U.S. retail gasoline prices last week averaged over $2.80 a gallon, thirty cents higher than a month ago. The preliminary University of Michigan index of consumer sentiment for May was 88.6, down 7 points from the month before. Are these two developments related?
One of the enduring puzzles of international finance is the fact that the joint hypothesis of uncovered interest parity and rational expectations is consistently rejected, as evidenced by the coefficient estimates in the Fama regression.
Relevant or Irrelevant?
I was recently honored to receive the UCSD Chancellor’s Associates Award for Excellence in Research and Social Sciences. Here’s a video they made for the event.
Under [the] bill, food stamp recipients could not use the program to buy crab, lobster, shrimp or other shellfish. Additionally, they would have to use two-thirds of their benefits on beef, pork, chicken, produce or foods that qualify for the federal Women, Infants and Children nutrition program. The remainder could be used on foods already allowed under the food stamps program, other than shellfish.
The bill passed the Assembly, and is now on the way to the state Senate.
Here is the text of Assembly Bill 177.
I must confess I find the restriction on shrimp a bit odd, given the fact that the price of farmed shrimp relative to ground beef has fallen drastically over the past 17 years. (Only partly because ground beef prices have risen over 200% since 2009M11, according to the BLS.) In fact, aside from the command-and-control nature of the law, the choice seems a bit ethnocentric. (Hamburger chop suey doesn’t strike me as an appealing low cost meal…)
Implementation of the monitoring required for the new restrictions is estimated to cost several million dollars.
* No red potatoes for you! Also no shrimp, in Wisconsin.
With implications for assessing Wisconsin post-January 2011.
How well has Wisconsin economically performed, as compared to its neighbor Minnesota, and to the US overall: here are six pictures of economic activity, employment, unemployment, real personal income, gross state product, and median household income, with which to make an assessment.
Today we are fortunate to have a guest contribution written by Jeffrey Frankel, Harpel Professor of Capital Formation and Growth at Harvard University, and former Member of the Council of Economic Advisers, 1997-99. This post is an extended version of an earlier column at Project Syndicate.
Not within the next couple of years, according the Walker Administration’s Wisconsin Economic Outlook, released today.