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	<title>Real-World Economics Review Blog</title>
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		<title>Real-World Economics Review Blog</title>
		<link>http://rwer.wordpress.com</link>
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		<title>Ulrich Bindseil, former head of the ECB liquidity management department, debunks ECB monetary policy</title>
		<link>http://rwer.wordpress.com/2012/01/29/ulrich-bindseil-head-of-the-ecb-liquidity-management-department-debunks-ecb-monetary-policy/</link>
		<comments>http://rwer.wordpress.com/2012/01/29/ulrich-bindseil-head-of-the-ecb-liquidity-management-department-debunks-ecb-monetary-policy/#comments</comments>
		<pubDate>Sun, 29 Jan 2012 09:58:37 +0000</pubDate>
		<dc:creator>merijnknibbe</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7422</guid>
		<description><![CDATA[from Merijn Knibbe Wow. The most scathing criticism of the European Central Bank (ECB) money growth target and monetary policy I&#8217;ve read thus far is written by Ulrich Bindseil, ECB Deputy Director General of Market Operations and former head of liquidity management, and is published by&#8230; the ECB, in 2004. (Hat tip: Jesse Frederik)! The [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7422&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://rwer.wordpress.com/2012/01/29/ulrich-bindseil-head-of-the-ecb-liquidity-management-department-debunks-ecb-monetary-policy/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
	
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			<media:title type="html">merijnknibbe</media:title>
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		<title>&#8220;Gross operating surplus&#8221; in the Eurozone: do high profits make an economy more resilient? (graph)</title>
		<link>http://rwer.wordpress.com/2012/01/28/gross-operating-surplus-in-the-eurozone-do-high-profits-make-an-economy-more-resilient-graph/</link>
		<comments>http://rwer.wordpress.com/2012/01/28/gross-operating-surplus-in-the-eurozone-do-high-profits-make-an-economy-more-resilient-graph/#comments</comments>
		<pubDate>Sat, 28 Jan 2012 16:56:35 +0000</pubDate>
		<dc:creator>merijnknibbe</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7400</guid>
		<description><![CDATA[Gross operating surplus is equal to profits, interest and rents before tax plus income of the self employed. Ireland had the highest rate of the EU, in 2007 (graph). Germany had one of the lowest.  This metric is of course influenced by the structure of an economy. Even then: it is remarkable that the German [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7400&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://rwer.wordpress.com/2012/01/28/gross-operating-surplus-in-the-eurozone-do-high-profits-make-an-economy-more-resilient-graph/feed/</wfw:commentRss>
		<slash:comments>5</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">merijnknibbe</media:title>
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		<media:content url="http://rwer.files.wordpress.com/2012/01/winst.png" medium="image">
			<media:title type="html">Winst</media:title>
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		<item>
		<title>The &#8216;State of the World 2011&#8242; report of the World Watch Institute: innovations that nourish the planet</title>
		<link>http://rwer.wordpress.com/2012/01/27/the-state-of-the-world-2011-report-of-the-world-watch-institute-innovations-that-nourish-the-planet/</link>
		<comments>http://rwer.wordpress.com/2012/01/27/the-state-of-the-world-2011-report-of-the-world-watch-institute-innovations-that-nourish-the-planet/#comments</comments>
		<pubDate>Fri, 27 Jan 2012 11:45:56 +0000</pubDate>
		<dc:creator>merijnknibbe</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7405</guid>
		<description><![CDATA[from Merijn Knibbe Two weeks ago the World Watch Institute published its &#8216;State of the World&#8217; report (links can be found here). It&#8217;s about agriculture and food on a planet which sees its number of human inhabitants increase. A very important figure is 1.1 in: (click here, p. 6): bucking a 140 year old long [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7405&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>13</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">merijnknibbe</media:title>
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		<title>Policy as [Bad] Drama</title>
		<link>http://rwer.wordpress.com/2012/01/27/policy-as-bad-drama/</link>
		<comments>http://rwer.wordpress.com/2012/01/27/policy-as-bad-drama/#comments</comments>
		<pubDate>Fri, 27 Jan 2012 07:27:43 +0000</pubDate>
		<dc:creator>merijnknibbe</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7396</guid>
		<description><![CDATA[By Peter Radford Is is just me or are we firmly stuck in one of those endless dramas designed to drive us all batty? David Cameron just gave a speech in which he called for ‘urgent action’ to resolve the Euro Zone crisis. This must be the millionth time a serious person has called for [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7396&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://rwer.wordpress.com/2012/01/27/policy-as-bad-drama/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">merijnknibbe</media:title>
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		<title>Central Bankers: &#8216;We&#8217;re all Post-Keynesians now&#8217;</title>
		<link>http://rwer.wordpress.com/2012/01/26/central-bankers-were-all-post-keynesians-now/</link>
		<comments>http://rwer.wordpress.com/2012/01/26/central-bankers-were-all-post-keynesians-now/#comments</comments>
		<pubDate>Thu, 26 Jan 2012 13:11:08 +0000</pubDate>
		<dc:creator>merijnknibbe</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7389</guid>
		<description><![CDATA[from Jesse Frederik (guest post) Does the &#8216;money multiplier&#8217;, this core concept of monetary theory, exist? Do banks need reserves before they create money? Not according to central bankers. Banks can create money at will, even without reserves, though they will have to find or borrow these reserves afterwards. But as the central bank has to [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7389&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://rwer.wordpress.com/2012/01/26/central-bankers-were-all-post-keynesians-now/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">merijnknibbe</media:title>
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		<title>Core inflation in the Eurozone</title>
		<link>http://rwer.wordpress.com/2012/01/26/core-inflation-in-the-eurozone/</link>
		<comments>http://rwer.wordpress.com/2012/01/26/core-inflation-in-the-eurozone/#comments</comments>
		<pubDate>Thu, 26 Jan 2012 11:38:46 +0000</pubDate>
		<dc:creator>merijnknibbe</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7376</guid>
		<description><![CDATA[from Merijn Knibbe One week before the crucial monthly monetary policy meeting of the board of the ECB and two weeks before the &#8216;real&#8217; data is published, Eurostat publishes a &#8216;flash&#8217; estimate of inflation in the Eurozone. This estimate tries to predict headline inflation and plays a key role in the decisions of the board [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7376&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://rwer.wordpress.com/2012/01/26/core-inflation-in-the-eurozone/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">merijnknibbe</media:title>
		</media:content>

		<media:content url="http://rwer.files.wordpress.com/2012/01/inflation.png" medium="image">
			<media:title type="html">Inflation</media:title>
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	</item>
		<item>
		<title>The global jobs crisis</title>
		<link>http://rwer.wordpress.com/2012/01/25/the-global-jobs-crisis/</link>
		<comments>http://rwer.wordpress.com/2012/01/25/the-global-jobs-crisis/#comments</comments>
		<pubDate>Wed, 25 Jan 2012 09:15:28 +0000</pubDate>
		<dc:creator>merijnknibbe</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7366</guid>
		<description><![CDATA[from Merijn Knibbe (editor a.i. as Edward Fullbrook is in India) The International Labor Organization has published its Global employment trends 2012: preventing a deeper jobs crisis. It&#8217;s grim. An excerpt from the executive summary: The world faces a challenge of creating 600 million jobs over the next decade. &#8230; After three years of continuous [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7366&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>4</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">merijnknibbe</media:title>
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		<item>
		<title>House prices, Unit Labor Costs and current account deficits (graphs)</title>
		<link>http://rwer.wordpress.com/2012/01/25/house-prices-unit-labor-costs-and-current-account-deficits-graphs/</link>
		<comments>http://rwer.wordpress.com/2012/01/25/house-prices-unit-labor-costs-and-current-account-deficits-graphs/#comments</comments>
		<pubDate>Wed, 25 Jan 2012 00:37:28 +0000</pubDate>
		<dc:creator>merijnknibbe</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7356</guid>
		<description><![CDATA[from  Merijn Knibbe In my previous blog I argued that Unit Labor Cost (ULC) are not a good metric to estimate competitiveness. This is also shown by graph one, directly from the European Central Bank. It shows the % change of real ULC in the Eurozone. Do you see the spike in 2009? That&#8217;s not [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7356&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://rwer.wordpress.com/2012/01/25/house-prices-unit-labor-costs-and-current-account-deficits-graphs/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">merijnknibbe</media:title>
		</media:content>

		<media:content url="http://rwer.files.wordpress.com/2012/01/ulc.png" medium="image">
			<media:title type="html">ULC</media:title>
		</media:content>

		<media:content url="http://rwer.files.wordpress.com/2012/01/kash-mansori.png" medium="image">
			<media:title type="html">Kash Mansori</media:title>
		</media:content>

		<media:content url="http://rwer.files.wordpress.com/2012/01/house-prices.png" medium="image">
			<media:title type="html">House prices</media:title>
		</media:content>

		<media:content url="http://rwer.files.wordpress.com/2012/01/house-prices-2.png" medium="image">
			<media:title type="html">House prices 2</media:title>
		</media:content>
	</item>
		<item>
		<title>Capital Controls are Not Beggar thy Neighbor (2)</title>
		<link>http://rwer.wordpress.com/2012/01/23/capital-controls-are-not-beggar-thy-neighbor/</link>
		<comments>http://rwer.wordpress.com/2012/01/23/capital-controls-are-not-beggar-thy-neighbor/#comments</comments>
		<pubDate>Mon, 23 Jan 2012 19:14:29 +0000</pubDate>
		<dc:creator>Kevin P. Gallagher</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7335</guid>
		<description><![CDATA[from Kevin P. Gallagher Emerging markets have fallen victim to unstable capital flows in the wake of the financial crisis. In an attempt to mitigate the accompanying asset bubbles and exchange rate pressures that come with such volatility, a number of emerging markets resorted to capital controls. Although these actions have largely been supported by [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7335&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://rwer.wordpress.com/2012/01/23/capital-controls-are-not-beggar-thy-neighbor/feed/</wfw:commentRss>
		<slash:comments>6</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">Kevin P. Gallagher</media:title>
		</media:content>
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		<item>
		<title>Europe: constraining wages or constraining flows of capital? (graphs)</title>
		<link>http://rwer.wordpress.com/2012/01/23/europe-constraining-wages-or-constraining-flows-of-capital-interesting-graphs/</link>
		<comments>http://rwer.wordpress.com/2012/01/23/europe-constraining-wages-or-constraining-flows-of-capital-interesting-graphs/#comments</comments>
		<pubDate>Mon, 23 Jan 2012 08:32:44 +0000</pubDate>
		<dc:creator>merijnknibbe</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://rwer.wordpress.com/?p=7340</guid>
		<description><![CDATA[from Merijn Knibbe Summary. Mickey Levy, chief economist of &#8216;Monetary Financial Institution (MFI) &#8216;Bank of America&#8217;, recently stated that European nations have to constrain wages to get rid of current account deficits. A more thorough look at the statistics shows that Levy uses flawed reasoning. Also, as wage growth in most (not all) countries was [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=rwer.wordpress.com&amp;blog=10060093&amp;post=7340&amp;subd=rwer&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://rwer.wordpress.com/2012/01/23/europe-constraining-wages-or-constraining-flows-of-capital-interesting-graphs/feed/</wfw:commentRss>
		<slash:comments>5</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">merijnknibbe</media:title>
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		<media:content url="http://rwer.files.wordpress.com/2012/01/lonencurrent.png?w=1024" medium="image">
			<media:title type="html">Lonencurrent</media:title>
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		<media:content url="http://rwer.files.wordpress.com/2012/01/mansori.png" medium="image">
			<media:title type="html">Mansori</media:title>
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