Let me begin with the point on which I am in complete agreement with Treasury Secretary Henry Paulson and Federal Reserve Chair Ben Bernanke– it is hard to overstate just how scary this week’s developments in financial markets could be.
Author Archives: James_Hamilton
Scott Irwin takes down Michael Masters
Econbrowser is pleased to host another contribution from Scott Irwin, who holds the Laurence J. Norton Chair of Agricultural Marketing at the University of Illinois. Today Scott offers a critique of a recent report by Michael Masters on the role of commodity speculation.
Effects of Hurricane Ike on oil and gas markets
As Hurricane Ike took over the Gulf of Mexico, I watched with unusual interest, since I had been scheduled to fly through Houston to give a lecture in Baton Rouge on Friday. We had to cancel that visit to LSU, which left me to contemplate the consequences of Hurricane Ike for oil and gas markets from the comfort of my warm, snug home in San Diego.
We’re #2?
Or so says Palgrave Econolog’s rankings of popular economics blogs (hat tip: Newmark’s Door).
A rebound for autos?
August auto sales were less dismal than July. But don’t uncork the champagne quite yet.
Rising unemployment
Is there anything good to say about today’s report from the Bureau of Labor Statistics that the U.S. unemployment rate jumped up to 6.1% while seasonally adjusted nonfarm payrolls declined by another 84,000 jobs? Well, here’s one thing. It gives us some real clarity as to just where the economy stands.
Shadowstats debunked
I’ve yet to find someone who has been able to reproduce the claims made by Shadow Government Statistics about the extent to which government agencies are grossly misreporting the U.S. inflation rate. Apparently, neither has the Bureau of Labor Statistics, as detailed in an article by BLS economists John Greenlees and Robert McClelland in the latest issue of Monthly Labor Review.
A new dynamic for the Middle East
Maybe it’s time to try something new. And maybe it’s already starting.
Obama’s acceptance speech
Barack Obama gave a fine speech at the Democratic National Convention on Thursday. But I’m troubled by what I see as its underlying economic philosophy.
Calling a European recession
“Is the first zone wide recession in the short history of the eurozone about to be registered?” asks Edward Hugh. I was curious to apply the algorithm for calculating my U.S. recession indicator index to a euro area GDP measure to get an answer.