Here’s the call for papers — from my experience, a great event for exchanging ideas and findings about international finance/open economy macro, this year taking place on April 10th.
Author Archives: Menzie Chinn
ADP Implied Private NFP, Philly Fed Early Benchmark, etc.
In general, not good news. Using the relationship in (log) first differences implies slight gain in private NFP:
ADP Private NFP Employment below Consensus, Large Firm Flat, Mfg Down
Briefly:
Nowcasting Core GDP
Further deceleration.
Auto Loans Further Deteriorate
Year-on-Year, through November. From Fitch:
Russian GDP in Question
Official statistics suggest the country is below recent business cycle peak.
Six Estimates of Nonfarm Payroll Employment
Early Benchmark suggests a downturn, as does QCEW, Powell conjecture:
The Year in Review, 2025: I wanted lower prices, and all I got is this lousy hole in the ground
Here are some of the most ridiculous (and tragic) events of 2025, in economic or economic policy terms.
Guest Contribution: “Why didn’t Trump’s tariffs crash the economy in 2025?”
Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. A shorter version was published in The Guardian and in Project Syndicate.
The PRC’s Intimidation Campaign
Chinese forces are conducting a massive military exercise in the areas surrounding Taiwan — a major economic power and supplier of semiconductor chips essential to the world (and US) economy (true in 2022, true today).
