The Real Problem was Nominal
by Scott SumnerLead Essay
September 14th, 2009
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Economia
by Scott Sumner
Lead Essay
September 14th, 2009A recent series of articles in The Economist argued that the current financial crisis has exposed important flaws in modern economic theory. I will make a slightly different argument. The sub-prime crisis that began in late 2007 was probably just a fluke, and has few important implications for either financial economics or macroeconomics.[1] The much more severe crisis that swept the entire world in late 2008 was a qualitatively different problem, which has been misdiagnosed by those on both the left and the right. Most economists simply assumed that a severe intensification of the financial crisis depressed spending throughout much of the world. In fact, the causation reversed in the second half of 2008, as falling nominal income began worsening the debt crisis....
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Economia
As causas da crise financeira global
Cato Unbound
by Scott SumnerLead Essay
September 14th, 2009
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- Por Que A Crise Continua
The Financial Crisis and Recovery: Why so Slow? Gerald P. Dwyer and James R. Lothian September/October 2011 The U.S. economy has recovered slowly from the recession of 2007 to 2009. U.S. history provides no support for linking low employment and...
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"Since the global financial system started unraveling in dramatic fashion two years ago, distinguished economists have suffered a crisis of their own. Ivy League professors who had trumpeted the dawn of a new era of stability have scrambled to explain...
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House of Cards - Origins of the Financial Crisis ''Then and Now'' "Let's hope we are all wealthy and retired by the time this house of cards falters." --Internal email, Wall Street, 12/15/06 Prophetic words that predicted the greatest...
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"The trouble with the world is not that people know too little, but that they know so many things that aren't true."--attributed to Mark Twain Easy answers are seldom correct ones. That principle seems to be at work as the nation struggles to discover...
- Economics One
É o novo blog do John Taylor. A respeito da controvérsia sobre a "falência da teoria macroeconômica", iniciada pelo Paul Krugman, Taylor comenta: "In my view, the financial crisis does not provide any evidence of a failure of modern economics. Rather...