Economics Roundtable
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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Angry Bear
"Slightly left of center comments on news, politics, and economics from an economist.”
Don’t tell me that the Dems favor fiscal stimulus because they like big government. The payroll tax cut will make it a bit more difficult to expand the size of government in future years. (As Clinton found in 1993, when he was told the “bond markets” (i.e. the Reagan ...
Thomas Hartmann writes via Truthout:
Most Americans don't realize that the idea that ‘corporations are people’ and ‘money is speech’ are concepts that were never, ever considered or promoted or even passed by any legislature in the history of America. Neither were they ever ...
global economic growth over the past few decades has outpaced the capacity of the world economy to produce truly safe assets
Really? The U.S. could have just deficit-spent more, crediting people’s/businesses’ checking accounts and thereby increasing the global stock of the world’s safest asset: U.S. dollars.
It could (by ...
Robert Waldmanncomments on the Freddie Mac story recently in the news (lifted from Stochastic Thoughts):
Freddster (noun): Fraudster who profits from conflict of interest at Freddie Mac (the knife).
Jesse Eisinger, pf ProPublica and Chris Arnold, of the public sector NPR ...
… The Depression discredited the gold standard and a whole set of related notions.
The Great Inflation discredited ideas about the Phillips Curve …
We had, until recently, the Great Moderation Consensus that … the ...
Is the ECB/EU Achieving Stated Objective of Balanced Growth?
The primary objective of the European Central Bank is to maintain price stability; however, as a compliment to its primary objective, the Eurosystem “shall also ‘support the general economic policies in the Union with ...
Chicago says quite explicitly:
Courses such as accounting, investments, and entrepreneurship will not be considered for economics elective credit.
Much less requirements!
No wonder so many economists:
• Have such profound misunderstandings ...