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?


Click on the chart for a larger version.


EconModel

The Economics Roundtable is sponsored by EconModel.

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


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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.”


July 2, 2014, 10:44 pm, 1294815
I have won the American Publishers Award for Professional and Scholarly Excellence (the PROSE Award) for the best book published in economics during 2012 for my MIT Press book, Getting It Wrong.


July 2, 2014, 10:44 pm, 1294816
There have been amendments to the Bank of England's Divisia monetary aggregates.


July 2, 2014, 10:44 pm, 1294817
There is an interesting article about modern macro in the latest Economist magazine, Jan 19, 2013.


July 2, 2014, 10:44 pm, 1294818
My op ed on time inconsistency of Fed monetary policy appeared today (Tuesday, Nov 6, 2012)  in the Kansas City Star on p. C10.  The title is "Fed's Current Stance Is Tragically Wrong."  The in-print version looks better, since includes my photo.


July 2, 2014, 10:44 pm, 1294814
An article about my book, Getting It Wrong, just appeared in Bloomberg Businessweek's April 1-7, 2013 issue on pp. 18-19.  The title of the article is The Fed May be Miscounting the Money.  Peter Coy, the author of the article and economics editor of the ...


July 2, 2014, 10:44 pm, 1294813
I just noticed a post on a British blog about the Bank of England's Divisia M4.  It's interesting:

http://wonkery.co.uk/blog/2013/3/30/di
visia-money-and-ngdp

The blog is amusingly called "wonkery," maintained by Duncan Brown.

He also has another interesting post on that subject:

http://wonkery.co.uk/blog/2013/10/4/money-
beats-credit


July 2, 2014, 10:44 pm, 1294810
This interesting book review pairs my book, Getting It Wrong, with Ben Bernanke's new book and compares the two.  The two paired reviews appeared in the Economic Record, the journal of the Australian Economic Association.



July 2, 2014, 10:44 pm, 1294811
Book to appear soon.


July 2, 2014, 10:44 pm, 1294812
I don't know who produced this YouTube video about Divisia monetary aggregates, but it certainly is interesting:

http://www.youtube.com/watch?v=u267ucG
LcTo


July 2, 2014, 10:44 pm, 1294809
Peter Ireland at the Shadow Open Market Committee just published an excellent article, "The Right Measure of Money Supply," on the e21 web site.