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 […]