Publication
23 Jul 2009
There can be little doubt. The science of macroeconomics is in deep trouble.The best and the brightest in the field fight over the most basic problems. Take government budget deficits, which now exceed 10% of gross domestic product in countries such as the US and the UK. One camp of macroeconomists claims that, if not quickly reversed, such deficits will lead to rising interest rates and a crowding out of private investment.
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English (PDF, 2 pages, 108 KB) |
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Author | Paul de Grauwe |
Series | CEPS Commentaries |
Publisher | Centre for European Policy Studies (CEPS) |
Copyright | © 2009 Centre for European Policy Studies (CEPS) |