Economics Roundtable

May 2014 Payroll Employment

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

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Jobs

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 .


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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?


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EconModel

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Environmental and Urban Economics


February 19, 2017, 1:33 pm, 1721328
The National Academy of Sciences has released a brand new report that you can download here that has a definitive feel on stating the academic environmental economics' community consensus on the social cost of carbon.  In this blog post, I will clearly state that I do not believe this number ...


February 17, 2017, 11:33 am, 1720960
The NY Times has published an excellent piece about Mexico City's water challenge but a nuanced read of the piece reveals two key points.  The piece ignores demand side management.  The word "water price" does not appear in the long piece and no economists are cited.  Instead, this is ...


February 16, 2017, 7:33 pm, 1720717
Here is my new piece about the Economic effects of California's AB32.    Here is my Harvard Business Review piece that dusts off the Porter Hypothesis and applies its logic to corporate climate change adaptation.   Finally, here is my new co-authored NBER working paper on the ...


February 16, 2017, 11:33 am, 1720547
Daxuan Zhao and I have just released a new NBER Working paper on climate change adaptation.  Recall that climate change mitigation focuses on slowing down and even reducing our production of greenhouse gas emissions. Adaptation refers to how an economy's growth and individual well being is affected ...


February 13, 2017, 11:33 am, 1719331
Read this front page NY Times story about how Japan's restaurants are adjusting their menus to meet the demands of the large cohort of elderly Japanese eaters and then read my new NBER paper on endogenous innovation and climate change adaptation.  Demand creates supply and consumer well being ...


February 11, 2017, 3:33 pm, 1718972
Economists talk about trade-offs quite often.  Read this case study about the Newport Beach Banning Ranch Development project.  Here is the developer's webpage.

A Direct Quote from the OC Register


February 6, 2017, 11:33 am, 1717091
The NY Times provides a vague overview concerning Mr. Pruitt's first steps at EPA.  Here I'd like to sketch out some key determinants of short run pollution dynamics. I will focus on the environmental accounting vocabulary of scale, composition and technique effects.

1.  Air pollution, water pollution and ...


February 4, 2017, 1:33 pm, 1716752
Based on the updated webpage, it appears that President Trump's EPA is taking climate change adaptation seriously.  I am not surprised because the President owns major pieces of land in many coastal cities.  This "self interest" of property owners has been one of my themes on the microeconomics o adaptation. ...


January 31, 2017, 11:33 am, 1715274
Professor William Nordhaus is one of the giants of environmental economics.   I will be very happy when he shares the Nobel Prize with Martin Weitzman and Partha Dasgupta.   His new climate change economics paper is posted here and it has been written up in Bloomberg News ...


January 31, 2017, 1:33 am, 1715117
The NY Times has published a touching obituary for Dr. Arthur Rosenfeld.  A physicist by training, Dr. Rosenfeld championed energy efficiency for the state of California.  Below, I present a typical "Rosenfeld Curve".  This graph highlights that California's energy consumption per-capita diverged from the rest of the nation's starting ...