Yusuf Mercan, Benjamin Schoefer, and Petr Sedláček, newly published in American Economic Journal: Macroeconomics. I best liked this excerpt from p.2, noting that “DMP” refers to the Nobel-winning Diamond-Mortensen-Pissarides search model of unemployment: This congestion mechanism improves the business cycle performance of the DMP model considerably. It raises the volatility of labor market tightness tenfold, […]
A congestion theory of unemployment fluctuations
A congestion theory of unemployment fluctuations
17 Jan 2024 Leave a comment
in business cycles, econometerics, economic history, history of economic thought, job search and matching, labour economics, labour supply, macroeconomics, monetary economics, unemployment
1359
17 Jan 2024 Leave a comment
in international economic law, International law Tags: economics of borders, maps
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Deirdre McCloskey: What Is Classical Liberalism? | Robinson’s Podcast #145
17 Jan 2024 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, economic history, economics of climate change, energy economics, environmental economics, global warming, history of economic thought, law and economics, liberalism, libertarianism, Marxist economics, political change, Public Choice, public economics
The population bomb
17 Jan 2024 Leave a comment
in economic history, labour economics, labour supply, population economics Tags: ageing population
Robert Craig: The constitutional implications of legislating to exonerate the Post Office sub-postmasters
16 Jan 2024 Leave a comment
in economics of crime, law and economics Tags: British politics, constitutional law
Some commentators have claimed that the decision to expedite the process of formally exonerating the sub-postmasters potentially runs afoul of certain core constitutional principles, in particular the separation of powers. It has also been claimed that the ‘crown does not have a prerogative of justice but only a prerogative of mercy’. This blog considers and challenges those claims. Technically, […]
Robert Craig: The constitutional implications of legislating to exonerate the Post Office sub-postmasters
Speaking of ice ages
16 Jan 2024 Leave a comment
in economic history, energy economics, environmental economics, global warming Tags: Arctic ice caps, climate alarmism
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Wars lead to new borders
16 Jan 2024 Leave a comment
in defence economics, International law, war and peace Tags: maps, World War I
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The Right and Wrong Way to Reduce Poverty, Part II
16 Jan 2024 Leave a comment
in applied price theory, economic history, human capital, income redistribution, labour economics, labour supply, occupational choice, politics - USA, poverty and inequality, Public Choice, public economics, welfare reform Tags: child poverty, family poverty
In Part I of this series, I explained that the War on Poverty, launched by Lyndon Johnson and expanded by other profligate presidents, has been bad news for both taxpayers and poor people. More specifically, I shared some academic research showing how it led to a big increase in dependency on government. Let’s expand on […]
The Right and Wrong Way to Reduce Poverty, Part II
Family leave and the gender wage gap
16 Jan 2024 Leave a comment
in applied price theory, discrimination, econometerics, economic history, gender, human capital, labour economics, labour supply, occupational choice, poverty and inequality Tags: economics of fertility, family leave, gender wage gap, marriage and divorce, sex discrimination
The gender wage gap has been decreasing slowly and steadily over time. At least, that’s what I thought until I read this 2023 NBER Working Paper by Peter Blair (Harvard University) and Benjamin Posmanick (St. Bonaventure University). They present the following graph of the gender wage gap in the US (for White women, compared with White men,…
Family leave and the gender wage gap
Tap Into Weather-Dependent Wind & Solar: Get Ready For Punishing Power Bills
16 Jan 2024 Leave a comment
in energy economics, environmental economics, global warming Tags: wind power
Being pounded with 20% increases in power bills, year after year, is all part of the grand wind and solar transition. Every single country that’s tapped into subsidised wind and solar has seen retail power prices rocket – no exceptions. It’s one case where whatever goes up, never comes down. The promise of cheap electricity […]
Tap Into Weather-Dependent Wind & Solar: Get Ready For Punishing Power Bills
‘Say it Nicer’: Hunter Makes a Familiar Last-Minute Offer to Congress
16 Jan 2024 Leave a comment
in economics of crime, law and economics, politics - USA Tags: 2024 presidential election
Below is my column in The Hill on Hunter Biden’s sudden offer to appear for testimony in Congress. Biden’s demand presents institutional considerations that weigh against re-issuing the subpoena. This was a valid subpoena issued by multiple committees with independent subpoena authority. Few members relish Hunter and his team turning them into dancing bears for […]
‘Say it Nicer’: Hunter Makes a Familiar Last-Minute Offer to Congress
Me too
15 Jan 2024 Leave a comment
in economic history, economics of media and culture Tags: recycling
Professional Sports and the Lack of Local Economic Payoffs
15 Jan 2024 Leave a comment
in applied price theory, applied welfare economics, econometerics, Public Choice, public economics, rentseeking, sports economics, urban economics
I’m a sports fan, which in this case may represent a conflict of interest, because it means I’m conflicted about public subsidies going to sports stadiums. The economic evidence on this point is pretty clear: such subsidies can transfer how people spend their entertainment dollars from one area of a city to another, but the net…
Professional Sports and the Lack of Local Economic Payoffs
Mattei Misjudges Hawtrey
15 Jan 2024 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, great depression, history of economic thought, macroeconomics, monetary economics
Clara Mattei, associate professor of economics at the New School for Social Research, recently published a book, The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism, (University of Chicago Press) in which she argues that the fiscal and monetary austerity imposed on Great Britain after World War I to restore the […]
Mattei Misjudges Hawtrey
Utopia, you are standing in it! 
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