EconoMonitor

Economics Blog Aggregator

    Global Macro

  • Paul Krugman

    The End of Artificially Low Rates

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  • Alpha.Sources

    Keep Rotating

    Either weak energy prices, a break down in copper, low iron ore prices etc are a sign of a deflation crunch in the making that will lead to a flush in all things risk related (Albert Edwards style). Or we are in a extermely powerful Goldilocks situation where low headline inflation finally lets the real economy release higher, and the market goes on towards a final mid-to-late cycle tantrum. I think that this is now the key choice that everyone must make before proceeding to call their broker on Monday morning.  In the Eurozone, margins are getting squeezed and companies are being forced to cut prices to maintain market share. You need to tread carefully on cyclicals here, but on the other hand, many UK/Eurozone retail have already been crushed (and I admit I am do...more

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  • Econbrowser

    Avoiding Lost Decades: European Edition

    From Liz Alderman in the NY Times today: Germany and France Aim to Avert a ‘Lost Decade’ The economy ministers of France and Germany called on Thursday for urgent overhauls and a series of investments in both countries to help prevent them and the eurozone from falling into a stagnation trap. This comes as news of increasing unemployment and falling inflation arrives (from WSJ): …reports Friday confirmed a grim outlook for much of the eurozone’s $13.2 trillion economy, the world’s second largest after the U.S. Unemployment across the region rose by 60,000 last month, keeping the unemployment rate at 11.5%, the European Union’s statistics agency Eurostat said, far higher than in the U.S. Consumer spending fell in France and Spain. Eurostat also s...more

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  • Marginal REVOLUTION

    Young Matt Dillon markets in everything

    In Matt Dillon’s case, he would often look in the wrong direction. I would tell him that on the screen he would be looking in the right direction, even though it felt wrong when he was shooting it. Trying to explain this to a 14-year-old kid who was already suspicious about the whole thing wasn’t easy. So I’d put a $20 bill on my forehead, and I’d say, “Matt, if you look at this $20 bill, it’s yours when the shot is finished.” Over the course of the movie he made about $200. There is more (too much more) here, and for the pointer I thank Hugo Lindgren. ...more

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  • Brad DeLong's Grasping Reality...

    Liveblogging the Great Depression: November 28, 1933

    Thirty-Eight Columbia University Economics Professors Demonstrating Their Utter Cluelessness About the Macroeconomic Situation: New York Times: COLUMBIA EXPERTS OPPOSE GOLD PLAN - 38 of Faculty, in Statement, Urge Cessation of Buying to Avert Economic Warfare. INFLATION CRISIS FEARED Stabilization Agreement With Leading Nations for Return to Old Standard Proposed: Via Irwin Collier and Paul Krugman ...more

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  • naked capitalism

    2:00PM Water Cooler 11/28/14

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  • TIME

    Best Buy’s Website Goes Down on Black Friday

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  • TIME

    CEOs of Major Retailers Call Black Friday Sales a Promising Start

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  • The Big Picture

    Succinct Summation of Week’s Events 11.28.14

    Succinct Summations week ending November 28th Positives: 1. Stocks keep chugging: Dow made a new all-time high for 5th straight week, S&P 500 for the 4th straight week. 2. Durable goods orders rose 0.4% m/o/m, vs expectations of a 0.6% decline. 3. Q3 GDP came in at 3.9%, better than the 3.3% expected. 4. Crude Oil falls as much as 11.7% this week as OPEC stands pat. 5. New home sales gained 0.7% m/o/m, up from 0.4% In September. 6. Case-Shiller composite gained 0.34% m/o/m, up from 0.12% in the prior month and slightly better than expectations. 7. U of Mich consumer sentiment came in at 88.8, its highest reading since July 2007. 8. Chicago PMI came in at 60.8, still strong but slightly below expectations. Negatives: 1. Deflationary themes persist as global yields co...more

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  • Marginal REVOLUTION

    Assorted links

    1. Dulles airport is becoming less popular (i.e., markets work). 2. The proliferation of drones. 3. New Cornell blog on development economics. 4. The science of hate in college football, and runners do better when they have rivalries (WSJ, google “science of hate in college football” if need be). 5. Is American household deleveraging over? 6. The new Star Wars trailer. ...more

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  • The Big Picture

    The Risk That Will Bite You Next Is NOT The One That Bit You Last

    Cassandra Does Tokyo is an Investment Banker now relocated to Japan ~~~ The Risk That Will Bite You Next Is NOT The One That Bit You Last Traumatic and painful events burnish their effect upon our brains. This happens profoundly in childhood, as well as in relationships, and most definitely as readers will know,  in the financial markets. As a result, we alter behavior, and do things differently in the future. Tokyo real estate was no longer Japan’s risk once it plunged skewering banks and investors in the process. Latin-American debt from the recycling of petrodollars, once a mammoth exposure has been throttled long ago. Asian countries are no longer held hostage by fickle hot-money flows. And it probably won’t be large company malfeasance (like Adelphia...more

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  • Paul Krugman

    In Front Of Your Macroeconomic Nose

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  • Marc to Market

    Great Graphic: China Market Cap Surpasses Japan

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  • TIME

    Big Black Friday Stakes

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  • Paul Krugman

    Diminishing Returns Aren’t Waste (Wonkish)

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  • Worthwhile Canadian Initiative

    Beware middle-aged men waving feminist flags

    On December 12, 2006, Ontario ended "mandatory retirement." As of that date, employers could no longer base termination decisions on an employee's age. Ontario was following the lead of Quebec and Manitoba, which stopped having a standard retirement age in the early 1980s.  Within a couple of years, mandatory retirement had effectively ended  right across the country.  Fast forward to 2014. The first Ontario professors to elude retirement are now collecting their pensions. Yup, Canada Revenue Agency requires people to begin drawing their pensions at age 71, regardless of employment status.  The average salary of a full professor in Ontario is around $150,000 per year (see p. 7 here), and university pension plans are generally fairly...more

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  • Cafe Hayek - Article Feed

    Politicians’ Arrogance Is Unbounded

    (Don Boudreaux) Here’s a letter to the Wall Street Journal: The substance of former GOP Congressman George Nethercutt’s defense of Congressional earmarks is as contorted as is the language he uses for this defense - for example: “Allowing earmarks provides an opportunity for constituents to advocate to their members for accountable federal spending in their districts or state” (Letters, Nov. 28). In light of the difficulty of making sense of this indigestible word salad, one can only guess at Mr. Nethercutt’s meaning.  My guess is that he’s asserting that - compared to Congress as a whole and to the executive branch - individual members of Congress, using earmarks, spend money more wisely in their districts or states because these members gain more...more

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  • Marc to Market

    Emerging Markets: What has Changed This Week

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  • International Political Economy Zone

    Can Saudi Arabia Kill Off US Shale Producers?

    If OPEC members relied solely on energy revenues.Here is a little background to the international political economy of the ongoing OPEC meeting. As you would expect for a multi-billion dollar industry, the stakes are very, very high. What's more, with oil prices sliding as a result of slowing growth in the world economy, the showdown is becoming an n=2 fight. For OPEC, Saudi Arabia represents the "swing" producer as the largest entity and therefore the one with the most sway within the cartel. The bogeyman, of course, is the United States which has become the world's largest energy producer on the back of the shale / hydraulic fracturing revolution that has made previously inaccessible energy supplies accessible...at a price.The upshot of it all is that it's a highest-s...more

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  • The Big Picture

    10 Black Friday Reads

    My Black Friday reads: • When Should You Shop? Right After Black Friday (Upshot) see also 11 Economic Lessons to Make You a Smarter Shopper For Black Friday (Atlantic) • ‘;Le Black Friday’ Goes Global With Deals Just a Click Away (Bloomberg) • Jobs: Visualizing Recovery, State By State (Real Time Economics) see also Five Economic Trends to Be Thankful For (Upshot) • Oil Seen in New Era as OPEC Won’t Yield to U.S. Shale (Bloomberg) • Understanding Anti-Keynesians (Mainly Macro) • Financial Advisors: Publish or Perish (I ♥ Wall Street) • How to be literate in what’s changing journalism (Pressthink) • Jon Oringer, Shutterstock: the big picture in Silicon Alley (FT) • Leafy Luxury: Mansions With a Tree Premium (WSJ) see also New York Pentho...more

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  • Cafe Hayek - Article Feed

    Quotation of the Day…

    (Don Boudreaux) … is from page 48 of Joseph Epstein’s 2012 collection, Essays in Biography; specifically, it’s from Epstein’s June 2009 New Criterion essay on George Santayana entitled “The Permanent Transient“: True freedom comes only to a lucid mind unbound by conventional wisdom and suspicious of received opinions. ...more

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  • Marginal REVOLUTION

    The economics of Uber

    We were talking about this at lunch the other day, and now Josh Barro steps forward with the numbers: The average price of an individual New York City taxi medallion fell to $872,000 in October, down 17 percent from a peak reached in the spring of 2013, according to an analysis of sales data. Previous figures published by the city’s Taxi and Limousine Commission — showing flat prices — appear to have been incorrect, and the commission removed them from its website after an inquiry from The New York Times. In other big cities, medallion prices are also falling, often in conjunction with a sharp decline in sales volume. In Chicago, prices are down 17 percent. In Boston, they’re down at least 20 percent, though it’s hard to establish an exact market price becaus...more

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  • Cafe Hayek - Article Feed

    Saving Liberalism

    (Don Boudreaux) My colleague Dan Klein is leading a noble quest to reclaim the word “liberalism” for that set of ideals and beliefs in support of a civilization infused with individual freedom, genuinely limited government, and bourgeois virtues.  Here’s a video of a presentation that Dan gave last month at Guatemala’s great liberal institution, Universidad Francisco Marroquin. To learn more about Dan’s efforts on behalf of liberalism, see here, here, and here. ...more

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  • naked capitalism

    Links 11/28/14

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  • Economist's View

    Paul Krugman: Pollution and Politics

    Why and when did Republicans become anti-environmentalists?: Pollution and Politics, by Paul Krugman, Commentary, NY Times: Earlier this week, the Environmental Protection Agency announced proposed regulations to curb emissions of ozone, which causes smog, not to mention asthma, heart disease and premature death. And you know what happened: Republicans went on the attack, claiming that the new rules would impose enormous costs. There’s no reason to take these complaints seriously... Polluters and their political friends have a track record of crying wolf. ... Again and again, the actual costs have been far lower than they predicted. In fact, almost always below the E.P.A.’s predictions. So it’s the same old story. But why, exactly, does it always play this way? ...more

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  • Marc to Market

    Market Catches Breath after Yesterday's OPEC-Induced Moves

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  • Economist's View

    'Economists vs Politicians'

    Chris Dillow: Economists vs politicians: ... I suspect that there is a greater distance now between the political parties and economist than there has been for years. ... You might think this isn't a wholly bad thing. Many ideas are not worth adopting ... This, however, doesn't justify politicians' lack of interest in the settled, established knowledge that economists do have.    So, where is there such a gap between politicians and economists? The fault might partly lie with economics. Many academics aren't as interested in closing the gap between academia and the "real world" as they should be. At least some of the discipline was discredited by the crisis, and I get the feeling that there aren't so many good new policy-rele...more

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  • Economist's View

    The Rise and Fall of Part-Time Employment

    At MoneyWatch: Why the Job Market is Better Than it Looks: True or false: Most of the jobs created during the sluggish economic recovery consist of part-time, not full-time, employment? ......more

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  • naked capitalism

    Chicago Public Schools’ $100 Million Swaps Debacle Demonstrates High Cost of High Finance

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  • Free exchange

    China's $6.8-trillion hole?

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  • VoxEU.org: Recent Articles

    Liquidity and foreign asset management challenges for Latin American countries

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  • VoxEU.org: Recent Articles

    Development and foreign aid: A historical perspective

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  • Brad DeLong's Grasping Reality...

    Liveblogging World War.I: November 27, 1914: Paul von Hindenburg's Army Order

    First World War.com: Primary Documents: Paul von Hindenburg's Army Order Following the German Attack on Warsaw, 27 November 1914: In the course of severe fighting lasting several days my troops have brought to a standstill the offensive of a numerically superior Russian army. [Note: The Army Order reproduces a telegram from the Kaiser, in which the latter, after congratulating the commander on his new success and that of his troops, thanks him for protecting the eastern frontier.  The Kaiser adds that he cannot better express his thanks than by promoting the General to the rank of Field Marshal.] I am proud at having reached the highest military rank at the head of such troops.  Your fighting spirit and perseverance have in a marvellous manner inflicted...more

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  • Brad DeLong's Grasping Reality...

    Noted for Your Lunchtime Procrastination for November 27, 2014

    Over at Equitable Growth--The Equitablog Mark Thoma: Good News for the Unemployed Martin Wolf: Radical Cures for Unusual Economic Ills Paul Krugman: Keynes Is Slowly Winning Anne Laurie: Monday While-We’re-Waiting Nick Bunker: Thanksgiving weekend reading Plus: Things to Read on the Morning of November 27, 2014 Must- and Shall-Reads: Chuck Marr and Robert Greenstein: Tax Extenders Package Is Fundamentally Flawed 2014 PKConference Mark Thoma: Some good job news for a hard-hit group Martin Wolf: Radical cures for unusual economic ills Anne Laurie: Monday While-We’re-Waiting Open Thread » Balloon Juice Paul Krugman: Keynes Is Slowly Winning Marcel Fratzscher: Germany’s Four Neins Ello: On Jeet Heer on Neocons and Neolibs Ello: On David Roberts on the No...more

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  • Fabius Maximus

    Despite the Right’s Thanksgiving myth, the Pilgrims rebelled against their corporate landlord

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  • Worthwhile Canadian Initiative

    Short Run vs Long Run order of moves between monetary and fiscal authorities

    Who moves first, and who moves last? In a game between the monetary authority and the fiscal authority, the order of moves matters. Just like in Stackelberg duopoly, where the effect of an increase in one firm's quantity will depend on whether the other firm is the leader and has already chosen its quantity, or is the follower and will adjust its quantity in response. But there is also a Short Run vs Long Run distinction between the order of moves. In the Short Run game, stabilisation of Aggregate Demand is what's at stake. In the Long Run game, satisfying the Long Run Government Budget Constraint is what's at stake. When I examine my own implicit assumptions, this is what I normally assume: Short Run. The fiscal authority moves first, and the monetary auth...more

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  • Beat the Press

    Keynes and the Slow Boat

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  • Beat the Press

    Obamacare: Confusion in High Places

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  • Free exchange

    A grander tour

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  • VoxEU.org: Recent Articles

    Causes of the G7 fixed investment doldrums

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  • Fabius Maximus

    Looking back on USMC thanksgivings, reminding us of things for which we should be grateful

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  • Beat the Press

    NYT Claims That Ending France 35-Hour Work Week Would Hugely Increase French GDP

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  • Rick Bookstaber

    Uber: What could possibly go wrong

    Uber at the core is nothing more than a bunch of guys who came up with a clever app for streamlining the way you call for a car.  Rather than phoning or texting, you tap on the app.  Rather than paying with cash or credit cards, you have an account.  And rather than depending on the reputation of the car company, you depend on the ratings-based reputation of the specific driver. (Another feature, the pre-determined fare, with that fare essentially including all fees including tip, is nothing new for car services). And, by the way, it is readily replicable by any other car services, including those that already have a reputation and experienced drivers.  So it seems to me that it is only mildly innovative.  How do you build a successful world-wid...more

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  • International Political Economy Zone

    World Cup, Olympics & Brazilian Corruption

    Flying national colors is always a risk.In normal circumstances, winning the rights to host either the World Cup or the Olympics would be cause for celebration in any country. Imagine, then, the plight of Brazil which is regretting having won both the 2014 World Cup and the 2016 Olympics! The winner's curse, indeed. The global situation has not exactly been helpful: the cooling of global growth--especially that of China and demand for commodities--hit Brazil hard as a major commodity exporter. There's now even talk of Brazil losing its investment-grade sovereign rating. You can probably say that matters have not been helped by the home team receiving a drubbing at home at the hands of the eventual World Cup champions Germany.And speaking of the World Cup, this event fam...more

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  • Fabius Maximus

    It’s a New America, sharing the worst aspects of the Old: police executions on the Street (explicit video)

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  • CIPE Development Blog

    Job Seeker or Job Creator? Global Entrepreneurship Week in Pakistan

    Entrepreneurship has become a major phenomenon in Pakistan. Among the highlights of Global Entrepreneurship Week 2014, local startup “TalLee” was selected for the GEW 50 2014 as one of the top 50 startup ventures from around the world -- chosen from among 600 startups from 38 countries. TalLee sells door bells; the innovation that makes these door bells so special is that they have GSM... ...more

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  • Free exchange

    Staying Dutch

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  • iMFdirect - The IMF Blog

    Challenges Ahead: Managing Spillovers

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  • International Political Economy Zone

    About Time: Rewriting College Economics Textbooks

    To paraphrase anti-globalization protesters, is another kind of Econ textbook possible?I needn't rehearse the argument made by critics of the social science of economics that the global financial crisis of 2008-2009 revealed the emperor's clothes. Leftists declared economics as "bunk" that led us into disaster. Rightists on the other hand, said that economic principles were not correctly applied, leading us into disaster. (It was "moral hazard" writ large instead.) So many years on, we are no nearer "consensus" save for the general agreement that economics education should be made more applicable to real-life situations to maintain relevance in the higher education curriculum. Writers of mainstream economics textbooks like Greg Mankiw have borne the brunt of this critic...more

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  • Econbrowser

    If Output Is Near Potential, Why Is Inflation so Low?

    There is a lot of discussion of how economic slack is fast disappearing, and I expect a lot of push on this view, given continued rapid growth in GDP as reported in today’s second release for 2014Q3. This view seems counter to (1) the CBO estimate of potential GDP and (2) the slow pace of inflation. My suggestion is that there remains a substantial amount of slack out there. In Figure 1, I plot log GDP as reported in today’s release, and potential GDP as estimated by the CBO in its August report. Figure 1: Log GDP (blue), potential GDP as estimated by CBO (gray), and an estimate of potential GDP estimated by use of a modified Ball-Mankiw (2002) method (red). NBER defined recession dates shaded gray. Source: BEA 2014Q3 2nd release, CBO, An Update to the Bu...more

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  • John Quiggin

    Coal and China

    Among the sceptical reactions to China’s part of the joint announcement on climate policy made by the US and China, two were particularly prominent * The statement didn’;t require China to do anything until 2030 * The statement simply reflected “business as usual” These arguments were almost immediately refuted when China announced, in its http://thediplomat.com/2014/11/in-new-plan-china-eyes-2020-energy-cap/ that it would cap coal consumption at 4.2 billion tonnes by 2020, with total primary energy consumption (including oil and gas) held below 4.8 billion tonnes of coal equivalent. By contrast, in 2013, the estimate was for 4.8 billion tonnes of coal alone. Back in 2010, the US Energy Information Administration was predicting continued growth i...more

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  • Worthwhile Canadian Initiative

    Economists aren't in the prediction business - and that's a good thing

    Last year one of my students* was trying to explain why immigrants struggle in the job market. His regressions weren't working, so he switched things round a bit. Using 2006 Census data, he found that people in Newfoundland are 30 percentage points less likely to be immigrants than people in Ontario. People with PhDs are 21 percentage points more likely to be immigrants than people with a high school education. And people who are divorced are 9 percentage points less likely to be immigrants than people who are married. He was crushed when I said "You can't use any of this in your paper. It doesn't make sense to have immigrant status as your dependent variable." Data miners take data on consumer purchases and look for a pattern, any pattern. Sales ...more

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  • CIPE Development Blog

    The Entrepreneurship Café – Advancing Entrepreneurship, Lebanese-style

    The Lebanese have contributed to the Middle East (and for that matter the wider world) a renowned tradition of arts and design, which was no less evident than in the Development for People and Nature Association’s (DPNA’s) fourth consecutive year of Global Entrepreneurship Week (GEW) programming. A leading GEW partner in Lebanon and longtime CIPE partner, DPNA used this year’s celebration of... ...more

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  • Econbrowser

    Downgraded: The Macro Outlook in Wisconsin

    The Department of Revenue’s Wisconsin Economic Outlook, released last week, details a noticeable deterioration in forecasted economic performance, in just the past eight months. Figure 1: Real personal income (bn Ch.05$, SAAR) (thick blue, thick red), and forecast from March 2014 (Winter 2014 issue) (light blue), and November 2014 (Fall 2014 issue) (light red). Source: Wisconsin Economic Outlook, Winter 2014 and Fall 2014 issues. 2014Q1 personal income was 1% less (in log terms) than the March 2014 forecast. The forecast for 2014Q2 was revised downward by 1.1%. Interestingly, the report forecasts an acceleration to 5% SAAR growth in 2015Q1 (with nominal personal income forecast to growth 6.4%). About 44% of the increase in forecasted 2015Q1 nominal personal inco...more

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  • iMFdirect - The IMF Blog

    Acting Collectively: A Better Way to Restructure Government Debt

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  • CIPE Development Blog

    CIPE Women’s Hangout on Leadership and Advocacy: Advancing Women’s Economic Empowerment Globally

    Women entrepreneurs are increasingly important participants in the new global economy. In many emerging free-market economies and newly democratic countries, women comprise a significant -- and sometimes dominant -- portion of the business infrastructure, not only in the informal and small business sector, but in corporate ranks as well. Yet their participation on the management of business... ...more

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  • The Skeptical Speculator

    US stocks hit record highs but outlook turning negative

    Stocks in the United States rose last week, their fifth consecutive weekly gain, with benchmark indices hitting new record highs. The Standard & Poor’s 500 Index rose 1.2 percent to 2,063.50. The Dow Jones Industrial Average rose 1.0 percent to 17,810.06. Elsewhere in the world, the STOXX Europe 600 Index rose 2.9 percent but the MSCI All-Country Asia Pacific Index fell 1.3 percent. Markets were boosted by actions by central banks last week. The People's Bank of China announced on Friday that it was cutting one-year benchmark lending rates by 40 basis points to 5.6 percent and one-year benchmark deposit rates by 25 basis points to 2.75 percent. Also on Friday, European Central Bank President Mario Draghi told an audience of bankers in Frankfurt that “we will...more

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  • Greg Mankiw's Blog

    Trash Talking at the Harvard-Yale Game

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  • Greg Mankiw's Blog

    McCloskey on Piketty

    A long, discursive, and compelling review essay.

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  • John Quiggin

    Sandpit

    A new sandpit for long side discussions, idees fixes and so on.

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  • Rick Bookstaber

    On Death with Dignity

    We take the will to live as a positive attribute, and naturally so; it is, of course in our genes.  Whatever subset of our species took a lackadaisical view toward the prospect of death was screened out long ago. We look with admiration on those who battle against terminal illness --  “She’s a real fighter” -- and look down on those who take their own lives. Fighting for your life is the genetic prime directive.   Thus the recent death of Brittany Maynard spurred a flurry of news articles and posts on the Death with Dignity movement. There will be a lot more to come on this topic, and the movement will gather steam because whatever is in the crosshairs of the baby boomers weighs down on society as a whole. Soon the baby boomers will come to the...more

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  • John Quiggin

    50 years later

    I once read a remark about the kind of bank advertisement that shows a proud young couple outside their first home, to the effect that it would be better to show them middle-aged, making the final payment on their 25-year mortgage, at which point the home would truly be theirs. I have the same kind of reaction to the Queensland government’s (publicly funded, I believe) ads showing “ordinary Queenslanders” celebrating the fact that our public assets are going to be leased rather than sold under the government’s plan. Most of those in the ads are young (20s and 30s, I’d say). Even so, many of them will have passed on by the time the lease first comes up for renewal in 2064. And of course, that’s just the start of it. There’s a 49...more

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  • iMFdirect - The IMF Blog

    Growth: An Essential Part of a Cure for Unemployment

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  • The Skeptical Speculator

    Nikkei 225 falls as Japanese economy contracts

    The Nikkei 225 plunged 3.0 percent on Monday after the Japanese government reported that the economy contracted 0.4 percent in the third quarter, the second consecutive quarterly contraction. However, US investors shrugged off the news. The S&P 500 rose 0.1 percent on Monday to close at another record high....more

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  • Greg Mankiw's Blog

    Elmendorf for CBO Director

    Roll Call speculates about who the next director of the Congressional Budget Office might be. This is a key decision facing the newly elected GOP-controlled Congress. After giving a talk at CBO on Thursday and participating in its Academic Advisers Panel on Friday, I am reminded how impressive the CBO staff is and how important the institution is to the policy process. (FYI, my own affiliation with CBO dates back to the summer of 1978, when I was an intern there.)So who should the next CBO director be? There are a lot of reputable economists on the Roll Call list. Many are friends of mine. All things considered, however, I believe there is a clear choice: Doug Elmendorf.Someon...more

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  • Institutional Economics

    Capital Gains Tax Reform in Canada: Lessons from Abroad

    The Fraser Institute has released a new volume on international experience with capital gains taxes. I wrote the chapter on New Zealand, with some reference to Australia. Australia was deemed too similar to Canada to warrant a chapter in its own right....more

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  • The Skeptical Speculator

    Stock markets survive turbulent October

    Stocks rose last week, with stock indices in the United States in particular hitting new all-time highs. The Standard & Poor's 500 Index rose 2.7 percent last week to 2,018.05 while the Dow Jones Industrial Average jumped 3.5 percent to 17,390.52, both achieving new record highs. The STOXX Europe 600 Index rose 2.9 percent while the MSCI All-Country Asia Pacific Index rose 3.1 percent. Stock markets slipped on Wednesday after the Federal Reserve announced the end of its bond-buying programme but this event was offset by the announcement from the Bank of Japan on Friday that it was raising its annual target for asset purchases to around 80 trillion yen from 60-70 trillion yen, which helped boost stocks at the end of the week. The diverging moves from the US and Japanese ...more

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  • The Street Light

    Transfer Pricing Economics

    I'd like to announce that after a long hiatus from blogging, I'm taking it up again in a new forum.  The new blog, Transfer Pricing Economics, is primarily devoted to exploring my particular area of professional specialty, namely "transfer pricing".  If that term doesn't mean anything to you, then feel free to check out my brief explanation of transfer pricing. My aim is to expose and analyze the connections between the arcane world of transfer pricing and broader developments in the economic and financial world. And the connections are significant: the rules and economic logic of transfer pricing have a direct impact on trillions of dollars of international trade every year. So please feel free to check in on and contribute to the discussions about these...more

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  • Rick Bookstaber

    Ex Ante versus Ex Post Social Policy

    I have written various posts on social policy related to the question of whether and how we redistribute income. One argument of equal opportunity and social egalitarianism is that it is fair to control for the randomness of life. For example, take the luck of the draw in who your parents are. If your best career choice was to be born into a wealthy family, if you got ahead because your father could pull strings to get you an internship at a big investment bank; because you built up your high school resume by spending a summer building houses in Tibet while a classmate had to spend the summer working at the 7-11; or because you could afford two years of one-on-one tutoring for the SAT, the result might be to score higher in an objective standard of selection and have a ...more

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  • Alpha.Sources

    Another Eurozone Crisis Ahead?

    Calamities happen in financial markets, and usually when investors least expect and are least prepared for it. In the euro area, weak growth in the past six months and the inability of the ECB's measures to turn asset markets arounds have led investors to, once again, revisit their sovereign debt crisis playbooks.  This is understandable, but also now raises a fundamental question. If we are about to tumble into round 2 (or 3?) of the sovereign debt crisis, Eurozone bears may still prevail holding on to the recent trend in equities. But if we are not, the only trade that currently makes sense is to buy equities and short benchmark bonds in the euro area. Narrow money growth and ECB easing would indicate this to be a good bet, but the lack of sovereign QE amid incre...more

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  • Dani Rodrik's weblog

    Services, manufacturing, and new growth strategies

    I gave a talk yesterday on New Growth Strategies at the World Bank, which was more or less an elaboration of this short piece. I argued that industrialization had pretty much run out of steam as a growth strategy, that services would need to be the focus going forward, and that this required in turn a different policy mindset about how to increase productivity. In particular, I argued that policies focusing on generating a sequence of sectoral “winners,” which worked so  well in manufacturing (garments to car seats to cars to electronics), would have much smaller payoff in services, in view of the non-tradability of most service segments. I suggested further that, even under the best of circumstances, a services-oriented strategy would yield lower growth than ...more

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  • Jeffrey Frankel's Blog

    The Return of Voodoo Economics

    Paul Krugman’s column in the New York Times today talked of the revival of “Voodoo economics” by some Republican politicians.  This refers to the Laffer Proposition that a cut in income tax rates stimulates economic activity so much that tax revenue goes up rather than down.   Gov. Sam Brownback, who is running for re-election in Kansas, has had to confront the reality that tax revenues went down, not up as he argued they would, when he cut state tax rates. I disagree with one thing that Krugman wrote in his column: the idea that there was a long break,  particularly after George W. Bush took office, during which Republican politicians did not push this line.  To the contrary, I have collected many quotes from George W. Bush and his top officials claiming the...more

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  • Jeffrey Frankel's Blog

    Piketty’s Fence

    Most of the reviews of Thomas Piketty’s book Capital in the Twenty-First Century have already been written.  But I thought it might be best to read it all the way through before offering my own thoughts on this book, which startlingly rose to the top of the best seller lists last April.  It has taken me five months, but I finished it. One of the things the book has in common with the Karl Marx’s Das Capital (1867) is that it serves as a rallying point for the many people who are passionately concerned about inequality, regardless whether they understand or agree with the specific arguments contained in the book in question.  To be fair, much of what Marx wrote was bizarre and very little was based on careful economic statistics.  Much of what Piketty says is ba...more

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  • Smart Economy

    Belgian Researchers Discover Way to Block Cancer Metastasis

      Free Radicals and Cancer Metastasis KEY QUOTE:  The Belgian team led by Sonveaux has found the mechanism by which cells can control changes caused at least in part by free radicals. The free radical involved in the metastacism of tumor cells is superoxide. Tests in mice on melanoma and breast cancer cells showed that administering an antioxidant stopped the production of superoxide. That, in turn, prevented cell changes that would lead to metastasis.   N.B. This is confirmation why Carbon 60 Hydrated Fullerenes stops cancer metastasis, by scavanging free radicals that cause cancer. Ukrainian scientists have known this for over ten years!!--Walter Derzko September 18, 2014 12:28 AM                 WASHINGTON— Cancer remains one of the dea...more

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  • Smart Economy

    New non-invasive technique could revolutionize the imaging of metastatic cancer

                     IMAGE:   This is Paul Fisher, M.Ph., Ph.D., Thelma Newmeyer Corman Endowed Chair in Cancer Research and co-leader of the Cancer Molecular Genetics research program at VCU Massey Cancer Center, chairman of... Click here for more information.      Bioluminescence, nanoparticles, gene manipulation – these sound like the ideas of a science fiction writer, but, in fact, they are components of an exciting new approach to imaging local and metastatic tumors. In preclinical animal models of metastatic prostate cancer, scientists at Virginia Commonwealth University Massey Cancer Center, VCU Institute of Molecular Medicine and Johns Hopkins Medical Institutions have provided proof-of-principle of a new molecular...more

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  • Smart Economy

    Space: The final frontier… open to the public

      UTMB research shows average people healthy enough for commercial space travel Historically, spaceflight has been reserved for the very healthy. Astronauts are selected for their ability to meet the highest physical and psychological standards to prepare them for any unknown challenges. However, with the advent of commercial spaceflight, average people can now fly for enjoyment. The aerospace medicine community has had very little information about what medical conditions or diseases should be considered particularly risky in the spaceflight environment, as most medical conditions have never been studied for risk in space — until now. The aerospace medicine group at the University of Texas Medical Branch at Galveston recently studied how average people with common ...more

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  • Alpha.Sources

    Where Are My Foreign Assets When I Need Them?

    How do you show the challenge of the eurozone periphery in one chart? Well, it is difficult but the representation below is a good pick in my view. A structurally negative net foreign asset position is a very tough hurdle to overcome when in a currency union, saddled with poor demographics and need net external demand to boost national income. Think of the periphery as Japan and Germany without(!) the strong net foreign asset position.  These countries seem to have grown old before getting rich and without the ability to devalue in nominal terms, the outlook is not good.    --- Picture is courtesey of Pantheon Macroeconomics and has also been posted on Twitter.  ...more

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  • Dani Rodrik's weblog

    Back to sanity on economic convergence

    It’s been interesting to watch how the conventional wisdom on rapid convergence – developing countries closing the gap with the advanced economies – has been changing over the last few years. It wasn’t so long ago that the world was in the grips of emerging-markets mania, projecting wildly optimistic growth numbers decades into the future. For the last 4-5 years, I have been writing that the pace of convergence we have experienced over the last two decades is unsustainable. There were temporary factors (cheap capital, low interest rates, high commodity prices, rapid Chinese expansion) which would begin to reverse themselves. And perhaps most importantly, export-oriented industrialization was running out of steam much earlier, even in the relatively successful co...more

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  • Institutional Economics

    I am leaving CIS and returning to financial markets

    This is my last week at CIS. I will be returning to financial markets from whence I came back in 2008. Thanks to Greg Lindsay for giving me a platform to participate in the public policy debate over the last few years. Thanks also to those who contributed to Policy while I was editor over the last 18 months. Policy will continue under a new editor. My new employer won’t be paying me to blog or tweet during business hours, so you will be hearing even less from me on what is already a very low frequency blog. I will still post material here from time to time and link to what I am doing when appropriate. Needless to say, nothing on this web site should be attributed to current or previous employers. This blog has followed me around in various roles since 2003, back whe...more

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  • Jeffrey Frankel's Blog

    Modi, Sisi & Jokowi: Three New Leaders Face the Challenge of Food & Fuel Subsidies

    In few policy areas does good economics seem to conflict so dramatically with good politics as in the practice of subsidies to food and energy.  Economics textbooks explain that these subsidies are lose-lose policies. In the political world that can sound like an ivory tower abstraction.   But the issue of unaffordable subsidies happens to be front and center politically now, in a number of places around the world.   Three major new leaders in particular are facing this challenge:  Sisi in Egypt, Jokowi in Indonesia, and Modi in India. The Egyptian leader is doing a much better job of facing up to the need to cut subsidies than one might have expected.  India’s new prime minister, by contrast, is doing worse than expected – even torpedoing a long-anticipated ...more

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  • Institutional Economics

    Wayne Swan on Monetary Offset and the GFC

    Former Treasurer Wayne Swan is releasing some of his briefing notes from the GFC ahead of the launch of his upcoming memoir, The Good Fight. The first instalment from a meeting at the Prime Minister’s residence with the Prime Minister, Treasury Secretary and other senior officials on 4 August 2008 is remarkable for its acknowledgement of monetary offset. Indeed, the notes could just as easily have been written by Scott Sumner: There are three broad considerations the Government would need to keep in mind in taking a decision to engage in discretionary [fiscal] action: • The Reserve Bank through its control over interest rates, determines the overall level of aggregate demand in the economy, and the Bank would likely take account of any fiscal stimulus in its monet...more

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  • CYNICONOMICS

    Technical Notes for ‘Never Mind Their Distrust of Data and Forecasts…’

    This is a short appendix for our earlier post, “Never Mind Their Distrust of Data and Forecasts; Austrians Can Help You Predict the Economy,” in the usual Q&A format. Why do you show three different series in the first chart? We show “Net Private Debt from Census Bureau” because it has the longest history. We use it later to calculate 5-year credit growth figures for the period before the Fed’s “flow of funds” becomes available. We deduct financial and real estate corporation debt in the second dotted line to show that private debt growth in the late 1920s wasn’t skewed by financial debt (as it was in the 2000s). We can only back out financial debt from 1926 (not enough data to use in the “savings rates and credit growth” chart), but this series...more

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  • CYNICONOMICS

    Never Mind Their Distrust of Data and Forecasts; Austrians Can Help You Predict the Economy

    [O]f all the economic bubbles that have been pricked, few have burst more spectacularly than the reputation of economics itself. – From The Economist, July 16, 2009. It’s been five years since the The Economist magazine published the critical commentary  excerpted above. In hindsight, the noted reputational damage was neither lasting nor spectacular. As of today, we’d say it’s almost non-existent. Mainstream economists continue to dominate their profession and wield huge influence on public policies. They merely needed to close ranks after the financial crisis and wait for people to forget that their key theories and models were wholly discredited. Meanwhile, heterodox economists who stress credit market risks and financial fragilities – the Austrians, the Mi...more

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  • CYNICONOMICS

    Technical Notes for ‘Planning for Future Rate Hikes…’

    This is a short appendix for our earlier post, “Planning for Future Rate Hikes: What Can History Tell Us that the Fed Won’t?,” presented in Q&A format. I don’t understand the calculations in your charts – can you walk me through one of the figures? Sure, we’ll do this for the figure depicted by the first bar (6.1%) on the real fixed investment chart: We start by isolating all 4 quarter periods over which the fed funds rate dropped by more than 2%. There were 37 such periods in our data set, as shown in the first chart of the main article. For each of these periods, we record the growth in real fixed investment over the next 4 quarters. This is what we mean by lagged growth – we’re lagging the economic outcome against the change in interest rate...more

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  • Dani Rodrik's weblog

    My moonlighting career of the last 4 years

    At long last, Turkey's consitutional court has reversed the conviction of the more than 200 officers previously found guilty in the bogus Sledgehammer coup plot, leading to the release on June 19th of all those in jail (including my father in law). Even though a retrial is to take place, the ruling is a coda to the last four-and-a-half years during which my wife and I moonlighted as criminal investigator, forensic analyst, and political activist. It has been a truly surreal and bizarre experience, given how so many intelligent people bought into -- and refused let go of -- a coup plot that was patently fictitious.     So I thought this would be a good time to post a longish account of my involvement in the story. I wrote it as much to make sense of it to...more

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  • The Becker-Posner Blog

    Farewell

    In memoriam: Gary S. Becker, 1930-2014. The Becker-Posner blog is terminated. Richard A. Posner

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  • Felix Salmon

    Post Felix

    By Shane Ferro Today is Felix’s last day at Reuters. Here's the link to his mega-million word blog archive (start from the beginning, in March 2009, if you like). Because we’re source-agnostic, you can also find some of his best stuff from the Reuters era at Wired, Slate, the Atlantic, News Genius, CJR, the NYT, and NY Mag. There’s also Felix TV, his personal site, his Tumblr, his Medium archive, and, of course, the Twitter feed we all aspire to. Counterparties may have been the brainchild of Felix and the recently departed Ryan McCarthy, but the blog, site, newsletter, and Twitter feed will continue to exist in their absence. It will be run by Ben Walsh and Shane Ferro, with some non-trivial amount of snark. Today we focus on the reason Felix started Counterparti...more

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  • Felix Salmon

    The Piketty pessimist

    By Felix Salmon This chart comes from the World Economic Forum’s 2014 Global Risks Report, which came out just before Thomas Piketty’s book started becoming the topic of discussion in economic and plutocratic circles.* You can clearly see what you might call the rise of inequality-as-an issue: before 2012 it’s nowhere to be found, but since then it’s been consistently in the top spot. My prediction is that in 2015, thanks to Piketty, the WEF will start talking less about income inequality, and more about wealth inequality. The big question, though, is whether inequality is really much of a risk at all. After all, from the point of view of the average billionaire WEF delegate, inequality would seem to look much more like a reward. Chrystia Freeland has a hopeful...more

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  • Felix Salmon

    The most expensive lottery ticket in the world

    By Felix Salmon No Exit, the new book from Gideon Lewis-Kraus, should be required reading for anybody who thinks it might be a good idea to found a startup in Silicon Valley. It shows just how miserable the startup founder’s life is, and raises the question of why anybody would voluntarily subject themselves to such a thing. A large part of the answer is that Silicon Valley is gripped by a mass delusion, compounded by a deep “fake it til you make it” attitude toward success. Why do so many people in Silicon Valley want to be founders? Because every founder they meet is always killing it, crushing it, having massive success, just about to close a huge round, etc etc. At some level, they must know this is impossible: if 90% of startups fail, it simply can’t be the...more

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  • The Becker-Posner Blog

    Sabbatical Notice

    Starting this weekend, we will be taking a one-month sabbatical from blogging. We will resume at the end of that period.

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  • The Becker-Posner Blog

    The Embargo of Cuba: Time to Go- Becker

    The US embargo of Cuba began in 1960, a year after Fidel Castro turned this island toward communism. It was extended to food and medicines in 1962, the same year as the showdown with Russia over the installation of missiles there. The embargo has prevented American companies from doing business with Cuba, and discouraged tourism to Cuba. The American government also tried with quite limited success to prevent other countries from trading with Cuba. In general economic embargoes are undesirable because they interfere with free trade among countries. Yet a case could be made for an embargo against Cuba. Castro not only allowed Russian missiles to be installed in Cuba, just 90 miles from Florida, but was also actively trying to interfere in other countries by sending troop...more

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  • Stefan Karlsson's blog

    New Blog Address: http://stefankarlssoneng.wordpress.com/

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  • Stefan Karlsson's blog

    Ukraine Crisis Isn't Over

    So now the so-called protestors have overthrown democratically elected President Yanukovich in what is in effect a coup. It is unclear what will happen, and how Russia and Yanukovich and his supporters will act, but this is almost certainly not the end of it.Indeed, how could it be the end? Some people argue that protestors were motivated by anger over corruption and abuse of power from Yanukovich. But while Yanukovich is no doubt corrupt and some protestors may indeed have been motivated by anger over that fact, the opposition movement led by Yulia Tymoschenko is just as corrupt as Yanukovich, so if they prevail, that won't mean less corruption and abuse of power.No, what this conflict is really about is that today's Ukraine is an artificial state created by Soviet com...more

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  • Stefan Karlsson's blog

    How Old Posts Can Become Popular Again

    Suddenly, my post about why Ukraine should be divided between its anti-Russian and pro-Russian parts has seen a dramatic increase in page views. That is no doubt related to the latest escalation of Ukraine's political crisis with both government forces and the neo-Nazi elements of the opposition increasingly using violent means in the confrontation. Ukraine is dangerously close to a full scale civil war. Let's hope that it doesn't come to that. Ukraine has been ravaged for a century by wars, German Nazis, Communism, corruption and ethnic conflict, to add a(nother) civil war would be really cruel. I remain convinced that secession is the best way to solve the conflict peacefully....more

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  • The Oil Drum - Discussions about Energy and Our Future

    The Oil Drum writers: Where are they now?

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  • International Political Economy at the University of North Carolina

    Why US Financial Hegemony Will Endure

    Will and I have a piece, now ungated, over at a fantastic new online magazine called Symposium. Our article translates much of the main points of our Perspectives Piece (co-authored with Thomas and Andy Pennock) for popular consumption. We are also blogging over there this week in support of the article. Please do check out our writing this week on the magazine's website, as well as the other great content on the site....more

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  • International Political Economy at the University of North Carolina

    Foreign Direct Investment, Human Rights, INGOs

    One of the major areas of underdeveloped research within political science is the interaction between non-state actors. From an international political economy perspective, the literature has largely ignored the interaction of various non-state actors that are growing in importance, and its effects on different forms of trade. In a recently published article "Avoiding the Spotlight: Human Rights Shaming and Foreign Direct Investment" by Colin Barry, Chad Clay and Michael Flynn, they lay the foundation for examining this interaction. They examine the interaction between non-state actors (INGOs) and multinational corporations (MNCs) and the extent to which private actors' choices to invest in countries are affected by the reputational costs of doing business in those...more

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  • The Oil Drum - Discussions about Energy and Our Future

    The Last Post

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  • The Oil Drum - Discussions about Energy and Our Future

    The House That Randy Built

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  • International Political Economy at the University of North Carolina

    Verizon, Vodafone, and Measuring FDI

    Recently back from APSA in Chicago, I've been reflecting on the state of our knowledge about FDI (or perhaps more accurately, cross-border management stakes in enterprises). That, and working on my dissertation, applying for academic jobs, and teaching. Oh, and telling everyone who'll listen about my Optimus Prime sighting on Michigan Ave.Anyway, I find a post-conference review of the discipline is generally a good way to consider potentially fruitful lines of new inquiry. In my experience, the quality of papers at conferences can be rather hit-or-miss. This generally fits into my view of conferences as important sources of external deadlines for getting drafts done as well as interacting with other scholars in more informal settings such as the hotel bar/lobby/over-cro...more

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  • Paul Kedrosky's Infectious Greed

    Twitter Digest: 2013-06-09

    Given that I block NSA & PRISM tweets, was entertaining tuning into twitter & trying to figure why everyone was on about Lord Snowdon -> Turned on GoT tonight just in time to catch Daenerys reenacting her Level 2 YMCA gymnastics pageant. -> How Not to Be Alone | Jonathan Safran Foer – http://t.co/HMFxg75lfh http://t.co/DzAtvWBQJr -> Excellent, but fellow sports-med geeks only: Sports and exercise-related tendinopathies: a review – http://t.co/WGkhRlO6Uz -> ...more

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  • Paul Kedrosky's Infectious Greed

    Twitter Digest: 2013-06-07

    Photo-set: Flooding Across Central Europe – http://t.co/8G6j8teCbd -> CDC Update: Severe Respiratory Illness Associated with Middle East Respiratory Syndrome Coronavirus – http://t.co/hWqN1338VN -> Col Flagg: Have you ever heard of Malaysian Chest Implosion Torture? Radar: No. Coll Flagg: Good. It hasn’t been invented… yet. -> tl;dr: There are Manchurian Candidate engineers at large tech cos that have stolen SSL root cert and NSA is using it for cattle mutilation. -> Brian: …Will you please listen? I'm not the Messiah! Do you understand? Honestly Woman: Only the true Messiah denies his divinity! -> ...more

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  • Paul Kedrosky's Infectious Greed

    Twitter Digest: 2013-06-05

    FRED: Free Energy Data – http://t.co/90H7GVDazO -> Solipsisms ‘r’ us, courtesy of my friends at @thinkup: I apparently mention me a lot – http://t.co/9rTRXvBM9D -> Almost 10,000 words on soccer/Italy/economics/racism by @wrightthompson? Yes, & it’s super. Go. http://t.co/g4sgEFLkIC -> When The Beautiful Game Turns Ugly: A journey into the world of Italy's racist soccer thugs http://t.co/nckrbeLPfs -> Can’t remember last time I read an OpEd or column. Do those still exist? -> ...more

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  • The Street Light

    Cyprus and Eurozone Bank Deposits

    To me, the central issue raised by this week's Cyprus debacle is how it has affected confidence across the eurozone.  To what degree has the possibility of insured depositors at a eurozone bank losing a portion of their deposits affected the mindset of depositors?  To what degree has ECB acquiescence to this possibility undermined the notion that deposit insurance in the eurozone means the same thing in all countries?  And to what degree has the ECB's direct threat to end support for Cyprus's banking system in the event that the government of Cyprus can not arrange sufficient funds to meet its conditions made a farce of its earlier promise to "do whatever it takes to preserve the euro"?These, to me, are the interesting questions prompted by this week's ev...more

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  • London Banker

    Chop Off Their Hands . . .

    President Truman famously called for a one handed economist. The Carolingian kings of France would have accommodated him. They realised that a kingdom required a common currency under the control of the king and well regulated markets to sustain the confidence of the people. At first mints were established widely, spread across the kingdom. Local barons began to profit from debasing the coinage, undermining confidence in the monetary system. So Charles the Bald established mints under his direct control and regulated the issue of coins: C.12. Following the custom of our predecessors, just as it is found in their capitularies, we decree that in no other place in all our kingdom shall money be made except in our palace, and in St. Josse and Rouen, which right in th...more

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  • The Street Light

    When the Fed Chair is an Academic

    The big economic news of the week was, in fact, big economic news: the Fed's announcement of significant changes from past practice in the the quantity of its next round of large scale asset purchases ("unlimited"), and in the timing of any future reversal of this expansionary policy ("a considerable time after the economic recovery strengthens").I view this as a pretty fundamental shift in how the Fed hopes to affect the economy.  Rather than trying to push economic activity one way or the other through its management of interest rates (which can alter economic activity through its portfolio-rebalancing and wealth effects, for example), the Fed is now quite explicitly trying to affect economic activity by altering interest rate and inflation expectations.  As...more

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  • London Banker

    For Want of a Nail, the Ship Was Lost

    Imagine a great ship dominating the skyline on a distant sea. Imagine the complexity of that ship: keel, ribs, planks, masts, spars, and an infinite number of less readily named components. Each component was hand-crafted by a craftsman skilled in his trade, to precise requirements, and secured in position to take the stress and strain of a life at sea.Now imagine a crew. They didn't build the ship. The crew are told that the one and only purpose of the ship is to realise a profit for every man jack aboard. Any hand not contributing a profit will be turned ashore. Down below in the ship are nails. Thousands and thousands of nails. Nails are useful. Nails are much sought after in every port the ship enters. Nails can be readily sold and never traced. The crew h...more

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  • London Banker

    Lies, Damn Lies and LIBOR

    I've been hesitant to write about the LIBOR scandal because what I want to say goes so much further. We now know that Barclays and other major global banks have been manipulating the calculation of LIBOR through the quotation data they provided to the British Bankers Association. What I suspect is that this is not a flaw but a feature of modern financial markets. And if it was happening in LIBOR for between 5 and 15 years, then the business model has been profitably replicated to many other quotation-based reference prices.Price discovery is not a sexy function of markets, but it is critical to the efficient allocation of scarce capital and resources, and to the preservation of the long term wealth of investors and the economy as a whole. If price discovery is compr...more

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Emre Deliveli The Kapali Carsi

Emre Deliveli is a freelance consultant, part-time lecturer in economics and columnist. Previously, Emre worked as economist for Citi Istanbul, covering Turkey and the Balkans. He was previously Director of Economic Studies at the Economic Policy Research Foundation of Turkey in Ankara and has has also worked at the World Bank, OECD, McKinsey and the Central Bank of Turkey. Emre holds a B.A., summa cum laude, from Yale University and undertook his PhD studies at Harvard University, in Economics.

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