Blog Profile / Econbrowser
| URL : | http://www.econbrowser.com/ | |
|---|---|---|
| Filed Under: | Business & Finance / Economics | |
| Posts on Regator: | 1505 | |
| Posts / Week: | 5.5 | |
| Archived Since: | March 2, 2008 | |
Blog Post Archive
George Akerlof on the Response to the Financial Crisis and Great Recession
In a blogpost taking stock of the IMF conference on lessons from the crisis, the Nobel laureate distills the lessons learned. He makes the following observations: Not only are financial recessions deeper and slower in recovery than in normal recessions. Show More Summary
Crowding Out Watch, Heritage Edition
The Heritage Foundation's Salim Furth writes: If interest rates are responsive to news, most macroeconomic models agree that government “stimulus” spending crowds out private investment. In usual times, with responsive interest rates,...Show More Summary
How Fannie Mae made its profit
Mortgage buyer and insurer Fannie Mae was in the news again this week. First, let me review a little of the history of how we got here. Fannie Mae (otherwise known as the Federal National Mortgage Association) was created by an act of...Show More Summary
The Multiplier in Action
The impact of contractionary fiscal policies, from NY Times, based on Moody's Analytics estimates. Figure accompanying J. Calmes, J. Weisman, "Economists See Deficit Emphasis as Impeding Recovery ," NY Times May 8, 2013. For the estimated...Show More Summary
Guest Contribution: "Addressing China’s macroeconomic imbalances through sectorial reforms"
Today we are fortunate to have a guest contribution written Hiro Ito (Portland State U.) and Ulrich Volz (U. London SOAS and DIE). This article is based Ito and Volz ( RIE, 2013). It has been long argued that correcting microeconomic...Show More Summary
The soaring stock market
Broad market indicators like the S&P500 have been making all-time nominal highs. What's the significance of that for investors and the economy?
S&P500. Source: Google Finance.
Rather than just look at nominal stock prices, it makes more sense to compare the price relative to earnings. Show More Summary
Semester’s Coda
Crowding Out Watch, Continued The end of the semester has arrived, and as I prepared my last lecture, I checked to see how the government deficits had impacted yields. Real yields were pretty much as they were when the semester began...Show More Summary
Heritage Assesses the Ever-Expanding Ever-Centralizing Federal Government Sector
In a graphically interesting discussion of the April employment situation release, James Sherk and Salim Furth write: State and local governments avoided the massive job losses of 2008 and 2009 that affected the private sector—these governments even grew slightly during the recession. Show More Summary
R&D and benchmark revisions of GDP for Robinson Crusoe
Beginning with the third quarter of this year, the BEA plans to report the U.S. GDP and national income accounts on a new basis. One of the purposes of the change is to better reflect the importance of intellectual capital and technological innovation in the modern economy. Show More Summary
Trend and Nonlinear Cyclical Employment Dynamics
How much of the US employment shortfall is due to trend factors? One of the central puzzles following the financial crisis and the ensuing Great Recession has been the sluggish growth in employment during the recovery which began inShow More Summary
Unconventional Monetary Policy Effects on the Exchange Rate at the ZLB
The descent of interest rates to near zero in the advanced economies has prompted something of a rethink of how monetary policy can affect exchange rates. Empirics I think that there is now accumulating evidence that quantitative easing/credit easing moves by central banks can have an impact on exchange rates, even if short term rates do not move. Show More Summary
A Message from the 2013Q1 Advance Release
And a slightly older message from the CBO. I’m late to the game [1], but it bears repeating: according to the BEA, government spending (either on goods and services, or more broadly including transfers) is declining as a share of GDP. Figure...Show More Summary
The contributions of Reinhart and Rogoff
With all the heated discussions of the last two weeks, it is important to keep perspective on which issues are in dispute and which are not. Let me state plainly something on which I think we ought to be agreed: Carmen Reinhart and Ken...Show More Summary
Another mediocre GDP report: is this the new normal?
The BEA released today its estimate of 2013 first-quarter real GDP, which grew at a 2.5% annual rate from the previous quarter. That's below the average 3.1% growth rate since World War II, but better than the 2.1% average since the recovery began in 2009:Q3. Quarterly growth of real GDP at an annual rate, 1947:Q2-2013:Q1. Show More Summary
Wisconsin: Economic Development
From Jason Stein, “State jobs agency adds 3rd finance chief in 2 years, then loses him in a day,” Milwaukee Sentinel Journal (April 24): This week the state's flagship jobs agency brought on its third chief financial officer in lessShow More Summary
Measuring Financial Openness
Chinn-Ito Index Updated to 2011 Our index, based upon the IMF’s tabulation of external account restrictions, has been updated to 2011. We find (1) retrenchment in emerging markets, (2) and regionally, little change on average in East Asia/Pacific and South Asia/Middle East and Africa. Figure 1: Mean KAOPEN by group. Show More Summary
Reinhart-Rogoff and Herndon-Ash-Pollin: a few further comments
I made some comments on Sunday about a recent critique by Thomas Herndon, Michael Ash, and Robert Pollin of an influential 2010 paper by Carmen Reinhart and Kenneth Rogoff. Yesterday Econbrowser hosted a reply from Pollin and Ash to my remarks. Show More Summary
Reply to Prof. Hamilton regarding "Reinhart-Rogoff Data Problems"
Today Econbrowser hosts this guest contribution from Robert Pollin and Michael Ash of the Department of Economics and Political Economy Research Institute (PERI) at the University of Massachusetts-Amherst. Reply to Prof. Hamilton regarding...Show More Summary
Guest Contribution: "Fairness and Sustainability for Cyprus"
Today, we have a guest contribution from Marios Zachariadis, Associate Professor of Economics at University of Cyprus. The Cypriot economy is being shocked via numerous channels. First, the loss of working capital by Cypriot businesses: 40%-90% of their deposits over 100,000 euro held at the two main banks. Show More Summary
Reinhart-Rogoff data problems
The methods and conclusions of an influential paper by Carmen Reinhart and Kenneth Rogoff published in 2010 have recently been challenged by Thomas Herndon, Michael Ash, and Robert Pollin. Here I comment on both the details and broader...Show More Summary