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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This would be funny if it was not so cruel. ECB’s proclaimed “love” for “stable” prices magnified a financial crisis in 2011. That “love” has created deflationary psychology, costing ECB its credibility, and creating new dangers for long-term growth and debt burdens. Some love. t.co/f4p0PiRAQh
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@spe1977 @paulkrugman Very true. If productivity growth is low, the inflation obsession creates long term unemployment.
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@paulkrugman at his best. Clarifies so much. Why, even though Japanese growth is respectable, deflation is still a problem. He does not discuss Europe. But the inference is depressing. Much weaker growth and lowflation will tend to become entrenched and debilitating. t.co/NaQLCRmJrK
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More bluntly, the divisions on the Governing Council represent the national interests. This has been so from the day the ECB began to operate. Giving the ECB "hyper-independence" only makes it less accountable because then the national interests operate freely. @RobinBrooksIIF t.co/rxNLIsJq62
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Low potential growth, made worse by tight macroeconomic policy, topped by a China shock. Wasn’t that hard to see this coming. t.co/OaIGWfcleg