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INSEAD Global Economy Blog (Blog)
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Search for yield
More on the issue of bubbles in the stock market. Here is a chart from Google Trends on the worldwide trends for the search of the term "stock market rally". An upward trend but still below the levels in October 2010 or 2011 and much lower than at th...
INSEAD Global Economy Blog
Sunday, May 19, 2013
The myth of liquidity and bubbles in financial markets
Gillian Tett at the Financial Times wonders today about how long the stock market rally will continue. Her argument is that we see data that are at odds with historical norms: the stock market goes up when unemployment is still rising in Europe, earn...
INSEAD Global Economy Blog
Thursday, May 16, 2013
Time travel in Euroland
Unfortunately, this is not news by now, but the president of the Euro group, Jeroen Dijsselbloem in an interview with CNBC yesterday dismissed the role that fiscal policy and monetary policy can have to address the economic crisis (emphasis is mine):...
INSEAD Global Economy Blog
Monday, May 13, 2013
Let's get real about the stock market.
As reported by the financial press, the stock market continues to hit fresh record-high levels in many advanced economies. The Dow Jones passed the 15,000 mark, the Nikkei just went over 14,000, and the DAX just went above its previous record. It see...
INSEAD Global Economy Blog
Tuesday, May 07, 2013
Me not working hard?
Reading a footnote from a blog post written by Noah Smith comparing GDP per capita across countries led me to look back at statistics on how labor markets and effort matters for cross-country comparisons of GDP per capita. The footnote was a...
INSEAD Global Economy Blog
Thursday, May 02, 2013
Undoing central bank balance sheet expansions
A common question about the recent large expansions in balance sheets among central bank in advanced economies is about the exit strategy. How easy will it be for central banks to go back to balance sheets of a size consistent with historical levels?...
INSEAD Global Economy Blog
Sunday, April 28, 2013
Do interest payments on government debt matter?
In an Econbrowser blog post that reflects on what we have learned from the challenge of Reinhart and Rogoff results, James Hamilton argues that we cannot forget that there are costs to government debt. Some of the points he makes are very good and I ...
INSEAD Global Economy Blog
Thursday, April 25, 2013
The cost of austerity and slow recoveries
What are the economic costs of business cycles? Economists tend to approach this question in a way that is very different from the way most people think about economic crises. The academic literature tends to think about business cycles within a fram...
INSEAD Global Economy Blog
Tuesday, April 23, 2013
Add 3% and some bad accounting
Via Mark Thoma, the Financial Times reports on the expected changes to US GDP accounting rules that are likely to raise the GDP level by 3% when they are implemented in July. I am not an expert on all the technical aspects of measuring GDP (I always ...
INSEAD Global Economy Blog
Sunday, April 21, 2013
The never-ending recovery
Most people refer to US business cycles in terms of the recessionary episodes identified by the NBER business cycle dating committee. Their dating of cycles which goes back to the original work of Burns and Mitchell in 1946 consists in identifying pe...
INSEAD Global Economy Blog
Wednesday, April 17, 2013
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