Lars Feld, Christoph Schmidt, Isabel Schnabel, Benjamin Weigert, Volker Wieland, 20 February 2015

Claims that ‘austerity has failed’ are popular, especially in the Anglo-Saxon world. This column argues that this narrative is factually wrong and ignores the reasons underlying the Greek crisis. The worst move for Greece would be to return to its old ways. Greece needs to realise that things could actually become much worse than they are now, particularly if membership in the Eurozone cannot be assured. Instead of looking back, Greece needs to continue building a functioning state and a functioning market economy.

Thomas Sargent, George Hall, 17 February 2010

Net interest payments on the federal debt are widely reported, yet this column argues that this misreports government borrowing costs and leaves open the possibility of manipulation. Computed correctly, the return on Treasury debt is lower on average and considerably more volatile than the official reported interest costs.

Events

CEPR Policy Research