2007 ended like it began, only worse.
More on China, Currency Misalignment and Data Revisions
In a previous post on China’s currency, I focused on the implications of the ADB’s report on the new ICP analysis of PPP-based GDPs for misalignment estimates for China. Now, it’s time to look a bit more closely at why the data revision occurred.
Christmas card
We wish a merry Christmas to all our readers and friends.
A Thought on the Sub-prime Debacle
Most of the NYT’s recent coverage of the subprime mess focused on Greenspan and the Federal Reserve System.
The bears must wait another quarter
Currently available data on consumer spending make it very unlikely that we’ll see negative real GDP growth for the fourth quarter.
Earning excess returns
Mark Thoma calls attention to this Washington Post article by Wharton Professor Dean Foster and Oxford Professor Peyton Young:
Make that Four Reasons Why Recession May be Averted
Sudeep Reddy provides five reasonsWhy Economists Are Betting A Recession Won’t Happen. These reasons are ably summarized in the WSJ Real Time Economics Blog post Five Reasons Recession May Be Averted:
Wikipedia page on Oil Megaprojects
Stuart Staniford and colleagues continue to provide a great service for the rest of us in compiling the facts about new oil discoveries.
An Exercise in Sheer Conjecture
China, PPP, and Misalignment Estimates
Monetary policy using the asset side of the Fed’s balance sheet
An interesting trend has developed in the Federal Reserve’s asset holdings, a trend that the newly created term auction facility is designed to accelerate.