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Global Macro Channel: Latest Posts
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Europe
IMF Austerity Mea Culpa?
A number of folks are looking at the latest IMF paper (here) as a startling admission of the failure of Austerity: “Consider it a mea culpa submerged in a deep pool of calculus and regression analysis: The International Monetary Fund’s top economist today acknowledged that the fund blew its forecasts for Greece and other European [...]
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Great Leap Forward
FDL Book Salon: Bill Black’s Introduction
FDL Book Salon Welcomes L. Randall Wray, Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems Saturday, January 5, 2013 1:55 pm Pacific time Welcome L. Randall Wray (Modern Money and Public Purpose) (EconoMonitor.com) and Host William K. Black, UMKC Economics, Law (New Economic Perspectives) Modern Money Theory: A Primer on Macroeconomics for [...]
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Great Leap Forward
FDL BOOK SALON DISCUSSES MODERN MONEY THEORY, Hosted by William Black
Some of you might be interested in participating in this discussion of my new book. Here are the details: {Update: go here to see how to participate: http://fdlbooksalon.com/} Greetings! At 5:00pm ET/ 2:00pm PT this Saturday, January 5, 2013 L. Randall Wray will be joining us to discuss his new book, Modern Money Theory: A [...]
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Europe
Prospects for the Global Economy in 2013
CFR’s A. Michael Spence thinks that 2013 augurs better for the world economy, but cautions that lagging employment and income inequality will hamper a robust recovery. In contrast, CFR’s Robert A. Kahn cautions that Europe’s debt crisis is far from being solved and that without growth, “we are likely to see Europe again at the [...]
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Global Macro
US Fiscal Cliff Averted, Risk Appetite Increases
There seems to a collective sigh of relief. The full force of the US fiscal cliff that could have dragged the world’s largest economy into a recession has been averted, even though the results do not seem particularly satisfactory as the debt ceiling and spending cut decisions have been postponed for several weeks. Global equity [...]
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Global Macro
Will Macroeconomists Ever Agree?
Kevin Drum wonders if macroeconomists will ever be able to agree: The part I can’t figure out is why there’s so much contention even withinthe field. In physics and climate science, the cranks are almost all nonspecialists with an axe to grind. Actual practitioners agree pretty broadly on at least the basics. But in macroeconomics you don’t have [...]
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Global Macro
In Times of Consecutive Crises, Is Fiscal Policy the Answer?
In recent weeks, fiscal policy – once the domain of policy wonks – has become part of dinner-table conversations. As Washington attempts to put its fiscal house in order, catchy metaphors from “fiscal cliff” to “fiscal calamity” to “austerity bomb” (and even “hostage crisis”) permeate the media. Amidst the media spin and misnomers however, there [...]
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Nouriel Roubini's Global EconoMonitor
Nouriel on Bloomberg: U.S. Growth Will Be “Barely 1.7%” in 2013
On Bloomberg Surveillance, Nouriel said that U.S. growth would barely register 1.7% in 2013 and pointed to a high risk of the U.S. going over the fiscal cliff: “If we do so, the market reaction is going to force the two sides to reach an agreement.” Asked whether he’s bullish on the U.S., Nouriel responded, ”In [...]
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Europe
Europe: The Vision Thing
The euro has been the strongest currency this week. At pixel time it is up about 1.2%. The Dow Jones Stoxx 600 made new 18-month highs earlier in the week before consolidating in the second half of the week. Bond markets were mostly lower, though Greece, for obvious reasons, Spain and Portugal were exceptions to [...]
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Nouriel Roubini's Global EconoMonitor
Nouriel: Politics Will Define 2013
Speaking with Christine Freeland of the New York Times, Nouriel Roubini described the shift from a market focus on risk in 2012 to a worldwide recognition that political action—European elections, partisan U.S. fiscal battles, Middle East unrest, Chinese and Japanese political transitions—will shape the economic and financial landscape in 2013, contingent on unconventional policy responses [...]
