The Affordable Care Act and the Labor Market
15 Feb 2015 Leave a comment
in fiscal policy, great recession, labour economics, labour supply, macroeconomics Tags: Casey Mulligan, Obamacare, taxation and the labour supply
Everyone is richer in the USA and the middle class is moving up
09 Feb 2015 Leave a comment
in economic growth, great recession, macroeconomics, poverty and inequality Tags: The Great Enrichment
The middle class is shrinking in the USA because most of of 10% shrinkage is due to them becoming rich.
Everyone is wealthier than in the past and would have been wealthier but for the Great Recession and the countless tax rises of Obama.
A clickable timeline of central banking activity during the 2008 financial crisis
05 Feb 2015 Leave a comment
Deflation and Depression: Is There an Empirical Link?
31 Jan 2015 Leave a comment
in budget deficits, business cycles, economic growth, Euro crisis, great depression, great recession, macroeconomics, monetary economics, politics - Australia, politics - New Zealand, politics - USA Tags: deflation, fiscal policy, liquidity traps, monetary policy, stabilisation policy
Deflation has a bad reputation. People blame deflation for causing the great depression in the 1930s. What worse reputation can you get as a self-respecting macroeconomic phenomena?
The inconvenient truth for this urban legend is empirical evidence of deflation leading to a depression is rather weak.
The most obvious is confounding evidence, is up until the great depression, deflation was commonplace. In the late 19th century, deflation coincided with strong growth, growth so strong that it was called the Industrial Revolution.
For deflation to be a depressing force, something must have happened in the lead up to the Great Depression to change the impact of deflation on economic growth.
Atkeson and Kehoe in the AER looked into the relationship between deflation and depressions and came up empty-handed.
Deflation and depression do seem to have been linked during the 1930s. But in the rest of the data for 17 countries and more than 100 years, there is virtually no evidence of such a link.
Deflation and Depression: Is There an Empirical Link?
Andrew Atkeson, and Patrick J. Kehoe, 2004.
Are deflation and depression empirically linked? No, concludes a broad historical study of inflation and real output growth rates. Deflation and depression do seem to have been linked during the 1930s. But in the rest of the data for 17 countries and more than 100 years, there is virtually no evidence of such a link.
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Has the USA moved to lower trend GDP growth path?
26 Jan 2015 Leave a comment
in business cycles, economic growth, great recession, macroeconomics, politics - USA Tags: great recession, Jagadeesh Gokhale, prosperity and depression
Robert Lucas interview in Brazil, 2nd November 2012
24 Jan 2015 Leave a comment
in applied welfare economics, business cycles, comparative institutional analysis, development economics, economic growth, global financial crisis (GFC), great recession, growth disasters, growth miracles, inflation targeting, macroeconomics, monetarism, Robert E. Lucas Tags: Robert E. Lucas
Paul Samuelson and Robert Lucas both agree that economists have solved the problem of economic depressions
24 Jan 2015 Leave a comment
in business cycles, fiscal policy, great depression, great recession, history of economic thought, macroeconomics, monetary economics, Robert E. Lucas Tags: Paul Samuelson, prosperity and depression, The fatal conceit, The pretence to knowledge
Economic Rebounds in U.S. and Euro Zone: Deceivingly Similar, Strikingly Different
20 Jan 2015 Leave a comment
in business cycles, Euro crisis, global financial crisis (GFC), great recession, labour economics, macroeconomics, unemployment Tags: Euroland
via Economic Rebounds in U.S. and Euro Zone: Deceivingly Similar, Strikingly Different – Dallas Fed.
A Balanced-Growth View of Men’s and Women’s Unbalanced Labor Market Recoveries
19 Jan 2015 Leave a comment
in global financial crisis (GFC), great recession, labour economics, labour supply, macroeconomics, unemployment Tags: jobless recovery
Interview with Robert Lucas on the global financial crisis and the great recession
17 Dec 2014 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: bank runs, GFC, great depression, great recession, Robert E. Lucas
Utopia, you are standing in it! 
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