Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

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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.


The Economics Roundtable is sponsored by EconModel.

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Dani Rodrik’s weblog

"Unconventional thoughts on economic development and globalization”

November 7, 2016, 4:34 pm, 1691443

Here is a letter that I have prepared and signed with some colleagues in response to Venezuelan president Nicolás Maduro’s ugly attacks on Ricardo Hausmann.

“We the undersigned write to express our dismay at Venezuelan president Nicolás Maduro’s repeated targeting of our colleague Ricardo Hausmann and to ...

October 22, 2016, 12:34 pm, 1685836

It appears Belgium's Wallonia has put a nail on the coffin of the EU-Canada trade agreement (CETA) by vetoing it. The reasons, The Economist puts it, "are hard to understand." 

Well, yes and no. Canada is one of the most progressive trade partners you could hope to ...

October 22, 2016, 4:34 am, 1685801

I discussed in an earlier post on Brexit how to think about international agreements and the constraints on state action they entail in terms of democratic legitimacy. Since that discussion has relevance beyond Brexit, I've pasted the relevant part here below. The basic point is this: the fact ...

October 19, 2016, 2:34 pm, 1685002

Mike Konczal has an interesting piece on how the progressives are unlikely to win over Trump’s base of white, male, working class voters – even if they take their concerns to heart and propose policies that will help them.  He thinks progressives lack specificity and clarity on ...

September 28, 2016, 10:34 am, 1679199

I saw Shimon Peres, who passed away yesterday, only once and it was at a conference on inflation stabilization in Jerusalem in 1990. He had led the national unity government during 1984-86 which had successfully brought down the country's triple-digit inflation. The conference organizer, the great Michael Bruno, ...

September 19, 2016, 4:34 pm, 1676743

I had a piece in the New York Times over the weekend that tries to steer our globalization discussion in what I think is a more sensible direction. A brief excerpt:

We need to rescue globalization not just from populists, but also from its cheerleaders. Globalization ...

September 19, 2016, 12:34 am, 1675876

Martin Wolf's take on the book is characteristically to the point, and the best short summary I have seen as yet:

After the financial crisis, economics is in the doghouse. Rodrik, one of the world’s most perceptive policy analysts, wants it let out again, albeit on a ...

September 19, 2016, 12:34 am, 1675875

Martin Sandbu of the Financial Times has a very thoughtful discussion of my globalization trilemma, as it applies to Brexit among other things. Sandbu argues that “thinking critically about Rodrik’s trilemma should lead us to more optimistic conclusions.”

I largely agree with Sandbu’s points, but I ...

September 19, 2016, 12:34 am, 1675874

by the IMF, in their magazine Finance & Development. Here is the link. The piece is written by the IMF's Prakash Loungani, who has gone back and fished out vignettes that even I had forgotten. Here is the opening:

The triumph of markets over ...

September 19, 2016, 12:34 am, 1675873

I have not written much on Brexit because I do not have a strong or particularly well-informed view of it. My personal hope is that Britain will choose to remain in the EU – but that is as much because of a belief that without Britain the EU ...