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Optimum Currency Areas
A Category Archive (19 entries)
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November 10, 2011
Optimum Currency Areas
Arnold Kling
That is about all that is left to say about the European situation. Clive Crook writes, the only sane choice is to accept the logic of the currency union they created and the obligations that go with it. In the... MORE
October 28, 2011
Optimum Currency Areas
David Henderson
I made a bet with Iain Murray, a delightful guy from the Competitive Enterprise Institute with whom I spoke at a big Hillsdale College event in Atlanta today. We were both speakers on the program. He told me he expected... MORE
September 23, 2011
Optimum Currency Areas
Arnold Kling
He writes, At every stage of this process, from the first signs of trouble in Greece, to the spread of problems to Portugal and Ireland, to the recognition of Greece's inability to pay its debts in full, to the rise... MORE
April 17, 2011
Finance: stocks, options, etc.
Arnold Kling
His NYT column is a must-read. The bottom line: the euro, in retrospect, appears to have been a misguided attempt to equalize the values for some very unequal assets, namely the bank deposits of strong countries and those of weak... MORE
January 13, 2011
Optimum Currency Areas
Arnold Kling
Paul Krugman writes a pre-mortem. You still hear people talking about the global economic crisis of 2008 as if it were something made in America. But Europe deserves equal billing. This was, if you like, a North Atlantic crisis, with... MORE
June 28, 2010
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Michael Pettis writes, In my opinion the current set of crises, beginning with the sub-prime crisis in the US and spreading throughout the world, is not a short-term liquidity crisis like LTCM, the Asian Crisis, or the Mexican crisis of... MORE
June 17, 2010
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Richard Baldwin and Daniel Gros introduce a set of essays on the crisis in the eurozone. The authors unanimously believe that the crisis is not over, and that the Eurozone rescue is not finished. More needs to be done. I... MORE
June 16, 2010
Optimum Currency Areas
Arnold Kling
The Daily Mail reports, Democracy could 'collapse' in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned. That is actually a better story than the more common... MORE
June 15, 2010
Political Economy
Arnold Kling
I just returned from Europe, where I participated in two conferences sponsored by market-oriented think tanks. Some impressions below. (Note: Tyler Cowen has some interesting things to say, blogging from Germany--Tyler and I failed to meet in Berlin, primarily because... MORE
April 30, 2010
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
Sebastian Mallaby and Paul Krugman explain that the PIIGS have monetary as well as fiscal problems. That is, their wages are too high, and there is not enough labor mobility to produce the needed adjustment (hence, as many economists argued,... MORE
April 29, 2010
Martin Feldstein writes, In the end, Greece, the eurozone's other members, and Greece's creditors will have to accept that the country is insolvent and cannot service its existing debt. At that point, Greece will default. Feldstein points out that there... MORE
January 23, 2009
Monetary Policy
David Henderson
Lots of people lately have been talking about how lousy the dollar is as a store of value. I'll repeat the offer I made in a recent book review in Regulation, in response to an economist's claim that government had... MORE
January 24, 2007
Optimum Currency Areas
Arnold Kling
Bryan's Euro Bet gets discussed in the Economist blog. There are real issues with the euro; its member states are far from an optimal currency zone, and the problem will only get worse as more members are added (if they... MORE
January 22, 2007
Macroeconomics
Bryan Caplan
I made a wager this weekend while I was at a Liberty Fund conference in Chicago. Fellow participant Jeremy Rabkin of Cornell made quite a few predictions about the non-future of the EU that struck me as overconfident. When he... MORE
September 16, 2003
Economics of Education
Arnold Kling
John Hawkins' interview of Milton Friedman touches on many subjects. Friedman is not terribly worried about Social Security. we're a very strong country, lots of able people, lots of active entrepreneurs, and so the Social Security system will be a... MORE
June 11, 2003
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
The German economy is in bad shape. Brad DeLong points to a paper by Adam S. Posen that assesses Germany's potential to go into a long slump like Japan. For an advanced economy to perpetually stagnate, its political economy must... MORE
May 19, 2003
Regulation and Subsidies
Arnold Kling
In an essay on diversity in economic policy, I propose dividing the United States. By splitting into the virtual regions of Miltonia and Hillaria, we could run a "natural experiment" to see how things work. Perhaps after ten or twenty... MORE
May 14, 2003
Optimum Currency Areas
Arnold Kling
This is a fierce debate. The partisans in favor write, By removing the barriers of separate currencies, the creation of the euro has led to a rapid increase in cross-border trade in the euro-zone. Germany's trade with the EU has... MORE
April 22, 2003
Optimum Currency Areas
Arnold Kling
Martin Feldstein explains why Europe is not an optimum currency area, even though the United States is one. First, American employees move within the country when demand is relatively weak in a particular region, facilitated by a common language and... MORE
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