French are thinking. They recognise that there is a demand side problem in Europe, and hope that someone else (the ECB, and European institutions who might promote European investment) will address this. And they hope that if they do things that the Europeans like, then this will lead not only to saner European macroeconomic policy, but to investment by French companies as well: “Je souhaite… que chacun prenne ses responsabilités”, poursuit Michel Sapin. “Le gouvernement a pris les siennes, je so...more

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  • VoxEU.org: Recent Articles

    Exit spillover: How to handle the coming tightening

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  • VoxEU.org: Recent Articles

    European research and innovation spending since the Crisis

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  • VoxEU.org: Recent Articles

    Walking wounded: The British economy in the aftermath of World War I

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  • A Fistful Of Euros

    What Is The Risk The Euro Crisis Will Reignite?

    The euro zone crisis is not back — at least not yet. Recent movements in global markets following concerns about Portugal’s Banco Espirito Santo really had as much to do with market nerves after a long spell of repressed volatility as it did with the state of the bank’s balance sheet. Despite the current calm, everyone knows that volatility will return one day, and no one wants to be caught on the back foot when it does arrive. So the initial response is to hit the “sell” button and then ask questions. Beyond this context, there is a lack of certainty in the market about which way bond yields for the so-called “peripheral” euro zone countries are heading in the near term — and what exactly the risks associated with holding them really are. R...more

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  • Back-Of-The-Envelope Economics

    EU Deficit Limits, Infrastructure Investments and Growth

    Here is a useful reading from Andrew Warner of the  IMF , for those who think that the only way to get back to growth is to soften EU deficit limits and boost public infrastructure investments .By the way, has anyone estimated the growth effects of the Italian TAV (High Speed Train) in Piedmont's Susa Valley ?Tweets by @pmanasse !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); ...more

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  • A Fistful Of Euros

    The Italian Runaway Train

    There has been lot’s of debate in the press and in academic circles over the last week or so about whether Italy’s latest contraction constitutes a triple dip recession or simply a continuation of what’s been going on over many many years. This is an interesting theoretical nicety, but in fact what is happening in Italy at the moment goes a lot further than problems faced by a recession dating committee. The real issue that arises in the context of the Euro Area at the moment is a far more specific one. Will the ECB do QE? And if it does when will it push the button? And what could happen if it doesn’t. Perhaps a case study of the Italian case is worth the effort here. What is likely to happen to Italian debt if there is no ECB intervention soon?...more

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  • David Smith's EconomicsUK.com

    Baby-boomers take some of the rap for falling pay

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  • A Fistful Of Euros

    Abenomics – What Could Possibly Go Wrong?

    If this week’s economics news is positive then that is good.  But if it’s bad then that’s even better, since there is more potential for it to improve next week, and if it doesn’t, well that’s doubly better since there will be  even more reason for central banks to step in and push up asset prices. Maybe all this sounds peculiar, even perverse, but it would seem to be how many people working in financial markets are reasoning these days. In an article entitled “Why Japan’s GDP Plunge Isn’t As Bad As It Seems”, Bloomberg writer Bruce Einhorn put it like this: The last time Japan raised the consumption tax, in 1997, the economy went into a tailspin. The impact doesn’t seem to be as bad this time, though. ...more

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  • Back-Of-The-Envelope Economics

    The Curse of Low Interest Rates

    Low nominal interest on government bonds  are good news, in that they slow down the dynamics of public debt and encorage spending.Thus the recent auction of one-year government bonds (BOT) where the Italian Treasury was able to sell 7 billion worth of paper at a yield of  0.279%, down from the previous record low of 0.387%, and where the demand was twice the amount on offer, is an encouraging sign for the government.Yet the real expected  interest rate is much higher, given that expected inflation is negative (around -1.5%) This, together with flat disposable income and households' borrowing constraints, is holding back consumption and demand.The risk of the positive auction is to encourage further leniency of the government in carrying out the required e...more

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  • Back-Of-The-Envelope Economics

    Deflation next?

    A nice paper from the St Louis Fed is making the point that, unlike the Federal Reserve's second Quantitative Easing (QE2), Mario Draghi's  new measures, which includes the 550b Targeted Long Term Financing Operations (TLTR0), announced on May 8 and implemented on June 5, are so far failing in raising market expectations of future inflation.This is a huge flop: the expansionary effects of monetary policy cannot rely on further reductions of policy  nominal interest rates, already  negative, and therefore they hinge upon the ECB's ability to raise inflationary expectations, thus reducing long term  real intereat rates. This is simply not happening.This is true for the largest European economies, but the news is particularly bad for Italy. Here, despit...more

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  • David Smith's EconomicsUK.com

    It can get sticky when you're a honeypot for migrants

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  • David Smith's EconomicsUK.com

    Shadow MPC votes for half-point rate hike

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