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description= 15 posts published by Lars Syll during March 2015;
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mics data the set of models is subject to enormous disagreements you disagree with your model made yesterday and i disagree with your model today mathematics does not help much resolve our internal intellectual disagreements ed leamer share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky när bot blir sot 25 mar 2015 at 20 04 posted in economics politics society comments off on när bot blir sot starka offentliga finanser är en absolut förutsättning för tillväxt och fler jobb det inser man nu i frankrike irland italien portugal spanien storbritannien och inte minst grekland runtom i europa väntar tuffa budgetsaneringsprogram det vet vi i sverige efter de krisår vi gått igenom framför allt under 90 talet eller borde veta för oss socialdemokrater är det självklart sverige ska tillbaka till överskott det europa behöver är en ny och stram stabilitets och tillväxtpakt byggd på tydliga regler och sanktioner som tvingar europas länder att sanera sina statsfinanser det måste finnas konsekvenser för medlemsländer som bryter mot pakten det bör övervägas om medlemsländer som bryter mot pakten ska få ta del av eu medel för sveriges del är det oerhört viktigt att euron blir framgångsrik det är viktigt för europas ekonomiska framtid vi är fortfarande positiva till euron som politiskt projekt och är övertygade om att den kan bidra till handel jobb och långsiktig tillväxt europa behöver en ny och stram stabilitets och tillväxtpakt och fler ansvarstagande europeiska regeringar mona sahlin thomas östros grodors plums och ankors plask herre du milde har för mig att östros fick ett nytt jobb också för ett par veckor sedan share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky money hoarding an explanation of today s low inflation 25 mar 2015 at 14 58 posted in economics 10 comments based on the quantity theory of money equation mv pq holding the money velocity constant if the money supply m increases at a faster rate than real economic output q the price level p must increase to make up the difference according to this view inflation in the u s should have been about 31 percent per year between 2008 and 2013 when the money supply grew at an average pace of 33 percent per year and output grew at an average pace just below 2 percent why then has inflation remained persistently low below 2 percent during this period during the first and second quarters of 2014 the velocity of the monetary base2 was at 4 4 its slowest pace on record this means that every dollar in the monetary base was spent only 4 4 times in the economy during the past year down from 17 2 just prior to the recession this implies that the unprecedented monetary base increase driven by the fed s large money injections through its large scale asset purchase programs has failed to cause at least a one for one proportional increase in nominal gdp thus it is precisely the sharp decline in velocity that has offset the sharp increase in money supply leading to the almost no change in nominal gdp either p or q so why did the monetary base increase not cause a proportionate increase in either the general price level or gdp the answer lies in the private sector s dramatic increase in their willingness to hoard money instead of spend it such an unprecedented increase in money demand has slowed down the velocity of money and why then would people suddenly decide to hoard money instead of spend it a possible answer lies in the combination of two issues a glooming economy after the financial crisis the dramatic decrease in interest rates that has forced investors to readjust their portfolios toward liquid money and away from interest bearing assets such as government bonds yi wen maria arias st louis fed anyone still believing in say s law just wondering share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky macroeconomics totally messed up 25 mar 2015 at 09 12 posted in economics 2 comments until a few years ago economists of all persuasions confidently proclaimed that the great depression would never recur in a way they were right after the financial crisis of 2008 erupted we got the great recession instead governments managed to limit the damage by pumping huge amounts of money into the global economy and slashing interest rates to near zero but having cut off the downward slide of 2008 2009 they ran out of intellectual and political ammunition economic advisers assured their bosses that recovery would be rapid and there was some revival but then it stalled in 2010 meanwhile governments were running large deficits a legacy of the economic downturn which renewed growth was supposed to shrink in the eurozone countries like greece faced sovereign debt crises as bank bailouts turned private debt into public debt attention switched to the problem of fiscal deficits and the relationship between deficits and economic growth should governments deliberately expand their deficits to offset the fall in household and investment demand or should they try to cut public spending in order to free up money for private spending depending on which macroeconomic theory one held both could be presented as pro growth policies the first might cause the economy to expand because the government was increasing public spending the second because they were cutting it keynesian theory suggests the first governments unanimously put their faith in the second the consequences of this choice are clear it is now pretty much agreed that fiscal tightening has cost developed economies 5 10 percentage points of gdp growth since 2010 all of that output and income has been permanently lost moreover because fiscal austerity stifled economic growth it made the task of reducing budget deficits and national debt as a share of gdp much more difficult cutting public spending it turned out was not the same as cutting the deficit because it cut the economy at the same time robert skidelsky share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky boom bust boom 24 mar 2015 at 16 54 posted in economics comments off on boom bust boom share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky desire 22 mar 2015 at 14 05 posted in varia comments off on desire putte wickman 1924 2006 self taught master jazz clarinetist att försvara mänskliga rättigheter måste få kosta 20 mar 2015 at 08 29 posted in politics society 1 comment diskussionens vågor går i dessa dagar höga vad gäller de diplomatiska relationerna med saudiarabien och hur de lämpligen hanteras de flesta verkar hålla med om att t ex tusen piskrapp plus 10 års fängelse inte känns som ett riktigt proportionerligt straff för lite bloggande kritik mot religiösa ledare låt oss försiktigt sammanfatta det som att det finns en del som tyder på att saudiarabien inte är bäst i klassen avseende mänskliga rättigheter enigheten är mindre framträdande när det gäller hur den svenska regeringen hanterat kopplade saker den senaste tiden heidi avellan sydsvenskan har ju inte gjort sig känd som en fanatisk löfvensupporter och menade i en krönika 13 3 att även det utrikespolitiska nu dragits in i det pågående rödgröna haveriet i ett försök att knyppla ihop en liberal hållning vad gäller mänskliga rättigheter med kritik mot utrikesministerns förmodade klumperier skriver avellan att margot wallströms kritik var berättigad men diplomatiskt illa formulerad det är svårt undgå slutsatsen att det som stört harmonin är att kritiken som alltså ansågs befogad faktiskt uppmärksammades av saudiarabien om wallström bara hade uttalat kritiken för sig själv inne på någon toalett i sagerska palatset medan stefan löfven med någon vag fras om hur mycket bättre världen vore med mer mänskliga rättigheter löst upp avtalet när löptiden ändå runnit ut så hade saken varit utagerad fingerspitzgefühl det är naturligtvis sant men det man måste fråga sig är om sådant fjäderlätt diplomatiskt tryck från en liten stat som sverige är meningsfullt annat än för att hjälpa liberalt sinnade samhällsdebattörer att sova en smula bättre om natten nå vi har i alla fall gjort något kanske det kanske men man har väl knappast gjort mindre om man med avsevärt uppkäftigare diplomati fått massvis med internationell uppmärksamhet och uppenbarligen gjort diplomatiskt intryck på motparten om inget annat så komplicerar det i vart fall avellans påstående att sveriges röst i världen har försvagats av wallströms agerande till syvende och sist så kokar allt ner till en enkel fråga får det någonsin kosta något kosta något på riktigt att försvara mänskliga rättigheter diplomatiskt den frågan borde vara lätt att besvara för en liberalt sinnad debattör såvida inte ett rödgrönt skynke skymmer sikten i lite för många frågor förstås mikael sundström share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky dags att skingra myterna om statsskulden 19 mar 2015 at 19 31 posted in economics 2 comments vid en analys av den svenska depressionens förlopp är det viktigt att ha klart för sig att statsskuldens snabba tillväxt inte har utgjort någon orsak till krisen utan istället varit ett symptom på nedgången i ekonomin i själva verket skulle krisen ha blivit djupare om inte mycket stora underskott i de offentliga finanserna släppts fram krisförloppet innebar en överflyttning av en given skuldbörda från privat till offentlig sektor någon ökning av folkhushållets totala skuldsättning har inte kommit till stånd en nödvändig privat skuldsanering utgör alltså kärnan i den svenska depressionen man måste också fråga sig hur krisen skulle ha utvecklat om den offentliga sektorn inte hade accepterat att utgöra en förhoppningsvis tillfällig parkeringsplats för den privata sektorns alltför stora skulder de stora budgetunderskotten kan ses som ett resultat av en omfattande socialisering där den offentliga sektorn kortsiktigt bidrar till att lyfta av den privata en alltför stor skuldbörda statsskuldsutvecklingen spelar idag en viktig pedagogisk roll som indikator på den fara som ligger i dröjsmål med det ekonomisk politiska reformarbetet endast under hotet om statsbankrutt förefaller sveriges riksdag förmögen att fatta beslut om begränsningar av statens utgiftsåtaganden hans tson söderström tyvärr lika sant idag som för 20 år sedan och det säger en hel del om kvalitén på den svenska statsskuldsdebatten bland politiker och ekonomer share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky the core problem with dsge models 18 mar 2015 at 17 37 posted in economics 2 comments dsge models force behavioral changes through adjustment mechanisms that operate in narrowly parameterized equilibrium spaces so violations of key model assumptions are introduced economically one by one this modeling convention makes it virtually impossible to incorporate concerns that are central to heterodox economics liquidity preference power in finance predatory behavior illiquid asset markets increasing inequality in income and wealth one possibly decisive structural change has yet to be and perhaps cannot be acknowledged through dsge modeling the fact that most nations in the global north are simultaneously pursuing austerity policies it is obvious in trade theory that every nation in a global trading system cannot maintain a surplus on current account but this obvious result which is an implication of a regime in which nation after nation is pursuing austerity macroeconomic policies cannot be expressed in a macroeconomics based on models that focus almost completely on intertemporal coordination while ignoring point in time structural interconnections gary dymski share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky alesina and the deficit mania poor research 18 mar 2015 at 13 34 posted in economics 1 comment the obsession with government budget deficits since the crisis of 2008 and the subsequent recession illustrates the damage done by mistaken economic ideas in the rich west tens of millions of people lost jobs that could have been saved the media focused on the politics of the budget debate but economic ideas had a central role in the outcome believers in say s law predominated the most prominent research was led by alberto alesina of harvard university where conservative economists had displaced much of the formerly pro government liberal faculty of the 1960s cut deficits went alesina s argument and you will restore the business confidence to invest fully the excess savings spending cuts were more effective than tax increases in reducing deficits alesina s research was poor most important his analysis which started in the early 1990s didn t distinguish the economic conditions under which austerity policies were adopted essentially alesina s optimistic conclusions about austerity expansions applied only when economies were already strengthening or their currencies were falling in value sufficiently to spur export conditions not applicable to either the united states or most of europe share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky next page recent posts risksamhällets konturer arbetslöshetssiffran som styr den ekonomiska politiken 50 år efter studenten personal finding the late student stuff love s secret stein s paradox a lesson on precision and unbiasedness audioholic summer research ett välförtjänt bottenrekord arbetslösheten inte statsskulden är problemet how credible is the credibility revolution in econometrics randomness and representativeness are not the 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