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Saturday, December 20

20th Dec - W/E: Linkfest



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EUROPE
European banking union and financial integrationBruegel
Repairing and deepening financial integration in the EU and the euro area will take time, but the more the ECB establishes itself as a supervisor, the more financial integration will advance.

Germany 25 Years after Fall of the WallDIW

Greek MP Haikalis alleges 3m euro vote bribeBBC

Karl Otto Pöhl, former Bundesbank chief, 1929-2014FT
David Marsh: 6 lessons for Yellen & Draghi from the life of Karl Otto Pöhl Marketwatch

  RUSSIA
The Annotated History Of Russian Crises Since 1860 – ZH
CBR shows how not to intervene – FT
The big read: Kremlin struggles to restore calm – FT
Lunch with the FT: Mikhail Khodorkovsky – FT
Khodorkovsky offers himself as Russia’s ‘crisis manager’ – FT
Russia and the rouble – The Economist
Russia’s rouble crisis – The Economist

UNITED STATES
Fed’s Plosser Explains Dissent Vote, Says Policy Language Still Calendar-based – WSJ
Fed’s Lacker: Rate Rises Will Depend On Economy’s Path – WSJ

OTHER
The riddle of Argentinavoxeu
Argentina is the only country in the world that was 'developed’ in 1900 and ‘developing’ in 2000. Various explanations highlight the roles of trade openness, political institutions, financial integration, financial development, and macroeconomic instability. No study has so far attempted a quantitative assessment of the relative importance of each of these competing factors. This column presents new evidence suggesting that financial development and institutional change are two main factors behind the unusual growth trajectory of Argentina over the last century.

ECONOMICS
  EUROPE
Are Non-Euro Area EU Countries Importing Low Inflation from the Euro Area?IMF
Implementing monetary policy in a fragmented monetary unionBank of France 
Updating the euro area Phillips curve: the slope has increasedBank of Finland
Assessing the macroeconomic effects of LTROSBank of France 
Does the Stability and Growth Pact induce a bias in the EC's fiscal forecastsDNB

  MACROPRUDENTIAL
An Overview of Macroprudential Policy ToolsIMF

Macroprudentialismvoxeu
Macroprudentialism – A new Vox eBookvoxeu
Macroprudentialism is now part of the standard macroeconomic toolkit but it involves a set of relatively untested policies. This new Vox eBook collects the thinking of a broad range of leading US and European economists on the matter. A consensus emerges on broad objectives of macroprudential supervision, but important disagreements remain among the authors.

  DEBATE: DOES MONETARY POLICY WORK?
Why Paul Krugman is wrongThe Telegraph
The Limits of Purely Monetary PoliciesKrugman / NYT 
Krugman on the limits of monetary policyMoney Illusion
Krugman, Bowman and the monetary financing of governmentsCoppola Comment 
Money, inflation and the zero bound. Krugman-Evans-Pritchard revisitedLong and Variable
Helicopter money is normal, or else we're doomed!Worthwhile 
Money Impotence in contextMainly Macro
The Simple Analytics of Monetary Impotence (Wonkish)Krugman / NYT 
Monetary policy is always and everywhere about expectationsWorthwhile

  OTHER
Beyond Government Debt-to-GDP RatiosPIIE
Public discourse on the state of public finances across the world focuses on government debt-to-GDP ratios. However, projected increases in age-related spending (health care and pensions) can fundamentally alter our views on which countries will need to undertake the most fiscal adjustment during the next 10 or 20 years. T

Commodity prices, currencies and monetary policyMarket Monetarist

Karl Whelan: Thoughts on “Teaching Economics After the Crash”Medium

FINNISH
Verkostoitunut teknologiayritys ja kustannuksetTyhmyri
Puheet devalvaation hyödyttömyydestä ovat suuresti liioiteltuja