Ashoka Mody is Charles and Marie Robertson Visiting Professor in International Economic Policy at the Woodrow Wilson School, Princeton University. He is author of EuroTragedy: A Drama in Nine Acts. Previously, Professor Mody was Deputy Director in the International Monetary Fund’s Research and European Departments. He has worked at the World Bank, AT&T’s Bell Laboratories, and the Centre for Development Studies, Trivandrum. He has been a Visiting Professor at the University of Pennsylvania’s Wharton School and is a non-resident fellow at the Center for Financial Studies, Frankfurt. He received his Ph.D. in Economics from Boston University.
Ashoka Mody
Charles and Marie Robertson Visiting Professor in International Economic Policy
409 Robertson Hall, Princeton University
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EuroTragedy
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@ojblanchard1 No country has been sanctioned for breaking the rules, because (as Chancellor Merkel said), sanctions are "idiotic." There never will be sanctions. The incentive to fudge is, therefore, high, creating huge political acrimony. Is a rule with such outcomes better than no rule?
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A fiscal rule that exempts investment expenditure from inclusion in the deficit has been under discussion for at least two decades. @ojblanchard1 had proposed one in the 1990s. Why does it not happen? Because it is easy to fudge expenditures as investment. t.co/UMD829zOSJ
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@ALeipold @POTUS It is easy to forget the history. In the eurozone, Schroeder started the attacks against the ECB. Add to that Hollande. Oh, no. Attacks on central banks is not a preserve of the populists.
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@ALeipold @banquedefrance Cute words. But I am a bit slow. Do you understand what they mean?
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London's house price slump t.co/M329woJ6dh via @markets. As I pointed out in November 2015, London house prices were inflated by a speculative bubble; the indicators then predicted that Brexit would deflate the bubble. And a good thing, it did. t.co/nQWdZz9RM6.