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Sunday, May 24

24th May - W/E: Linkfest - lots of economics

Previously on MoreLiver’s:

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Germany’s Eurosceptics: Rift on the rightThe Economist
After two lively years, the new Eurosceptic party may split

Charlemagne: And then there were fourThe Economist
Politics is fracturing all over Europe, but nowhere so dramatically as in Spain

David Marsh:: The weak euro will come back to haunt GermanyMarketWatch
Weakness helps Germany exports, but also hurts Greece, other debtors

Greece and Spain helped postwar Germany recover. Spot the differenceThe Guardian
Sixty years ago, half of German war debts were cancelled to build its economy. Yet today, debt is destroying those creditors

Secret Bank of England taskforce investigates financial fallout of Brexit – The Guardian
Bank of England to Look Into Implications of EU Exit – WSJ
BoE mis-sends Brexit email to press – FT
Email error reveals UK bank's EU project – BBC
Bank Of England Accidentally E-mails Top-Secret Brexit Plan To Newspaper – ZH

ECB's Draghi urges euro zone to unite for economic reform – Reuters
Draghi speech: mistakes, misunderstandings and defunct models – Merijn Knibbe
ECB’s Mario Draghi Urges Economic Overhaul in EuropeWSJ
Draghi and Fischer reject claim central banks are too politicised – FT

Atlanta Fed ‘Sticky CPI’ Soars, Hottest Inflation Since July 2008 – Wolf Street
Core CPI strength supports case for higher rates – Nordea

Janet Yellen expects US economy to strengthen – FT
Yellen: Expect Hike in 2015, Several Years before Rate "back to normal" – Bill McBride
Fed chair affirms plans for rate hike this year – WaPo
Suomen sana ei Kreikka-päätöksissä painaHS
Hallitus haluaisi, että Kreikan uudesta hätärahoituksesta päätettäisiin yksimielisesti. Kanta voidaan kuitenkin ohittaa.

Uutisanalyysi: Timo Soinihan on porvariVerkkouutiset
Perussuomalaisten puheenjohtaja Timo Soini nimitetään alkavalla viikolla ehkä valtiovarainministeriksi. Millaista talouslinjaa hän ajaa? Ainakin yritykset voivat olla tyytyväisiä.

Ketkä taloudesta puhuvat ja miksi puhetta on syytä tutkia?Timo Harjuniemi

EKP:n pääjohtaja: EU:n rakenteiden on pakko uudistuaHS

Heikossa eurossa piilee sudenkuoppa – talouden piristymisen pelätään hidastavan Euroopan talousremonttiaHS
Keskuspankki pelkää talouden piristymisen hidastavan Euroopan talousremonttia

Uutisanalyysi: Hallitusohjelmaan uskottavuutta perälaudallaVerkkouutiset

Drakmat takaisin? Saksan Schäuble ehdottaa rinnakkaisvaluuttaa KreikalleVerkkouutiset
Saksan valtiovarainministeri Wolfgang Schäuble nostaa keskusteluun ajatuksen rinnakkaisvaluutasta Kreikalle.

Harvardin huippuprofessori: Euroalueen kriisi kestää vielä vuosiaHS
Harvardin huippuprofessori HS:lle: Euroalueen kriisi jatkuu vielä vuosiaVerkkouutiset

Huippututkija: Euroalue on täysi katastrofiSuomen Uutiset
Taloustutkimuslaitos Capital Economicsin perustaja ja johtaja Roger Bootle pitää Eurooppaa katastrofina, joka etenee täysin väärään suuntaan. Bootlen mielestä Ison-Britannian tulisi erota EU:sta ja Kreikan eurosta.

An impossible secular stagnation trinity, chartedFT

Secular stagnation: The history of a heretical economic ideavox
The notion of secular stagnation – a state of negligible or zero economic growth – is back in the headlines. Questions naturally arise about its intellectual antecedents. This column discusses how the concept rose and fell with the economic fortunes of advanced industrialised nations. Political trends and trends in economic theory played a part in its trajectory, with the notion closely connected to the idea that the level of government debt should be allowed to rise.

Global energy subsidies fuel climate change, says IMF studyFT
Governments around the world will subsidise the cost of oil, gas and coal to the tune of $5.3tn this year, fuelling pollution and climate change as they misallocate the equivalent of what is spent globally on public health, according to a new study.

Free Lunch: The enormous cost of cheap carbonFT
The IMF points to a treasure trove for finance ministers with courage to act

Finance chiefs urge action on bubble fearFT
A group of leading financial executives have urged authorities around the world to beef up their crisis-busting tool kits amid fears that ultra-low interest rates have increased the risks of financial instability.

The Role of Financial Services in SocietyWEF
Statement in support of macroprudential policies

Why we should not blame the ECB for low returns on German savingsBruegel
The fall in inflation and in real returns is behind the dramatic decline in interest rates over the past 3 decades

Is the ECB “expropriating” savers?ECB

Europe’s hidden economyEuropp / LSE
How governments can bring undeclared work out of the shadows

Mind the gap (and its revision)!Bruegel
Revisions in estimated output gaps are large, while the size of revisions is related to the variability of the current account balance

Why are some central banks so coy about the impact of fiscal policy?Simon Wren-Lewis
This is not about monetary policy makers trying to avoid treading on the toes of fiscal policy makers. It is about monetary policy makers supporting a political position which chooses to be economical with the truth about the impact of fiscal policy.

Negative nominal central bank policy rates - where is the lower bound?BIS
Remarks by Mr James McAndrews, Executive Vice President and Director of Research of the Federal Reserve Bank of New York, at the University of Wisconsin, Madison, 8 May 2015.

Of negative rates and reserve managersFT

John C. Williams: Monetary Policy and the Independence DilemmaFED
The dilemma of central bank independence has been around a long time. Past attempts to solve it through an operational mandate such as the gold standard have proven ineffective. The alternative approach of achieving economic goals through reliance on a fixed policy rule also poses practical challenges. A more promising path is to enhance accountability and transparency within an existing goal mandate framework.

How does it feel?Scott Sumner
Some of my liberal friends have trouble understanding why Paul Krugman is such a lightening rod for criticism from the right.  Everything he says seems so reasonable.

Another lingering cost of the bubble: weirdly seasonal GDP data? FT

Why is libertarianism such a target?Tyler Cowen
If we are talking about “The Left,” the libertarian is about the most welcome intellectual opponent there is. 

Global Trade Is "In The Doldrums", BofAML SaysZH

Is the economy stationary?Bruegel
The question of whether capitalist economies are self-correcting and will eventually revert to mean growth has received renewed interest given the underperformance of most economies six years after the onset of the Great Recessions. While the idea of persistent high unemployment was central to Keynes’ General Theory, it was quickly abandoned by the neoclassical synthesis.

Talk on Minsky's Financial Instability Hypothesis & the crisis of 2008Youtube

Stephen King Warns "The Second Great Depression Only Postponed, Not Avoided"ZH

How we’ve all been duped into subsidising our employersFT
Investors looking for a “capex recovery” may be missing the point. The secret capex story may be that businesses make better use of nonbusiness assets, and that part of the capex cycle (including replacement capex) masquerades under a “retail sales” pseudonym in the future.

Free exchange: Basically unaffordableThe Economist
Replacing welfare payments with a “basic income” for all is alluring, but expensive

The IMF: Of Words and ActionsFrancesco Saraceno

What is austerity?The Economist

IMF Paper Finds That Too Much Finance is Bad for GrowthYves Smith