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?


Click on the chart for a larger version.


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Moneyness (JP Koning)


August 20, 2014, 1:33 am, 1321434
A 1795 Spanish dollar, minted in Mexico, with several chopmarks
One of the most interesting things about bitcoin, ripple, and other cryptocurrencies is how ...


August 9, 2014, 5:33 pm, 1315439

The way we ascribe labels to things results in the creation of categories, and this in turn affects the construction of our mental landscapes—best to get the words and categories right from the start lest ...


August 5, 2014, 7:33 pm, 1312238

One of this blog's most recurrently popular posts is a 2012 ditty entitled the Idiot's Guide to the Federal Reserve Interdistrict Settlement Account. The Interdistrict Settlement Account, or ISA, is ...


August 5, 2014, 7:33 pm, 1312240
Michigan Central Railroad 3.5% Bearer Bond with attached coupons, 1902
David Glasner is frustrated that there is no satisfactory theory of the value of fiat ...


August 5, 2014, 7:33 pm, 1312237

This is a guest post by Mike Sproul. Mike's last guest post is here.

Scott Sumner and I have argued about the backing theory of money (aka the real bills doctrine) quite ...


August 5, 2014, 7:33 pm, 1312239
WWI Liberty bonds, which according to Neil Wallace circulated alongside Federal Reserve notes
What follows are some thoughts on the coexistence puzzle as well as the ...


August 5, 2014, 7:33 pm, 1312235

There's a fairly regular monetary phenomenon that needs a name. It's similar in nature to Gresham's law, yet the inverse version.

Gresham's law is commonly stated as the phenomena by which "bad money drives ...


August 5, 2014, 7:33 pm, 1312233


You may know by now that the final revision of U.S. first quarter GDP revealed a shocking 2.9% decline while its mirror image, gross domestic income (GDI), was off by 2.6%.

As Scott Sumner has ...


August 5, 2014, 7:33 pm, 1312234


August 5, 2014, 7:33 pm, 1312236

What causes a new currency to survive while others fail? Why do some cryptocoins never see the light of day while others enjoy successful launches? This post explores these questions by ...