Economy
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mainly macro
There is currently a great deal of uncertainty about the size of the output gap in the US, UK and elsewhere. Given the significant lags between fiscal policy decisions and their impact, does that mean we should be especially cautious in setting policy? This might seem like a rather academic question at present, because policymakers are not even trying to use fiscal policy to close the output gap, as this crystal clear post from Jonathan Portes shows.
Re-Capturing the Friedmans : BERKELEY – On my desk right now are reporter Timothy Noah’s new book The Great Divergence: America’s Growing Inequality Crisis and What We Can Do about It and Milton and Rose Director Friedman’s classic Free to Choose: A Personal Statement .
Brad DeLong
Manual básico de Economía EMVI Dr. D. Juan Carlos Martínez Coll ( Ver ) Este manual está siendo utilizado como material básico para la enseñanza de la Economía en un gran número de centros educativos universitarios y secundarios en España y todos los países latinoamericanos.
Manual de Economía EMVI - Texto completo
Not the Treasury view...
[This article originally appeared in the Independent here ]. Two years ago, the coalition set out its programme for government. Today, the Prime Minister and Deputy Prime Minister reaffirm their commitment to the central element of that programme - cutting the deficit quickly. This is despite the dismal results this strategy has delivered, despite the fact that even the IMF is arguing that there are more sensible alternatives, and despite the growing realisation in the eurozone that austerity is a dead end. But, particularly in the light of the Governor of the Bank of England's comment that the government's approach was a "textbook response to the situation", it is worth looking back and considering what the new government's options were and whether there was, in fact, no alternative. After the election, it was clear that the recession had left a massive hole in the government's finances.
thetrader
Spanish news dominating the scene today again. People are still talking about the bull, but let’s not forget, the MIB is down some 8% and the IBEX some 20% YTD. Spanish economy is now in recession. From Banco de Espana. In 2012 Q1, Spanish economic activity continued on the declining path initiated in the closing months of 2011, in a setting of high financial tension. On the as-yet incomplete information available, the contraction in GDP is estimated to have been slightly higher than that in 2011 Q4, with a quarter-on-quarter rate of change of -0.4%.
Economics Roundtable
Focus on the Problem U.S. payroll employment peaked at 132.5 million jobs in February 2001. For April 2012, U.S. payroll employment had reached 133.0 million jobs, marking the third month in a row above the February 2001 level. Click on the image to get a bigger version.Are there more poor people on our planet today than there were last year? Many economists would approach this question as mainly a technical problem, a matter of counting. Sanjay Reddy did, too, but soon recognized that a sound answer required making normative criteria explicit. Much confusion and many technical muddles in poverty measurement can be avoided, Reddy says, only if we become conscious and deliberate about how values enter the analysis.
New Economic Thinking | Institute for New Economic Thinking
Eco
The Future of Money
One of the big questions for policymakers is how much of the current downturn represents of temporary cyclical fluctuation and how much of it is a permanent reduction in out productive capacity. If the downturn is mostly temporary, then we will eventually bounce back to the old output trend line. Something like this:
Economist's View
PHLIP/CW Millennium (Prentice Hall's Learning on the Internet (including online study guides)) MyEconLab Get Ahead of The Curve (MyEconLab is an online, Pearson Education text-specific, customizable suite of tools that saves you time and helps students come to class better prepared.) EconNews Online -- South-Western College Publishing (News online)
Dr. T's EconLinks.com: Economics Teaching Resources
Supporters of the Affordable Care Act will find this CBS/ NYT poll result unsettling, but I don’t think it’s particularly surprising: In the latest poll, 47 percent said they oppose the [health reform] law while 36 percent approve, with the rest having no opinion. The results are similar to previous surveys that have consistently found the law’s detractors outnumbering its supporters
Jared Bernstein | On the Economy