Economics Roundtable
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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Marginal Revolution
"Small steps toward a much better world”
There are three lanes, with the left two lanes narrowing into one. A slight bit further ahead, the traffic from Gallows Road merges into the right lane, map here.
Many people from the far left lane merge “unethically,” driving ahead as far as they can, and then asking to be ...
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One related story is here.
Addendum: Qatar, by the way, last year paid about $250 million for a Cezanne “Card Players.” The details ...
Rogoff’s real hero, however, was Bobby Fischer, the American chess champion of the 1970s. He remembers following the games from the famous Fischer-Spassky world chess championship in 1972, and being awed by Fischer’s play – “It was like seeing the hand of God at work; the originality, the simplicity.” He ...
In China a fapioa – the official receipt used for expense claims has a resale face value of 2 – 10% of face value – leaving one behind in a restaurant or taxi is the equivalent of giving a tip (in a culture where tipping is uncommon) and not requesting ...
1. Markets in everything bride price decomposition the culture that is Nigeria.
2. David Cronenberg interview.
3. How exactly do we know, from the photo, that she is on the political left rather than right? Seriously. Here is her blog and profile. Here is her Twitter feed. ...
The RGDP growth rate has been 1.6% in the 4 quarters since late 2010, which is below everyone’s estimate of trend growth (except perhaps Tyler Cowen…
There is much more at the link, from Scott Sumner. Of course Michael Mandel, Peter Thiel, Garry Kasparov, and some others would quality as ...
In 1789, the political price for our federal constitution included a bailout of the 13 indebted states. But it was by refusing to bail out the states a second time in the 1840s that the United States preserved its federal system, with substantial fiscal independence for state governments. Facing a ...
All good news, 243k up but lots more information in the numbers, try @JustinWolfers or @BetseyStevenson for details and interpretation. The “big loser” here?: Old Keynesianism. You really can get a recovery when the real shocks are moderately positive. You will note, as we have been told many ...
Loyal MR reader V has a request:
1. Engage with the arguments by Sailer and his ilk that Mexican immigration is different than the waves of the 1920′s, 1880′s, etc.
Specifically, they cite the example of New Mexico, current Latin America, evolving California, etc. where class-based hierarchies that closely mirror IQ differences ...