Wednesday, March 9, 2011
China is About to Slow Down
Barry Eichengreen says that the a significant slowdown in China gorwth is imminent.
Jobless Rate and Labor Force Participation Rate
WSJ article and an excellent interactive graph for the labor force participation rate.
Tuesday, March 8, 2011
Monday, March 7, 2011
Wednesday, February 9, 2011
Thursday, February 3, 2011
Tuesday, January 25, 2011
Sunday, January 23, 2011
Monday, January 17, 2011
Monday, January 3, 2011
Sunday, January 2, 2011
Mankiw Wrote to Obama
The letter from Mankiw to Obama: How to Break Bread With the Republicans.
One interesting and important sentence:
"Take care of the ____ run and the ____ run will take care of itself."
One interesting and important sentence:
"Take care of the ____ run and the ____ run will take care of itself."
Thursday, December 23, 2010
Tuesday, December 7, 2010
Monday, November 22, 2010
Global Wealth Factbook
The 2010 global wealth factbook from Credit Suisse.
The summary (in USD):
The summary (in USD):
- Total wealth: 195 trillion
- 195 trillion = financial asset (117 trillion) + non-financial asset, mainly real estate (115 trillion) - household debt (37 trillion)
- Top three wealth coutries: US (54.6 trillion), Japan (21 trillion), and China (16.5 trillion)
- Top three household debt: US (13.9 trillion), Japan (4.3 trillion), and Germany (2 trillion)
- Top three average wealth per adult: Switzerland (373K), Norway (327K), Austrilia (321K)... US (236K)
Saturday, November 20, 2010
Stimulus and Debt Reduction
My colleage sent me this amusing story explaining how the stimulus work for relieving debt:
IT is a slow day in a dusty little Irish town. The rain is beating down and the streets are deserted.
Times are tough, everybody is in debt, and everybody lives on credit.
On this particular day a rich tourist is driving through the town, stops at the local hotel and lays a €100 note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night.
The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the €100 note and runs next door to pay his debt to the butcher.
The butcher takes the €100 note and runs down the street to repay his debt to the pig farmer.
The pig farmer takes the €100 note and heads off to pay his bill at the supplier of feed and fuel.
The guy at the Farmers' Co-op takes the €100 note and runs to pay his drinks bill at the pub.
The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him "services" on credit.
The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the €100 note. The hotel proprietor then places the €100 note back on the counter so the rich traveler will not suspect anything.
At that moment the traveler comes down the stairs, picks up the €100 note, states that the rooms are not satisfactory, pockets the money, and leaves town.
No one produced anything. No one earned anything. However, the whole town is now out of debt and looking to the future with a lot more optimism.
And that, ladies and gentlemen, is how the stimulus package works.
IT is a slow day in a dusty little Irish town. The rain is beating down and the streets are deserted.
Times are tough, everybody is in debt, and everybody lives on credit.
On this particular day a rich tourist is driving through the town, stops at the local hotel and lays a €100 note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night.
The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the €100 note and runs next door to pay his debt to the butcher.
The butcher takes the €100 note and runs down the street to repay his debt to the pig farmer.
The pig farmer takes the €100 note and heads off to pay his bill at the supplier of feed and fuel.
The guy at the Farmers' Co-op takes the €100 note and runs to pay his drinks bill at the pub.
The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him "services" on credit.
The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the €100 note. The hotel proprietor then places the €100 note back on the counter so the rich traveler will not suspect anything.
At that moment the traveler comes down the stairs, picks up the €100 note, states that the rooms are not satisfactory, pockets the money, and leaves town.
No one produced anything. No one earned anything. However, the whole town is now out of debt and looking to the future with a lot more optimism.
And that, ladies and gentlemen, is how the stimulus package works.
Thursday, November 18, 2010
China's Catch-Up on High-Speed Rail Technology
An interesting and detailed article about how China learned the technology of high-speed rail from developed countries.
Wednesday, November 17, 2010
Daily Price Index from online Retailers
The daily price indices covers various countires in the world from online retailers.
Tuesday, November 16, 2010
Quantitative Easing Explained
A very funny video about the Fed and Quantitative Easing II.
Hamilton provides more accurate and serious answers to those bunnies' questions.
Hamilton provides more accurate and serious answers to those bunnies' questions.
Wednesday, November 3, 2010
Tuesday, November 2, 2010
Sunday, October 31, 2010
The Economics of Early Childhood Education
On Friday, my colleague, my students, and I attended the Minnesota Economic Association Annual Conference at St. Paul. One speaker, Art Rolnick, who is the co-director of the Human Capital Research Collaborative at University of Minnesota, made an excellent speech on economics of early childhood education. Here I found two related works by Art:
Early Childhood Development: Economic Development with a High Public Return
Early Childhood Development on a Large Scale
Remind me of this beautiful song: The greatest love of all by Whitney Houston.
Monday, October 25, 2010
Sunday, October 24, 2010
Clarida on Monetary Policy
What Has – and Has Not - Been Learned about Monetary Policy in a Low Inflation Environment? A Review of the 2000s by Richard Clarida.
Friday, October 15, 2010
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