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.


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Greg Mankiw’s Blog

"Random Observations for Students of Economics”

October 19, 2014, 9:33 am, 1353658
A great and balanced essay.  Thanks to Alex Tabarrok for the pointer.

October 15, 2014, 11:33 am, 1351592
Love teaching introductory economics?  Want to live in the Boston area?  Well, then, I have a job for you.

October 15, 2014, 9:33 am, 1351517

October 14, 2014, 5:33 pm, 1351128
Click on graphic to enlarge. Source.

October 10, 2014, 9:33 am, 1349085
Congratulations to the recipients of the 2014 Economist Educators Best in Class Teaching Award. These three were chosen by the Board of the National Economics Teaching Association (NETA) from numerous submissions. Prizes are provided by Cengage ...

October 9, 2014, 3:33 pm, 1348729
A nice essay by Olivier Blanchard on the lessons we should learn from the financial crisis and Great Recession.

October 8, 2014, 11:33 am, 1347920
NPR takes a look.  Generally, a good and balanced treatment. But they play a bit too fast and loose with the difference between high and rising.  Some of the hypotheses they suggest can explain high prices but not rising prices.

October 5, 2014, 3:33 pm, 1346338
Teachers of intermediate macroeconomics will find this new book of interest:

This Vox EU Course Companion, the first in the series, is a collection of carefully selected Vox columns designed to supplement Mankiw’s Macroeconomics textbook. Vox Course Companions provide relevant examples of economic theory ...

October 1, 2014, 9:33 am, 1344356
The IMF endorses the free-lunch view of infrastructure spending. That is, an IMF study suggests that the expansionary effects are sufficiently large that debt-financed infrastructure spending could reduce the debt-GDP ratio over time. 

Certainly this outcome is theoretically possible (just like self-financing tax cuts), but you can count me as skeptical ...

September 26, 2014, 7:33 am, 1341683