Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

Click on the image to get a bigger version.


The best summary of the state of our economy is the graph (below) of employment as a fraction of population for people over 16 years old. The decrease is large, but the most troubling feature of the graph is the flat trend .

Click on the image to get a bigger version.

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.

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.


The Economics Roundtable is sponsored by EconModel.

The Classic Economic Models cover micro, macro, and financial markets.

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Environmental Economics

"Economists on Environmental and Natural Resources: News, Opinion, and Analysis”

November 20, 2014, 9:33 pm, 1375373

Congressional climate wars were dominated Tuesday by the U.S. Senate, which spent the day debating, and ultimately failing to pass, a bill approving the construction of the Keystone XL pipeline. While all that was happening, and largely unnoticed, the House was busy doing what it does best: attacking science.

November 19, 2014, 1:33 pm, 1374406

From a reporter:

What I'm interested in is:

1. Your reaction to the study.

2. Your assessment of local fisheries based on what you have seen working with the SAFMC and well as the sanctuary.

My reply:

1a. That is an old study. Why is it drawing interest now?

November 19, 2014, 11:33 am, 1374330

Suggesting that I'm awesome!

You have received this email as confirmation that your Elsevier Editorial System (EES) account for [redacted] has been added to your consolidated user profile.

Currently, the following EES accounts are linked to your consolidated profile:

apen: Applied Energy
dib: Data in Brief
ecolec: Ecological Economics
ecolet: Economics Letters
forpol: ...

November 18, 2014, 9:33 am, 1373428

In the context of the ecological effects of reintroducing lost species into ecosystems, Last week I half-jokingly asked "..if reintroducing wolves is this great, what would happen if we reintroduced dinosaurs?" Well...

The fierce debate over whether to clone a woolly mammoth has been reignited by a ...

November 17, 2014, 1:33 pm, 1372870

I just sent this message:

AERE / SEA session participants,

Let's have our informal AERE Happy Hour after the Distinguished Guest Lecture ("Life as a Lab: Using Field Experiments in Economics" John List [see note below]) on Saturday. This is a great chance to meet old friends and new and organize your ...

November 12, 2014, 1:33 pm, 1369923

From the American Clean Energy and Security Act of 2009:

The Administrator, in consultation with the Department of State and the United States Trade Representative, shall annually prepare and certify a report to the Congress regarding whether China and India have adopted greenhouse gas emissions standards at least as ...

November 12, 2014, 1:33 pm, 1369925
John Clay:

Kudos to UK women's soccer coach Jon Lipsitz on a school-record fourth NCAA Tournament berth and a school-first No. 3 national seed.


Isn't every additional NCAA appearance a school-record?

November 12, 2014, 1:33 pm, 1369924

Another thing on my "to do" list:

A climate deal between China and the United States, the world’s No. 1 and No. 2 carbon polluters, is viewed as essential to concluding a new global accord. Unless Beijing and Washington can resolve their differences, climate experts say, few ...

November 12, 2014, 11:33 am, 1369845

Any revision of this paper will include a citation to:

Banzhaf, H Spencer. 2014. "Retrospectives: The Cold-War Origins of the Value of Statistical Life." Journal of Economic Perspectives, 28(4): 213-26.


This paper traces the history of the "Value of Statistical Life" (VSL), which today is used routinely in benefit-cost analysis ...

November 12, 2014, 9:33 am, 1369770

... without calling them out as being crappy? Retraction Watch:

... some fish mating researchers wrote a, um, love note to their peers that failed to be edited out by any of the many eyes who must have at least glanced over it.

Here’s our favorite passage in “Variation in Melanism ...