Defense spending subtracted considerably; more to come if the sequester occurs. Uncertainty weighs—perhaps. Trade volumes decline. But final sales continue upward. And confusion about demand side analysis persists.
GDP falling again
The BEA released today its estimate of 2012 fourth-quarter real GDP, which declined slightly from the third quarter. How scary is that?
Currency Wars in the Era of Unconventional Monetary Policies
Interpreting Monetary Policy’s Impact on Exchange Rates (and Economic Activity)
Guest Contribution: “Monetary Alchemy, Fiscal Science”
Today, we’re very fortunate to have as a guest contributor Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. His weblog can be found here.
Dispatches XXIV: Please Proceed Governor (Walker)
There has been something of a dispute between Governor Walker and Governor Dayton of Minnesota. From Minnesota Public Radio, Governor Walker’s tweet, in response to Governor Dayton’s speech:
The Wages of Austerity, Yet Again: “Britain’s economy flirts with “triple dip” recession”
From Reuters:
The country’s gross domestic product fell 0.3 percent in the fourth quarter, the Office for National Statistics said on Friday, sharper than a 0.1 percent decline forecast by analysts.
Links for 2013-01-23
Quick links to a few items I found of interest.
The Macroeconomic Task Ahead
A long-run perspective on the U.S. deficit and debt
Federal Reserve Bank of St. Louis economist Daniel Thornton has a new paper looking at long-run factors in the U.S. deficit and debt. His graphs tell a familiar story, but one worth repeating.
Guest Contribution: “Debt Ceilings, Bombs, Cliffs and the Trillion Dollar Coin”
Today, we’re very fortunate to have as a guest contributor Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. His weblog can be found here.