- Some Economics for Martin Luther King Day - Tim Taylor
- Dollars, Cents and Republican Sadism - Paul Krugman
- The effects of offshoring on domestic employment - VoxEU
- ‘Metrics Monday: Useless Hausman Tests - Marc F. Bellemare
- Milton Friedman and the Phillips Curve - Uneasy Money
- The (In)efficiency of Perfect Price Discrimination - Nick Rowe
- Money Funds -- The Empire Strikes Back? - Cecchetti & Schoenholtz
- Populism's base - Understanding Society
- Doing Business Rankings – Paul Romer
- Low inflation for longer - VoxEU
- Manufacturing continues to go the way of agriculture - Economic Principals
- Taxing Money: The Goodfriend Approach to Monetary Policy - Dean Baker
- Democracy in question - Stumbling and Mumbling
- Comparing Interval Forecasts - No Hesitations
- Is NGDP Targeting Impractical? - David Beckworth
- Labour scarcity and labour coercion: Serfdom in Bohemia - VoxEU
- Interview: Prof. Malcolm Sawyer, Leeds University - AceMaxx
- Equilibrium interest rates can be below growth rates Continue reading "Links for 01-15-18"
- The search for the next president of the NY Fed is a big deal - Josh Bivens
- Tight money is not the answer to weak productivity growth - Obstfeld and Duval
- Does Retirement Raise the Risk of Death? - Tim Taylor
- Financial variables and macroeconomic forecast errors - Fed in Print
- Debt issuance activity after the global financial crisis - All About Finance
- The Fed Delivered $80.2 Billion in Profits to the Treasury in 2017 - NY Times
- Wall Street versus Main Street: IOER Edition - David Beckworth
- Ready or Not for the Next Recession? - Barry Eichengreen
- Measuring the "Free" Digital Economy - Tim Taylor
- Biased to the powerful - Stumbling and Mumbling
- What early-20th-century scholars got right about 21st-century politics - Vox
- Lowflation: Then and Now - MacroMania
- Now is the time for complacency: RBA vs Bank of England - Nicholas Gruen
- The Fed’s Inflation Target and Continue reading "Links for 01-13-18"
We have a shithead president. That is all.
- In Defense of Economic Populism - Dani Rodrik
- Why does economics get so much stick? - mainly macro
- The Rise and Fall of Keynesianism after the GFC - Crooked Timber
- The narrative of high debt and powerful central banks - Antonio Fatas
- FOMC Dissents: Why Some Members Break from Consensus - FRBSTL
- Fiscal Implications of the Fed’s Balance Sheet Normalization - Liberty Street
- The State of Play with Carbon Capture and Storage - Tim Taylor
- More Evidence Medicaid Expansion Boosts Health, Well-Being - CBPP
- The effectiveness of hiring credits - VoxEU
"Republicans in Congress are increasingly determined to participate in obstruction of justice":
The Worst and the Dumbest, by Paul Krugman, NY Times: Like millions of people around the world, I was reassured to learn that Donald Trump is a “Very Stable Genius.” You see, if he weren’t — if he were instead an erratic, vindictive, uninformed, lazy, would-be tyrant — we might be in real trouble.
Let’s be honest: This great nation has often been led by mediocre men, some of whom had unpleasant personalities. But they generally haven’t done too much damage, for two reasons.
First, second-rate presidents have often been surrounded by first-rate public servants. ...
Second, our system of checks and balances has restrained presidents who might otherwise have been tempted to ignore the rule of law or abuse their position. ...
But that was then. Under the Very Stable Genius in Chief, the old rules noContinue reading "Paul Krugman: The Worst and the Dumbest"
- Microfoundations hegemony holds back macroeconomic progress - mainly macro
- Evidence of an Insurrection Underway in Economics - Economic Principals
- What Can UWE Do for Economics? - NBER
- ‘Metrics Monday: The Dogit Model - Marc Bellemare
- Giddy Markets and Grim Politics by Kenneth Rogoff - Project Syndicate
- Yield-Curve Modeling - No Hesitations
- The Macroeconomic Impact of Microeconomic Shocks - Equitable Growth
- The effect of minimum wages on the total number of jobs - Brad DeLong
- Balance Sheet Normalization - Liberty Street
- Basel's Refined Capital Requirements - Cecchetti & Schoenholtz
- Who’s driving consumer credit growth? - Bank Underground
- Saving America from Trump’s Tax Reform - Tyson & Mendonca
- On three canonical responses to labour saving technical change - VoxEU
- Offshore drilling safety regulation costs seem low - Environmental Economics
- Minimum wages in the world’s largest labour market - VoxEU
- Thinking about minimum wages like an economist - Miles Corak
- Innovation, meet organization Continue reading "Links for 01-08-18"
Data Lining Up For The Fed’s Rate Hike Forecast, by Tim Duy: Last Friday the Bureau of Labor Statistics released a fairly lackluster employment report. In most ways, the story remains the same – steady improvement in the labor market but no signs of overheating in the form of wage growth. The mix will keep the Fed on track for three rate hikes this year, as the consensus policymaker will view this kind of report as a reason to neither accelerate nor slow the pace of tightening. ...Continued here...
Job Growth Slows Modestly, But Black Unemployment Falls to Record Low: The Bureau of Labor Statistics reported slightly weaker than expected job growth in December, with the economy adding 148,000 jobs. There was a modest downward revision to the data for the prior two months, which brought the three-month average to 204,000. The unemployment rate remained unchanged at 4.1 percent for the third consecutive month.
The best news in this report was the drop in the unemployment rate for blacks to 6.8 percent, the lowest since these data were first collected in 1972. The previous low was 7.0 percent in April of 2000. This is consistent with the view that a low unemployment rate disproportionately benefits the most disadvantaged groups. The black unemployment rate averages close to twice the white unemployment rate. This ratio has been reduced somewhat as the labor market tightened. TheContinue reading "Job Growth Slows Modestly, But Black Unemployment Falls to Record Low"
- Faust on the Potomac - Paul Krugman
- How to Count Citations If You Must - Stochastic Trend
- Household inequality and the consumption response to shocks - VoxEU
- Determining Bargaining Power in the Platform Economy - Brad DeLong
- Minimum Wages, Monopsony and Towns - mainly macro
- How inequality persists - Stumbling and Mumbling
- NIcholas Stern Interviews Tony Atkinson - Tim Taylor
- The Road to Medicare for Everyone - Jacob Hacker
- Financial Regulation: Fit for New Technologies? - macroblog
- Employment Report On The Way - Tim Duy
- Schumpeter’s two theories of imperialism - globalinequality
- How to deal with climate change deniers: Price carbon! - VoxEU
- When Invoking Poverty and Necessity is a Ruse - Tim Taylor
- The Case for More Medicare - The New York Times
- Wanted: A Unifying Theory of Behavioral Economics - Bloomberg
- Negative interest rates - Econbrowser
- The Evolution of U.S. Monetary Policy - FRB
- Can the Economy Keep Calm and Carry On? - Paul Krugman
- "If You're Not Paying for It, You're the Product" - Tim Taylor
- The Millennium Is Off to a Bad Economic Start - Narayana Kocherlakota
- Why Symmetry Continues to Beguile Mathematicians - Wired
- Gender Mix in AP Economics - Tim Taylor
- China, the Innovation Dragon - Simon Johnson
- Inequality, Imperialism, and the First World War - ProMarket
- Is Macroprudential Supervision Ready for the Future? - macroblog
- The rate of return on everything - VoxEU
- The geopolitics of international currency choice - VoxEU
- The gender unemployment gap - VoxEU
- Infrastructure investment and regulation - Microeconomic Insights
- Clear and Precise Scientific Communication – Paul Romer
- Leave and the Left Behind - mainly macro
- Interpolating Statistical Tables - Dave Giles
- Why Low Inflation Is No Surprise - J. Bradford DeLong
- What Economists Need from their Readers - Tim Taylor
- Looking Back, Looking Forward Continue reading "Links for 01-03-18"
In French Polynesia with spotty connectivity. For now:
- The Gambler’s Ruin of Small Cities (Wonkish) - Paul Krugman
- Economic outcomes are not invariant to the monetary policy rule - Brad DeLong
- Don't even try to "Normalise" interest rates - Nick Rowe
- Is history probabilistic? - Understanding Society
- Quantitative easing and bank risk taking - Kandrac and Schlusche
- Fighting against Normalization of Lying - Econbrowser
- Monopolies May Be Worse for Workers Than for Consumers - Bloomberg
- Does Economic Theory Entail or Support Free-Market Ideology? - Uneasy Money
- The Role of Academia in Tumultuous Times - Tim Taylor
- The Impact of Electricity on Economic Development - Stochastic Trend
- Rent for the Poor Really Is Too High - Bloomberg
5 Questions for the Fed in 2018, by Tim Duy: The Federal Reserve anticipates continued monetary tightening in 2018, as it seeks to match 2017’s pace of interest-rate hikes with another three quarter-point moves. As always, however, that projection depends on actual economic outcomes. With that in mind, here are five questions the Fed will face in 2018 as it charts a course for policy: ...Continued here on Bloomberg Prophets...
- Incomes Grew After Past Tax Cuts, but Guess Whose - Eduardo Porter
- Making Discretion in Monetary Policy More Rule-Like - Frederic Mishkin
- SR and LR Effects of Milton Friedman's Presidential Address - Hall and Sargent
- Tax Overhaul Process Retreated from Democracy - The Regulatory Review
- When Necessity Displaces Desire - Economic Principals
"it’s going to be up to the American people":
America Is Not Yet Lost, by Paul Krugman, NY Times: Many of us came into 2017 expecting the worst. And in many ways, the worst is what we got.
Donald Trump has been every bit as horrible as one might have expected; he continues, day after day, to prove himself utterly unfit for office, morally and intellectually. And the Republican Party ... turns out, if anything, to be even worse than one might have expected. At this point it’s evidently composed entirely of cynical apparatchiks, willing to sell out every principle — and every shred of their own dignity — as long as their donors get big tax cuts.
Meanwhile, conservative media have given up even the pretense of doing real reporting, and become blatant organs of ruling-party propaganda. ...
Yet I’m ending this year with a feeling of hope, because tensContinue reading "Paul Krugman: America Is Not Yet Lost"
- Passing Through to Corruption - Paul Krugman
- Republicans Despise the Working Class, Continued - Paul Krugman
- Trickle Down? Not Now, and Not for a While at Best (Wonkish) - Paul Krugman
- How Regulation Subsidizes Big Finance - ProMarket
- Recalculating time (for time-series estimation) - MIT News
- Will the Center Hold? - Lawrence H. Summers
- Central Banks’ Year of Reckoning - Raghuram Rajan
- How Inequality Works - Angus Deaton
- Can Economic Policy Solve Economic Problems? - Jason Furman
- FedViews - FRBSF
- Monetary Policy and the Economic Outlook: A Fine Balancing Act - FRBSF
- Economists Lose Credibility When They're Too Certain - Bloomberg
- Is The Fed Finishing 2017 On A Dovish Note? - Tim Duy
- Who Is Congress Really Serving? - Warren and Sanders
- A UK Sovereign Wealth Fund - Roger E. A. Farmer
- Saving capitalists from themselves - Stumbling and Mumbling
- The politicisation of immigration - mainly macro
- Growth of multi-authored Continue reading "Links for 12-24-17"
I should explain -- taking a few days away -- will be back soon.
"Their disdain for ordinary working Americans as opposed to investors, heirs, and business owners runs so deep that they can’t contain it":
Republicans Despise the Working Class, by Paul Krugman, NY Times: You can always count on Republicans to do two things: try to cut taxes for the rich and try to weaken the safety net for the poor and the middle class. ...
But ... something has been added to the mix. ...Republicans ... don’t treat all Americans with a given income the same. Instead, their bill ... hugely privileges owners, whether of businesses or of financial assets, over those who simply work for a living. ...
The nonpartisan Tax Policy Center has evaluated the Senate bill, which the final bill is expected to resemble. It finds that the bill would reduce taxes on business owners, on average, about three times as much as it would reduce taxes on those whose primaryContinue reading "Paul Krugman: Republicans Despise the Working Class"
- What Is Bitcoin Really Worth? Don’t Even Ask. - Robert Shiller
- What Can Central Banks Do To Manage the Next Financial Crisis? - Ben Bernanke
- How the MillerCoors joint venture changed competition - Microeconomic Insights
- What Happens if the Tax Bill Is a Revenue Disaster? - Paul Krugman
- Political Polarization in Consumer Expectations - Liberty Street Economics
- Confidence, uncertainty and macroeconomic fluctuations - VoxEU
- When employers are unfair, even unaffected workers underperform - VoxEU
- Ricardo's Comparative Advantage After Two Centuries - Tim Taylor
- The ABC of globalization - globalinequality
- The advantage of a central bank not being ‘ahead of the curve’ - mainly macro
- The Fed's Inconsistent Numbers - Joe Gagnon
- Central bank e-cash - croaking cassandra
- Social Security Will Be Solvent for the Rest of the Century – Kevin Drum
- Thousands will die prematurely if the ACA is repealed - Larry Summers
- Brad DeLong and Charlie Deist on Austrian Economics - Equitable Growth
- Scam I Am: Why is the G.O.P. Rushing This Tax Abomination? - Paul Krugman
- Interview with Anne Case - Federal Reserve Bank of Minneapolis
- George Stigler and How Freshwater Economics Won the Day - ProMarket
- Engaging with Allies - Women in Economics at Berkeley
- On technological regress - Stumbling and Mumbling
- Hayek’s Rapid Rise to Stardom - Uneasy Money
- The safe asset shortage, mark-ups, and tthe labor share - VoxEU
- Two Myths About Automation - Barry Eichengreen
- Tax Plan’s Biggest Cuts Could Be in Living Standards - New York Times
- Immigration and Real Wages: Reality and Perceptions - mainly macro
- The European trust crisis and the rise of populism - VoxEU
- Continue reading "Links for 12-13-17"
Trump, Macron: same fight. LeMonde: It is customary to contrast Trump and Macron: on one hand the vulgar American businessman with his zenophobic tweets and global warming scepticism; and on the other, the well-educated, enlightened European with his concern for dialogue between different cultures and sustainable development. All this is not entirely false and rather pleasing to French ears. But if we take a closer look at the policies being implemented, one is struck by the similarities. ...