tag:blogger.com,1999:blog-5713178645208582139.post4166757355808308225..comments2024-03-17T03:26:42.785-05:00Comments on Macro Musings Blog: The Geithner Plan to Save Europe is Not EnoughDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5713178645208582139.post-74640102093907874832011-09-28T08:11:41.127-05:002011-09-28T08:11:41.127-05:00Another solution would be a legally enforced 20% o...Another solution would be a legally enforced 20% or so cut in all wages in PIG countries, which would amount to a 20% devaluation of their currency. The cost of enforcing that, and costs of persuading the population to accept the idea would be horrendous, but the cost of the current protracted deflation in PIG countries is horrendous as well.<br /><br />What might help persuade the population is Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-62553583102462430852011-09-25T16:36:46.452-05:002011-09-25T16:36:46.452-05:00Excellent commentary.Excellent commentary.Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-90727066987968610362011-09-25T16:16:55.753-05:002011-09-25T16:16:55.753-05:00David, it is from Friedman e-mail debate with Mund...David, it is from Friedman e-mail debate with Mundell: <br /><br />http://www.irpp.org/po/archive/may01/friedman.pdfLars Christensenhttps://www.blogger.com/profile/08409946182659964026noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-66766779869424522402011-09-25T16:09:36.149-05:002011-09-25T16:09:36.149-05:00Lars,
Where can I find this Milton Friedman artic...Lars,<br /><br />Where can I find this Milton Friedman article?David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-55233084327480037742011-09-25T16:08:27.099-05:002011-09-25T16:08:27.099-05:00Lars,
That reminds me of Martin Feldstein's 1...Lars,<br /><br />That reminds me of Martin Feldstein's 1997 article in Foreign Affars titled "EMU and International Conflict."<br /><br />http://www.foreignaffairs.com/articles/53576/martin-feldstein/emu-and-international-conflictDavid Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-87999308458815494952011-09-25T15:53:05.835-05:002011-09-25T15:53:05.835-05:00Milton Friedman (May 2001):
"Will the euro c...Milton Friedman (May 2001):<br /><br />"Will the euro contribute to political unity? Only, I believe, if it is economically successful; otherwise, it is more likely to engender political strife than political unity…Ireland requires at the moment a very different monetary policy than, say, Spain or Portugal. A flexible exchange rate would enable each of them to have the appropriate monetary Lars Christensenhttps://www.blogger.com/profile/08409946182659964026noreply@blogger.com