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.
Author Archives: Menzie Chinn
Russia: Seems Like Old Times
As I watch the financial meltdown in Russia (and work on a chapter on financial crises), I am pervaded by a sense of déjà vu.
Guest Contribution: “Transparency and the Global Transmission of Financial Shocks”
Today we are fortunate to have a guest contribution written by Luis Brandão-Marques, Senior Economist, Gaston Gelos, Chief of the Global Financial Stability Analysis Division, and Natalia Melgar, Economist, all at the IMF. The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, or its management.
Symmetric Application of Dynamic Scoring
Republicans are keen to sacrifice CBO’s role as impartial arbiter of fiscal measures on the altar of “dynamic scoring” of tax measures.[0] But there is no economic reason for restricting this approach to only tax measures.
“Asia and Global Production Networks—Implications for Trade, Incomes and Economic Vulnerability”
That’s the title of a book edited by Benno Ferrarini (ADB) and David Hummels (Purdue).
And in Russia
Government borrowing costs are spiking.
How Come I Don’t Still Hear about the “Worst Recovery Ever”?
Just wondering — where is Ed Lazear when you need him?
Accelerated Employment Growth, Little Inflationary Pressure
Nonfarm payroll employment clocks in substantially above consensus (321,000 vs Bloomberg: mean 230,000, range 140,000 to 275,000), solidifying trend growth. Previous months’ estimates revised upward. Wages continue to rise, but labor costs in productivity adjusted terms are stable.
Keynesian Cassandras? The Sequester Re-Assessed
Professor Tyler Cowen’s anti-Keynesian manifesto has been ably discussed by Professor Simon Wren-Lewis at Mainly Macro. I thought what merited additional attention is Professor Cowen’s first assertion:
1. Keynesians predicted disaster following the American fiscal sequester, and the pace of the recovery accelerated.
A Farewell to Arms?
No more military Keynesianism after G.W. Bush?