Assorted Links

  • Krugman points why despite Bank of Japan increasing the monetary base, Japan faced deflation
  • Conference on Nigeria Central bank’s 50 years. Some great looking ppts and papers
  • Bank of Japan’s timely conference on Future of Central Banking under Globalization. Most papers are still not linked
  • James Bullard, St Louis Fed President says Europe crisis will not result in second round of recession. WSJ Blog has a summary
  • RBI continues its good  work of becoming more transparent. It discusses briefly the proceedings of 23rd Conference of the State Finance Secretaries. Earlier these conferences just went by.
  • Nudges Blog points to a short new paper by Supreet Kaur, Michael Kremer, and Sendhil Mullainathan. In this authors look at how people prefer to be paid. There is also an excellent clock which is a must for every office
  • John Taylor points to a paper questioning the fiscal multiplier.

The paper is quite technical, but the bottom line summary is that a one percent increase in government purchases (as a share of GDP) increases GDP by a maximum of 0.7 percent and then fades out rapidly. This means that government spending crowds out other components of GDP (investment, consumption, net exports) immediately and by a large amount.

  • PFM Blog recommends fiscal consolidation lessons for advanced economies
  • NYT Economix looks at the Bank Tax
  • Menzie CHinn gives sector wise analysis of US GDP
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