Economy / Finance

Five ways the Maker Movement can help catalyze a manufacturing renaissance

Jan 4 12:08pm Brookings Topics - U.S. Economic Performance
Amid the hoopla of celebrating a deal to save 800 jobs at a Carrier Corp. factory in Indiana last month, President-elect Donald Trump promised to usher in a “new industrial revolution“—one that sounded as much like a social awakening as a manufacturing one. How will the nation achieve that renaissance, though? If past is prologue, […]        ...
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A better future for rural communities starts at the schoolhouse

Jan 4 12:06pm Brookings Topics - Economic Development
Donald Trump’s voters in rural areas and small towns made a point: they were left behind while a lot of the country made economic progress and they want that to change. It doesn’t matter whether you consider these voters adorable or deplorable. They have expressed a grievance in the most democratic of ways—through their votes. […]         ...
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20 Most Popular Posts on the Curious Cat Investing and Economics Blog in 2016

Jan 4 11:24am Curious Cat Investing and Economics Blog
The most popular posts on the Curious Cat Investing and Economics blog in 2016 (by page views). Top 10 Countries for Manufacturing Production in 2010: China, USA, Japan, Germany… (posted in 2011) Manufacturing Output as a Percent of GDP by Country (1980 to 2008) (2010) Default Rates on Loans by Credit Score (2015)* Stock Market […]...
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Foresight Africa: Top priorities for Africa in 2017

Jan 4 10:36am Brookings Topics - Labor Policy
After a tumultuous 2016, sub-Saharan Africa is looking toward 2017 in the spirit of hope and opportunity. Technology continues to transform the continent, commodity-exporting countries are diversifying, and urban planning and city growth are being harnessed in ways that promote industrial development and improved livelihoods. In addition, with millions of young Africans entering the labor […]         ...
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Guest Contribution: Chinas Growing Influence on Asian Financial Markets

Jan 3 11:04pm Econbrowser
Today we are pleased to present a guest contribution written by Serkan Arslanalp, senior economist at the IMF. This post is based on the paper by the same title, coauthored with Wei Liao, Shi Piao, and Dulani Seneviratne (all of the IMF). China’s economy leaves nobody indifferent. The world is watching closely as the second […]...
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The effect of foreign investors on local housing markets

Jan 3 7:00pm VoxEU.org: Recent Articles
One of the factors driving house price growth in many countries is foreign investor demand. Using new UK data, this column argues that foreign investment has had a significant positive effect on house price growth in the last 15 years. The effect is not limited to expensive homes but ‘trickles down’ to less expensive properties, and is stronger where housing supply is less elastic. Foreign investment is also found to reduce the rate of home ownership, but there is no evidence of an effect on the housing stock or share of vacant homes.
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Following the Overseas Money

Jan 3 4:23pm macroblog
​​ Though the holiday season has come to a close, the forthcoming policy season may bring with it serious debate about a holiday of a different sort: a tax holiday that would allow corporations to repatriate accumulated profits currently held...
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Helping work reduce poverty

Jan 3 3:46pm Brookings Topics - Labor Policy
The problem of poverty in America has been an intractable one, despite nearly a century of public programs attempting to alleviate it. The government spends $1 trillion a year at the federal, state, and local levels, and yet 21\% of children under the age of 18 live in families with incomes below the federal poverty […]        ...
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Help me learn new skills in 2017 the schedule!

Jan 3 1:48pm The Incidental Economist
After my post asking for your recommendations for skills I should learn in 2017, I got a lot of great responses. If I didn’t choose yours, it’s likely because I already felt like I knew something about the subject, it involved a partner, or because I liked something else just a little bit more. There’s always […]...
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Todays public policies exacerbate our differences

Jan 3 1:13pm Neighborhood Effects
The evidence that land-use regulations harm potential migrants keeps piling up. A recent paper in the Journal of Urban Economics finds that young workers (age 22 – 26) of average ability who enter the labor force in a large city (metropolitan areas with a population > 1.5 million) earn a wage premium equal 22.9\% after […]...
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US spending on personal health care is crazypants

Jan 3 12:07pm The Incidental Economist
One of my fist big efforts on this blog was a ten point series on health care spending in the US. It also led to this video, which led to Healthcare Triage. It’s not surprising, therefore, that I have an ongoing interest in spending on health. A recent publication in JAMA got into the weeds […]...
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The Hutchins Center Explains: Public investment

Jan 3 11:59am Brookings Topics - U.S. Economic Performance
What is investment? How is it different from other types of government spending? Public spending can be divided into consumption and investment. Consumption spending goes for goods and services that produce benefits today, such as health care for the elderly or mowing the lawn on the Washington Mall.  Investment is spending that will provide benefits […]        ...
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Artemisia: An Opera of Passion, Betrayal and Art

Jan 2 8:04pm Econbrowser
Music composed by Laura Schwendinger, libretto by Ginger Strand. Laura Schwendinger’s new opera, Artemisia, will be given its New York Premiere, presented by Trinity Church Wall Street and NOVUS NY, directed by Julian Wachner, as part of the Times Arrow Festival – A Celebration of Music and the Arts in the New World, for the […]...
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Sexual orientation and earnings

Jan 2 7:00pm VoxEU.org: Recent Articles
Previous studies on labour market discrimination based on sexual orientation have not revealed whether reported differences in earnings have been due to differences in the samples, populations, or outcomes, nor what the likely cause might be. Using a UK-wide dataset of sexual orientation and labour market earnings, this column shows that the overall difference in earnings for men who identify as gay is near zero irrespective of whether they are in a partnership or not, while women with a lesbian orientation have an earnings premium of about 5.5\%. Specialisation explains earnings differences th...
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Unusual outcomes and uncertain times

Jan 2 7:00pm VoxEU.org: Recent Articles
Uncertainty shocks are a major avenue of research in the quest to explain business cycles, as well as asset prices and financial crises. This column argues that three conceptually distinct types of uncertainty that are often modelled independently – ‘macro’ uncertainty about an aggregate variable such as GDP, ‘micro’ uncertainty about firms’ individual outcomes, and ‘higher-order’ uncertainty that people have about the beliefs of others – are in fact related because all three are tied to disaster risk.
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Are scientific advances getting harder to achieve? If so, what do we do?

Jan 2 10:15am The Incidental Economist
Nicholas Bloom, Charles Jones, John Van Reenen, and Michael Webb have a draft article asking a fundamental question: Is it getting harder to generate a new scientific finding? If it is getting harder, that’s bad news for medicine. Austin had a post a few months ago about increasing drug prices (see also the Figure below, from Elie […]...
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Headquarter separation and multi-plant operation

Jan 1 7:00pm VoxEU.org: Recent Articles
The core-periphery gap raises important questions for economic geography. Using Japanese data, this column examines firms’ decision to separate non-production activities from production plant facilities. Large plants, plants which intensively purchase materials, and plants located further from the core are more likely to have separate corporate headquarters, though the magnitude of this effect is small. Small-sized plants appear to be especially vulnerable to remoteness from urban cores.
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Why central bankers favour monetary policy inertia

Jan 1 7:00pm VoxEU.org: Recent Articles
The discussion of the delayed lift-off in US monetary policy is just the latest episode in a long-lasting debate over the causes of inertia in monetary policy. This column approaches the issue by assuming that psychological drivers can influence the decisions of central bankers. Loss aversion is one source of behavioural bias which can explain delays in changing the stance of monetary policy, including the fear of lift-off after a recession.
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Xmas Cheer: The Debt Is Not Our Biggest Problem

Dec 31 10:01pm Multiplier Effect
by Kerry Pechter Why do so many pundits and politicians, including the future director of the Office of Management and Budget, beat the debt drum so loudly and so often? It’s one of the most effective, and most abused, wedge issues in American politics. The nomination of Mick Mulvaney—deficit hawk, three-term Republican congressman from South […]...
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Pushing the Boundaries of Economics

Dec 31 5:07pm Quantitative Ease by Carola Binder
As a macroeconomist, I mostly research the types of concepts that are more traditionally associated with economics, like inflation and interest rates. But one of the great things about economics training, in my opinion, is that you receive enough general training to be able to follow much of what is going on in other fields. It is always interesting for me to read papers or attend seminars in applied microeconomics to see the wide (and expanding) scope of the discipline.Gary Becker won the Nobel Prize in 1992  for having extended the domain of microeconomic analysis to a wide range of hum...
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Africa in the news: SEC investigates Mozambiques bond scandal, Nigeria continues its fight against corruption, and Somalia swears in new parliament

Dec 30 11:39am Brookings Topics - Economic Development
U.S. financial regulator investigates Mozambique’s bond scandal This week, Mozambique’s tuna bond scandal saw a new development. The United States Securities and Exchange Commission (SEC) is now investigating the sale of $850 million in bonds. The SEC has contacted bondholders, requesting the documents provided by Credit Suisse, VTB and BNP Paribas—the Swiss, Russian, and French […]         ...
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Me at the ASSA

Dec 30 10:14am Greg Mankiw
If you want to see me at the upcoming ASSA meeting in Chicago, here is some relevant information. I will be chairing a session on “Economic Issues Facing the New President,” with talks from Jason Furman (Council of Economic Advisers), Glenn Hubbard (Columbia University), Alan Krueger (Princeton University), and John Taylor (Stanford University). The session is on Saturday, January 7, starting at 10:15 am in the Hyatt Regency Chicago, Grand Ballroom AB.I will also be introducing the new edition (the 8th) of my Principles text, which has just published. You can meet me at the Cengage booth...
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IPAs Weekly Links

Dec 30 8:16am Chris Blattman
Guest post by Jeff Mosenkis of Innovations for Poverty Action. Chris Blattman is on the EconTalk podcast talking about his work with Stefan Dercon on sweatshops in Ethiopia. As an economist who studies poverty, one of the interesting things he learned from hanging … Continue reading → The post IPA’s Weekly Links appeared first on Chris Blattman.
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Last Trading of 2016: Which Way It Will Go?

Dec 30 4:33am
Last Trading of 2016: Which Way It Will Go?...
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The Kansas Palmer Drought Severity Index, Unit Roots, and Snakes in a Room

Dec 30 12:14am Econbrowser
In my post on modeling the Kansas economy, Rick Stryker takes me to task for modeling the Palmer Drought Severity Index (PDSI) for Kansas as an I(1) process: I wouldn’t bother with the ADF test, since its null is non-stationarity and it has low power to reject. I would focus on the KPSS, since its […]...
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Top Ten Most-Read Mises Wire Articles in 2016

Dec 29 2:17pm Mises Blog
A A Home | Feed | Blog.rssTop Ten Most-Read Mises Wire Articles in 2016 0 Views Mises.org continues to be one of the most high-traffic economics and commentary sites on the web, read by millions every year.In 2016, we published more than 1,000 new original articles in our online publication Mises Wire, with total readers increasing 34\% from 2015 to 2016, while total sessions — each visit to the site which can include visits to multiple articles — increased by 32 percent.Of all the great articles we published this year, here are the Top Ten most read on Mises.org:Laura Hilli...
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Help me learn new skills in 2017!

Dec 29 7:39am The Incidental Economist
After my very fulfilling 2016 of learning new things, I want to spend 2017 learning new skills. I’ve come up with a list, but I’m want your input on what I might do. I also want to see if you have better ideas. Ideally, I think that I’d like to dedicate two months each skill. I […]...
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The Year in Review, 2016: The Triumph of the Blowhards

Dec 28 11:52pm Econbrowser
Last year’s recap was subtitled “Ascent of the Blowhards”. Let’s hope the triumph is only temporary, and rational policy analysis once again becomes a valued commodity. January: The greatest threat to freedom is regulations for restaurant workers to wash their hands after going to the restroom? From Let’s Stipulate: Some Regulations Are Good. Sen. Thom […]...
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Ranking Economics Institutions Applying a Frontier Approach to RePEc data

Dec 28 8:50pm Stochastic Trend
Back in 2010 I posted that the RePEc ranking of economics institutions needed to be adjusted by size. Better quality institutions do tend to be bigger but as RePEc just sums up publications, citations etc rather than averaging them larger institutions also get a higher RePEc ranking even if they aren't actually better quality. In the post, I suggested using a frontier approach. The idea is that the average faculty member at Harvard perhaps is similar to one at Chicago (I haven't checked this), but because Harvard is bigger it is better. So, looking at average scores of faculty members might pr...
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Figures of the week: Africas 2016 growth rate and 2017 predictions

Dec 28 4:32pm Brookings Topics - Economic Development
In the 2016 publication of Foresight Africa, an annual publication by the Africa Growth Initiative at Brookings, we highlighted the continent’s low growth rate. The first chapter, Managing Economic Shocks: African Prospects in the Evolving External Environment, highlights the slow growth the continent has experienced in recent years and describes the prospects for recovery, along […]        ...
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Help me learn new things! The Recap

Dec 28 3:15pm The Incidental Economist
I wrote this back in 2010: A couple of years ago, I was reading a biography of Albert Einstein.  I was struck by how much he, and scientists like him, we versed in philosophy.  I realized it was one of the areas in which my education was deficient. This seemed like a big hole, especially […]...
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Consequences of repeal and delay

Dec 28 7:00am The Incidental Economist
The following originally appeared on The Upshot (copyright 2016, The New York Times Company). Republicans in Congress will soon be able to repeal Obamacare, as they have long wished to do. The Upshot’s health care columnists, Aaron E. Carroll and Austin Frakt, discuss the possibilities — the practical and the political. Austin: Though they could change their […]...
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AcademyHealth: An ACO performance update

Dec 27 12:00pm The Incidental Economist
You’re busy. You don’t have time to analyze the data, but you want to know if ACOs are working. My latest AcademyHealth post is for you. @afrakt...
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Guest Contribution: Demonetization on Five Continents

Dec 26 2:43pm Econbrowser
Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. A shorter version appeared on December 22nd in Project Syndicate. Several countries are undergoing “demonetization” or currency reforms in which the government recalls bills of […]...
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Holiday message from Team Vox and a few reading suggestions

Dec 23 7:00pm VoxEU.org: Recent Articles
Team Vox wishes to thanks all its readers and contributors for making 2016 a great year for the site. Vox will post no new columns between 25 December 2016 and 2 January 2017. There is, however, plenty to catch up on. This column presents a list of topical columns written by leading economists in 2016.
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Input-output linkages and income differences across countries

Dec 23 7:00pm VoxEU.org: Recent Articles
Economists are just starting to understand how observed input-output linkages and productivity differences are connected. This column investigates how differences in the distribution of sectoral input-output multipliers interact with sectoral productivities to determine cross-country differences in aggregate income. It finds that the impact of the linkages on productivity are substantial, which in turn has significant implications for policy.
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Policy analysis in a post-truth world

Dec 23 7:00pm VoxEU.org: Recent Articles
Exact predictions of policy outcomes and estimates of the state of the economy are routine; expressions of uncertainty are rare. This column argues that with the US approaching the beginning of an administration, the incredible certitude of past governmental policy analysis will soon seem a minor concern relative to what lies ahead.  Whereas analysis with incredible certitude makes predictions and estimates that are possibly true, analysis in a post-truth world makes predictions and estimates that are clearly false.
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Trends in Kansas GDP

Dec 23 4:42pm Econbrowser
Both Missouri and BEA Plains region (ex-Kansas) outpace Kansas GDP growth. Figure 1: Log real GDP for Missouri (blue), Kansas (red), and Plains ex-Kansas (green), 2011Q1=0. Gray shading denotes NBER defined recession dates; tan shading denotes Brownback era. Source: BEA, NBER, author’s calculations. Kansas real GDP now matches 2012Q1 levels, and is 5\% higher than […]...
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The Late, Great A Gill on India

Dec 23 11:52am Cheap Talk
On Brexit On worst restaurant in the world  ...
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Banking deglobalisation: Spillovers and interactions of monetary and regulatory policies

Dec 22 7:00pm VoxEU.org: Recent Articles
Globalisation is in retreat, but while the slowdown in trade is widely recognised, what is more striking is the collapse of global trade flows. This column shows how banking deglobalisation is a substantial contributor to the slowdown in global trade. It finds that certain types of unconventional monetary policy, and their interactions with regulatory policy, can have important global spillovers. Policies designed to support domestic lending may have had the unintended consequence of amplifying the impact of microprudential capital requirements on external lending.
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Networks of value-added trade

Dec 22 7:00pm VoxEU.org: Recent Articles
Global Value Chains have become the paradigm for the international organisation of production in almost all sectors. Bilateral gross trade flows no longer accurately represent interconnections among countries, so new methods of analysis are needed. Using tools of network analysis, this column assesses the roles of goods and services as both inputs and outputs in GVCs between 1995 and 2011 and examines the profile of Germany, the US, China and Russia as suppliers of value added.
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IPAs weekly links

Dec 22 1:45pm Chris Blattman
Guest post by Jeff Mosenkis of Innovations for Poverty Action. There are too many twists and turns to quote in the amazing story behind the refugee who brought us Transformers. The Canadian CEO who’s saved 200 Syrian refugees and counting. The … Continue reading → The post IPA’s weekly links appeared first on Chris Blattman.
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Figures of the week: Trends in sub-Saharan African debt and equity flows

Dec 22 1:40pm Brookings Topics - Economic Development
The World Bank recently launched its latest version of the International Debt Statistics publication and databases, which provide new data on international financial flows through 2015. The report highlights that net debt flows (defined as loan disbursements minus principal repayments) to low- and middle-income countries turned negative in 2015 for the first time since the […]        ...
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With Republicans in charge, 2017 could finally bring big changes in tax policy

Dec 22 11:55am Brookings Topics - Fiscal Policy
With the election of Donald Trump as president and the Republicans’ retention of a majority in the Senate and the House, the prospects for big changes in tax policy have increased dramatically.  Tax cuts unite almost all factions of the Republican Party.  As Speaker Paul Ryan mentioned in October, the plan would be to use […]        ...
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Show Us Your Model and Your Method

Dec 22 3:00am Economics One
In a Wall Street Journal op-ed today I addressed claims made by Neel Kashkari in an earlier op-ed about rules-based monetary reforms, showing that his claims that the reforms were mechanical or computer-run were simply false and misleading. Kashkari mentioned … Continue reading →...
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Trade Policy with China

Dec 21 9:41pm Econbrowser
Since President-elect Trump has nominated Peter Navarro* to direct the newly formed Trade Policy Council, now seems a good time to review some trade data. An inspection of the US-China trade balance would seem to highlight the need for some action, especially after comparing the US-China bilateral balance to the aggregate. Figure 1: US goods […]...
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Global firms: Insights for trade and trade policy

Dec 21 7:00pm VoxEU.org: Recent Articles
Events of the last year have raised questions about the future growth of international trade. This column examines the role played by ‘global firms’ that both import and export, and are likely to be part of multinationals, in the international economy. In a world of interdependent firm decisions, small reductions in tariffs or trade costs can have magnified effects on trade flows, as they induce firms to serve more markets with more products at greater volumes, and also to source greater volumes of intermediate inputs from more countries. At the same time, policies to restrict imports can end up hurting producers for whom both importing and exporting are a central pillar of their overall business strategy.
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Post-Brexit Out-of-Sample Forecasted Electricity Consumption

Dec 21 5:24pm Econbrowser
Take England+Wales log daily electricity consumption, detrend using Christiano-Fitzgerald band pass filter, and then regress on seasonal (calendar) terms, and temperature/wind/rain factors (Kirchmaier and de Guana de Santiago, 2016, h/t Simon Kennedy at Bloomberg), through April 2016. Then forecast out of sample; the residual looks like this: Figure 3 from Kirchmaier and de Guana de […]...
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Hutchins Roundup: Bank supervision, Social Security, and more

Dec 21 2:29pm Brookings Topics - U.S. Economic Performance
Studies in this week’s Hutchins Roundup find that banks responded to the tightening of regulations after the financial crisis by reducing the supply of credit, many Americans would agree to delay claiming Social Security benefits if offered a lump-sum payment, and more. Want to receive the Hutchins Roundup as an email?  Sign up here to […]        ...
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ISIS, Germany and The Provocation Tactic

Dec 21 11:59am Cheap Talk
Interesting WashPo article re Germany truck attack: Islamic State officials have explicitly sought to link such attacks to the larger goal of making Europe intolerable for faithful Muslims. A 2015 article in the group’s English-language magazine, Dabiq, warned that the terrorists would soon begin targeting the West with the aim of deliberately provoking a backlash […]...
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Job gains continued in 2016, but slow rebound in participation rate will limit future gains

Dec 21 11:55am Brookings Topics - Labor Policy
Employers in the U.S. boosted payrolls again in 2016, giving the nation its seventh consecutive year of solid job gains. For the fifth year in a row employment gains topped 175,000 a month. In the 12 months ending in November, public and private payrolls increased 188,000 a month, or about 1.6 percent over the year. […]        ...
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Why Y?

Dec 21 11:25am Greg Mankiw
A professor emails me:My students have the pleasure to use your economics textbook. I have one question: where the symbol Y for GDP comes from? All the others, we could detect, such as NX , NCO, etc. My students are curious, and I could not give them a good answer.My unsatisfying response:To be honest, I don't know. It is an old convention to use Y to denote real GDP, and I am just following that. But I don't know where or why the convention began.If anyone knows the history and reason for this notation, please email me.
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Guest Contribution: Five Key Factors for 2017

Dec 21 10:41am Econbrowser
Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. The year-end summing-up is harder than usual this year! Here are my five key factors for 2017. Continued uncertainty over what US policies will come […]...
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The limits of price transparency

Dec 21 7:00am The Incidental Economist
The following originally appeared on The Upshot (copyright 2016, The New York Times Company). It also appeared on page A3 of the December 20, 2016 print edition. You probably know where to pump the cheapest gas and how to get price comparisons online in seconds for headphones and cars. But how would you find the best deal […]...
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Spanish economic growth in the long run

Dec 20 7:00pm VoxEU.org: Recent Articles
A new set of historical national accounts for Spain constructs estimates of output and expenditure from 1850 onwards, which means we can estimate the evolution of GDP per capita and labour productivity during this period. This column argues that the data demonstrates that GDP per capita captures long-run trends in welfare in Spain, but not short and medium run trends.
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Why central bank models failed and how to repair them

Dec 20 7:00pm VoxEU.org: Recent Articles
The failure of the New Keynesian dynamic stochastic general equilibrium models to capture interactions of finance and the real economy has been widely recognised since the Global Crisis. This column argues that the flaws in these models stem from unrealistic micro-foundations for household behaviour and from wrongly assuming that aggregate behaviour mimics a fully informed ‘representative agent’. Rather than ‘one-size-fits-all’ monetary and macroprudential policy, institutional differences between countries imply major differences for monetary policy transmission and policy.
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India is trying to solve its cash crisis with a massive lottery of electronic money

Dec 20 1:53pm Business Insider: Economy
Nearly a month after Indian Prime Minister Narendra Modi announced that 86\% of his country's cash would become worthless due to suspicions of rampant illegal activity, the country has devised a digital solution to the widespread shortage of paper money. Beginning on Christmas Day, the Indian government will hold a daily lottery for anyone who buys into a new system of electronic payments. The prize amounts vary from roughly $15 to $1,500, culminating in an April 14 draw for more than $1.5 million. Modi's solution is an attempt to move India into the 21st century. While the US does about half of all transactions electronically, and Sweden about 98\%, India only does about 5\% of its payments digitally. Our objective is to make digital payments a huge mass movement in this country, Amitabh Kant, CEO of the state-run think tank NITI Aayog, told CNN. NITI Aayog is the organization that came up with the idea for an electronic-payment lottery. To enter the lottery, citizens must enroll in the new system and obtain an ID number. Each day, the government will pull 15,000 numbers from the pool for $15 prizes. There will also be larger draws held each week, which vary from $73 to $1,472, and a final set of six draws next spring for between $17,000 and $1.5 million. If all goes to plan, the lottery will persuade large swaths of India's billion 1.25 people to give up their dependency on cash, which is currently in short supply. On November 8, Prime Minister Modi issued a ban on all 500 and 1,000 rupee notes — a ban that took effect just four hours later — over fears that most of the currency was earned illegally or used for illicit means. He called it black money, and has given Indians until December 30 to trade in their old notes for new ones. Mass panic followed the announcement. There was an outpouring of people to ATMs to take out notes that were still legal tender. Even for people who could get the larger 2,000 rupee notes, customers and business owners alike complained that they couldn't make change. Many have feared how they'd pay for food and bills, as millions of Indians do not have bank accounts. Given the country's lack of infrastucture for such a digital migration, economists believe consumers will need to wait a while before they see any tangible benefits to the cash ban. So far the only groups that have profited from it are e-payment companies. In poorer areas, entire markets have shut down. Over the next several months, Modi and his cabinet hope the lottery will smooth over what has been a tumultuous rollout. In order to rid India of its reliance on cash, the government sees a rocky start as the first step toward embracing its economic future.SEE ALSO: Getting rid of cash could have some pretty weird effects on our bodies Join the conversation about this story » NOW WATCH: An Indian man nailed it when Kate Middleton and Prince William asked about how to help the world's poorest children...
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