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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maverecon (Willem Buiter)
January 17, 2011, 12:05 am, 810451
On September 25, 2009, the Commission of the European Communities produced a proposal for EU-level macro-prudential regulation and supervision, “Proposal for a Regulation of the European Parliament and of the Council on Community macro prudential oversight of the financial system …
Continue reading: "The proposed European Systemic Risk ...
January 17, 2011, 12:05 am, 810453
The euro has become a currency on steroids. Its relentless nominal and real appreciation since the end of 2000 was briefly interrupted in the second half of 2008, but resumed with a vengeance during 2009. The strength of the currency is hurting …
Continue reading: "Time for the ECB to ...
January 17, 2011, 12:05 am, 810452
The difference between data and information has been underlined emphatically by the release on Friday, October 23rd, of the UK GDP data for the third quarter of 2009. Those who make a profession out of providing point forecasts of future …
Continue reading: "Another quarter of negative GDP ...
January 17, 2011, 12:05 am, 810450
There are two reasons why the Fed, or any other central bank, should not act as a quasi-fiscal branch of the government, other than paying to the Treasury in taxes the profits it makes in the pursuit of its mandated …
Continue reading: "Should central banks be quasi-fiscal ...
January 17, 2011, 12:05 am, 810449
Gold is unlike any other commodity. It is costly to extract from the earth and to refine to a reasonable degree of purity. It is costly to store. It has no remaining uses as a producer good – equivalent or …
Continue reading: "Gold – a six thousand ...
January 17, 2011, 12:05 am, 810447
What is so important about H.R. 1207: the Federal Reserve Transparency Act of 2009 aka the ‘Audit the Fed’ bill? This bill “To amend title 31, United States Code, to reform the manner in which the Board of Governors of …
Continue reading: "Auditing the central bank: a ...
January 17, 2011, 12:05 am, 810448
Mr Eliot Whitehead sent me the following e-mail message in response to my blog post ‘Gold – a six thousand year old bubble’: “Regarding your FT article, Gold – a six thousand year old bubble, it would interest you to …
Continue reading: "Yapping away at gold: ...
January 17, 2011, 12:05 am, 810446
The markets today were in a bit of a tizzy because the Dubai World Group, a holding company owned 100 percent by Dubai’s government, and Nakheel, a wholly owned subsidiary of Dubai World, imposed a debt restructuring and debt service …
Continue reading: "Polite suggestion to the Dubai ...
January 17, 2011, 12:05 am, 810445
Dubai is not systemically significant. If its troubles open our eyes to the likely imminence of the start of the final leg of the journey from household default through bank default to sovereign default, it may do some systemic good, …
Continue reading: "The intrinsic unimportance of Dubai ...
January 17, 2011, 12:05 am, 810444
In January 2010 I will, DV, start a new career as Chief Economist at Citi. Unlike my predecessor in that position, Lewis Alexander, who was based in New York City, I shall be based in London. As a consequence of …
Continue reading: "Πάντα ῥεῖ"
