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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Causes of the Crisis
"Here, the authors of articles in Critical Review’s special issue on the causes of the financial crisis blog about their latest thoughts and findings regarding ‘what went wrong.’”
October 30, 2011, 6:34 pm, 914510
A dirty little secret of publishing: Amazon doesn't order many copies of university press books. They don't expect them to sell out within a few days, as this one did.
More are on the way to Amazon, or you can buy the book
directly from Penn, or
October 15, 2011, 2:34 pm, 908840
October 15, 2011, 12:34 pm, 908825
We note in the introduction to the book Max Weber's sad acknowledgement (in "Science as a Vocation") that empirical claims are bound to be superseded over time. We hope it takes more than a day or two for our claims to be superseded, but we are happy to contribute to ...
October 11, 2011, 2:34 pm, 907306
This blog was initially established by the Critical Review Foundation as a forum for contributors to
What Caused the Financial Crisis, published by the University of Pennsylvania Press in 2010. That, in turn, was the book version of a special issue of
Critical Review devoted to the causes ...
July 3, 2011, 10:34 pm, 870776
Critical Review contributor
Amar Bhide's "A Call for Judgment" is now available from Oxford University Press. Bhide presents a meticulous history and critique of economic doctrines that implied market omniscience and that may have contributed to the financial crisis.
July 3, 2011, 10:34 pm, 870775
The University of Pennsylvania Press has concluded the peer review of "Capitalism and the Crisis: Regulation, Competition, and Systemic Risk," by
Jeffrey Friedman and
Wladimir Kraus. The book will be published on September 1, 2011.
This book takes up the "Basel thesis" laid out in
Critical ...
July 3, 2011, 10:34 pm, 870774
"What Caused the Financial Crisis," edited by Jeffrey Friedman, is now available from the
University of Pennsylvania Press and from
Amazon. It contains
Critical Review's special issue on the financial crisis, along with a completely revised introduction by the editor and an Afterword by Judge Richard Posner.
January 17, 2011, 12:34 am, 810727
I invited Judge Richard Posner--who will be contributing a postscript to the book version of Critical Review's
special issue on the causes of the crisis--to post a reply to my
review in The Weekly Standard of his book, A Failure of ...
January 17, 2011, 12:34 am, 810725
A very important piece on
the impossible standards of economic rationality that lead, in reaction, to claims of "irrationality"; coauthored by Roman Frydman of NYU and Critical Review contributor Michael Goldberg of the U. of New Hampshire.
January 17, 2011, 12:34 am, 810726
