The rest of the Nation continues to grow.
The Wisconsin Department of Workforce Development has released preliminary January employment figures, incorporating incorporating backward revisions to earlier months’ data. [1]
“Fiscal Policy Re-Assessed”
From an article in the La Follette Policy Review:
In 2010 as the Great Recession was releasing its grip on the world’s economy, the United Kingdom’s newly elected Conservative-Liberal government embarked upon a policy of fiscal consolidation—higher taxes and drastically reduced spending—with the aim of stabilizing the ratio of government debt to gross domestic product (GDP) while spurring economic growth….
Guest Contribution: “Regional Trade Agreements with Labor Clauses”
The effects on labor standards and trade
Today we are fortunate to have a guest contribution written by Isao Kamata, Assistant Professor of Public Affairs and Economics at the University of Wisconsin, Madison. This post is based upon this working paper; the paper also circulates as a Research Institute of Economy, Trade and Industry (RIETI) discussion paper.
Economic Report of the President, 2014
Released today, available here.
Relaxing restrictions on U.S. exports of oil and natural gas
Tensions between Russia and Ukraine have prompted some discussion of revisiting U.S. policy on exports of oil and natural gas.
Speaker of the House John Boehner (R-OH) last week called for faster Energy Department approval of facilities to export liquefied natural gas (LNG). Senator Lisa Murkowski (R-AK) called for lifting the ban on U.S. crude oil exports. Here I offer an assessment of these proposals.
The Geographical Dispersion of U.S. Inflation
Most accounts of inflation focus on national statistics. While the national series is still low, in some select locations, it’s even lower.
GDP Forecasts: Administration, CBO, SPF, and ARIMA
Accompanying the release of the President’s budget (link corrected 3/5 1:20) was the Administration’s forecasts, including forecasts of GDP. These forecasts are produced by the Troika (Treasury, CEA, OMB). Some observers have asked “Is the White House’s 3.1% growth forecast still too rosy?”. Time for some comparisons.
Interpreting the Great Recession in a Classical Framework
If a collapse in aggregate demand is not at fault, then was an aggregate supply shift? A quick-and-dirty evaluation using some back-of-the-envelope calculations
The Ruble under Stress
Updated 3/4 5PM
Here are some immediate consequences of Russia’s intervention in the Ukraine. From Reuters:
A bull’s-eye for Fed accountability
I was in New York on Friday attending the U.S. Monetary Policy Forum. One of the sessions was on how central banks could better communicate their plans for using unconventional monetary policy. Federal Reserve Bank of Chicago President Charles Evans presented some very interesting ideas.