Does terrorism work? Richard English gives the answer. | Fabius Maximus website

Does terrorism work? Richard English gives the answer. | Fabius Maximus website

Simon Wren-Lewis : A General Theory of Austerity (pdf)

BSG-WP-2016-014.pdf

Abstract

Austerity is defined as a fiscal contraction that causes a significant increase in aggregate unemployment. For the
global economy, or an economy with a flexible exchange rate, or a monetary union as a whole, an increase in
unemployment following a fiscal consolidation can and should be avoided because monetary policy can normally
offset the demand impact of the consolidation. The tragedy of global austerity after 2010 was that fiscal
consolidation was not delayed until monetary policy was able to do this. 

The Paradox of Civilization Pre-Institutional Sources of Security and Prosperity (pdf)

Paradox_of_civilization.pdf

via Brad DeLong

Short of Lying. The prevalence of bullshit in political communication

Short of Lying. The prevalence of bullshit in political communication

... all the key contributors to the debate agree that political
communication is one of the main contexts in which the phenomenon occurs.
Frankfurt (2005: 22) singles out politics as one of his prime suspects from where to
expect continuous emanation of bullshit...

FRB: IFDP Note: Debt Statistics a la Carte: Alternative Recipes for Measuring Government Indebtedness

FRB: IFDP Note: Debt Statistics a la Carte: Alternative Recipes for Measuring Government Indebtedness

1. Introduction
According to Eurostat, the Greek government owed Euro 317 billion in debt at the end of 2014. This is equivalent to more than 177% of GDP, 387% of tax revenue and amounts to almost Euro 30,000 per person. This seems like a very large sum. For comparison, of the other highly indebted European countries that received financial assistance, Portuguese government debt amounted to 130% of GDP while Irish government debt amounted to 110% of GDP.

As a result of these large debt numbers, there have been increasing calls for debt relief to be offered to Greece and, in some cases, also to the other highly indebted countries of Europe......

EconPapers: The Pitfalls of External Dependence: Greece, 1829-2015

EconPapers: The Pitfalls of External Dependence: Greece, 1829-2015

Abstract: Two centuries of Greek debt crises highlight the pitfalls of relying on external financing. Since its independence in 1829, the Greek government has defaulted four times on its external creditors - with striking historical parallels. Each crisis is preceded by a period of heavy borrowing from foreign private creditors. As repayment difficulties arise, foreign governments step in, help to repay the private creditors, and demand budget cuts and adjustment programs as a condition for the official bailout loans. Political interference from abroad mounts and a prolonged episode of debt overhang and financial autarky follows. We conclude that these cycles of external debt and dependence are a perennial theme of Greek history, as well as in other countries that have been "addicted" to foreign savings.

German Europe or European Germany? by Hugo Drochon - Project Syndicate

German Europe or European Germany? by Hugo Drochon - Project Syndicate

Το μέτρο της αποτυχίας μας | Protagon.gr

Το μέτρο της αποτυχίας μας | Protagon.gr

Does the left have a future? | John Harris | Politics | The Guardian

Does the left have a future? | John Harris | Politics | The Guardian

Assessment_of_June2015_Greece_Ministry_of_Finance_Debt_Restructuring_Proposal.pdf

Assessment_of_June2015_Greece_Ministry_of_Finance_Debt_Restructuring_Proposal.pdf

Farmer & Platonov : Reinventing IS-LM to explain secular stagnation | VOX, CEPR’s Policy Portal

Reinventing IS-LM to explain secular stagnation | VOX, CEPR’s Policy Portal

The concept of 'secular stagnation' asserts that unemployment remains high and output below potential because investors are pessimistic. This column presents a way to rethink the IS-LM model to include investor expectations. This 'IS-LM-NAC' model explains the slow recovery from the Great Recession, provides a theory-consistent explanation for secular stagnation, and suggests policy options to escape it.