With apologies to Richard Hofstadter.
On reading “New Classical Kansas”, James Sexton comments:
Monthly Archives: July 2014
Guest Contribution: How Janet Yellen Might Have Responded to the Policy Rules Legislation
Today, we’re fortunate to have Alex Nikolsko-Rzhevskyy, Assistant Professor of Economics at Lehigh University, David Papell and Ruxandra Prodan, respectively Professor and Clinical Assistant Professor of Economics at the University of Houston, as Guest Contributors
Finally, some economic growth!
The Bureau of Economic Analysis announced today that U.S. real GDP grew at a 4.0% annual rate in the second quarter. Hopefully that’s the start of something good; but so far, it’s only a start.
New Classical Kansas?
Two years ago, Governor Brownback asserted:
Our new pro-growth tax policy will be like a shot of adrenaline into the heart of the Kansas economy.
“The Costs of Delaying Action to Stem Climate Change”
From a CEA report written under the leadership of James Stock, released today:
China’s financial risk
Three years ago I called attention to the NYU Stern Volatility Laboratory. Since then it’s grown into an even more amazing resource, giving anyone access to constantly updated information about financial conditions in dozens of countries around the globe. Of particular interest are recent changes in their measure of the systemic risk posed by financial institutions.
Russia Raises the Policy Rate
From BBC:
Russia’s central bank has unexpectedly raised its key bank interest rate over concerns about inflation and “geopolitical tension”.
Forward Premia and the Carry Trade
I was at the NBER Summer Institute’s meeting of the International Finance and Macro group where (in addition to finally meeting Jim Hamilton) I had the opportunity to hear two papers on a topic near and dear to me — namely the relationship between the forward premium (the gap between the forward and spot rate, or equivalently in the absence of political risk, the interest differential) and the carry trade. (For discussion of related papers at last year’s IFM, see this post).
On Perusing the Comments Sections
The Changing Face of World Oil Markets
Here’s the introduction to a new paper I just finished:
This year the oil industry celebrated its 155th birthday, continuing a rich history of booms, busts and dramatic technological changes. Many old hands in the oil patch may view recent developments as a continuation of the same old story, wondering if the high prices of the last decade will prove to be another transient cycle with which technological advances will again eventually catch up. But there have been some dramatic changes over the last decade that could mark a major turning point in the history of the world’s use of this key energy source. In this article I review five of the ways in which the world of energy may have changed forever.
Below I provide a summary of the paper’s five main conclusions along with a few of the figures from the paper.