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Free exchange

Free exchange

by R.A. | LONDON LET'S put a slightly finer point on the argument in the previous post. The Fed technically has a three-part mandate: "maximum employment, stable prices, and moderate long-term interest rates". In January of 2012, the Fed basically defined what it thought its real mandate is as: 2% annual inflation (as measured by the price index for personal consumption expenditures) and as close to maximum employment (which it is free to define for itself) as it can get. Since the Fed made this declaration, PCE inflation has been below target roughly 90% of the time. It was just 0.9% in the most recent data release, and markets believe inflation will remain below target for the foreseeable future.
Street Sweep - Fortune Finance: Hedge Funds, Markets, Mergers & Acquisitions, Private Equity, Venture Capital, Wall Street, Washington Street Sweep - Fortune Finance: Hedge Funds, Markets, Mergers & Acquisitions, Private Equity, Venture Capital, Wall Street, Washington Apparently Bernie Madoff wasn't the only bad apple at Nasdaq. In the latest shining moment for the U.S. stock exchanges, the Securities and Exchange Commission on Thursday charged Donald Johnson, a former Nasdaq managing director, with ripping off investors to the tune of $755,000 by insider trading ahead of the release of corporate press releases. Johnson, you will be impressed to learn, was in charge through October 2009 of the Nasdaq's "market intelligence" desk, which is surely a misnomer but seems in any case to have afforded him with a lot of info he used to trade profitably on outfits like United Therapeutics (UTHR). Fearless leader The SEC has come under heavy fire in recent years for its failure to nab Madoff, a three-term Nasdaq chairman in the 1990s, before he frittered away $20 billion in the biggest-ever Ponzi scheme. But the agency is doggedly trying to restore its good name by putting really catchy quotes in its press releases, an effort that was much in evidence Thursday.
Megan McArdle - Authors
Personal Finance News & Latest Personal Finance Headlines - DailyFinance.com
Joe Romm draws our attention to the third slice of the latest IPCC report on climate change, on the costs of mitigation; the panel finds that these costs aren’t that big — a few percent of GDP even by the end of the century, which means only a trivial hit to the growth rate. At one level this shouldn’t be considered news. It has been apparent for quite a while that given the right incentives we could maintain economic growth even while greatly reducing greenhouse gas emissions. But there is, in fact, some news that greatly strengthens the case that saving the planet would be quite cheap. First, a word about the general principle here. Actually, for once I get to play “balanced” journalist, and bash both left and right.

Economics and Politics by Paul Krugman - The Conscience of a Liberal

Economics and Politics by Paul Krugman - The Conscience of a Liberal
Economix Blog - The Economy and the Economics of Everyday Life Even those among us who are doing the best can use a little help now and then. For the year 2011, the Internal Revenue Service reports, there were 30,604 tax returns filed that showed adjusted gross income of at least $5 million. Of those, 117, or 0.38 percent, reported that the income included unemployment compensation. That ratio turns out to be the lowest in three years. In 2010, 143, or 0.50 percent, of the 28,791 returns showing income of at least $5 million included unemployment compensation. In 2009, the figures were 92, or 0.40 percent, of 23,026 returns; in 2008, 99, or 0.28 percent, of 34,870 returns.

Economix Blog - The Economy and the Economics of Everyday Life

DealBook

Hedge Fund Advertising Off to a Slow Start, Survey Finds Only a fraction of hedge funds and private equity firms have even registered under a new statute that gives them the ability to broadly solicit capital. Read more… TPG and Others Said to Agree to Invest in Airbnb DealBook
The Wealth Report One of the most famous and funny Monty Python skits is the “Four Yorkshiremen.” Four cigar-smoking, tux-wearing swells recount their childhood and try to top each other with stories of hardship. One says he used to live in a single room with 26 others. The Wealth Report
China’s GDP growth fell in the first quarter to its slowest pace since September of 2012, slipping to 7.4% on-year growth from 7.7% the in the fourth quarter. The increase was slightly higher than economists’ expectations of a 7.3% gain. Authorities released other data that suggested continuing weakness, but not at a quickening pace. Real Time Economics

Real Time Economics

Project Syndicate - the highest quality op-ed articles, analysis and commentaries

Project Syndicate - the highest quality op-ed articles, analysis and commentaries Politics Venezuela’s Unending Ordeal Rodrigo Pardo Venezuela’s Unending Ordeal Rodrigo Pardo sees no near-term resolution that would halt the country's descent into violence.
The challenge of isolating a pituitary hormone ‘makes finding a needle in a haystack seem easy’ thing for humans? Dr. Li himself is reluctant to speculate along these lines, but other scientists are willing to voice high hopes about the potential human applications. At the moment, perhaps the most urgent goal is to end the shortage of available HGH. The only current source of supply is the human pituitary, removed after death. Kantoos Economics Kantoos Economics
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Australia Model Curbs Speed as CEO Says U.S. Too Far Gone (Bloomberg) In Australia, where high-frequency trading firms are half as pervasive as in the U.S., the head of the biggest stock exchange has a message for Americans who would rein them in: forget it. “The way the U.S. market structure has been set up creates serious problems,” Elmer Funke Kupper, the chief executive officer of Sydney-based ASX Ltd., told Bloomberg News on the sidelines of a conference March 24. Efforts to rectify that are “very late and unlikely to succeed,” he said.

Dealbreaker: Wall Street Insider – Financial News, Headlines, Commentary and Analysis – Hedge Funds, Private Equity, Banks

Dealbreaker: Wall Street Insider – Financial News, Headlines, Commentary and Analysis – Hedge Funds, Private Equity, Banks
The Census Bureau, the authoritative source of health insurance data for more than three decades, is changing its annual survey so thoroughly that it will be difficult to measure the effects of President Obama’s health care law in the next report, due this fall, census officials said.The changes are intended to improve the accuracy of the survey, being conducted this month in interviews with tens of thousands of households around the country. But the new questions are so different that the findings will not be comparable, the officials said.An internal Census Bureau document said that the new questionnaire included a “total revision to health insurance questions” and, in a test last year, produced lower estimates of the uninsured. Thus, officials said, it will be difficult to say how much of any change is attributable to the Affordable Care Act and how much to the use of a new survey instrument.

Marginal Revolution — Small steps toward a much better world.

Calculated Risk

Planet Money

Americans have very little choice over their cable Internet provider. This is largely because of a decision made 12 years ago, when the U.S. went one direction and the rest of the world went another. Radio

Freakonomics

Steven D. Levitt is an economist. Stephen J.
Rortybomb [I'm moving blogs - check out the Next New Deal Rortybomb blog, here is the new rss feed, and here is this post over at the new site. I move over entirely Wednesday, and will cross post until then.] What should liberal wonks make of the conservative movement’s abandonment of center-right policy innovations like the individual mandate and cap-and-trade once President Obama took them up?
Lawrence Summers
The Grumpy Economist
EclectEcon
Division of Labour
CARPE DIEM