Source: Kehoe, Midrigan and Pastorino 2018.
The Queen didn’t ask Keynesians about not predicting the 1970s stagflation, a phenomenon their macroeconomics strictly forbade
15 Aug 2018 2 Comments
in budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great recession, history of economic thought, macroeconomics, monetary economics Tags: conjecture and refutation, Keynesian macroeconomics, stagflation
Ellen McGrattan, Intangible Capital and Measured Productivity
14 Aug 2018 Leave a comment
in business cycles, global financial crisis (GFC), great recession, macroeconomics, monetary economics Tags: real business cycles
@dandolfa on how Keynesian macroeconomics is just to good to be true
12 Aug 2018 Leave a comment
in applied price theory, business cycles, fiscal policy, global financial crisis (GFC), great depression, great recession, macroeconomics, monetary economics Tags: Keynesian macroeconomics
My favorite Greg Mankiw quote on the influence of modern macroeconomics
26 Jul 2018 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, global financial crisis (GFC), great depression, great recession, macroeconomics, monetarism, monetary economics Tags: Greg Mankiw
Thomas Sargent v. @AnnPettifor on macroeconomics before the #GFC
24 Apr 2018 Leave a comment
in budget deficits, business cycles, fiscal policy, global financial crisis (GFC), great depression, great recession, macroeconomics, monetary economics, Public Choice Tags: monetary cranks, Thomas Sargent
Game of Theories: The Great Recession
06 Dec 2017 Leave a comment
in budget deficits, business cycles, Euro crisis, fiscal policy, global financial crisis (GFC), great recession, macroeconomics, Public Choice, rentseeking
The Great Recession
14 Nov 2016 Leave a comment
in Euro crisis, fiscal policy, global financial crisis (GFC), great recession, macroeconomics
Tom Sargent on Macroeconomic Theory and the Crisis
12 Jun 2016 Leave a comment
in business cycles, currency unions, economics, Euro crisis, fiscal policy, global financial crisis (GFC), great recession, macroeconomics, monetary economics Tags: Tom Sargent
Equilibrium unemployment rate: USA, UK, France, Germany, Canada & Australia, 1985-2017
02 Jun 2016 Leave a comment
in business cycles, economic growth, economic history, global financial crisis (GFC), great recession, labour economics, labour supply, unemployment Tags: British economy, Canada, equilibrium unemployment rate, France, Germany, natural unemployment rate
I do admire the way in which the USA has been able to have a steadily falling equilibrium unemployment rate since 1984 through thick and thin. The Great Recession had no impact on the US equilibrium unemployment rate. Not only has the largest member been able to do this, the OECD host country (red squares) has had a pretty steady natural unemployment rate too all things considered.
Source: OECD Economic Outlook June 2016 Data extracted on 01 Jun 2016 12:40 UTC (GMT) from OECD.Stat
Unemployment rates across the OECD in 2015
26 Mar 2016 Leave a comment
in business cycles, economic growth, Euro crisis, global financial crisis (GFC), great recession, job search and matching, labour economics, macroeconomics, unemployment
Tax mix in the USA as a percentage of GDP since 1965
18 Mar 2016 Leave a comment
in business cycles, economic history, fiscal policy, great recession, macroeconomics, politics - USA, public economics Tags: company tax, company tax rate, growth of government, GST, indirect taxation, property taxes, size of government, Social Security contributions, taxation and investment, taxation and labour supply, welfare state
The only major change in the US tax mix in the last 50 years has been greater reliance on social security contributions.
Source: OECD Stat.
The share going to income taxes bobbing up and down quite a lot in the last 30 years much of that to do with the business cycle. In the 1990s, the share of taxes from personal income increased during boom times. In the Great Recession, the tax share to income tax rose with the declining economy as did that on corporate profits.
Utopia, you are standing in it! 
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