Two Keynesians

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).

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Estonia had the smallest government debt in the EU 2007. You’ll Never Guess What Happened Next.

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.
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Private loans important factor behind Spanish crisis?

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.
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