1
Opinion
Is That Sausage Worth This?
Most sows live, give birth and then die in cages hardly bigger than their bodies. Now, that’s changing.
3
Fashion & Style
An Awards Night Suited for Royalty
The presence of Prince William helps the Bafta ceremony in London break out of the season’s familiar pattern."And though many people who attended the Baftas at the Royal Opera House must have encountered one another a dozen or more times over the last few months, they didn’t seem bored by the chance to once again tell each other how much they enjoyed each other’s work."
4
Sports
Villanova Prevails in 2 Overtimes
Ryan Arcidiacono had a 3-point play with 3.6 seconds left in the second overtime to lift visiting No. 9 Villanova to an 82-79 win over Providence.| Women's College Basketball | ||
| 35 | Final | |
1
| 83 | |
7
Sports
M.L.B. Drops Biogenesis Suit
Major League Baseball withdrew its lawsuit against Biogenesis, the anti-aging clinic in Miami at the center of the scandal involving use of banned substances by players, including Alex Rodriguez.
9
Opinion
Mr. de Blasio’s Welcoming Gesture
Offering an identification card to all New York City residents, regardless of legal status, is a brilliant idea.
10
Opinion
Allowing Felons to Vote
Roger Clegg of the Center for Equal Opportunity writes that those who break the law should not automatically get back the right to help make the law.
13
World
Hard Times Leave Some Greek Car Owners With Nothing but Rust
Greeks have long had a love affair with cars, but lately, Greece has become a vast graveyard of abandoned automobiles, with motorists who can no longer afford to pay the taxes on their vehicles turning in piles of car plates.
14
Opinion
The Bias Against Black Bodies
The conundrum of the current African-American experience: How to rescue people from a system and culture that threatens to drown them?
15
17
World
Bombings in Syria Force Wave of Civilians to Flee
Aerial bombardment by the Syrian government has emptied neighborhoods in the rebel-held city of Aleppo, pushing a new surge of refugees into Turkey, the United Nations says.
18
World
Israeli Forces Kill Palestinian at Gaza Border
Israeli forces stationed along the border with Gaza fatally shot one Palestinian man and wounded another on Thursday, according to a Palestinian official.
19
N.Y. / Region
Bill in Albany to Allow Lawsuits by Those Who Falsely Confess
Attorney General Eric T. Schneiderman’s proposal would allow someone who falsely confesses or pleads guilty to a crime to sue the state even if the person cannot prove coercion.
20
U.S.
In the Party, but Trying Hard to Stand Out
With so many open races and ambitious candidates, particularly on the Republican side, using party labels is an insufficient means of swaying voters in the March 4 primary.Key Stimulus Graphs
I thought
it might be useful to put up a few graphs that are key to how I think
about the sad tale of fiscal policy in the Great Recession and
afterwards.
First, during the debate over stimulus there
was one key issue: what would happen to interest rates. Opponents warned
darkly of soaring rates and crowding out; proponents argued that this
wouldn’t happen in a depressed economy. Results:
Second, while there have been a number of
studies using various approaches to estimate the impact of fiscal policy
in a depressed economy, I think the really decisive evidence comes from
differential austerity in Europe. Here’s a crude picture, simply
comparing the change in IMF estimates of the cyclically adjusted budget
balance with growth from 2009 to 2013:
You can try to explain this correlation away —
but it’s a steep climb. The prima facie evidence is that austerity is
contractionary, with a multiplier more than 1.
So how did US political debate come to be shaped by the idea that the stimulus was a failure? Go back to the original Romer-Bernstein projection (pdf):
The striking thing here isn’t what they
thought the Recovery Act would achieve, it’s how optimistic they were
about how the economy would perform even without stimulus — that we
would be back to 5 percent unemployment after 5 years, i.e., by now. The
stimulus was simply supposed to shave off the top of what would in any
case be a fairly brief bulge in unemployment.
I have never understood where that optimism
came from, but in any case, what happened is that the actual protracted
effects of the financial crisis and the debt overhang got interpreted as
a failure of stimulus."
|
No comments:
Post a Comment