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Richard Koo's Latest Presentation


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Found it off of zerohedge.


Sort of describes the case for FFH's deflation bet.  Republicans control Congress, and they push for austerity at the federal level.  States and municipalities are currently forced into austerity measures and if muni defaults freak the market out, there could be even more austerity measures.  Private sector continues to deleverage.  Government doesn't fill the gap and so GDP growth stalls, causing a flight to safety. 


They must read Richard Koo at HWIC.

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That is a nice find.  I am including an older youtube presentation from april that seems to cover a similar topic:



And, Japan does have some really tough demographic problems in the future.  Nevertheless, I think in terms of US policy response, I have started leaning pretty heavily towards a Stiglitz/Krugman/Koo type response.  In particular, applying as much of the stimulus as possible toward short term infrastructure repair projects seems like a no-brainer to me. 

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For some of the new members, Richard Koo's two previous books are excellent primers on the subject.


Balance Sheet Recession



Holy Grail Macroeconomics



I prefer the first as the most lucent.




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