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Rasced Ali
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Rasced Ali

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The US Federal Reserve has tightened monetary policy four times in the past 40 years, and all four time the impact on the economy was more harmful than expected. As the Fed prepares to tighten monetary policy once again, an examination of this history suggests that the US is about to enter dangerous territory.
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The high-flying productivity of exporting firms is one of the reasons governments promote exporting. This column presents new evidence on 'carry along trade', i.e. exports by firms who did not produce the final good. In Italy, about a quarter of manufacturing exports involve goods sold by a ...
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China's debt sustainability nearing limit as leverage tops 280% of GDP
http://www.chinaeconomicreview.com/chinas-debt-sustainability-nearing-limit-leverage-tops-280-gdp
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The problem with the developed economies is of aging population. What helicopter money would do....immigration. or give birth to more children give incentives/cash benefits to women to bear more children.....no/less young population. Less consumption. .larger health care expenditures.. 
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The growth of international trade in intermediate inputs means that standard trade statistics can give a misleading picture of the real patterns of production behind world trade. This column introduces an accounting framework that decomposes traditional trade flows into components that better ...
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It seems obvious that if a business invests in automation, its workforce – though possibly reduced – will be more productive. So why do the statistics in advanced countries tell a different story?
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The vast informal sector in India affects everything from poverty to growth. This column presents new facts on how Indian job growth in manufacturing is concentrated in informal tradable industries, especially one-person establishments. These features are most closely linked to the urbanisation ...
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The inclusiveness of Abenomics     
http://www.voxeu.org/article/inclusiveness-abenomics
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There is a broad consensus that financial supervision ought to include a macroprudential perspective that focuses on the stability of the entire financial system. This column presents and critically evaluates the newly-created macroprudential framework in the Eurozone, with a particular focus on ...
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Keynesians said austerity would cut output growth. Austerity hit the economy, and by hitting the economy, it worsened the fiscal balance

As a historian, Ferguson must know that it is growth, not austerity, that is most conducive to reducing the national debt as a share of GDP

Quite simply, with inflation rising faster than nominal wages, average real wages have fallen, and employment has grown, as standard theory would lead one to expect. The combination of tight fiscal policy and loose monetary policy failed, until 2013, to produce a recovery in output. It did, however, lower the unemployment cost of reduced output – though not entirely: if the rise in involuntary part-time work is included in the cost, and as David Bell and David Blanchflower have done with their “underemployment index,” the UK government’s employment record is worse than Ferguson claims.

Keynes never thought that an economy, felled by a shock, would remain on the floor. There would always be some rebound, regardless of government policy. What he emphasized was the “time-element” in the cycle. With depressed profit expectations, an economy could remain in a semi-slump for years. There would be alternating periods of recovery and collapse, but this oscillation would occur around an anemic average level of activity
Demand-side policies should be coupled with supply-side measures to improve skills, infrastructure, and access to finance,

According to the TUC, “the reduction in growth has been met (almost) entirely by lower earnings growth rather than lower employment growth


Ferguson is more interested in making political points than in developing properly grounded arguments. Until he tells us why he thinks that austerity was a good thing, his critics will be forgiven for seeing his economic pronouncements as nothing more than political propaganda.


http://www.project-syndicate.org/commentary/niall-ferguson-british-austerity-by-robert-skidelsky-2015-05
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