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Household debt in particular surged, then was suddenly perceived as excessive: The crucial thing from a macroeconomic point of view is that leveraging and deleveraging are not symmetric in their effects.
Though the monetary fund's position "is correct from a macroeconomic point of view, it is not legally possible" to force depositors to accept bonds, Eduardo Amadeo, a spokesman for Mr. Duhalde and a member of the Argentine negotiating team, said in an interview here today.
Yet marriage or stable cohabitation appears to remain popular with a large majority of people; and even if such traditions were being eroded by women's ability to earn their own living, that could hardly be an argument for sending the women back to the stove.From a macroeconomic point of view, bringing more women into the labour force is a good thing.
"From a macroeconomic point of view, a strong euro is a problem.
From a macroeconomic point of view, however, the costs of environmental regulation appear to be modest.
From a macroeconomic point of view, household participation in the stockmarket is also important.
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"Certainly, Japan has stumbled about from a macroeconomic policy point of view, and everyone knows that," he said.
It is important to study which age groups of workers absorb the short-run macroeconomic shocks from the point of view of inter-generational risk-sharing.
Russian business often is incompetent, corrupt and rife with crime, and most Russians, particularly those with the cash, don't give a hoot about the finer points of macroeconomic theory.
No doubt more studies will be carried out, especially when enlargement is less distant.Yet the point remains: the macroeconomic effects of enlargement on the EU's existing members appear to be trivial relative to their economies of the order of 0.1% of GDP.
Macroeconomic Advisers estimated the impact at about 0.7 percentage points of G.D.P. a year, equivalent to over $300 billion in lost output over the last three years.
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