Category Archives: Teaching macroeconomics

Thoughtful interview on Fed policy

Our whole conference has been about anomalies. Some of those anomalies are pretty fundamental. Why has G.D.P. growth been slow? Why has the labor force participation rate come down so much? Why haven’t we hit 2 percent inflation more quickly? … Continue reading

Posted in Teaching macroeconomics

John Cochrane thinks the administrative state silences speech… I think there is a bigger danger from Donald Trump

I was listening to John Cochrane, now at Hoover Institute, giving an EconTalk Podcast with Russ Roberts. One of the main problems with the over-regulatory administrative state that the United States is becoming, according to Cochrane, is that “the rules” … Continue reading

Posted in Teaching macroeconomics, United States

On Voix d’Amerique (VOA- Afrique) français today

Gaby Dorcil called, and who can resist his voice, to ask me to speak on the OPEC decision to limit production and effectuate an increase in oil prices.  Volontiers, of course, though I cringe when I hear my American-inflected French.  … Continue reading

Posted in Teaching macroeconomics

Jobs and wages in the United States: Finally some policy debate

A student shared a recent oped by Alan Blinder at the WSJ. Andrew, Thanks for sharing! Something like this should be on the final, right? 😉  Actually, this is more about micro-level policies and supply side policies that we have … Continue reading

Posted in Teaching macroeconomics

 IMF quota and governance reforms were finally approved by members earlier this year

The IMF’s 2010 quota and governance reforms have finally become effective and will give emerging markets like BRICS more power and greater say at the lender of last resort. “The conditions for implementing the International Monetary Fund’s 14th General Quota … Continue reading

Posted in Teaching macroeconomics

Why is higher inflation worse than lower inflation?

Fredrik Wulfsberg’s analysis of Norwegian data suggests it is because when inflation gets higher (i.e. 10-15% range) firms change prices much more frequently, and so presumably this is more confusing for consumers. The main result in this paper is that … Continue reading

Posted in Teaching macroeconomics

Total Factor Productivity growth accounts for all growth in U.S. agriculture according to USDA

The TFP indexes reveal the dramatic contraction of labor in the farm sector. Agricultural land, a component of capital, also fell steadily, except for a brief cessation in the 1970s, and by 2004 amounted to less than three-quarters of its … Continue reading

Posted in Teaching macroeconomics