Krugman on Three Centuries of Debt and Interest Rates in England.
"The print is a bit small, but the blue line is the ratio of public debt to GDP, measured on the right axis, and the red line is the yield on long-term government debt, measured on the left.
You might think that these data, and the relationship they show — or, actually, don’t show — should have some impact on our current debate, especially given the tendency of many players to reject modeling and appeal to what they claim are the lessons of history."
No comments:
Post a Comment