With the release of December 2022 consumption and personal income, and November real manufacturing and trade industry sales, plus Q4 GDP, we have the following picture of business cycle indicators followed by the NBER Business Cycle Dating Committee, along with IHS Markit monthly GDP:
Fed hasn’t stopped GDP from growing
The Bureau of Economic Analysis announced today that seasonally adjusted U.S. real GDP grew at a 2.9% annual rate in the third quarter. That makes two quarters in a row with values close to the historical average, a welcome relief from the modestly negative growth rates with which we started last year.
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Up to 50 M-1 Abrams MBTs to Ukraine
From NYT:
The Biden administration plans to send M1 Abrams tanks to Ukraine, U.S. officials said on Tuesday, in what would be a major step in arming Kyiv as it tries to seize back its territory from Russia.
Rookie Economist Errors: A Compendium
I start teaching a couple classes tomorrow; here are some cautionary notes.
Instantaneous Inflation
From a new working paper by Jan Eeckhout (UPF Barcelona), h/t Torsten Slok:
Deja Vu. Oder, “Haben Sie einen Professor zu melden?”
From Turning Point USA‘s website:
Party Affiliations of Fed Economists and Purported Political Homogeneity
From an Independent Review article by Emre Kuvvet:
Guest Contribution: “Crashing Through the Debt Ceiling”
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 appeared at Project Syndicate and LA Times.
A Graphic Exposition on Seasonality in Key Macro Indicators
Reader Bruce Hall argues that “With the exception of travel related and luxury related items, the monthly adjustments[to the CPI] tend to be relatively minor…”. I beg to differ.
Guest Contribution: “Emotion in Euro Area Monetary Policy Communication and Bond Yields: The Draghi Era”
Today we are pleased to present a guest contribution written by Dimitrios Kanelis (Westfälische Wilhelms-Universität Müun) and Pierre Siklos, (Wilfrid Laurier University and CAMA at ANU). The views expressed here are their own and do not reflect the official opinions of the institutions the authors are affiliated with.