Recently I wrote several posts about macro models with optimizing agents but with downward nominal rigidity. I’ve putten the thoughts together here (pdf warning) with greek letters and subscripts (but without an equation editor). Here is an updated effort (still a pdf)
When you hear people talk about the Global Savings Glut, you can be quite sure they are talking about monetary “savings” — the global aggregate stock of money embodied in financial assets. What they don’t seem to realize is that the net holdings of global financial assets minus liabilities — claims and counterclaims — is […]
Joseph P. Joyce (is a Professor of Economics at Wellesley College and the Faculty Director of the Madeleine Korbel Albright Institute for Global Affairs Guest post: Speaking Truth to Power When the full history of the European debt crisis is related, one important part of the story will be the uneasy relationship of the International […]
From author Heidi Shierholz at Economic Policy Institute: A blog post by Pedro Nicolaci da Costa in the Wall Street Journal highlights findings from a paper from the Federal Reserve Bank of Philadelphia that much of the shrinking of the U.S. workforce has been due to workers retiring early… … I’ve looked at the breakdown […]
The story of how the Fed controlled inflation after the 1970’s is long. Below I present a perspective that you probably have never seen. I have never seen it presented. The story uses the monetary model of effective demand to show how the Fed lost control of inflation in 1978 and then was able to […]
Even though this post by Spencer England is from 2008 and hence dated, it reminds us of the overall experience of making it in America: by Spencer England Making comparisons over time of how real income grows is a difficult proposition with many data problems. One recent study was able to show how a current […]
Boeing is America’s Most Wanted Corporation in two senses. First, now that the Machinists’ union in Washington state has refused the company’s contract demands, it is shopping production (h/t Pacific Northwest Inlander) of the 777x aircraft nationwide and lots of states are making offers for it. Second, it is emblematic of everything the 1% is […]
Okay well he doesn’t say it quite so succinctly. Or categorically. In fact he hedges his statement several ways from Sunday, and uses a hundred-and-twenty-three-word paragraph to do so: The near-consensus view over here at Equitable Growth and at the Equitablog is that U.S. economic growth over the past generation has been very disappointing. Too-much of our economic growth […]
Obama argues that government action is required to redress the growing disparity between rich and poor, diminished opportunities for upward mobility and economic stagnation. Public opinion, at least according to the Stimson analysis, is moving in precisely the opposite direction. A 2011 Pew Research Center survey gives us a glimpse of some of the headwinds […]