My former colleague George Borjas has a notion that he might get more traffic for his new blog if he discusses the economics of Paris Hilton.
You think he’s right?
More on Real Exchange Rate Changes and Trade Adjustment
Time for an update on estimated income and price elasticities of US trade flows. These issues are important to those of us who believe that the US remains vulnerable to shifts in the rest-of-the-world’s willingness to finance the current account deficit. If you think it’s just jolly fine and likely for the US to keep on borrowing at around 6.5 percent of GDP for the indefinite future, skip this post.
Gouge this
Maybe you think you know what I’m going to say about the Federal Price Gouging
Prevention Act. So I’ll surprise you by only saying nice things about the bill.
Not dead yet
We’re still not seeing the deterioration in economic conditions that some had been expecting.
Econbrowser: The Movie
I appeared this week on our local PBS television station to talk about ethanol subsidies (one of my favorite rants). If you’re interested, you can watch a 5-minute broadcast of that interview via KPBS Full Focus.
One (Non-Isolated) Example of the Current State of Affairs in Government Administration
From GovExec.com:
Special counsel finds GSA chief violated Hatch Act
By Daniel Pulliam dpulliam@govexec.com May 23, 2007
A report from the federal agency that investigates allegations of illegal political activity in the government has concluded that Lurita Doan, the head of the General Services Administration, violated the Hatch Act.
Who should pay this bill?
I suggested a few weeks ago that rising crude oil prices along with seasonal demand and fuel requirements were the primary cause of this spring’s hike in U.S. gasoline prices. As Menzie noted yesterday, refining margins are clearly also now making an additional contribution. Which reminded me to look into the current status of the now decade-long effort of Arizona Clean Fuels to try to build a new refinery.
Gasoline prices surge: Thinking about Some Causes
Nominal gasoline prices are at an all time high. However, in real terms, April prices were not the highest. May prices might be, depending on how you calculate it (hard to figure it out since May’s CPI is not yet out). From the Washington Post:
Peak oil in America
The following is an article I prepared for the Peak Oil Review, which is produced by the Association for the Study of Peak Oil and Gas.
Bernanke on subprime mortgages
If Bernanke isn’t worried about subprime mortgages, should you be?