I was informed earlier today that today is, in fact, national underwear day. That said, here is a piece I wrote on life-cycle consumption not too long ago: Back in the day, Modigliani and Brumberg (from their perches in Urbana-Champaign!) posited that individuals smooth out their consumption over the course of their lifetimes. In … Continue reading An Obscure National Holiday
In previous blog postings (here and here), I have addressed some of the key myths regarding international trade as well as the difficulties in determining whether U.S. exchange rates are over, under, or fairly valued. This posting addresses how the forces that drive globalization have changed and so has the distribution of income (in both … Continue reading A Second Globalization Features The Great Convergence
Each quarter J P Morgan, Inc provides a huge chartbook that one can use to characterize financial markets and the U.S. and global economies. Below is a sample chart on patterns and metrics for the S & P 500 index. Check them out.
Currency exchanges rates between any two countries are determined by a variety of factors including their balance of trade and payments, capital flows (both restricted and unrestricted), and monetary policies. In a recent posting on Conversable Economics, Timothy Taylor argued that “all exchange rates are bad” (meaning that they generate some negative consequences.) Although this … Continue reading Are U.S. Exchange Rates Too High, Too Low, or Just Right?
The latest to pass away is Kenneth Arrow, who by any and all accounts was a genius. A Fine Theorem tells us what we already know, that “Arrow is so influential, in some many areas of economics, that it is simply impossible to discuss his contributions in a single post.” These contributions, of course, … Continue reading The Death of the Great Economists
Fall 100 Intro Gerard MWF 9:50 211 In Pursuit of Innovation Galambos TR 12:30 271 Public Economics & Friends Gerard MWF 1:50 300 Intermediate Micro Galambos MTWF 8:30 300 Intermediate Micro Galambos MWF 12:30 T 8:30 420 Money & Montetary Policy Finkler TR 9 481 Advanced Econometrics & Modeling Lhost MWF1:50 Winter 100 Intro … Continue reading *********** Tentative 2017-18 Schedule
We have a number of excellent talks scheduled for this term that should be of interest to our majors. Indiana University appears to be well represented. Each of these talks is at 4:30 in Wriston Auditorium. Thursday, February 16, 4:30 p.m., Wriston Auditorium Deal (with) the Burn: The Political Economy of U.S. Wildfire … Continue reading Economics Colloquia, Winter 2017: Mark Your Calendars
Since the industrial revolution in England in the 19th century, many policy makers and the public at large have been concerned about the effects of automation on jobs. For example in 1961, Time magazine published a provocative article entitled “The Automation Jobless,” which posited that efficient machines and productivity improvement would eliminate many low and … Continue reading Human vs. Digital Labor: Will The Results This Time Be Different?