Why Frank Smets, chief economist of the ECB, thinks the ECB economic model is wrong

kristy Beyond GDP

Why Frank Smets, chief economist of the ECB, thinks the ECB economic model is wrong

by merijnknibbe

from Merijn Knibbe Have you ever wondered why an U-3 unemployment rate of 23% in Spain (and rising) and 18% in Greece (and rising) doesn’t seem to bother the European Central Bank (ECB)? I have. And it might have something to do with the kind of models the European Central Bank uses, like the ECB […]

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