What Obama's New Killing Rules Don't Tell You @EsquireMag. Most importantly the new rules are mostly smoke & mirrors. http://t.co/tVb1LXo928
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Air Traffic Control and Negative Airports
Flight delays at large airports in the U.S. in April were a disaster that could have been avoided. They are an example of government failure that resulted from furloughing air traffic controllers at both large and small airports, even though their productivity was higher at large airports. This was a deadweight loss to the economy [...]
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Population Dynamics in the New EU Member States: It’s All About Relative Income Levels
The European Union added 10 new members in 2004 and two more in 2007. Recent population censuses have provided much more reliable data on the number of residents in the twelve new member states in 2011 than the regular estimates by the statistical offices. Together with data from previous censuses they allow evaluating the population [...]
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The Overdue U.S. Immigration Reform
Current Immigration Policy is Complex Of all possible economic reforms, the one most likely to increase incomes per person is to allow more people to move from where their productivity is low to where it is higher (Peri). Reform of immigration law is a timely topic in the United States, where a serious discussion of [...]
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Will the Boom in U.S. Energy Production Bring Back Manufacturing Jobs?
Introduction The United States has experienced unprecedented increases in energy production recently, and political leaders from both parties have promised that greater energy abundance would bring back manufacturing jobs to the U.S. A study by PwC (2011) claimed that a high-level of shale gas recovery could lead to approximately one million more manufacturing jobs by [...]
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Another look at Ricardian equivalence: the case of the European Union
The so-called Ricardian equivalence suggests that a government will have the same effect on private spending whether it raises taxes or takes on additional debt to finance higher government spending. The logic behind it is that as the government gets more indebted, people would put aside more money in expectation of higher taxes in the [...]
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Does US Fiscal Policy Stabilize or Destabilize the Economy?
Textbook discussions of fiscal policy describe it as a stabilizing force for the private economy. Fiscal policy can stabilize aggregate demand by adding to demand during recessions and subtracting from demand during business expansions. However, actual fiscal policy of the United States has deviated from this textbook description, especially in the last decade. In the [...]
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Is this Time Different for the US?
In a new review of Reinhart and Rogoff’s book, This Time is Different, economic historian Alan Taylor points out that ignoring the historical relationship between government debt and financial crises can be costly. It can lead to a kind of wishful thinking that governments can borrow any amount of money without producing any adverse economic [...]
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A Reinsurance Approach to the Single Resolution Mechanism
Daniel Gros recently published an interesting column contrasting recent banking crisis in Ireland and the US state of Nevada concluding that an integrated banking system saved Nevada after a local real estate boom turned to bust whereas Ireland had to deal with a similar crisis on its own. In Nevada transfers from the Federal authorities [...]
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The U.S. Is Sliding Down an Investment Slope
In the recent article “Investment Falls Off a Cliff,” the Wall Street Journal reported that half of the 40 biggest publicly traded corporate spenders in the U.S. have announced plans to curtail capital expenditures this year or next year. A slowdown in demand, in particular, in such export markets as China and the eurozone, and [...]
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This Time Might Indeed Be Different For World Trade
Since World War II, successive rounds of GATT/WTO negotiations have contributed to freer trade and prosperity globally, but the WTO has become too large and unwieldy to proceed, as shown by the impasse after 11 years of the Doha round of negotiations. A key trend in international trade during last decades has been regionalization. However, [...]
