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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Inside the Economist’s Mind
"This blog hosts discussion of issues relevant to the new book, Inside the Economist’s Mind, coedited by Nobel Laureate Paul A. Samuelson and William A. Barnett and published by Blackwell Publishing.”
January 26, 2012, 2:46 pm, 946243
The book, Getting It Wrong, now is available from Amazon as a
Kindle Edition, and already is on the Kindle bestsellers lists for both Econometrics and for Money and Monetary Policy.
January 11, 2012, 12:46 am, 940335
A short one-paragraph
commentary on the book, Getting It Wrong, just appeared in The Economist Intelligence Unit, which is associated with the Economist magazine.
January 8, 2012, 10:46 am, 939318
A January 6 rant on
The Money Illusion blog referred to "Paul Spindt’s debit weighted money figures." But Paul Spindt's MQ index uses turnover rates (not debits) as prices (not weights). My Divisia monetary aggregates use opportunity costs (foregone interests) to measure prices of monetary assets.
January 4, 2012, 6:46 pm, 938135
I just posted this on
The Money Illusion blog. As you may have noticed in the latest issue of the
Economist Magazine, The Money Illusion blog is highly respected.
Glad to see there is interest on this eminent blog about what I’m doing at the ...
January 4, 2012, 10:45 am, 937906
Regarding the insightful commentaries that just appeared on the three blogs, The Money Illusion, The Market Monetarist, and Monetary Freedom, I just posted the following reply on the Monetary Freedom blog.
All very interesting. The relevant theory is in the appendixes to my new book, Getting It Wrong. ...
January 4, 2012, 8:46 am, 937848
There just appeared blog posts mentioning my new book, Getting It Wrong, and the Center for Financial Stability on two widely read economics blogs:
The Money Illusion and The Market Monetarist.
January 4, 2012, 8:46 am, 937847
Blog posts and discussion of my new book, Getting It Wrong, just appeared in two widely read economics blogs:
The Money Illusion and
The Market Monetarist.
December 24, 2011, 2:46 pm, 935109
My book, Getting It Wrong, is on the Marginal Revolution blog's list of
recommended books.
November 26, 2011, 6:45 pm, 924792
Endorsement quotations for the new book, Getting It Wrong, are
online at the Center for Financial Stability.
November 22, 2011, 10:45 pm, 923796
A very interesting article by Steve Hanke appeared in the December issue of Globe Asia and highlighted recent behavior of Divisia M4.
