Economics Roundtable

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.


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 .


Click on the image to get a bigger version.


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


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- Recent Entries


September 21, 2014, 3:03 pm, 1338752

Chris Dillow:

Capitalism & the low-paid: Is capitalism compatible with decent living standards for the worst off*? This old Marxian question is outside the Overton window, but it's the one raised by Ed Miliband's promise to raise the minimum wage to £8 by 2020. ...

* Note for rightists: ...


September 21, 2014, 3:03 pm, 1338751

Robert Stavins:

Climate Realities: ...It is true that, in theory, we can avoid the worst consequences of climate change with an intensive global effort over the next several decades. But given real-world economic and, in particular, political realities, that seems unlikely..., let’s look at the sobering reality.

The world is ...


September 21, 2014, 2:05 pm, 1338747

Susan Dynarski writes:

Public colleges are collecting about the same revenue per student today as they were 25 years ago. In 1988, educational revenue per full-time-equivalent student at public colleges was $11,300; in 2013, it was $11,500. (These amounts are adjusted for inflation and are expressed in 2013 dollars.)

Then why ...


September 21, 2014, 2:04 pm, 1338746
(September 21, 2014 12:35 PM, by Scott Sumner) Bill Woolsey directed me to a post by Kevin Grier (commenting on Lars Christensen): OK, so the first graph is the path of Nominal income (PY) relative to trend. The second is the path of real income (Y) and the... (0 COMMENTS)


September 21, 2014, 2:04 pm, 1338745
August brings us the annual Irish immigration data, so it’s time to look at what has happened in their statistical reporting “year” that ended in April 2014. While better than last year, it’s still not pretty. According to the Central Statistics Office, net emigration continued in 2013-14, with net emigration ...


September 21, 2014, 1:33 pm, 1338743
John Cochrane supports the case (forcefully made by Anat Admati) for higher capital requirements, citing excellent pieces by Pat Regnier at Time and Peter Coyat Business Week who explain exactly what this does and does not, mean. I agree: we need banks ...


September 21, 2014, 1:03 pm, 1338728
From HotelNewsNow.com: STR: US results for week ending 13 September

The U.S. hotel industry recorded positive results in the three key performance measurements during the week of 7-13 September 2014, according to data from STR.

In year-over-year measurements, the industry’s occupancy rate rose 4.5 percent to 68.0 ...


September 21, 2014, 11:33 am, 1338693
In a foolish as well as never-ending attempt to prevent price deflation and revive growth, the ECB Urges Berlin to Cut Taxes and Spend.

Berlin has hit back at calls from a top European Central Bank official urging Germany to spend more to help the eurozone escape ...


September 21, 2014, 11:33 am, 1338692
This is not a post about a good Neil Young song. Instead, I want to sketch Gary Becker's contribution to structural micro economics and focus on the implications of John Rust's important paper published in the September 2014 JEL. For economics to be a science, I think ...


September 21, 2014, 11:33 am, 1338691
In my last post, I discussed the Lucas Critique and the challenge of predicting the future based on past economic activity. Here I want to apply these ideas to the economics of climate change impacts. I have grabbed the figure below from this blog post by Brad Plumer. ...


September 21, 2014, 11:03 am, 1338668

For academic researchers who are readers of this blog (and I know you’re lurking out there), I wanted to call attention to my new paper on Macroeconomic Regimes and Regime Shifts:

Many economic time series exhibit dramatic breaks associated with events such as economic recessions, financial panics, and currency crises. ...


September 21, 2014, 9:33 am, 1338665

September 21, 2014, 8:35 am, 1338644

Is capitalism compatible with decent living standards for the worst off*? This old Marxian question is outside the Overton window, but it's the one raised by Ed Miliband's promise to raise the minimum wage to £8 by 2020.

First, the maths. This implies a rise ...


September 21, 2014, 8:05 am, 1338643

This is the new and fantastic book by Arthur M. Melzer and the subtitle is The Lost History of Esoteric Writing.  It is the best book I know on esoteric writing and its history and furthermore it is clear and to the point!  (I think)

Melzer starts his chapter ...


September 21, 2014, 8:04 am, 1338642
(Don Boudreaux)

Steve Moore finds that Obama’s policies hurt most the people they are supposedly intended to help the most.  (This finding is unsurprising given that, for example, Pres. Obama frequently calls for a policy – raising the minimum wage – that artificially raises employers’ costs of hiring low-skilled ...


September 21, 2014, 8:04 am, 1338641
(Don Boudreaux)

… is from pages 387-388 of the 2014 collection, The Market and Other Orders (Bruce Caldwell, ed.), of some of F.A. Hayek’s essays on spontaneous-ordering forces; specifically, it’s from Hayek’s previously unpublished 1961 lecture at the University of Virginia “The Object of Economic Theory” (which is the first ...


September 21, 2014, 7:33 am, 1338639

Master the rhythm of the buzzer.


September 21, 2014, 5:33 am, 1338603

Everybody should--ugh--eat their vegetables. Maybe these recipes will help.


September 21, 2014, 5:03 am, 1338578

September 21, 2014, 4:05 am, 1338575

Edward Hugh has a good post on this topic, here is one excerpt:

…there is simply no way incomes can rise across the entire economy because the baby boomers are now retiring to be replaced by fewer young workers with post labour reform entry-level wages. Japan’s overall consumer spending ...


September 21, 2014, 1:23 am, 1338566

I’m going to be away for a few days.  Maybe I will have time to post; most likely I won’t.  Before I go, I want to thank my readers who have endorsed me at LinkedIn.  You are most generous in your assessments of my abilities.

But as for now, until there ...


September 21, 2014, 1:23 am, 1338565

Photo Credit: Ana Flávia Cador

From my readers:

What are your thoughts on Pimco’s new strategy for its flagship fund?

This concerns me because its one of the few “safe” funds in my company’s 401k plan.

I haven’t heard anyone ...


September 21, 2014, 1:03 am, 1338552

Joanne Lindley and Steven McIntosh:

Finance sector wages: explaining their high level and growth, by Joanne Lindley and Steven, Vox EU: Individuals who work in the finance sector enjoy a significant wage advantage. This column considers three explanations: rent sharing, skill intensity, and task-biased technological change. The UK evidence ...


September 21, 2014, 12:05 am, 1338550

Jo Ann Cavallo sends along this call for papers.  She’s co-editing a new volume with Carlo Lottieri:

 Annali d’Italianistica 2016

Speaking Truth to Power from Medieval to Modern Italy

Guest-Editors:

Jo Ann Cavallo ...


September 20, 2014, 10:04 pm, 1338544
(Don Boudreaux)

Wilfred Owen – killed just one week before the armistice, in November 1918, that ended the first official round of the gruesome world war of the first half of the 20th century – is likely and justly most famous for the moving poem “Dulce Et Decorum ...


September 20, 2014, 8:44 pm, 1338537

Individuals who work in the finance sector enjoy a significant wage advantage. This column considers three explanations: rent sharing, skill intensity, and task-biased technological change. The UK evidence suggests that rent sharing is the key. The rising premium could then be due to changes in regulation and the increasing complexity ...


September 20, 2014, 8:44 pm, 1338536

Many high-paying jobs in the US cannot be filled, raising concerns about an existing skills gap. However, this column does not find evidence in support of serious skills gap or shortages in the US labour force. Similarly to other developed economies, the prevailing situation in the US is due to ...


September 20, 2014, 8:04 pm, 1338535
My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. After all the excitement - and for me the right result - time to return to some normal but rather interesting fare. While we have been...


September 20, 2014, 7:33 pm, 1338533
Every quarter, students fill out teaching evaluations. The Chronicle just ran a piece about how to evaluate these evaluations. I know that my evaluations are good but I rarely take a close look at what the students write. I know when I've done a very good job versus when ...


September 20, 2014, 6:44 pm, 1338524
A


September 20, 2014, 6:05 pm, 1338523

September 20, 2014, 4:04 pm, 1338509
Update appended below. (Second indented quote format also corrected.) —- In the Comments thread to Dan Crawford’s post below titled “Kalamazoo County Michigan…People and Offices to Write to Protest the Stealing of a Home,” I wrote: Dan, you don’t understand. This is freedom, see. I mean, it’s not like it’s ...


September 20, 2014, 3:33 pm, 1338507
I ran across this interesting speech by Fed Chair Janet Yellen, "The importance of asset building for low and middle income households."

The median net worth reported by the bottom fifth of households by income was only $6,400 in 2013. Among this group, representing about 25 million ...


September 20, 2014, 3:03 pm, 1338494
The key reports this week are August New home sales on Wednesday, Existing home sales on Monday, and the third estimate of Q2 GDP on Friday.

For manufacturing, the September Richmond and Kansas City Fed surveys will be released this week.

----- Monday, September 22nd -----
8:30 AM ...


September 20, 2014, 2:44 pm, 1338493
Here are state unemployment rate trends for closely-contested state governor and U.S. Senate races.


September 20, 2014, 2:05 pm, 1338490

Jeff Deist and David Farrer deconstruct Thursday’s referendum vote from a libertarian perspective.

Audio file, 13 minutes.

David is a Chartered Secretary and has a BA (Hons) in Modern History and Economics. After living in London for many years where he worked as ...


September 20, 2014, 2:05 pm, 1338489

Mises Daily weekend by Ryan McMaken

In spite of its failure in the short term, the Scottish campaign exposed elite dread of decentralization while establishing a precedent that regions can decide for themselves to ...


September 20, 2014, 2:04 pm, 1338488
(Don Boudreaux)

David Henderson, writing over at Antiwar.com, does a beautiful job countering Richard Epstein’s case for an interventionist U.S. foreign policy.

At first, I planned to include David’s essay in my next “Some Links” post, but because of the special importance of the topic (exposing the hubris, dangers, and ...


September 20, 2014, 1:33 pm, 1338487
As a direct result of sanctions on Russia, there is an overabundance of fruits and vegetables in France, Spain, Poland, and elsewhere in Europe. Basic law of supply and demand dictates prices of crops would fall. And they did.

While most foolishly want to stick it to Russia, few ...


September 20, 2014, 1:03 pm, 1338466
The Ebola crisis has pushed some food prices in Monrovia’s West Point slum, where people wait earlier this month for a World Food Program distribution, above other areas in Liberian ...


September 20, 2014, 1:03 pm, 1338465

In a sign that the scars from the financial crisis maybe healing, travelers in the U.S. are spending more on flights while slowing outlays on typically less-expensive forms of transportation such as cars, trains and buses.

Inflation-adjusted spending on travel and tourism in the U.S. rose at a 2.1% seasonally ...


September 20, 2014, 1:03 pm, 1338467

The median American worker has been on the job for 4.6 years, according to new data from the Department of Labor, little changed over the past two years. But while the trends in job tenure change very slowly, the release provides an interesting snapshot of how people at different ...


September 20, 2014, 1:03 pm, 1338464

Looking at Italy’s ballooning debt, Germany’s reluctance to allow the European Central Bank free rein on the cash lever makes some sense.

The International Monetary Fund on Thursday cut its outlook for the Belpaese again, forecasting a 0.1% contraction instead of 0.3% growth this year.  That means a third consecutive ...


September 20, 2014, 1:03 pm, 1338463

The House has approved a bill that would open the Federal Reserve’s activities, including its deliberations on interest rate policy, to increased congressional scrutiny.

The legislation would direct the Government Accountability Office to conduct a “full audit” of the Fed’s operations and report back to Congress. Currently, the GAO reviews the ...


September 20, 2014, 1:03 pm, 1338470

Housing construction dipped in August, driven by a 32% drop from July in the notoriously volatile multifamily sector.

But beyond the month-to-month noise, the trends haven’t changed. Apartment construction over the past year ...


September 20, 2014, 1:03 pm, 1338469

The Labor Department’s number crunchers pretty much nailed it.

A preliminary annual revision to payroll data, released Thursday, shows an earlier count of how many people were employed in the U.S. in March ...


September 20, 2014, 1:03 pm, 1338468

Average weekly wages went up in most large counties during the first quarter of 2014, reflecting a broader national increase, the Labor Department reported today.

Among the 339 largest counties, 323 experienced wage increases from the first quarter of 2013 to the same period this year, according to the the


September 20, 2014, 1:03 pm, 1338456

The best way to expand technology use in developing countries is to boost local research and development spending, right? Nope. It’s to hand out more visas.

That’s according to a new paper by University of Colorado economics professor Keith Maskus, who argues that allowing freer movement of skilled workers across ...


September 20, 2014, 1:03 pm, 1338462

Households in the U.S. borrowed more on credit cards, cars and their educations in the second quarter and their collective net worth climbed to a new record, according to a new Federal Reserve report. But the Fed report from which these numbers are drawn, known as the Flow of Funds, does ...


September 20, 2014, 1:03 pm, 1338455

Higher levels of student debt will reduce U.S. home sales by around 8% this year, according to a report released Friday by John Burns Real Estate Consulting, an advisory firm.

The ...


September 20, 2014, 1:03 pm, 1338458

The Federal Reserve should sell its holdings of mortgage bonds as it tightens monetary policy, Richmond Fed President Jeffrey Lacker said Friday, so that it might move away from what he sees as the inappropriate allocation of credit to a specific sector in the economy.

Mr. Lacker, considered an inflation hawk, ...


September 20, 2014, 1:03 pm, 1338457

Federal Reserve Bank of Dallas President Richard Fisher said Friday he’d like to the see the U.S. central bank begin to raise rates early next year, in an interview on Fox Business Network.

When it comes to making the first move to lift interest rates off of their current near ...


September 20, 2014, 1:03 pm, 1338459

The Wall Street Journal’s Daily Report on Global Central Banks for Friday, September 19, 2014:

Sign up for the newsletter.

Highlights

Da Costa’s Take: Market Frets Over Hawkish Dots Despite Dismissive Yellen Yellen Highlights Deepening U.S. ...


September 20, 2014, 1:03 pm, 1338461

The propaganda war over Ukraine has a new addition: a fake letter by International Monetary Fund managing director Christine Lagarde to Prime Minister Arseniy Yatsenyuk spurning the leader’s alleged request for more cash.

It has been posted by pro-Russian separatist sites such as E-News and NovoRussia.

But the letter ...


September 20, 2014, 1:03 pm, 1338460
Getty Images

New Zealanders go to the polls Saturday. Here are five things to know about the election and its impact on the economy.

#1: A TIGHT RACE

The ruling National Party is ahead in the polls but ...


September 20, 2014, 1:03 pm, 1338454

The unemployment rate has fallen sharply across the U.S. over the year, but some states performed far better than others.

Among the 50 states, joblessness fell fastest in Illinois, which saw its unemployment rate drop to 6.7% in August from 9.2% a year earlier.

As of August, North Dakota had the


September 20, 2014, 1:03 pm, 1338453

Newark, N.J., leads the pack of U.S. cities with the highest share of residents who don’t use banks, a new report shows.

There have long been concerns—both in the government and in the banking industry—about the number of households that lack access to the U.S. banking system, with many efforts to ...


September 20, 2014, 1:03 pm, 1338451

Banking regulators have spent much of their post-crisis time focusing on Wall Street balance sheets. Now they’re taking aim at banks’ culture as well.

The Federal Reserve Bank of New York will hold a conference on October 20 on bank ethics and culture, according to people familiar with the event. A ...


September 20, 2014, 1:03 pm, 1338452
Economic reports scheduled for next week will offer new looks at the spring growth spurt, August home sales and durable goods activity. In addition, a slew of Federal Reserve officials are set to speak about the economy and monetary policy. Here are five points of interest on tap next week:


September 20, 2014, 12:44 pm, 1338450
A


September 20, 2014, 12:34 pm, 1338449

Jeff Deist and David Farrer deconstruct Thursday’s referendum vote from a libertarian perspective.


September 20, 2014, 12:05 pm, 1338448

There’s been another accident and data leak from Home Depot, and some people are claiming the company was negligent, so I was thinking what kind of market failure might be present.

One problem is this.  They store your credit card number whether you buy one thing at the store ...


September 20, 2014, 12:04 pm, 1338447
(September 20, 2014 11:19 AM, by Scott Sumner) You often read very thoughtful progressives explain why the government sector in the US is too small. You'd think 40% of GDP would be enough, but they insist we have "unmet needs" for a single-payer health care system (18% of... (1 COMMENTS)


September 20, 2014, 12:04 pm, 1338446
(Don Boudreaux)

Look at the graph below (which I get from this Heritage Foundation page).  (To enlarge this graph, just click on it.)  You tell me if the revving-up of Uncle Sam’s welfare-state activities in the mid-1960s can be considered, by any scientific criterion, to have been clearly successful ...


September 20, 2014, 12:04 pm, 1338445
Stephanie Kelton offers the story of government on a macro level that is understandable: The full version of the debate including the Q&A session at the end is available on our YouTube channel.


September 20, 2014, 12:04 pm, 1338444
When someone says, “if we raise the minimum wage, there will be more unemployment.” That may be true, but their fear of unemployment is not wise. It is better to say, “if we raise the minimum wage, will net social benefits be increased?” When someone says, “if the Fed ...


September 20, 2014, 11:33 am, 1338442

In normal times, like today, or 2004, my subjective probability distribution for the average annual inflation rate over the next 5 years looks something like this:

The Bank of Canada tries to keep inflation ...


September 20, 2014, 10:05 am, 1338421

Just hours after Scotland voted “no” to independence from the United Kingdom, Catalonia’s regional parliament announced on Friday that it had passed a law, which Catalan leaders say authorizes them to hold a non-binding “consultation” on independence from Spain in November.

The law was passed with a vote of 106 to ...


September 20, 2014, 10:04 am, 1338420
(September 20, 2014 10:41 AM, by David Henderson) My Hoover colleague Richard Epstein has recently been arguing for the U.S. government to make war in the Middle East and has singled out libertarians for particular criticism. In a relatively fact-free piece, Richard argued that libertarians are "clueless on... (0 COMMENTS)


September 20, 2014, 9:33 am, 1338417

1. Second City: Help Obama Kickstart World War III, from the “Friends for Whatever Barack Obama Wants.”

2. Bill Maher responds to Charlie Rose’s comparison of Islam to Christianity.
“I think liberals should stop bullying me for pointing out that Islam is not like other religions. ...


September 20, 2014, 9:03 am, 1338394
This is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Sept 19, 2014.

Changes and comments from surferdude808:

Only one addition and deletion to report this week to the Unofficial Problem Bank List. ...


September 20, 2014, 8:35 am, 1338393

Simon Wren Lewis reminds me of Moe Szyslak.

No, I'm not trying for an improbable libel action. I'm referring to his call for a fiscal council. He says:

Politicians will believe anything that suits them. But what the independence referendum showed us is that voters ...


September 20, 2014, 8:04 am, 1338390
(Don Boudreaux)

… is from page 104 of Roger Koppl’s remarkable 2014 monograph, From Crisis to Confidence: Macroeconomics after the Crash (links added):

Big Players [such as the Fed] and regime uncertainty create and increase the very sort of uncertainty that Keynes described.  If we may call such ...


September 20, 2014, 7:33 am, 1338388

If he wins everything, sure. If he doesn't . . .


September 20, 2014, 7:33 am, 1338387

"Below, you'll find the definitive list of "hip"—or formerly hip and now just rich—neighborhoods in major metropolitan areas in the U.S., Canada, and around the globe."


September 20, 2014, 6:35 am, 1338374
● American Power after the Financial Crisis By Jonathan Kirshner Summary via publisher (Cornell University Press) The global financial crisis of 2007–2008 was both an economic catastrophe and a watershed event in world politics. In American Power after the Financial … Continue reading →


September 20, 2014, 5:03 am, 1338364

September 20, 2014, 2:05 am, 1338355

The excellent Kevin Lewis points us to a new paper in Science by Patrick Gerland, et.al.:

The United Nations recently released population projections based on data until 2012 and a Bayesian probabilistic methodology. Analysis of these data reveals that, contrary to previous literature, world population is unlikely to stop ...


September 20, 2014, 1:03 am, 1338346

Looking at Italy’s ballooning debt, Germany’s reluctance to allow the European Central Bank free rein on the cash lever makes some sense.

The International Monetary Fund on Thursday cut its outlook for the Belpaese again, forecasting a 0.1% contraction instead of 0.3% growth this year.  That means a third consecutive ...


September 20, 2014, 1:03 am, 1338344

Households in the U.S. borrowed more on credit cards, cars and their educations in the second quarter and their collective net worth climbed to a new record, according to a new Federal Reserve report. But the Fed report from which these numbers are drawn, known as the Flow of Funds, does ...


September 20, 2014, 1:03 am, 1338347

In a sign that the scars from the financial crisis maybe healing, travelers in the U.S. are spending more on flights while slowing outlays on typically less-expensive forms of transportation such as cars, trains and buses.

Inflation-adjusted spending on travel and tourism in the U.S. rose at a 2.1% seasonally ...


September 20, 2014, 1:03 am, 1338345

The House has approved a bill that would open the Federal Reserve’s activities, including its deliberations on interest rate policy, to increased congressional scrutiny.

The legislation would direct the Government Accountability Office to conduct a “full audit” of the Fed’s operations and report back to Congress. Currently, the GAO reviews the ...


September 20, 2014, 1:03 am, 1338350

Average weekly wages went up in most large counties during the first quarter of 2014, reflecting a broader national increase, the Labor Department reported today.

Among the 339 largest counties, 323 experienced wage increases from the first quarter of 2013 to the same period this year, according to the the


September 20, 2014, 1:03 am, 1338352

Housing construction dipped in August, driven by a 32% drop from July in the notoriously volatile multifamily sector.

But beyond the month-to-month noise, the trends haven’t changed. Apartment construction over the past year ...


September 20, 2014, 1:03 am, 1338351

The Labor Department’s number crunchers pretty much nailed it.

A preliminary annual revision to payroll data, released Thursday, shows an earlier count of how many people were employed in the U.S. in March ...


September 20, 2014, 1:03 am, 1338349

The median American worker has been on the job for 4.6 years, according to new data from the Department of Labor, little changed over the past two years. But while the trends in job tenure change very slowly, the release provides an interesting snapshot of how people at different ...


September 20, 2014, 1:03 am, 1338348
The Ebola crisis has pushed some food prices in Monrovia’s West Point slum, where people wait earlier this month for a World Food Program distribution, above other areas in Liberian ...


September 20, 2014, 1:03 am, 1338343

The propaganda war over Ukraine has a new addition: a fake letter by International Monetary Fund managing director Christine Lagarde to Prime Minister Arseniy Yatsenyuk spurning the leader’s alleged request for more cash.

It has been posted by pro-Russian separatist sites such as E-News and NovoRussia.

But the letter ...


September 20, 2014, 1:03 am, 1338336

The unemployment rate has fallen sharply across the U.S. over the year, but some states performed far better than others.

Among the 50 states, joblessness fell fastest in Illinois, which saw its unemployment rate drop to 6.7% in August from 9.2% a year earlier.

As of August, North Dakota had the


September 20, 2014, 1:03 am, 1338342
Getty Images

New Zealanders go to the polls Saturday. Here are five things to know about the election and its impact on the economy.

#1: A TIGHT RACE

The ruling National Party is ahead in the polls but ...


September 20, 2014, 1:03 am, 1338334
Economic reports scheduled for next week will offer new looks at the spring growth spurt, August home sales and durable goods activity. In addition, a slew of Federal Reserve officials are set to speak about the economy and monetary policy. Here are five points of interest on tap next week:


September 20, 2014, 1:03 am, 1338333

Banking regulators have spent much of their post-crisis time focusing on Wall Street balance sheets. Now they’re taking aim at banks’ culture as well.

The Federal Reserve Bank of New York will hold a conference on October 20 on bank ethics and culture, according to people familiar with the event. A ...


September 20, 2014, 1:03 am, 1338337

Higher levels of student debt will reduce U.S. home sales by around 8% this year, according to a report released Friday by John Burns Real Estate Consulting, an advisory firm.

The ...


September 20, 2014, 1:03 am, 1338335

Newark, N.J., leads the pack of U.S. cities with the highest share of residents who don’t use banks, a new report shows.

There have long been concerns—both in the government and in the banking industry—about the number of households that lack access to the U.S. banking system, with many efforts to ...


September 20, 2014, 1:03 am, 1338341

The Wall Street Journal’s Daily Report on Global Central Banks for Friday, September 19, 2014:

Sign up for the newsletter.

Highlights

Da Costa’s Take: Market Frets Over Hawkish Dots Despite Dismissive Yellen Yellen Highlights Deepening U.S. ...


September 20, 2014, 1:03 am, 1338340

The Federal Reserve should sell its holdings of mortgage bonds as it tightens monetary policy, Richmond Fed President Jeffrey Lacker said Friday, so that it might move away from what he sees as the inappropriate allocation of credit to a specific sector in the economy.

Mr. Lacker, considered an inflation hawk, ...


September 20, 2014, 1:03 am, 1338339

Federal Reserve Bank of Dallas President Richard Fisher said Friday he’d like to the see the U.S. central bank begin to raise rates early next year, in an interview on Fox Business Network.

When it comes to making the first move to lift interest rates off of their current near ...


September 20, 2014, 1:03 am, 1338338

The best way to expand technology use in developing countries is to boost local research and development spending, right? Nope. It’s to hand out more visas.

That’s according to a new paper by University of Colorado economics professor Keith Maskus, who argues that allowing freer movement of skilled workers across ...


September 20, 2014, 12:34 am, 1338332

In spite of its failure in the short term, the Scottish campaign exposed elite dread of decentralization while establishing a precedent that regions can decide for themselves to secede even without a nation-wide vote. The campaign also illustrates anew ongoing trends in the ...