Links: 2013-04-29

News links for 29 Apr 2013
Macro and Other Market Musings: Is Monetary Policy Capable of Offsetting Fiscal Austerity?
"The U.S. series shows a stable NGDP growth rate of about 4%, consistent with the NGDP level figure linked to above. The Eurozone NGDP, however, shows a pronounced decline starting in 2010. So both regions have fiscal austerity, but only the United States has stable aggregate demand growth. The easiest explanation for the difference is monetary policies: the Fed has been far more aggressive than the ECB in responding to the slump. Yes, this is not definitive evidence, but it certainly is suggestive that monetary policy makes a big difference in offsetting fiscal austerity. P.S. Scott Sumner, Ryan Avent, Marcus Nunes, and Matt Yglesias reply as well. "
Moody's says Italy ...

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