Central Bank Credibility Matters - Even in Emerging Markets

Importance of Central Bank Credibility

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Paul Krugman on Recent Emerging Market Turmoil

http://www.nytimes.com/2014/01/31/opinion/krugman-talking-troubled-turkey.html

Emerging Markets and Global Liquidity

Emerging Markets – Update

http://www.economist.com/news/leaders/21595454-there-no-reason-broad-emerging-market-crisis-nervous-investors-could-yet-cause

A Fact Worth Remembering –

“As a group, the emerging economies are actually net exporters of capital to the rest of the world. Even as they have attracted large private capital inflows, their central banks have engineered an even greater capital outflow by accumulating big foreign-exchange reserves. They smoked foreign capital but they did not inhale, as Martin Wolf of the Financial Times once put it.”

http://www.economist.com/news/finance-and-economics/21595485-developing-economies-struggle-cope-new-world-locus-extremity

Rajan on Recent Turmoil

US GDP Update

It is worth keeping in mind that today's data release is an advance estimate (we have had massive revisions in recent quarters - the third estimate often differs considerably from the first estimate).

Economists in the News

Minneapolis Fed President – Narayana Kocherlakota

http://www.nytimes.com/2014/01/28/business/a-federal-reserve-policy-maker-urges-it-to-do-more.html
http://economix.blogs.nytimes.com/2014/01/27/qa-a-voice-for-an-activist-fed/

Dallas Fed President – Richard Fisher

http://economix.blogs.nytimes.com/2014/01/27/qa-an-advocate-for-a-quicker-taper/

Argentina’s Economics Minister - Axel Kicillof

http://www.nytimes.com/2014/01/27/world/americas/the-influential-minister-behind-argentinas-economic-shift.html

Is Scandinavia Overrated?

A witty piece from Michael Booth on the so-called Scandinavian miracle:

http://www.theguardian.com/world/2014/jan/27/scandinavian-miracle-brutal-truth-denmark-norway-sweden

Deciphering the Strength of the US Economic Recovery

Stephen Roach offers a cautious note:

http://www.project-syndicate.org/print/stephen-s--roach-says-that-anyone-trumpeting-a-faster-us-recovery-is-playing-the-wrong-tune

Housing market may be cooling:

http://www.bloomberg.com/news/2014-01-27/sales-of-new-u-s-homes-dropped-more-than-forecast-in-december.html