Two fascinating studies.
Modern Monetary Theory (MMT)/Neo-Chartalism has gained increasing attention last couple of years, i.e. in Bloomberg, and also a lot of interesting critique. Here’s some notes and links.
Here are two presentations from 2013 with Laurance Ball and Engelbert Stockhammer on unemployment. An introduction & illustration of some theoretical differences. Ball argues from a New Keynesian view that hysteresis may cause a long run increase in unemployment, and stresses the importance of monetary policy (more text here and here). Stockhammer argues that a long run NAIRU is probably a bad explanation for the development of unemployment in the OECD countries, based on a Post Keynesian view, instead focusing on capital accumulation (more text here and here).
Basic steps (1) fixed adress to data, (2) use the .copy command in Stata, (3) and if needed use .shell to unzip data. Here is an old post from Asjad Naqvi on how to download from Eurostat (bulk info page here with fix web adresses), that got me started. You may also use .xteurostat.
Continue reading “Get online data directly through Stata”
In 2007, Estonia had the smallest amount of government debt in relation to GDP, among all the EU countries. Latvia and Lithuania were also among those with the smallest debts. Shortly thereafter all the three Baltic countries (hereinafter ELL) were hit by major financial crises, causing the public debt to increase. In Latvia and Lithuania, the increase were substantial. To the extent that government debt did changed in the years before the crises, it was slightly decreasing.
Continue reading “Estonia had the smallest government debt in the EU 2007. You’ll Never Guess What Happened Next.”
The other day came The Citizen Security Law in force in Spain, which restricts the right to demonstrate. The law is the Conservative government’s response to popular discontent in the wake of the severe economic crisis in the country that started around 2008. But what caused the crisis? Some notes on Spain.
Continue reading “Private loans important factor behind Spanish crisis?”