1
Fashion & Style
An Empty Heart Is One That Can Be Filled
I had loved and lost plenty of times, but I had never let myself feel it. I numbed up.
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N.Y. / Region
A Gilded Monument Is Mysteriously Shedding Its Brand-New Gold
The William Tecumseh Sherman statue in Central Park, which began peeling only a few months after it was regilded, will undergo further repair this fall.
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N.Y. / Region
Atlantic City Casino Owner Files for Bankruptcy Protection
The move came as the $2.4 billion Revel Casino Hotel was formally put on the auction block.
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Your Money
A Test for the Early Detection of Alzheimer’s Disease
Doctors in Ohio have developed a simple four-page quiz that can help reveal dementia early on, allowing patients to get their lives in order.
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U.S.
GTT ★
Our quirky, discerning picks for the most interesting things to do around the state this week.
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U.S.
North Carolina: Duke Energy Was Warned About Pipe
Records subpoenaed by federal prosecutors show that engineers working for Duke Energy warned the company nearly 30 years before a large coal ash spill.
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U.S.
Decades Later, 17 Service Members Who Perished in Crash Will Be Laid to Rest
The remains of the crew aboard a military plane that crashed in Alaska in 1952 have been identified and recovered. They will be returned to their families for burial with full military honors.
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U.S.
Idaho: Dairy Worker Sentenced for Animal Abuse
A former dairy employee has been sentenced to 180 days in jail and two years of probation after a video showed workers stomping, dragging and beating cows inside a milking barn.
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Health
Dr. Lorna Wing, Who Broadened Views of Autism, Dies at 85
Dr. Wing, a British psychiatrist, recognized autism as a mental disorder of many gradations, and she coined the term Asperger’s syndrome for its mildest form.
11
Real Estate
Troubled by Lengthy Elevator Repairs
Questions about elevator repairs, air rights and the maintenance of terraces are answered.
12
Business Day
International Monetary Fund Says Europe Should Weigh Bond-Buying
If inflation continues to drag, the suggestion would in effect have the European Central Bank emulate the Fed’s quantitative-easing program, a strategy many economists have been urging.Austerity and Hysteresis
Larry Ball has an important paper
documenting, on a consistent basis, a very disturbing point: if you
believe official estimates of potential output, the Great Recession and
its aftermath have done incredible damage, not just to short-run output
and employment, but to long-run prospects.
Here’s my back of the envelope version. If
you look at the IMF’s “advanced country” real GDP aggregate, it grew 18
percent from 2000 to 2007 — and back in 2007 it was generally expected
to keep rising at more or less the same rate. In fact, advanced-country
GDP is likely to be only around 6 percent higher in 2014 than it was in
2007, or 10 percent below trend. Yet official estimates of economic
slack are much lower than 10 percent — the IMF’s estimate for 2014 is
only 2.2 percent. So the numbers seem to imply that the economic crisis
caused something like an 8 percent hit to economic potential all across
the advanced world, which is huge.
One possibility is that the output gap
numbers are wrong; we’re actually having a very hard time figuring out
how much slack there is. Another possibility is that it’s just a
coincidence that underlying growth slowed at the same time as the
crisis. But if you take the numbers seriously, they do seem to indicate
that hysteresis — short-term shocks quasi-permanently hurt the economy’s
potential — is a very big issue.
Suppose, in particular, that we look at the
correlation between austerity policies and the decline in potential
output. In the figure below I plot the IMF’s estimates of the change in
structural deficits as a percentage of potential GDP, 2009-2013, against
Ball’s estimates of the decline in potential output in 2013 relative to
pre-crisis expectations:
This suggests that austerity equal to one
percent of GDP reduces potential output by around 1 percent. That’s huge
— easy enough to make austerity a hugely self-defeating policy even in
purely fiscal terms.
There are various ways you can try to
rationalize away this correlation. But it nonetheless looks as if
economic policy has been even more destructive than we thought."
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U.S.
Arizona: Suspect Killed Priest With Gun Belonging to Another Priest, Police Say
A homeless ex-convict was arrested Monday on suspicion of killing a priest with a handgun that had been retrieved by another priest, the police said.
14
World
Public Schools in Indonesia Feel Islamic Pressure
Islamic influences in public schools have become a worry for some parents and teachers in Indonesia.
15
Technology
Tally of Cyber Extortion Attacks on Tech Companies Grows
A flood of extortion attempts against web start-ups that began earlier this year appears to be getting worse. Evernote, Feedly, Moz and, this week, Move, an online real estate service, have been targeted in the last month.
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World
Palace of Squatters Is a Symbol of Refugee Crisis
The overcrowding of Salaam Palace is a crisis within a larger, nationwide emergency set off by a fresh surge of more than 50,000 migrants to Italy since the beginning of the year.
17
Automobiles
Aston Martin Racing to Explore Solar Technology
Aston Martin Racing has joined with a Chinese company to develop solar-powered air-conditioning for its GT racecars.
18
U.S.
Suit by Protest Groups on Spying Is Dismissed
A judge finds that a civilian analyst did not thwart free speech rights when he infiltrated organizations and passed information to government agencies.
19
Opinion
The Milk Carton Guy
Detainees have been released from Guantánamo for years. Why were Republicans outraged only with the prisoner swap for Sgt. Bowe Bergdahl?
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