Economics Roundtable

Database Maintenance 7/4/15

Routine database maintenance will induce some duplicated items for the next day or two.


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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Credit Slips

"A Discussion on Credit and Bankruptcy”


July 23, 2015, 2:44 pm, 1514422

I discovered something surprising in my summer research on the history of bankruptcy in Russia: It seems that ...


July 22, 2015, 4:44 pm, 1513768

I'm testifying tomorrow before Senate Judiciary Committee's Subcommittee on The Constitution (yes, that's the official capitalization), about the constitutionality of the Dodd-Frank Act.  

Short version: nothing to see here folks.

Slightly longer version: really nothing to see here.

Even longer version:  the plaintiffs in State National ...


July 20, 2015, 12:44 pm, 1512143

On Friday, Tara Siegel Bernard reported in the New York Times that some bankruptcy judges think that the onerous Brunner standard for discharging student loans should change. Commenting ...


July 18, 2015, 6:44 am, 1511425

Today is the ninth anniversary of Credit Slips, which means we are now old enough for the fourth grade. ...


July 17, 2015, 2:44 pm, 1511170

The Federal Reserve System has embarked on a project of exploring the possibility of faster retail payments in the United States.  A similar move has occurred with the UK Payments Council.  At the same time, the Electronic Payments Network is rolling out a faster version of ACH.

Here's ...


July 15, 2015, 6:44 pm, 1509946

Yesterday, Judge Amy Totenberg of the Northern District of Georgia issued a very cogent 70-page opinion in the case of the CFPB v. Frederick Hanna & Associates, a large collection law firm with offices in Georgia, Florida, and South Carolina. The opinion denies Hanna's motion to ...


July 9, 2015, 4:44 pm, 1506509

The Supreme Court made a noteworthy contribution to the crescendo in our national conversation about race in its recent Texas v. ICP Fair Housing Act decision.

The Court affirmed that the Fair Housing Act prohibits not only explicit racial discrimination, but also policies and practices that ...


July 8, 2015, 6:44 pm, 1505912

As Melissa has noted, the First Circuit has found that the Commonwealth's attempt to solve its own problem runs afoul of Congress' "intent" to leave Puerto Rico without a municipal bankruptcy system.

Professor Eichengreen, in an interesting essay on Greece and Puerto Rico, ...


July 7, 2015, 10:44 am, 1504878

July 5, 2015, 12:44 pm, 1503865

Today's Greek referendum might look like a high point for democratic accountability, but it is not. When Greek citizens vote on the demands of their government’s international creditors, the outcome will bind Greek politicians, but not the creditors that have prescribed economic policy for Greece since ...