Simon Wren-Lewis sobre la decisión de Inlgaterra de no unirse al euro

Reseña de los estudios que se hicieron

On the Franco-German euro contradiction

Aca

Bold ideas for the eurozone from economic history

Bruegel

Wolfgang Münchau on wealth disparities in the eurozone

Aca

The Economist comenta. Más de The Economist

Paul Krugman y Matt O'Brian sobre lla recesión en la Zona Euro

Aca. Y The Economist

The surprisingly long path to US monetary union

FT Alphaville

The work of John Maynard Keynes shows us that counter-cyclical fiscal policy and an easing of austerity may offer a way out of the Eurozone crisis

Simon Wren-Lewis

The evolution of treasury and muni bond yields

Aca

What’s depicted below is the 10 year US Treasury versus the 10 year muni bond index. As you can see, the yields have an extremely high correlation – muni bonds practically ARE treasury bonds. So why are yields surging in Italy, Spain, Greece and Portugal, but they’re remaining so tame in the muni market? Simple – the US government, which can always procure funds via taxes and bond sales therefore making solvency a non-issue, provides substantial federal aid to the states every year.  While this doesn’t eliminate the solvency issue at the state level it certainly helps reduce it substantially. Europe has no such mechanism in place so what you basically have is a bunch of US states in an environment where they’re left to fend for themselves.  They can’t print their own currency, they can’t devalue their own currency and they can certainly run out of Euros.  The result is bond investors who are terrified about default and end up selling bonds which only exacerbates the budgeting process.

Internal devaluation, inflation, and the euro

Paul Krugman. Ryan Avent comenta

The origins of money, and saving the euro

The Economist

Club Med and the Sun Belt: Lessons from adjustment within a monetary union

Aca

El 'pecado original' de la Union Europea

Aca

"When the European Monetary Union was set up, member-states adopted what was essentially a foreign currency (the euro) but were left in charge of their own fiscal policy. Dimitri Papadimitriou and Randall Wray explain in a new Policy Note (“Euroland’s Original Sin“) why this basic structural defect was always bound to tear the eurozone apart. The solvency crises and the bank runs afflicting Spain, Greece, and Italy were entirely foreseeable (and as Papadimitriou and Wray point out, entirely foreseen). Unless something is done to remedy this design flaw, the EMU will continue to crumble."

Debate sobre los beneficios de poder devaluar

Ryan Avent vs Brad DeLong

Permanent productivity differentials and Optimal Currency Areas

Nick Rowe

Revenge of the Optimum Currency Area

Paul Krugman

What fiscal union means

Aca

What's a 'country'?

Nick Rowe

The Euro Zone crisis: Political and economic perspectives

Menzie Chinn

Milton Friedman on the euro, inflation targeting and the zero lower bound, circa 2000

Aca

Barry Eichengreen recomienda libros sobre el euro

Aca