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Monday, 25 January

18:15

Monday Message Board John Quiggin

Another Monday Message Board. Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please.

15:58

Exchange rate movements and exports Bill Mitchell – billy blog

There was an article a few weeks ago purporting to show that public deficit expansion (increased net public spending) has never worked. I won’t link to the article because I would not want the magazine to get any advertising revenue via my blog and also because, frankly, the article is one of those reinvent history efforts – along the lines of when the facts do not align with theory the way forward is to just make up some new facts and deny what actually happened. But one of the examples use to justify the claim “Keynesian deficit spending … over and over again … has not worked” is the Ireland and Denmark experience in the 1980s when these nations “reduced their government budget deficits, which according to Keynesian theory should have depressed the economy. But on the contrary, the economies did particularly well”. This example is often used these days to justify the claim that deficit spending does not promote growth and fiscal austerity does not damage growth. However, no ‘Keynesian’ theory I know suggests that cutting the fiscal deficit will ‘depress’ the economy. It all depends … and that is what this article (like all the others that use this example) fails to recognise or admit. It bears also on current events in Canada and Argentina, which are demonstrating some other interesting facets of macroeconomics.

The conservative use of Denmark and Ireland in the early 1980s is like a record that has stuck in its groove. The case was initially made in a US NBER paper – Can Severe Fiscal Contractions Be Expansionary? – published by Francesco Giavazzi and Marco Pagano in 1990.

In that paper, they claim Denmark and Ireland were extreme examples. In Denmark “The ratio of public spending to potential output fell dramatically in 1983-84, but private domestic demand grew v...

14:21

Tasmania grid struggles with drought, bushfires, lost connection Renew Economy

Tasmania's hydro water storage at near record low levels, with bushfires forcing power station closures, and the link cut to the mainland.

14:18

Future is hi-tech, high value-added and non-energy-intensive Renew Economy

Despite the overall bear market in 2015, high tech virtual companies have boomed. So what are the implications of this for the energy sector?

14:13

Dubbo mayor drives fully electric Nissan Leaf, powered by the sun Renew Economy

NSW city of Dubbo claims to have "Australia's first" fully electric mayoral vehicle, a Nissan Leaf that is charged daily by the mayor's home solar system.

12:30

Graph of the Day: Global solar PV demand up 34% in 2015 Renew Economy

GTM Research report says 59GW solar PV installed in 2015, a 34% increase on 2014 thanks to "huge upswing" driven by US government support.

12:30

UK planning for 1 GW of storage by 2020 Renew Economy

The UK's energy storage market is gathering pace, expecting to repeat the recent solar PV success albeit in totally different terms.

12:29

China overtakes Germany to become world’s leading solar PV country Renew Economy

China has overtaken Germany in 2015 in terms of solar PV capacity, according to data from China’s Photovoltaic Industry Association.

12:28

Germany says solar and wind have won technology race Renew Economy

The architect of Germany's Energiewende says it is clear which technologies are winners of energy transition. The task now for Germany is to focus on solar and wind integration, 'digitising” the grid, and energy storage and efficiency. "There is no going back," he says.

Friday, 22 January

09:27

A New Model for China’s Outbound M&A Deals? The Diplomat » Pacific Money

Chinese state-owned enterprises and private equity firms form winning teams in acquiring foreign companies.

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