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An Economic Explanation for Putin’s Recklessness

Harvard Business Review

Fair’s model has its critics , but it seems reasonable to posit that a decade of rapid income growth (peaking at almost 26% a year in 2006) left Putin with a big reservoir of good will among the Russian people. GDP growth of only 1.3% in 2013 even led to talk of a “growth crisis” for the Russian economy. GDP growth of only 1.3%

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The (Postponed) End of the Dollar Era

Harvard Business Review

Some even argued that they'd caused the financial crisis. current account deficit, which measures the gap between what the country takes in from export income, investment income, and cash transfers and what it pays out, peaked at nearly 6% of GDP in 2006 and was down to 3.1% of GDP in 2011. Still, 3.1%

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The End of Economists' Imperialism

Harvard Business Review

Bush's Council of Economic Advisers in 2006. The financial crisis and subsequent economic downturn — which Lazear somewhat infamously downplayed while in office — have put a big dent in the credibility of the macro side of the discipline. The issue isn't that economists have nothing interesting to say about the crisis.

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Why Multinationals Are Doubling Down on Russia

Harvard Business Review

And while two years of shrinking GDP growth , sanctions , and a volatile ruble have led some companies like GM to leave the market, there has not been a large-scale exodus of MNCs from Russia. Today’s crisis is different. Why Russia is still attractive. This worked, because both crises were short-lived (lasting approximately 1-1.5

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Spain Is Now Making Ireland's Mistakes

Harvard Business Review

Before the crisis, both countries had respectable debt profiles. And yet in the run up to the collapse in 2007, the combined asset footprint of the three main Irish banks was around 400 percent of GDP. In March 2006, Spanish unemployment was 8.1 How things change. By March 2012 unemployment was 24.1

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America's Innovation Shortfall and How We Can Solve It

Harvard Business Review

The tenth anniversary of 9/11 amidst the ongoing employment crisis has opened a wide conversation about what ails America and what should be done about it. With fewer breakthrough products to sell overseas, exports as a share of GDP have stagnated at 11%, while imports have soared, forcing the U.S. as global hegemon.

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What Alan Greenspan Has Learned Since 2008

Harvard Business Review

Not long after Alan Greenspan stepped down as Federal Reserve chairman in 2006, global financial markets began to unravel. I tried to get Greenspan to talk me for my November HBR article on economics and finance since the crisis , but he said he’d promised his publisher to keep mum until the book was out, which was too late for my purposes.