THE SPECTACULAR increase in Germany’s external current account balance since the millennium—from €37 billion deficit in 2000 (-1¾ percent of GDP) to €263 billion surplus as of 2017Q1 (+8¼ percent)—has caught the eye of commentators and policymakers alike in recent years. Continue reading “Germany’s current account and global adjustment”
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“It is inconceivable that policymakers today, aided by their theoretical understanding of the mechanisms and by the statistical information at their disposal, would begin to make the serious errors committed by the governments in 1929-32.” J. Tobin
The General Theorist 