Harald Uhlig sent me an email in response to my last post on the debt structure of sovereigns, and potential changes to a 4-tier structure. I will comment below, but do read his remarks first: Creating a seniority structure of sovereign liabilities is a good idea, if alone for pricing the underlying risk. Private markets do that …
A guest post by Arash Molavi Vasséi This post summarizes a short policy note in which I argue that the only feasible as well as incentive-compatible solution to the current sovereign debt crisis in the Eurozone involves the European Central Bank (ECB) as a Lender of Last Resort to the Eurozone’s core countries like France, Austria, Finland, and …
Gerald Braunberger und Norbert Häring diskutieren in zwei Artikeln die Rolle von monetären Aggregaten (also z.B. der Geldmenge). Norberts Eintrag finde ich soweit gelungen, auch wenn er stärker darauf hätte hinweisen sollen, dass es eigentlich wenig mit Monetarismus zu tun hat. Bei Gerald schimmert mir zudem immer wieder zu sehr durch, wie sehr er die makroökonomische Lehre der …
Tim Duy, one of the best Fed-watchers out there (this was a hint for my German readers, elsewhere everybody knows this anyway), has a very good response to my last post in which I asked Paul Krugman for help, basically on how to divide aggregate demand (AD) among the countries of Europe. But Paul is very busy debating Ron Paul promoting …