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When the economy is in a liquidity trap – when demand is deficient, prices are stagnant or falling, and interest rates approach zero – normal macroeconomic logic goes out the window.
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It was, perhaps, in his application of logic to macroeconomic analysis that he was supreme.
Leaving aside the macroeconomic consequences of the Washington consensus, its logic was progressively abandoned after 2000 (Lora 2001) and the social agenda occupied a much more prominent place during these years.
In an economic community or union, the logic of common external tariffs, regulatory approximation, and harmonization of macroeconomic policy is taken to its full conclusion through the construction of an overarching governance framework that imposes a common economic policy system on all countries in the region.
One of the frustrating things about macroeconomic discussion since the Great Recession struck is the prevalence of zombie fallacies — misconceptions that one imagines have been killed by logic or evidence, but just keep coming back to eat our brains.
Or take macroeconomic policy.
First, macroeconomic policy.
Macroeconomic policies are sound.
Macroeconomic trends should help.
The other side is saying that macroeconomic stability requires global coordination of economic policy and continuous efforts to manage areas of concern in domestic economies.To a certain extent, I see the logic in the Johnson and Kwak view.
Fifth, macroeconomic factors do matter.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com