Graph-of-the-Year Candidates
Donald Marron likes European interest rates. Click on the image to get a bigger version. Can you find three distinct subperiods?
Brad DeLong favors the U.S. gdp gap.
Finally, it's hard to argue against the payroll employment graph below (straight from FRED) and the comparison across recessions (courtesy of Calculated Risk).
Looking Up At 2001
In February 2001, U.S. payroll employment peaked at 132.5 million. The November 2011 figure of 131.7 million still falls 800,000 jobs short of the earlier peak.
Click on the chart for a larger version.
November Payroll Employment
Remember M1?
Money Supply M1 growth is now over 20% per year over a 12 month lag. M1 growth has touched 20% before, but not with excess reserves of $1.6 trillion. Where is M1 headed?
Click on the chart for a larger version.
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Economics One (John Taylor)
"A Blog by John B. Taylor”
January 25, 2012, 2:36 am, 945496
I was at the State of the Union tonight. You cannot help but love the pomp and circumstance of the event, even if you do not agree with everything the President says. In this case, his opening lines on what we can learn from America's “generation of ...
January 22, 2012, 12:35 am, 944302
Yesterday I spent the day visiting the TV studios of CNBC, Bloomberg Television, and the Fox Business Network to discuss my new book
First Principles. Thanks to the news anchors the discussion—and debate—was interesting and lively.
I started early, co-hosting Squawk Box from 7 ...
January 18, 2012, 6:35 pm, 943166
Alan Blinder and I are frequently on different sides of economic debates, especially when it comes to the effects of monetary and fiscal policy and the impact of short-term discretionary actions. For example, we have both testified together in Congress about the recent stimulus packages. He ...
January 13, 2012, 4:35 am, 941297
Economic freedom in the United States continues to decline according to the latest Index of Economic Freedom (compiled by the Heritage Foundation) as reported today by
Ed Feulner in the Wall Street Journal.
January 8, 2012, 2:35 am, 939224
In yesterday’s Wall Street Journal, Austan Goolsbee argues that
Washington Isn't Spending Too Much. "It’s completely normal,” he says “that spending rises during big downturns….As the economy grows back to health, the government share of the economy will fall,” making it seem as if the Administration’s ...
December 31, 2011, 10:35 am, 936861
This month marks the ten-year anniversary of Argentina’s massive sovereign debt default, an event with many lessons for the European sovereign debt crisis of today, though analogies are far from perfect.
First, as has been discussed and debated on
planet money and
naked ...
December 21, 2011, 4:35 am, 933912
This fall was a great quarter to teach the introductory course (Economics 1 at Stanford) with plenty of good examples from Occupy Wall Street, the crisis in Europe, the continuing debate in Washington over economic policy, and the ...
December 20, 2011, 4:35 am, 933408
People are writing about economic freedom a lot these days. George Will’s recent Washington Post column ...
December 8, 2011, 2:35 am, 928982
Paul Krugman is wrong in his
criticism of my brief
summary of last week’s economic policy conference at Stanford’s Hoover Institution. Krugman was not at the conference, which lasted a full day and went well beyond previous research by the participants. In general people focused on ...
December 6, 2011, 4:35 am, 928064
Why has the recovery been so slow? What can we do about it? Alan Greenspan, George Shultz, Ed Prescott, Steve Davis, Nick Bloom, John Cochrane, Bob Hall, Lee Ohanian, John Cogan and I recently met at the Hoover Institution at Stanford to present papers and discuss ...
