Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
Macro Musings with David Beckworth
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The Problem With Capital Inflows and Applications
There was a bit of a puzzle when the Eurozone crisis came, especially as you looked at the periphery countries like Portugal, Ireland, Greece, Italy or Spain. Why is that we see that they actually end up with very low productivity? And I think the models that economists have developed in the last 20 years to make sense of this are models that often go under the big heading of misallocation. So there's many ways this unfolds. Policy is just one possibility among many.
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