With Michigan final June survey out, we have this picture:
Supreme Court Views on Price Stability and Full Employment
In the wake of the SCOTUS decision regarding Chevron deference, I investigate this issue. Here is a summary of academic research on Supreme Court views on these topics, separate from whether fiat money as currently established in the United States as unconstitutional (e.g., see here). I also defer discussion on whether the Federal Reserve is constitutional.
Guest Contribution: “Let China Pay the Cost of Solar Energy and Electric Vehicles”
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. An earlier version appeared at Project Syndicate.
Instantaneous PCE inflation in May
PCE hits consensus. Instantaneous (weighted average of m/m inflation, with more recent observations having higher impact) headline and core down.
Business Cycle Indicators, end-June
Nominal PCE slightly below consensus (+0.2% vs. +0.3%). Here are some key business cycle indicators followed by NBER BCDC, with real personal income ex-transfers flat (along with real consumption)
“Food costs doubled, tripled, quadrupled…”
That’s Mr. Trump on inflation. Here’s the data:
“44th International Symposium On Forecasting | Dijon, France”
International Institute of Forecasters’ Conference starting on June 30th. I wish I had the chance to attend again this year.
Northern Hemisphere Land Temperatures, June-May, through 2024
From NOAA:
Deceleration: Three Measures of Output and a Measure of Aggregate Demand
With Q1 3rd release, along with GDP+, we have the following picture (in levels):
What Do Joseph Stiglitz, George A. Akerlof, Sir Angus Deaton, Claudia Goldin, Sir Oliver Hart, Eric S. Maskin, Daniel L. McFadden , Paul R. Milgrom, Roger B. Myerson, Edmund S. Phelps, Paul M. Romer, Alvin E. Roth, William F. Sharpe, Robert J. Shiller, Christopher A. Sims, and Robert B. Wilson Have In Common?
(1) They all have been awarded The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, and (2) they oppose Mr. Trump’s economic agenda.