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.


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.


The Economics Roundtable is sponsored by EconModel.

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

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October 9, 2015, 3:33 pm, 1555984

I got this idea from reading a Matt Rognlie comment on a previous post. (But Matt may or may not agree with what I say here).

A. Suppose the government sells bonds, and finances those bonds by imposing a 10% sales tax on (say) milk.

B. Suppose the government sells ...

October 9, 2015, 3:23 pm, 1555983
Ben Bernanke's memoir is now out and is unapologetically pro-Fed. It is titled "The Courage to Act" Here is the cover quote:

The main point of Bernanke's book ...

October 9, 2015, 3:03 pm, 1555924
After Monday’s federal holiday, it's a busy week for economic data.

October 9, 2015, 3:03 pm, 1555923

Some of you might find this interesting:

Resurrecting the Role of the Product Market Wedge in Recessions Mark Bils, Peter J. Klenow, and Benjamin A. Malin: Abstract Employment and hours appear far more cyclical than dictated by the behavior of productivity and consumption. This puzzle has been called “the labor ...

October 9, 2015, 3:03 pm, 1555922
From STR: US results for week ending 3 October

The U.S. hotel industry recorded positive results in the three key performance measurements during the week of 27 September through 3 October 2015, according to data from STR, Inc.

In year-over-year measurements, the industry’s occupancy increased 3.4% to ...

October 9, 2015, 2:34 pm, 1555921

By James Kwak

Hillary Clinton is competing for the nomination of a party whose progressive base thinks, with considerable justification, that her husband is to blame for letting Wall Street run amok—and that Barack Obama, under whom she served, did too little to rein in the bankers who torpedoed the global ...

October 9, 2015, 2:04 pm, 1555917

October 9, 2015, 2:04 pm, 1555916

Conservatives believe creative destruction is good for the economy. Now Republicans will learn if it can work for party politics.

October 9, 2015, 1:33 pm, 1555909

Well, there is just over a week to go until Canada’s federal election and I finally managed to put together another update of the leader Twitter follower numbers I first began looking at with my August 13th post and then August 29th and September ...

October 9, 2015, 1:33 pm, 1555908
Economists expected export prices to drop by 0.2%. Instead they fell 0.7%, outside the range of any Econoday Import/Export Estimate.

A bounce back for petroleum prices helped to limit import-price contraction in September, coming in at only minus 0.1 percent. But contraction in export prices, where agriculture and ...

October 9, 2015, 1:03 pm, 1555857

Some of the features of Bobby Jindal’s recently released tax plan – fewer tax brackets, ending the estate tax, and eliminating itemized deductions – should be familiar from other Republican candidates’ tax plans. But a few elements of Jindal’s plan stand out from the rest of the ...

October 9, 2015, 1:03 pm, 1555856

Taxes are a common theme on news shows in the U.S.; you may have even seen the Tax Foundation’s very own Kyle Pomerleau speaking about the presidential candidates’ tax plans. However, Americans rarely see a sitcom or drama where actors discuss taxes, and why would someone want to infuse ...

October 9, 2015, 1:03 pm, 1555855

Robert Shiller continues to phish for book sales:

Faith in an Unregulated Free Market? Don’t Fall for It: Perhaps the most widely admired of all the economic theories taught in our universities is the notion that an unregulated competitive economy is optimal for everyone. ...

The problem is that these ...

October 9, 2015, 1:03 pm, 1555854

Alan Krueger:

The Minimum Wage: How Much is Too Much?: The federal minimum wage has been stuck at $7.25 an hour since 2009. While Congress has refused to take action, Democratic politicians have been engaged in something of a bidding war to propose raising the minimum wage ever higher: ...

October 9, 2015, 12:04 pm, 1555847

The veteran forward [Jared Dudley] explained concessions are sometimes necessary and the Suns purposely awarded opponents easy buckets occasionally to speed games up, which he emphasized the Wizards are not considering.

Here is more from Jorge Castillo, who is writing about the desire of the Wizards to speed up ...

October 9, 2015, 12:04 pm, 1555846
This was in my email box this morning, and I thought I’d pass it along:

October 9, 2015, 12:04 pm, 1555845

The US Department of Education (DOE) recently announced the winners of $157 million in grants through the department’s Charter School Program (CSP). The program makes federal funds available “to replicate and expand successful schools; help charter schools find suitable facilities; reward high-quality charter schools that form exemplary collaborations ...

October 9, 2015, 12:04 pm, 1555844

The long-term solution to the problem of Syria is the building of a system of representative and just government. I want to put that out there because I don’t believe that any interim solution that finds some new dictator more to our taste (see: Sisi, Abdel Fattah) will be sustainable.

But ...

October 9, 2015, 12:04 pm, 1555843

October 9, 2015, 11:33 am, 1555842
In recent speeches in European parliament, press articles, or tweets can you tell whether the listed statements below were from the far left or the far right.

Here are the candidates.

Quiz statements below are as presented in Spanish newspaper ...

October 9, 2015, 11:03 am, 1555793
A giant screen displays a drawing titled “Regulating a monopolist” at a news conference last year to announce French economist Jean Tirole as winner of the 2014 Nobel Prize ...

October 9, 2015, 11:03 am, 1555792
At the end of each year, I postTen Economic Questions for the coming year. I followed up with a brief post on each question. The goal was to provide an overview of what I expected in 2015 (I don't have a crystal ball, but I think it ...

October 9, 2015, 10:44 am, 1555791

October 9, 2015, 10:44 am, 1555790

October 9, 2015, 10:34 am, 1555789

Richard Murphy says there is a "near inevitability" of a recession sometime soon. I'm not sure it's wise to make such a prediction.

I wholly agree with him - and with the IMF - that there are reasons to be worried. In fact, ...

October 9, 2015, 10:04 am, 1555787

October 9, 2015, 10:04 am, 1555785

For years, Norway has used revenues from its oil fields to pour monies into its sovereign wealth fund. Now valued at well over $800 billion, the sovereign fund is the globe’s largest.

Since the early 1970s, when oil was first pumped from Norway’s seas, oil and gas extraction has been a ...

October 9, 2015, 10:04 am, 1555786

Months ago, observers believed that Brazilian President Dilma Rousseff would manage to hold on to power, despite separate investigations against her administration, campaign and political party.  Even when the lower chamber of the Brazilian National Congress began an open debate last month on allegations against Rousseff, it was not clear ...

October 9, 2015, 8:44 am, 1555736
Congress is considering legislation to lift the ban on exporting American oil. Such sales of U.S. crude to overseas buyers have been largely prohibited since the energy crisis of the 1970s. Here’s what you need to know.

October 9, 2015, 8:44 am, 1555735

October 9, 2015, 8:34 am, 1555734
US economic risk has eased in recent days, according to a markets-based estimate of macro conditions. The Macro-Markets Risk Index (MMRI) closed at +3.9% yesterday (Oct. 8) after slipping into mildly negative territory for brief periods since late-August. MMRI’s recent readings in the red mark the first run of negative ...

October 9, 2015, 8:04 am, 1555732
(Don Boudreaux)

… is from page 150 of Daniel Boorstin’s 1958 volume, The Americans: The Colonial Experience:

When has a culture owed so little ...

October 9, 2015, 7:33 am, 1555728

Heat is terrific. We could use more as good.

October 9, 2015, 7:33 am, 1555727

Former Airplane and Hot Tuna member is 75 and seems to be doing well.

October 9, 2015, 7:33 am, 1555726
Dobrislav Dobrev and Ernst Schaumburg

Sixth in a six-part series
Market efficiency is often pointed to as a main benefit of automated and high-frequency trading (HFT) in ...

October 9, 2015, 7:23 am, 1555725
‘MTurk may be something of an unknown quantity but it is more diverse than the traditional study pool’

October 9, 2015, 6:34 am, 1555694
● Jobless claims near a 42-year low | Reuters ● Fed minutes: 2015 rate hike still on the table | USA Today ● US Consumer Comfort Index rises to 5-month high | Bloomberg ● Slower US retail sales growth expected this holiday season | Mkt Bus ● ECB Minutes: downside ...

October 9, 2015, 5:33 am, 1555692

Some of these I had heard, but not the one about lightning rods.

October 9, 2015, 5:03 am, 1555657

People have had a very hard time waking up in the morning for a very long time, which is why alarm clocks were among the first devices ever invented. In fact, there's a pretty good argument to be made that one of the ...

October 9, 2015, 5:03 am, 1555656

Beat the press:

It’s All Benghazi, by Paul Krugman, Commentary, NY Times: So Representative Kevin McCarthy, who was supposed to succeed John Boehner as speaker of the House, won’t be pursuing the job after all. He ... finished off his chances by admitting — boasting, actually — ...

October 9, 2015, 4:44 am, 1555655

There has been lots of discussion about economic growth in developing countries, improved health, and the link between health and growth. But does it matter whether it is men’s or women’s health that is improved? This column argues that it does – targeting health investments on women rather than on ...

October 9, 2015, 4:44 am, 1555654

Economists increasingly stress the importance of investment in intangibles such as human and knowledge capital as a way to stimulate economic growth. This column examines how intangibles contribute to economic growth in Japan and Korea. Though intangible investment has increased in both countries in recent decades, the amount of tangible ...

October 9, 2015, 4:04 am, 1555653
A review of my book Something Will Turn Up, for the Society of Business Economists By Andrew Sentance Something Will Turn Up is a very readable, semi-autobiographical account of the UK’s economic fortunes since the mid-1950s, as seen through...

October 9, 2015, 3:03 am, 1555621

October 9, 2015, 2:04 am, 1555619

Named Robocoach, the fitness-minded cyborg will be deployed to over 20 senior activity centres to help caregivers run exercise classes for residents.

The project is sponsored by Singapore’s Infocomm Development Authority as part of the government’s Smart ...

October 9, 2015, 2:04 am, 1555620

That is the new book from Lanny Ebenstein, I found it well-written and useful.  You can read about Henry Simons, the Cowles Commission, Hayek, Jacob Marschak, of course Milton Friedman, and much mmore.  Friedman, by the way, originally had intended to become an actuary.

Here is Friedman on Hayek ...

October 9, 2015, 1:03 am, 1555594
With the Fed focused on inflation, here is an excerpt from Merrill Lynch research piece today on September CPI to be released next week:

We expect headline CPI to decline for the second straight month, growing -0.3% in September after a -0.1% reading for August. Weak energy prices should ...

October 8, 2015, 11:33 pm, 1555589
Here's an interesting article that just came my way from the Washington Post. It's about success in love. Please consider The One Number that’s Eerily Good at Predicting Success in Love.

When people are looking for a significant other, they often try to find someone whose values, ...

October 8, 2015, 11:03 pm, 1555572

Federal Reserve Bank of Minneapolis president Narayana Kocherlakota:

...Why has the rate of labor market improvement slowed so much in 2015 relative to 2014? In thinking about this question, I find the timing of monetary policy changes to be highly suggestive.

In mid-2013, the FOMC announced its intention to taper its ...

October 8, 2015, 8:04 pm, 1555540

1. Chart of the Day I (above). Most important labor market indicators are expressed as percentage or rate, e.g. the monthly unemployment rate and the monthly labor force participation rate. However, when it comes to weekly initial jobless claims, those figures are always ...

October 8, 2015, 7:33 pm, 1555539

1. Chart of the Day I (above). Most important labor market indicators are expressed as percentage or rate, e.g. the monthly unemployment rate and the monthly labor force participation rate. However, when it comes to weekly initial jobless claims, those figures are always ...

October 8, 2015, 7:03 pm, 1555497

From Zeng and Wei in the Wall Street Journal today:

Central banks around the world are selling U.S. government bonds at the fastest pace on record, the most dramatic shift in the $12.8 trillion Treasury market since the financial crisis.

The article continues:

many investors say the reversal in central-bank Treasury ...

October 8, 2015, 6:44 pm, 1555496

October 8, 2015, 6:44 pm, 1555494

October 8, 2015, 6:44 pm, 1555495

October 8, 2015, 6:04 pm, 1555487

October 8, 2015, 5:33 pm, 1555485
"Not Totally Dead" Yet

In the Chicago suburbs of Burr Ridge, Naperville, and Hinsdale, sales of high-end real estate hit a huge slump this summer that still continues.

For example, Crain's Chicago reports the city of Burr Ridge, has 100 homes on the market for at least $1 ...

October 8, 2015, 5:03 pm, 1555424
Here is a review of three key demographic points:

1) Demographics have been favorable for apartments, and will become more favorable for homeownership.

2) Demographics are the key reason the Labor Participation Rate has declined.

3) Demographics are a key reason real GDP growth is closer to ...

October 8, 2015, 4:44 pm, 1555421

October 8, 2015, 4:44 pm, 1555423

October 8, 2015, 4:44 pm, 1555422

October 8, 2015, 4:04 pm, 1555417

Paul Ryan keeps ruling himself out as the next speaker of the House. He keeps doing it because he really doesn’t want the job, at least right now. He keeps having to do it because he’s the most logical choice for it.

House Republicans are deeply divided. Most of them ...

October 8, 2015, 4:04 pm, 1555418

October 8, 2015, 4:04 pm, 1555416

When does a murder merit a prime minister’s attention? India has been grappling with this question for more than a week after a mob in the northern state of Uttar Pradesh lynched a 52-year-old Muslim blacksmith, Mohammad Akhlaq, and badly injured his 22-year-old son. The attack was sparked by rumors ...

October 8, 2015, 3:33 pm, 1555411
Apple's latest 10-Q quarterly filing shows that it has nearly $203 billion in cash or cash-equivalents.

10-Q Page 31

Current Assets

Diving into a more colorful Nasdaq Summation I made the following clips (highlights in yellow are mine). ...

October 8, 2015, 3:03 pm, 1555350

Here at the University of Oregon, one of our specialties is developing models where agents in the macroeconomy don't have rational expectations, instead they learn about the economy over time. Of course, these models need to be taken to the data to see if people do actually ...

October 8, 2015, 3:03 pm, 1555349

In case you are feeling Moody:

Timothy Geithner and the Auditors, by Dean Baker: Eduardo Porter had a good piece in the NYT pointing out the importance of having independent evaluations of government programs. The point is that the agencies undertaking a program have a strong incentive ...

October 8, 2015, 3:03 pm, 1555348

Those were some of the topics covered at the West Coast Workshop on International Finance and Open Economy Macroeconomics, held last Friday on the beautiful UC-Santa Cruz campus, co-organized by Helen Popper (Santa Clara University), Michael Hutchison (UC Santa Cruz), and Carl Walsh (UC Santa Cruz).

October 8, 2015, 3:03 pm, 1555347
From the Fed: Minutes of the Federal Open Market Committee, September 16-17, 2015 . Excerpts:

In assessing whether economic conditions had improved sufficiently to initiate a firming in the stance of policy, many members said that the improvement in labor market conditions met or would soon meet ...

October 8, 2015, 2:44 pm, 1555346

October 8, 2015, 2:44 pm, 1555345

October 8, 2015, 2:04 pm, 1555338

Watch the latest video at

October 8, 2015, 2:04 pm, 1555337

October 8, 2015, 1:33 pm, 1555331
A few weeks ago, a poll asked people what were the first words that theythought of when they heard the names ofthe various presidential candidates. For Hillary Clinton, "liar" and "untrustworthy" ranked high. Many commentators saw this resultas a problem for her.

I bring this up nowbecause Clintonjustcame ...

October 8, 2015, 1:33 pm, 1555330

I reported recently on CD that high school boys outperformed girls on the 2015 SAT math test with an average score of 527 points (55th percentile) compared to the average score of 496 for high school girls (45th percentile), continuing an uninterrupted ...

October 8, 2015, 1:03 pm, 1555269
Crews construct a Ryland Group home near Dallas. KRIS HUDSON/THE WALL STREET JOURNAL

In a positive sign for the U.S. economy—albeit incrementally so—the financial health of construction companies ...

October 8, 2015, 1:03 pm, 1555268

Bryce Covert:

We All Get ‘Free Stuff’ From the Government: ...Jeb Bush got caught sounding like a Mitt Romney rerun recently: He told a mostly white audience that he could attract black voters because his campaign “isn’t one of ... we’ll take care of you with free ...

October 8, 2015, 1:03 pm, 1555267

From Marketplace, an interview with Ben Carson:

Ryssdal: All right, so let’s talk about debt then and the budget. As you know, Treasury Secretary Lew has come out in the last couple of days and said, “We’re gonna run out of money, we’re gonna run out of borrowing authority, ...

October 8, 2015, 12:44 pm, 1555266

October 8, 2015, 12:44 pm, 1555263

October 8, 2015, 12:44 pm, 1555265

October 8, 2015, 12:44 pm, 1555264

October 8, 2015, 12:44 pm, 1555262

I understand what it's like to live in a low-income family. I can only begin to try to understand the extraordinary struggles ...

October 8, 2015, 12:34 pm, 1555261

Amid ...

October 8, 2015, 12:04 pm, 1555258

October 8, 2015, 12:04 pm, 1555257

Economics professor emeritus Daniel Hamermesh will withdraw from his position next fall, citing concerns with campus carry legislation.

The law will allow the concealed carry of guns in campus buildings beginning Aug. 1, 2016. Hamermesh said he is not comfortable with the risk of having a student shoot at him in ...

October 8, 2015, 12:04 pm, 1555256
(October 8, 2015 10:26 AM, by Scott Sumner) Giles Wilkes directed me to an interesting Financial Times article on the strong dollar: In its April forecast for the global economy, IMF statistics suggested that global gross domestic product in nominal US dollar terms would hit $74.5tn this year,... (0 ...

October 8, 2015, 12:04 pm, 1555255

You win the presidency, Richard Nixon supposedly observed, by tacking right in the primaries and to the center in the general election. Hillary Clinton seems to be following that strategy except, as a Democrat, she is tacking to the left.

This strategy has risks, as Nixon, who lost the presidency once ...

October 8, 2015, 12:04 pm, 1555254

Last week I had the honor of testifying on higher education finance in front of the Joint Economic Committee on Capitol Hill. My written testimony is posted here, and my remarks as written can be found here.

One topic that came up again and again was the so-called Bennett Hypothesis, named ...

October 8, 2015, 12:04 pm, 1555251

I reported recently on CD that high school boys outperformed girls on the 2015 SAT math test with an average score of 527 points (55th percentile) compared to the average score of 496 for high school girls (45th percentile), continuing an uninterrupted ...

October 8, 2015, 12:04 pm, 1555252

Given groundbreaking research efforts in the race to develop affordable electric vehicles, assumptions about the need for additional power production in the years ahead may be widely off the mark. If additional power plants aren’t built soon, there might not be enough base-load electricity to usher in a fundamentally new ...

October 8, 2015, 12:04 pm, 1555253

I learned something fascinating the other day. In Norway, anyone can access other people’s basic tax information. Norwegians can use a website to learn about the income, wealth and taxes earned and paid by friends, relatives, coworkers, politicians and celebrities.

This would, of course, have been extremely unhelpful to Senate Minority ...

October 8, 2015, 11:33 am, 1555249
The Harvard Crimson has published a long piece about the current state of the Harvard Econ Department. Two challenges are pointed to: the departure of Raj Chetty to Stanford (along with the recent loss of Athey, Imbens and Roth --- all to Stanford) and the fact that Littauer ...

October 8, 2015, 11:03 am, 1555188

In a recent Pew poll, 72 percent of Americans said that they were bothered by how complex the federal tax system is. These taxpayers are justified in their complaints: as of 2015, federal tax laws and regulations have grown to over 10 million words in length.

This figure includes ...

October 8, 2015, 11:03 am, 1555187

Economists watch Congress the way that ancient Sumatrans watched the volcano at Krakatoa: They don’t really understand at all what’s going on ...

October 8, 2015, 11:03 am, 1555186
This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities.

The Greater Las Vegas Association of Realtors reported GLVAR Report on Local Housing Market Suggests Predictable Can Be Positive

Local home prices ...

October 8, 2015, 10:44 am, 1555185

October 8, 2015, 10:44 am, 1555184

October 8, 2015, 10:34 am, 1555183
US jobless claims continue to cast a positive glow on the outlook for the labor market. Today’s weekly update shows that new filings for unemployment benefits fell a solid 13,000 to a seasonally adjusted 263,000 for the week through Oct. 3. That leaves claims only modestly higher than the four-decade ...

October 8, 2015, 10:34 am, 1555182

"Economics research is usually not replicable" say (pdf) Andrew Chang and Phillip Li (via).

This problem is not confined to economics: it also seems to be the case in psychology (pdf) and medicine. Perhaps, ...

October 8, 2015, 10:04 am, 1555178

Here is an article in The Crimson, with many interesting bits, including about Raj Chetty.  In turns out space is also a problem, even back in the mid-1980s I thought Littauer was not impressive.  It has not improved:

Economics faculty also say that the kind laboratory work common in ...

October 8, 2015, 10:04 am, 1555176

POPE Francis’ recently concluded tours of Cuba and the United States have been hailed as triumphs. Hundreds of millions, from staunch Roman Catholics to skeptical outsiders, followed his every move and listened to his message.

Given Francis’ loving charisma and gentle demeanor, it is easy for many to view this pope ...

October 8, 2015, 10:04 am, 1555177

After passing with strong bipartisan support in the Assembly and the state Senate, AB 47, the Preschool for All Act of 2015, is on Gov. Jerry Brown’s desk awaiting his signature. The bill would ensure that by June 30, 2018, all of California’s economically disadvantaged 4-year-olds would have access to ...

October 8, 2015, 10:04 am, 1555175

A poll of Colombians released this week shows support growing for — but substantial reservations about — the preliminary peace plan between the government and the FARC narcoguerrilla group.

Since Colombian President Juan Manuel Santos joined FARC commander Rodrigo “Timochenko” Londoño Echeverri to announce a breakthrough after three years of ...

October 8, 2015, 10:04 am, 1555174

Vladimir Putin’s air forces are deliberately targeting U.S.-backed Syrian rebels. China is building islands in disputed waters in the South China Sea and militarizing them with airfields, ports and antiaircraft and radar sites. This is what escalation looks like. Either the Obama administration responds to the danger of aggressive powers ...

October 8, 2015, 9:03 am, 1555109
The DOL reported:

In the week ending October 3, the advance figure for seasonally adjusted initial claims was 263,000, a decrease of 13,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 277,000 to 276,000. The 4-week moving average was 267,500, a ...

October 8, 2015, 8:44 am, 1555108

October 8, 2015, 8:44 am, 1555105

October 8, 2015, 8:44 am, 1555107

October 8, 2015, 8:44 am, 1555106

October 8, 2015, 8:35 am, 1555104
Foreign equities have had a strong run over the past week (5 trading days), with most of the major regional markets besting US stocks, based on a set of ETFs in unhedged US-dollar terms. Is this a sign that the ex-US equity space is due to outperform? Maybe, although there’s ...

October 8, 2015, 8:34 am, 1555103

Hillary Clinton has joined the rest of the field for the Democratic nomination opposing the Trans Pacific Partnership, a trade deal she helped negotiated as Secretary of State and which she praised in her book Hard Choices.

PBS NewsHour:

Just ...

October 8, 2015, 8:04 am, 1555099
(Don Boudreaux)

… is from a December 1975 “Open Mind” interview with Milton Friedman; this quotation was the featured

October 8, 2015, 7:33 am, 1555096

". . . You are considering a career as a pilot who will fly 100,000 flights in a lifetime. What is the probability that you will be killed in a crash?"

Interesting discussion and perhaps a good example for an elementary stats class.

October 8, 2015, 7:33 am, 1555095

As the article clearly states this conclusion only holds in nominal terms. In real terms he makes about 45% less.

But it's still impressive.

October 8, 2015, 7:33 am, 1555094
Tobias Adrian, Michael Fleming, Or Shachar, and Erik Vogt

Fifth in a six-part series Market participants have recently voiced concerns that bond markets seem to become illiquid precisely when they want to sell bonds. Some possible reasons for a decline in corporate bond market liquidity ...

October 8, 2015, 7:23 am, 1555093

Photo Credit: Tony Webster || Bridges can collapse — so can leverage…

This is the last article in this series… for now.  The advantages of the modern era… ...

October 8, 2015, 6:34 am, 1555042
● US consumer borrowing in Aug rises at slowest pace in 6 mos. | Bloomberg ● Gallup’s US Job Creation Index unchanged at 7-year high in Sep | Gallup ● Strong demand for US 10yr Note auction | Reuters ● US mortgage applications soar on regulation worry | CNBC ● ...

October 8, 2015, 5:33 am, 1555038

Probably as much as you'll ever want to know about doing a good Boston accent.

October 8, 2015, 5:03 am, 1555005

On 21 September 2015, we wrote:

From a volatility standpoint, given the amount of vertical space between the likely trajectory of stock prices for investors focusing on either of these two ...

October 8, 2015, 4:44 am, 1555003

Europe’s refugee crisis has reopened debates about people’s choice of destination when migrating. A particular concern is the extent to which migrants select a host country based on employment prospects and the safety and openness of the society. This column presents evidence of an additional influence – the degree of ...

October 8, 2015, 4:44 am, 1555004

The EU has started conversations on a capital markets union, raising questions about integration of services such as finance. This column argues that regulated services are especially important for the European economy. Europeans will eventually be faced with a choice between maintaining sovereignty and building a single market. Whereas the ...

October 8, 2015, 3:33 am, 1555000
Bloomberg reports China's Foreign Reserves Post Record Quarterly Drop on Yuan.

China’s foreign-exchange reserves fell by a record in the third quarter as the central bank sold dollars to support the yuan after a surprise Aug. 11 devaluation sparked the currency’s steepest slide in two decades.