May 2014 Payroll Employment
After 76 months, we finally got back to the prerecession level of payroll employment.
Click on the image to get a bigger version.
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 .
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.
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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The Classic Economic Models cover micro, macro, and financial markets.
Moneyness (JP Koning)
The Federal Reserve may be in a bit of a bind.
With the Bank of Japan reducing rates to -0.1%, many commentators are calling on the Fed to reverse its ...
Will the Bank of Japan's negative rates work?
Many people say no, among them Louis-Phillippe Rochon here:
They are based on a faulty understanding of our banking system. The ...
It's healthy to ask others for a sound check every now and then. I'm going to give a short description of how I see the monetary policy transmission process working, then readers can ...
One more post on equity deposits.
My last post described a dirt cheap (and hypothetical) way for long-term investors to get exposure to equities. Briefly, an investor commits a certain amount ...
With fees as low as 0.10%, passively managed ETFs are one of the cheapest ways ...
Juan Galt recently introduced me to one of bitcoin's biggest problems. Bitcoin is not money, at least not according to the law.
Economists like to say that money ...
A recent tweet from Matthew Yglesias made me smile:
'Tis the season for large cash withdrawals in anticipation of holiday tipping— Matthew Yglesias (@mattyglesias) December 17, 2015
David Glasner's piece on the gold standard got ...
January 1, 2021
Jessie Smith, who owns a dusty motel in Beowawe, Nevada, had to turn away customers yesterday. No vacancy, Smith told the recent arrivals, the ...
How much is a corporate vote worth? To answer this question, look no further than behemoth Google. One voting share costs $779, around 1.7% more than a non-voting share at $764.