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Whither the Yuan?

posted to Econbrowser on Thu 10th Mar 11

Political pressure seems to be mounting for yuan appreciation. [0] Figure 1 depicts the stability in the USD/CNY nominal exchange rate over the past year.Figure 1: USD/CNY nominal exchange rate, period average (blue, left scale); log trade weighted nominal
The "Ever-Expanding" Government Sector, Illustrated

posted to Econbrowser on Wed 8th Sep 10

Just some numbers to bring reality into the general discussion:Figure 1: Employment in government (blue), in thousands, seasonally adjusted (blue), and excluding temporary Census workers (red). Source: BLS, August employment situation release.
The Budgetary Impact of EGTRRA/JGTRRA Extension and AMT Fixes

posted to Econbrowser on Wed 8th Sep 10

...According to the CBOIn evaluating the advisability of extending either completely or partially the tax cuts of 2001 and 2003 (aka EGTRRA and JGTRRA), and implementing additional fixes to the AMT, one should consider the impact on the budget. True fiscal

Consequences of the Oil Shock of 2007-08

posted to Econbrowser on Thu 2nd Apr 09

In a follow-up on my earlier post, I'd now like to discuss the second part of my paper, Causes and Consequences of the Oil Shock of 2007-08, which I presented today at a conference at the Brookings Institution. Here I'll review the role that the oil price shock
The Fed's new balance sheet

posted to Econbrowser on Sun 29th Mar 09

My previous post reviewed the profound changes in the balance sheet of the U.S. Federal Reserve over the last 18 months. Here I comment on some of the concerns that the new Fed balance sheet raises for the conduct of monetary policy.I would suggest first that
Federal Reserve balance sheet

posted to Econbrowser on Sun 21st Dec 08

Here I survey how we got here, where things currently stand, and what it all means.Let me begin by reviewing some first principles of what the Fed is all about. How did the cash currently in your wallet get there? You withdrew it from an ATM, perhaps. But these

"The 'Ever-Expanding' Government Sector, Illustrated"

posted to Economist's View on Thu 9th Sep 10

Menzi Chinn: The "Ever-Expanding" Government Sector, Illustrated: Just some numbers to bring reality into the general discussion:Figure 1: Employment in government (blue), in thousands, seasonally adjusted (blue), and excluding temporary Census workers
Labour day link exchange

posted to Free exchange on Mon 6th Sep 10

TODAY'S recommended economics writing:Wage inequality and exports (Vox)Retiring Fed official considers more bank action (New York Times)A monkey economy as irrational as ours (TED)Snapshots of the employment situation, August 2010 (Econbrowser)The sad absurdity
Build America

posted to Free exchange on Sun 5th Sep 10

AS NEW evidence rolls in confirming the slow pace of recovery, economists and policymakers are once more trying to figure out what else should be done to support the economy and, within that subset, what more can be done given gridlock on Capitol Hill. Most