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Neither Grexit nor a dual currency will solve Greece's problems
A Grexit or the introduction of a dual currency is not a solution to Greece's problems. On the contrary, it would be a worst-case scenario for Greece in the short term.
Related: Greece and Creditors Scramble for Elusive Deal
The looming prospect that Athens won't be able to meet IMF debts due in mid-June is spurring dire scenarios-but little progress at the table.
Related: Lessons for Greece from Israel's tech miracle
The crisis can serve as an opportunity for the development of entrepreneurship in Greece, insists Nava Swersky, founder and president of Nano-Israel and advisor to the Israeli government, as well as to international organizations on issues of innovation, research and development.
Related: Tsipras gets no leeway in Riga
Mike Peacock / MacroScope
Tsipras gets same old message in Riga
Janet Yellen: The Federal Reserve expects to raise interest rates this year
Federal Reserve chair Janet Yellen says delaying monetary policy tightening until employment and inflation hit the central bank's targets risks overheating the economy
Related: In Which I try to Defend Janet Yellen from Brad DeLong
Robert Waldmann / Angry Bear
Fed Chair Janet Yellen said, among other things, For this reason, if the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target and begin the process of normalizing monetary ...
Related: Yellen expects US economy to strengthen
Federal Reserve chair points to first rate rise this year if recovery continues as expected
Related: The Core of the Fed's Inflation Problem
Rising oil prices and a weaker dollar should feed through to higher core inflation. But not for a while.
Related: House panel issues subpoena to Fed over 2012 information leak
WASHINGTON (Reuters) - The chairman of a congressional committee on Thursday subpoenaed Federal Reserve documents and communications related to a 2012 leak of monetary policy information, ramping up his attack of the central bank's handling of the case.
Owen Paterson: leaving European Union could increase prosperity and boost jobs
Rosa Prince / Telegraph
Senior Tory says quitting EU is not 'leap into dark' and would 'galvanise' single market
Related: The Draghi speech on structural reforms: mistakes, misunderstandings and defunct models
Merijn Knibbe / Real World Economics
"As of 2005 Spain had the second highest immigration rates within the EU, just after Cyprus, and the second highest absolute net migration in the World (after the USA). ... In fact, booming Spain was Europe's largest absorber of migrants from 2002 to 2007, with its immigrant population more than ...
Related: Six months of European banking supervision - what does this mean for "less significant institutions"?
Deutsche Bundesbank / Bundesbank
Related: Grand Central: ECB Turns Up Heat on Governments
WSJ Economics
The Wall Street Journal's Daily Report on Global Central Banks for Friday, May 22, 2015. Brian Blackstone hears Mario Draghi return to a familiar theme: the need for governments to their part in raising the eurozone's growth potential.
Related: Mario Draghi: Structural reforms will unlock Europe's growth potential
Bloomberg / Telegraph
European Central Bank chief urges governments to allow the bank to do its job raising inflation by reforming their economies
How has Britain created jobs while France and Italy have struggled?
Andrew Sentance / Telegraph
While there have been concerns about sluggish productivity, our economy has become a very effective job-creating machine
Related: UPDATE 1-Bank of England confirms EU exit research after email misfire
LONDON, May 23 (Reuters) - The Bank of England plans to assess the implications of a possible British exit from the European Union, it said in a statement, confirming an email it inadvertently sent...
Related: What could happen if Britain left the EU? Five key issues
Sophie Jamieson / Telegraph
If Britain were to leave the EU what could happen? Here are five key issues that would arrise if the UK voted 'out' in the referendum
Related: Bank of England accidentally emails Brexit taskforce plans to newspaper
Andrew Trotman / Telegraph
Central bank has set up a taskforce, led by Sir John Cunliffe, to look at the effect that a UK exit from the European Union would have on our economy
Related: Austria Confirms Faith In Fiat Fading: Repatriates 110 Tons Of Gold From BOE
Tyler Durden / Zero Hedge
Six months ago we warned that Austria was considering it, and now, as Kronen-Zeitung reports, with no rigged Swiss-like referendum required, Austrian Central Bank Governor, and the person many claim is in Mario Draghi's inner circle of trust (soon to be revised) Edwald Nowotny has committed to repatriating 110 tonnes ...
Related: BOE's Carney Expects U.K. to Close Its Output Gap in Next Year
Brian Blackstone / WSJ Economics
The U.K. economy should close its economic output gap within the next year, Bank of England Gov. Mark Carney said Friday, adding that much of the recent weakness in inflation is due to food and energy prices.
Related: Boost for George Osborne as tax receipts rise in April
Szu Ping Chan / Telegraph
Stronger tax receipts push UK borrowing down in first month of fiscal year, official figures show
How 'Mathiness' Made Me Jaded About Economics
Noah Smith / Bloomberg Views
Lots of math in economics has nothing to do with the real world.
Related: Super Models
Jared Bernstein
Sorry, nothing prurient. Just a quick observation and reading/listening assignments for serious OTE'ers on some material that I will return to shortly with the necessary time and attention. Over the past few days, in three separate (though intimately connected) debates in which I take part, I've come across writers emphasizing ...
Related: Don't get mathy with me, or I'll give you a good shunning.
Stephen Williamson
I had heard Paul Romer is disgruntled, and now that he's written down his thoughts, we can perhaps sort this out. We'll start with his recent blog post on "Protecting the Norms of Science in Economics." Here is Paul's view of science: My reading of the evidence convinces me that ...
BOJ should map out plan for increased monetary easing to boost economy: IMF delegation
Japan Times
The International Monetary Fund said Saturday that the Bank of Japan "needs to stand ready" for further monetary easing to accelerate the country's economic recovery, warning of differences between the central bank and market inflation forecasts. Though market inflation expectations "rose markedly" since the BOJ introduced large-scale easing in 2013, ...
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Related: IMF urges Japan to expand monetary easing
Fund's intervention comes as BoJ keeps policy on hold
Inequality Hurts Growth, But How?
WSJ Economics
A new OECD study is better at showing that inequality hurts growth than at explaining why. That means policy makers who want to use taxes and social spending to close the income gap cannot assume they'll help the economy in the process.
Related: In No State Can A Minimum Wage Worker Afford A One Bedroom Apartment
Tyler Durden / Zero Hedge
Earlier this month we learned that in 21 out of the 26 OECD member countries that have a minimum wage, working 40 hours per week at the pay floor would not be sufficient to keep one's family out of poverty. That rather stunning revelation comes as Democrats in the US ...
It's Our Aging Energy Infrastructure, Stupid.
James Conca, Contributor / Forbes
Secretary of Energy Ernest Moniz is testifying before the House Energy and Commerce Committee concerning DOE's Quadrennial Energy Review that showed America's energy problems are largely rooted in our crumbling infrastructure - no surprise there!
China, India likely to be largest shareholders of AIIB: sources
Business Insider
(Reuters) - China will likely take a 25-30 percent stake in the Asian Infrastructure Investment Bank (AIIB) and India is likely to be the second-largest shareholder, delegates attending a meeting of the bank's founding members said on Friday. China's share in the $100 billion lender will be less than 30 ...
Related: One year later, India's economy brightens under Modi
USA Today
India's prime minister is pushing numerous business-friendly changes.
Related: India's finance minister says country could miss deadline for tax reform
The China Post
( - India's finance minister acknowledged Friday that the government could miss its deadline to implement a key tax law amid criticism of the pace of economic reforms after a year in office.
Related: AIIB to be up and running by year's end as China and India tipped to be biggest stakeholders
calum.gordon / South China Morning Post
The China-led Asian Infrastructure Investment Bank (AIIB) aims to be up and running by the end of the year, delegates from the institution's 57 founding members said yesterday, wrapping up a three-day policy meeting in Singapore.
Related: RBI working to make JLF more transparent, says deputy governor
Times of India
The Reserve Bank is working to bring more transparency to the joint lending forum (JLF), which was set up to revitalise distressed assets, deputy governor SS Mundra said today.
US Senate backs 'fast-track' trade push
Fight to provide legislation Obama needs now switches to House
Expand sublinks   Also:  Naked Capitalism | FT | WSJ | WSJ | Forbes | CNBC
Related: The TPP Must Be Defeated
Bill Totten
by Bernie Sanders, Independent US Senator from Vermont Huffington Post (May 21 2015) Congress is now debating fast track legislation that will pave the way for the disastrous Trans-Pacific Partnership (TPP) unfettered free trade agreement. At a time when our middle class is disappearing and the gap between the very ...
Related: The TPP and GDP: Let's Wait and See
Simon Lester / Cato
In discussions of the Trans Pacific Partnership (TPP), there are often very specific figures put out there as the estimated economic gains of this trade deal. $78 billion of annual income gains for the U.S. is a commony cited number. It is important to keep in mind, however, that these ...
IMF predicts upturn for Russian economy
Moscow praised as crisis-fighting measures help to stabilise currency and build confidence
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Neither Grexit nor a dual currency will solve Greece's problems
Owen Paterson: leaving European Union could increase prosperity and boost jobs
China Shares Hit Seven-Year High
How has Britain created jobs while France and Italy have struggled?
US Senate backs 'fast-track' trade push
It's Our Aging Energy Infrastructure, Stupid.
BOJ should map out plan for increased monetary easing to boost economy: IMF delegation
Japan Times
China's richest man bet his company's shares would fall
Greece and Creditors Struggle for Elusive Deal
Janet Yellen: The Federal Reserve expects to raise interest rates this year
What's this?
Link: Centre for Macroeconomics
Link: Economic and Social Research Council
Last Updated: 16:21 GMT     Saturday, 23 May 2015 Archive About FAQ Home