La culpa de la austeridad la tienen los gobiernos o los mercados?

Martin Wolf. Y aca

The german model is not for export

Martin Wolf analiza las medidas de política de la eurozona (impulsadas por Alemania)

Gavyn Davies: The dramatic adjustment in eurozone trade imbalances

Europe's beggar-my-neighbor policy

Michael Pettis: Excess German savings, not thrift, caused the European crisis

"The European crisis, in other words, had almost nothing to do with thrifty Germans and spendthrift Spaniards. It had to do with policies aimed at boosting German employment, the secondary impact of which was to force up German national savings rates excessively. These excess savings had to be absorbed within Europe, and the subsequent imbalances were so large (because German’s savings imbalance was so large) that they led almost inevitably to the circumstances in which we are today.

For this reason the European crisis cannot be resolved except by forcing down the German savings rate. And not only must German savings rates drop, they must drop substantially, enough to give Germany a large current account deficit. This is the only way the rest of Europe can unwind the imbalances forced upon the region in a way that is least damaging to Europe as a whole. Only in this way can countries like Spain stay within the euro while bringing down unemployment.

But lower German savings don’t mean that German families should become less thrifty, only that the average German household should be allowed to retain a much larger share of what Germany produces. If Berlin were to cut consumption taxes, or cut income taxes for the lower and middle classes, or force up wages, total German consumption would rise relative to GDP and so national savings would fall – without requiring any change in the prudent behavior of German households."

Reinhart Rogoff resultó falso

Mike Konczal

Mark Thoma

Cullen Roche

Paul Krugman

Tyler Cowen

FT Alphaville

Respuesta de Reinhart y Rogoff. Krugman comenta la respuesta

Randall Wray

Matt O'Brien

Noah Smith

Respuesta más completa de Reinhart y Rogoff

Owen Zidar

Josh Barro

Más reacciones

The Economist


La causalidad sí parece ser la inversa a la sostenida por Reinhart y Rogoff

Otra crítica (vieja) a Reinhart-Rogoff: A World Upside Down?: Deficit Fantasies in the Great Recession

Otro de Krugman

James Kwak

Compilación de Bruegel

Gavyn Davies

Brad DeLong

Ambrose Evans-Pritchard

Más de James Kwak

Krugman otra vez. Y otro

James Hamilton. Pollin y Ash contestan. Hamilton otra vez

Ryan Avent

Arvind Subramanian

Ryan Avent y Martin Wolf

Mike Konczal evalúa el debate

Otro de Krugman

James Hamilton: The contributions of Reinhart and Rogoff

Brad DeLong: Risks of debt

Justin Wolfers y Betsey Stevenson

Otros alumnos critican a Reinhart y Rogoff

Ricardo Hausman (y crítica de Matias Vernengo)

Krugman otra vez

Resumen de David Warsh

New Economic Perspectives. Otro

Dean Baker y Larry Summers

Carta de Reinhart y Rogoff a Krugman. James Hamilton comenta. Y Brad DeLong. Y Ryan Avent. Paul Krugman contesta

Miles Kimball y Yichuan Yuang: High debt does not slow growth. Más de Miles Kimball. Otro de Kimball y Yuang

America, the debtor

Paul Krugman sobre la posición financiera de EEUU. Más de Krugman. Otro

Antonio Fatás comenta

Otro de Krugman

Fue la crisis europea una crisis de balanza de pagos?

Aca

Sobre la crisis española

Ambrose Evans-Pritchard

Felipe Gonzalez

Why does Uncle Sam borrow?

Aca "I wish to make a radical suggestion: Public borrowing is an outdated practice, and we could dispense with it entirely. Borrowing by the public treasury and the accumulation of government debt obligations are legacies of the era that preceded the development of modern fiat currency, an era when governments were primarily users of traditional means of payment that lay outside their control, and not the producers and issuers of the primary means of payment."

Análisis del fracaso de las medidas contra la crisis europea

Aca

La crisis en España

Krugman sobe Europa

Aca

Fiddling in euroland as the global meltdown nears

Análisis del Levy Institute

NGDP y la deuda publica

Scott Sumner

"Government debt is nominal debt, not indexed to inflation. That means the debt /GDP ratio is the ratio of debt to NGDP, not RGDP. Maybe that’s obvious, but most of the time when the media refers to “GDP” they mean real GDP"

Entrevista con Yanis Varoufakis

Sobre la crisis griega

Long term vs short term debt

"I guess the lesson is that long term debt in your own currency is okay."

Economics in the age of deleveraging

Steve Keen

Sobre la viabilidad de las economías europeas

Aca

Chronology of the greek debt crisis

Aca

Some thoughts on deficits, debt, savings...

Scott Sumner

John Cochrane sobre el euro

Scott Sumner lo critica

Are persistent deficits a bad thing?

The Economist pregunta

Italia vs Japón

La importancia de una moneda propia