Source: www.piie.com --- Friday, January 11, 2013
Adam Davidson writes that Adam S. Posen has been leading the argument for macroeconomic stimulus in response to the global financial crisis. Davidson tells the tale of how central banks and finance ministries have had to make policy in real time despite confusing data and while caught between two schools of thought, those advocating stimulus and those in favor of fiscal austerity. While at the Bank of England, Posen won the argument to get creative expansionary monetary policies adopted, but was unable to directly confront the aggressive fiscal austerity measures of the current British government. Drawing on his prior work and influence on Japan's recovery from its post-crisis recession, Posen argued that the UK?and the US and Europe?are facing a slump in demand, not a contraction in productive potential. Davidson depicts Posen taking leadership of the Peterson Institute as an opportunity to continue changing the global economic policy narrative. This article will appear in print in the New York Times Magazine on Sunday, December 23, 2012. ...
Source: http://feedproxy.google.com/~r/PIIE-in-news/~3/nVh3gPD1o1o/god-save-the-british-economy.html
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