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?


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EconModel

The Economics Roundtable is sponsored by EconModel.

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


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ThinkMarkets

"A blog of the NYU Colloquium on Market Institutions and Economic Processes”


September 1, 2014, 2:35 pm, 1327516

by Roger Koppl

Oliver Blanchard tells us “Where Danger Lurks”  in the macro-finance world.

The big theme is nonlinearity, which is a profoundly conservative move: DSGE modeling is just fine and we don’t need to rethink it at all. We just need to add in some nonlinearities. Blanchard does not tell ...


August 5, 2014, 8:35 pm, 1312471

by Mario Rizzo

It is tempting to over-romanticize a person when he or she is gone. I will strive to be balanced in keeping with how I feel and think about Gary Becker.

I am saddened by his recent death (May 3rd). I have known him since at least 1974 – some ...


August 5, 2014, 8:35 pm, 1312470

by Edward Stringham

As a professor, I am a fan of rigorous economic research, but I am also a fan of helpingstudents learn about how important economics is in an engaging way. John Papola did an excellent job with the Keynes Versus Hayek music videos (especially thesecond one with yours ...


July 11, 2014, 10:36 am, 1299735

by Glen Whitman

Last year in this space, I posted the Call for Abstracts for a forthcoming book called Economics of the Undead. That project is now coming to fruition! The book will officially be published tomorrow; here’s the Amazon page, and here’s the Barnes & Noble page. (The ...


July 2, 2014, 10:36 pm, 1294693

by Mario Rizzo

In a world where people’s ethical goals are intrinsic values we could easily argue, as did David Hume, that the values themselves are not subject to scientific analysis.  But, as things turn out, many of what people believe to be ...


July 2, 2014, 10:36 pm, 1294694

By Mario Rizzo

“A Colorado judge says a baker who refused to make a wedding cake for a same-sex ceremony must serve gay couples despite his religious beliefs, a ruling that a civil rights group hailed as a victory for gay rights.”


July 2, 2014, 10:36 pm, 1294692

William Hutt (left) with F.A. Hayek.

by Richard M. Ebeling*

The public eulogies marking the passing of Nelson Mandela at the age of 95 on December 5, ...


July 2, 2014, 10:36 pm, 1294689

by Alexander Czombera*

If there is one single law in economics then it is that markets tend to equilibrium. Or, to align this with Grove’s law  (“Technology will always win. You can delay technology by legal interference, but technology will flow around legal barriers”), the free market will find its ways, ...


July 2, 2014, 10:36 pm, 1294690

by Mario Rizzo

I consider myself both a libertarian and a classical liberal. I have been teaching a seminar in classical liberalism at the NYU Law School for six semesters. I am always asked about the difference.  My answer is basically this. Classical ...


July 2, 2014, 10:36 pm, 1294691

by Mario Rizzo

I am happy to post a very interesting interview with my long-time friend and Cato senior fellow, Jerry O’Driscoll. As readers of ThinkMarkets know, Jerry frequently contributes to this blog. This is from the Lara-Murphy Report. The entire report can be accessed immediately below. The interview with O’Driscoll ...