The Ghost of Deflation Past. CEPS Hi-level Brief, 13 December 2013

This note takes a look at the development of monetary aggregates and debt in the G7 (US, UK, France, Germany, Italy, Canada and Japan), plus non-G7 euro-area countries, which have an important bearing on the future development of price levels. It also discusses the problem of restoring external competitiveness in the weaker euro-area countries without aggravating their debt burden. The key conclusions are i) monetary and debt developments in the G7 countries point to relatively sluggish growth but do not signal deflation risks and ii) the realignment of ‘internal real exchange rates’ in the euro area will most likely come through a rise in prices in Germany (and a few other stronger countries). The lessons learned in the early 1930s have made a come-back of deflation quite unlikely.

Larry Summers’ interest rate conundrum. CEPS Hi-level Brief, 16 January 2014

Larry Summers has attracted much attention recently for invoking old theories of secular stagnation to explain the persistence of low interest rates in the recent past. The German economist Carl Christian von Weizsäcker has pointed to a retirement savings glut as the cause for low rates. In the view of Thomas Mayer, however, as expressed in this High-Level Brief, these theses lack both theoretical and empirical support and he offers as an alternative explanation the fall-out from the recent credit boom-bust cycle.

Latvia and Greece: Less is more. CEPS Hi-level Brief, 12 February 2014

Despite considerable differences, there were also many similarities in economic performance between Latvia and Greece before their respective adjustment crises. After the immediate crisis, however, economic activity rebounded sharply in Latvia but continued to contract in Greece. This paper argues that this difference was due primarily to developments in credit. In Latvia credit growth fell sharply, and the economy was deleveraging aggressively by 2009. When the pace of deleveraging started to stabilise, the rebound in the credit impulse caused domestic demand growth to recover. Real GDP has increased about 20% since reaching its trough in the third quarter of 2009.

The Fate of Greece in a ‘Genuine Economic and Monetary Union’: Lessons from a small island state. CEPS Hi-Level Brief, 19 June 2015 Friday, 19 June 2015

As the Greek debt drama reaches another supposedly decision point, Daniel Gros urges creditors (and indeed all policy-makers) to think about the long term and poses one key question in this CEPS High-Level Brief: What can be gained by keeping Greece inside the euro area at “whatever it takes”? As he points out, the US, with its unified politics and its federal fiscal transfer system, is often taken as a model for the Eurozone, and it is thus instructive to consider the longer-term performance of an area of the US which has for years been kept afloat by massive transfers, and which is now experiencing a public debt crisis. The entity in question is Puerto Rico, which is an integral part of the US in all relevant economic dimensions (currency, economic policy, etc.). The dismal fiscal and economic performance of Puerto Rico carries two lessons: 1) Keeping Greece in the eurozone by increasing implicit subsidies in the form of debt forgiveness might create a low-growth equilibrium with increasing aid dependency. 2) It is wrong to assume that, further integration, including a fiscal and political union, would be sufficient to foster convergence, and prevent further problems of the type the EU is experiencing with Greece.

Nouvel atlas de la Chine, de la Tartarie chinoise et du Thibet : contenant les cartes générales & particulieres de ces pays, ainsi que la carte du royaume de Corée : la plupart levées sur les lieux par ordre de l'empereur Cang-Hi avec toute l'exactitude imaginable, soit par les PP. Jésuites missionaires à la Chine, soit par des Tartares du Tribunal des mathématiques, & toutes revûës par les mêmes peres /

Title page in red and black; tailpiece.

Reʼs͡hīt ḥok͡hmah = The beginning of wisdom : an astrological treatise /

English, Old French or Hebrew.

Microwave hazard instruments : an evaluation of the Narda 8100, Holaday HI-1500, and Simpson 380M /

Mode of access: Internet.

Hið íslenzka bókmenntafélag; söguágrip.

"Sérprentum úr Lesbók Morgunblaðsins 27-29. tbl. 45. árgangs, 1969."

ha-Milḥamah ṿeha-matsor : ṿe-hi lahaṭ ha-ḥerev ha-mithapekhet ben Tsarfat ṿe-Ashḳenaz ṿe-sikhsukhe Tsarfatim be-Tsarfatim.

Added t.p.: Ha-milchama we-ha-mazor; laguerre franco-allemande et les deux siéges de Paris (1870-71)

Fabularum quae hoc libro continentur interpretes, atque authores sunt hi: [Aesopus], Guilielmus Goudanus, Hadrianus Barlandus, Erasmus Roterodamus, Aulus Gellius ... Aesopi vita ex Max. Planude excerpta, et aucta...

Mode of access: Internet.

Historia de una gran señora, christiana de la China, llamada doña Candida Hiù : donde, con la ocasion que se ofrece, se explican los usos destos pueblos, el establecimiento de la religion, los procederes de los misioneros, y los exercicios de piedad de los nuevos christianos, y otras curiosidades, dignas de saberse /

MTSD 0392.

Dīvān-i Shāhī, bā Naṣāʾih-i ḥaz̧rat-i Luqmān va Rubāʻīyāt-i ʻUmar-i Khayyām va Bābā Tāhir.

Mode of access: Internet.

Hādhihi Ḥāshiyat al-ʻālim al-himām wa-al-ʻallāmah al-Imām al-Shaykh Ibrāhīm al-Bājūrī ʻalá matn al-Shamāʼil al-Muḥammadīyah ʻalá ṣāḥibihā afḍal al-ṣalāh wa-azká al-taḥīyah lil-Imām al-muḥaqqiq wa-al-muḥaddith al-mudaqqiq Muḥammad ibn ʻĪsá al-Tirmidhī.

Mode of access: Internet.