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Thoughts on Japan’s new recession

Last night, Japan’s GDP figures for Q3 came in much lower than expected. GDP fell an annualized 1.6% versus expectations for an annualized increase of 2.2%. This is as large a miss as you will see, and it calls into question the economic…

The roots of the Italian stagnation

It’s currently very trendy in Italy to blame Angela Merkel, Mario Monti, and austerity measures for the current recession. This column argues that while the severity of the downturn is clearly a cyclical phenomenon, the inability of the…

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