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Blogs - Jan 2014

The Specialization Myth by Ricardo Hausmann
Thu, 2014-01-02 20:34
Many believe that cities, regions, and countries should specialize: they cannot be good at everything, so they must concentrate on their comparative advantage. But, while this idea seems obvious, it is both wrong and dangerous.

The paradox of globalisation is that pushing it too far undermines its own institutional foundations by Dani Rodrik
Fri, 2014-01-03 12:24
Is there a paradox in globalisation? Dani Rodrik writes that a delicate balance exists between democracy and processes of globalisation. He notes that as different societies have different needs and preferences in terms of how they structure the institutions required to ensure markets function correctly, democratic pressures are likely to lead to a variety of different institutions across different territories. This diversity inhibits the global integration of markets by raising transaction costs across jurisdictions. Consequently, a world which is fully responsive to democratic preferences will be unable to achieve full globalisation.

The Social Agenda in 2014 by Martin Khor
Fri, 2014-01-10 14:32
While political events will no doubt dominate the news in 2014, social issues such as health and environment and coping with the rising cost of living will be just as important in the new year.

A Requiem for Global Imbalances by Barry Eichengreen
Fri, 2014-01-17 18:17
The start of 2014 marks ten years since we began fretting about global imbalances, and specifically about the chronic trade and current-account imbalances of the US and China. A decade later, we can happily declare that the era of global imbalances is over.

Will the financial crisis lead to another revolution in macroeconomics? by Simon Wren-Lewis
Mon, 2014-01-20 12:45
Everyone admits that mainstream macro analysis took finance for granted before the crash, and those economists that did worry about such things were marginalised. But now ‘financial frictions modelling’ is the growth area within the discipline. However this explosion of work does not appear revolutionary, but just another example of adding particular ‘frictions’ or ‘market imperfections’ to standard models.

Economics as craft by Dani Rodrik
Mon, 2014-01-20 13:19
"Despite the evident role of the economics profession in the recent crisis and my critical views on conventional wisdom in globalization and development, my take on the discipline is rather positive."

On Euler Equations by Carola Binder
Wed, 2014-01-22 14:11
Euler equations are not only part of "modern DSGE-type macro models," and that we do have a pretty big empirical literature on the Euler equation.

Roman Frydman: Modeling a World of Imperfect Knowledge by Elham Saeidinezhad
Wed, 2014-01-22 14:16
Does it matter if the Rational Expectations Hypothesis is unrealistic? Not according to New York University Prof. Roman Frydman

Shake, Rattle and Roll by Joseph P Joyce
Wed, 2014-01-29 17:32
The selloff last week of the currencies of many emerging market countries while stock prices also declined can be seen as the result of “known unknowns” and “unknown unknowns.” How these will play out will become evident during the rest of the year.

Interpreting Recent Emerging Market Currency Movements by Menzie Chinn
Wed, 2014-01-29 17:40
Expectations of central bank policies are only part of the story

How bad is the Argentine crisis? by Matias Vernengo
Wed, 2014-01-29 18:12
In my view, the devaluation was not inevitable and is not particularly good.

The IMF Is Courting New Risks with a Change in Policy on Debt Restructuring by Douglas A. Rediker
Fri, 2014-01-31 16:41
Burden sharing, bail-ins, haircuts, or outright defaults should never be ruled out. Quite the contrary. But there is no reason to abandon the practice of determining what is needed on a case-by-case basis or to presume that a breach of contracts is necessary.

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