“German Surge Pushes Growth in Europe Above Forecast - http://nyti.ms/b9voP4”
http://krugman.blogs.nytimes.com/2011/06/15/one-size-fits-one-redux-wonkish/
So here’s the thing: if you use the output gap Taylor rule that, for the US, corresponds to the unemployment version of the rule used in the SF Fed letter, it surely implies a negative interest rate. In short, the ECB has no business raising rates.
http://krugman.blogs.nytimes.com/2011/05/23/supercore-wonkish/
http://krugman.blogs.nytimes.com/2010/07/12/one-size-fits-one/
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