Tag: roundup

• Nick Rowe: Money Stocks and Flows: Those… differences between money and all other assets means that it is misleading to think of the demand for money, like the demand for other assets, in terms of portfolio choice….
• David Beckworth: The Fed is Trapped in a Rate Hike Talk Cycle: Since mid-2014 the Fed has been talking up interest rate hikes… but only has a 25 basis point rate increase to show for it….
• Lael Brainard: The “New Normal” and What It Means for Monetary Policy: Several features of the “new normal”… appear particularly noteworthy for our policy deliberations:
• Larry Summers: Building the Case for Greater Infrastructure Investment: The issue now is not whether the US should invest more but what the policy framework should be…
• JEC: Houdini’s Straightjacket: Escape artistry… probably wouldn’t be anyone’s first choice as a model for the conduct of social science.  Yet, bizarrely, it has become the prevailing paradigm in macroeconomics….
• Nick Bunker: How Intensely are U.S. Employers Looking for Workers?: Recruitment intensity might have something to do with the overall health of the labor market….

Should Reads:

• David Stern: Progress on New Climate Modeling Paper
• Jo Mitchell: Consistent modelling and inconsistent terminology
• Simon Wren-Lewis: More on Stock-Flow Consistent models
• Claudia Sahm: With Data Comes Responsibility
• Roger Farmer: Why Central Bankers are Like Sheepdogs
• David Glasner: Where Do Monetary Rules Come From and How Do They Work?
• Journal of Health Politics, Policy and Law
• William Dudley: The U.S. Economic Outlook and the Implications for Monetary Policy
• Brad Setser: Large Scale Central Bank Asset Purchases, with a Twist
• Joe Joyce: The Search for an Effective Macro Policy
• Justin Fox: The Strange Case of Off-Patent Drug Price Gougers
• Jared Bernstein: Binder/Rodrigue on Updating the Fed Toolbox:
• Pseudoerasmus: Errata Dentata: The History Manifesto Revisited
• Alana Semuels: Why So Few American Economists Are Studying Inequality
•  Cassius Clay: Today’s Economic History
• Comment of the Day: Robert Waldmann: Links for the Week of August 28, 201
• The Wayback Machine: From Ten Years Ago: August 31-September 13, 2006

• Mark Thoma: Diverting Attention From the Real Issues: Immigration is not the problem…. Immigrants do not lower the employment prospects for natives…
• Paul Krugman: Tobin Was Right: Tobin’s 1972 presidential address to the American Economic Association…
• Milton Friedman (1976): Inflation and Unemployment: A major factor in some countries and a contributing factor in others may be that they are in a transitional period…
• William Grieder (1981): The Education of David Stockman: As budget director, [Stockman] intended to proceed against many of the programs…
• Dietrich Domanski et al.: Wealth Inequality and Monetary Policy: Explor[ing] the recent evolution of household wealth inequality in advanced economies by looking at valuation effects on household assets and liabilities….
• Mark Thoma: Labor Compensation and Labor Productivity: Just a quick reminder…

Should Reads:

• Holman Jenkins: Jack Bogle: The Undisputed Champion of the Long Run: Vanguard’s founder on 40 years of indexing success and how to invest in today’s ‘extremely risky world.’
• Noah Smith: Is Firefly Overrated?
• Economist: More Spend, Less Thrift: German budget surpluses are bad for the global economy
• IQ Books
• Eliot Peper: The Technological Trends That Will Shape the Next 30 Years: An interview with Kevin Kelly, Senior Maverick at Wired Magazine and author of The Inevitable.
• Gender Matters
• Julian Kozlowski et al.: The origin of secular stagnation
• Weekend Reading: Paul Krugman (2011): Mr. Keynes and the Moderns
• 911: Never Forget
• Files Related to the Hutchins-Brookings Productivity Festival
• Slow Growth in Productivity: What Do We Know About “Why?” and “What Is To Be Done?”—Long

• Tim Duy: Is Pushing Unemployment Lower A Risky Strategy?: Fed hawks are pushing for a rate hike sooner than later in an effort to prevent the economy from “overhearing”…
• Heidi Shierholz: The Myth of Job Polarization: In the first few years of the recovery, growth was very strong in very low-wage jobs that pay $10 per hour or less. This is typical…
• Brad Setser: What To Do When Countries With Fiscal Space Won’t Use It?: Fiscal policy alone doesn’t determine the current account….
• Claudia Sahm: Telling Macro Stories with Micro: Economists are avid storytellers…
• Kaila Colbin: The Real Reason This Elephant Chart Is Terrifying: A shock-and-awe wake-up call about the nature of exponentially accelerating technology…

Should Reads:

• Stephen D. Oliner and Daniel E. Sichel (2000): The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?
• Fiona Cameron Maclachlan: The Ricardo-Malthus Debate on Underconsumption: A Case Study in Economic Conversation
• David Hill: AI Teaching Assistant Helped Students Online—and No One Knew the Difference
• Ethan Zuckerman, Alexis Hope, Emilie Reiser: Technology and Social Change
• Must-Read: John Maynard Keynes (1936): The General Theory of Employment, Interest and Money: Chapter 24
• Follow-Up Questions on the Philosophy of Probability: Hoisted from the Archives

• Mariana Mazzucato: The Case for the Entrepreneurial State: Mariana Mazzucato… contends that, contrary to the claims of GOP presidential hopefuls, the American economy has benefited immensely from government intervention…
• Claudia Sahm: Telling Macro Stories with Micro: Economists are avid storytellers…
• Paul Krugman: Thinking About Brexit, Fast and Slow: “The City’s smartest people are being forced to admit they were wrong about a ‘Brecession’”…
• Lawrence Summers: The Fed’s Complacency About Its Current Toolbox Is Unwarranted: I was disappointed in what came out of Jackson Hole for three reasons…

Should Reads:

• Cathy O’Neil: How algorithms rule our working lives
• Claire Montialoux: Revisiting the Impact of Head Start
• Laurence Ball et al.: What else can central banks do?
• Carola Binder and Alex Rodriguez: Monetary Rules and Targets: Finding the Best Path to Full Employment
• Evelyn Lamb: Review: Weapons of Math Destruction: In an important new book, Cathy O’Neil warns us that algorithms can and do perpetuate inequality…
• Sid Verma: The Fed Poses a Big Risk to the Emerging Market Inflow Party
• Comment of the Day: Yep. It’s called “the market economy”: Eggplant: Negishi Prices

• Takashi Negishi (1960): Welfare Economics and Existence of an Equilibrium for a Competitive Economy: A competitive equilibrium is a maximum point of a social welfare function…
• Richard Portes and Simon Wren-Lewis: Issues in the Design of Fiscal Policy Rules: The potential conflict in designing rules between the need to mimic optimal policy..
• Drew Altman: The ACA Marketplace Problems in Context (and Why They Don’t Mean Obamacare Is ‘Failing’): There absolutely are problems in the marketplaces…
• Art Goldhammer: The Great Paradox: In 2004, Barack Obama catapulted himself into the national limelight by denouncing the bitter antagonism between rival camps and suggesting that we heed “the better angels of our nature”…
• Willem Buiter: EU and China Ought to Use Helicopter Money: Helicopter money is a coordinated monetary and fiscal stimulus…

Should Reads:

• Nick Bunker: Retiring in the United States amid low interest rates
• Simon Wren-Lewis: Fiscal rules should target the deficit, not spending
• Shane Greenstein: Ten Open Questions for the Techno-Optimist
• Alicia H. Munnell and Annika Sundén (2003): Death and Dollars: The Role of Gifts and Bequests in America:
• (2001): Bequests: An Historical Perspective:
• Weekend Reading: Walter Lippman (1968): “New Nixon” Endorsement
• U1, U3, and U6
• Has Macro Policy Been Different since 2008?
• Daniel Kuehn on Acemoglu and Robinson’s Piketty Review: Hoisted from the Archives from Two Years Ago
• Today’s Economic History: Dean Acheson on that Triangulating Bastard Grover Cleveland

• Larry Summers: Disappointed by What Came Out of Jackson Hole: I had high hopes… billed as a forum that would look at new approaches to the conduct of monetary policy…
• Anna Aizer et al.: Do Low Levels of Blood Lead Reduce Children’s Future Test Scores?: Linking preschool blood lead levels with third grade test scores for eight birth cohorts of Rhode Island children born between 1997 and 2005…
• Martin Wolf: Capitalism and Democracy: The Strain Is Showing: Confidence in an enduring marriage between liberal democracy and global capitalism seems unwarranted….
• Charlie Stross: Two Thoughts: The effects [of] universal functional telepathy (lies and all)… on how we handle business…
• Gavyn Davies: Sims Highlights Fiscal Dominance at Jackson Hole: The most far reaching speech at the Federal Reserve’s Jackson Hole meeting last week was…

Should Reads:

• Laurence Seidman (2014): Stimulus without Debt
• Richard Mayhew: From Silver Spam to Silver Gap — APTC Hacks
• Narayana Kocherlakota: What the Fed Chief’s Next Message Should Be
• Alexandra M. de Pleijt and Jan Luiten van Zanden: Gender Relations and Economic Development: Hypotheses about the Reversal of Fortune in EurAsia
• Axel Weber (2013): Reconstructing Macroeconomics
• Cameron Okeke: I’m a black UChicago graduate. Safe spaces got me through college
• Penn World Table
• Elise Gould: Rising wage inequality continues to be a defining feature of the U.S. labor market
• Paul Krugman: How Complicated Does the Model Have to Be
• The Wayback Machine: From Ten Years Ago: August 24-August 30, 2006
• “Underrated” Weblogger of the Month: Branko Milanovic

• Patrick Wallis et al.: Puncturing the Malthus Delusion: Structural change in the British economy before the industrial revolution, 1500-1800: Accounts of structural change in the pre-modern British economy vary substantially…
• Matt Levine: Hedge Fund Results: Since the end of 2011, hedge funds as a whole have (1) produced negative alpha and (2) added almost $900 billion of assets…
• James Hamilton: Too Systemic to Fail: Bryan Kelly at the University of Chicago, Hanno Lustig at Stanford and Stijn van Nieuwerburgh….
• Megan McArdle: Health Care Is a Business, Not a Right: You’ll die without food long before you’ll die without health care, and yet few people say we need to “take the profit motive out of farming”…

Should Reads:

• Karl Gunnar Persson: Bread and Enlightenment: the quest for price stability and free trade in eighteenth-century Europe: The baker of last resort and his critics…

• Olivier Coibion et al.: Monetary Policy and Inequality in the United States: We study the effects of monetary policy shocks on—and their historical contribution to—consumption and income inequality in the United States since 1980…
• Mark Thoma: Why We Need a Fiscal Policy Commission: During the Great Recession, monetary policymakers were aggressive and creative….
• Ruixue Jia (2014): The Legacies of Forced Freedom: China’s Treaty Ports
• Gabriel Chodorow-Reich and Johannes Wieland: Secular Labor Reallocation and Business Cycles: We study how economies respond to idiosyncratic shocks which induce reallocation of labor across industries….
• Ruddier Bachmann and Eric Sims: Confidence and the Transmission of Government Spending Shocks: In a standard structural VAR, an empirical measure of confidence does not significantly react to spending shocks and output multipliers are around one…
• Marc Andreessen: Software Programs the World: We frequently have delegations from all over the US and the world who come in and ask: “What can we do to have our own Silicon Valley?”…
• Pierre-Olivier Gourinchas et al.: The Greek Crisis: An Autopsy: The Greek crisis is one of the worst in history, even in the context of recorded ‘trifecta’ crises – the combination of a sudden stop with output collapse, a sovereign debt crisis, and a lending boom/bust…

Should Reads:

• Laurence Ball: The Fed and Lehman Brothers
• Chris Dixon: Eleven Reasons To Be Excited About The Future of Technology
• Joe Stiglitz: Prizes, Not Patents
• Nick Rowe: Alpha Banks, Beta Banks, and Negative Rates
• Mark Carney: Inflation Report Q&A
• J. Bradford DeLong (2008): The Republic of the Central Banker
• Weekend Reading; Joe Seligman (1983): Can You Beat the Stock Market?
• For the Weekend…: Guinness: noitulovE (2005):
• Live from Across the Wide Missouri: Is the sprouted quinoa-kamut bread from Ibis Bakery the best loaf of bread in the United States, or just in greater Kansas City?
• What I See as a Marketing Ploy by the University of Chicago…
• Bonnie Kavoussi: Two Classical Models of Leadership: Achilles/Alexander and Aeneas/Augustus
• Brian Resnick: Astronomers just found a new planet that could potentially support life–and it’s really, really close: Astronomers have discovered a new, potentially habitable planet circling Proxima Centauri, the closest star to our own. This is likely the nearest planet outside our solar system that we’ll ever find. What’s more, it should, in theory, be warm enough for liquid water–and warm enough for life…
• Alex Beggs: 5 Chefs on How They’d Doctor Up Frozen Pizza
• Carmen Ye: Why we need better re-employment policies for formerly incarcerated African American men

• Richard Mayhew: ObamaCare APTC Hacks: There are other exchange strategies that don’t rely as much on manipulating… [Silver Plan price] structures…
• Henry Aaron: How to Rescue Obamacare as Insurers Drop Out: There is a good fix for much of this problem…
• Seth Lloyd: Quantum Computer Reality: The 15th-century Renaissance was triggered by a flood of new information which changed how people thought about everything…
• Alexandra Scaggs: There’s No Yield, and Citi Isn’t Going to Take It Anymore: Citi’s Matt King has some harsh words for central bankers…
• Dean Baker: Stanley Fischer Rewrites Fed Inflation Target, Prepares to Throw People Out of Work: MarketWatch…. quotes Stanley Fischer… as saying, “We are close to our targets” for inflation and unemployment…
• Suresh Naidu and Noam Yuchtman: Lessons on inequality, labour markets, and conflict from the Gilded Age: A key feature of successful strikes was the ability of incumbent employees to prevent the use of replacement workers, via persuasion, pickets, or violence…
• Brad Setser: IMF Cannot Quit Fiscal Consolidation (in Asian Surplus Countries): In theory, the IMF now wants current account surplus countries to rely more heavily on fiscal stimulus and less on monetary stimulus…

Should Reads:

• Alex Hern: If the age of self-driving cars is upon us, what’s keeping them off the roads?
• J. Bradford DeLong and Lawrence H. Summers (1992): Policies for Long-Run Growth
• Live from the Banks of the Missouri: Thursday, October 13, 2016: 2016 Kansas Economic Policy Conference: Reimagining Kansas: Policy Implications Now and in the Future:
• The Wayback Machine: From Ten Years Ago: August 17-August 23, 2006
• (Early) Monday DeLong Smackdown: Pseudoerasmus of Chokurdakh on DeLong and Eichengreen on the Marshall Plan

• Michael Spence: Growth in a Time of Disruption: Developing countries are facing major obstacles…
• Michael D. Carr and Emily E. Wiemers: The decline in lifetime earnings mobility in the U.S.: Evidence from survey-linked administrative data: Abstract: There is a sizable literature that examines whether intergenerational mobility has declined as inequality has increased….
• Justin Fox: Where Median Incomes Have Fallen the Most: Median household income… hit an all-time high in 1999 of $57,843… and as of 2014 stood at $53,657–a 7.2 percent decline…
• Devin Bunten: Is the Rent Too High? Aggregate Implications of Local Land-Use Regulation: Highly productive U.S. cities are characterized by high housing prices, low housing stock growth, and restrictive land-use regulations (e.g., San Francisco)….
• Duncan Weldon: [Negative Yields, the Euthanasia of the Rentier & Political Economy][]: I don’t understand the political economy that has brought us tight fiscal & easy money–it simply isn’t creating enough winners to be sustainable…
• Nicolas Colin: Doom, or Europe’s Polanyi Moment?: The Great Transformation… is really about the social and economic institutions that are necessary to support the market system and to make economic development more sustainable and inclusive…

Should Reads:

• David Dayen: The Never-Ending Battle for Obamacare
• Leah Boustan