Eurostat has just issued the unemployment numbers (which are seasonally adjusted) for July. They show that euro area unemployment fell for the first time since the Great Financial Crisis hit, albeit by a paltry 8000 persons. If this marks the start of a trend, and that is uncertain, then the ‘jobs recession’ in the euro [...]
The “Stimulus Debate” and the Golden Rule of Mountain Climbing
22/07/2010 by
The global macroeconomy is at a juncture; some economists argue for continued fiscal stimulus to avoid a double dip recession while others argue for fiscal prudence. In this column, one of the world’s leading macroeconomists argues for continued stimulus combined with a plan to ensure long-run sustainability by reforming the funding of pension liabilities. The [...]
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