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2025-01-06

• Regional differences in medical care prices
  by ? in FRED blog, 2025-01-06 14:00:00 UTC

  The FRED Blog has tapped into US Bureau of Economic Analysis data before to discuss the small regional differences in the price of goods and the much larger regional differences in the price of housing. Today, we tap into US Bureau of Labor Statistics data to compare differences in medical care consumer prices across urban areas. The FRED graph above shows the annual inflation rate, calculated as the percent growth rate from the previous year, in medical care service prices recorded in eight core-based statistical areas (CBSAs). These geographies are urban clusters with high degrees of social [...]

2025-01-02

• Financial Inclusion, Wealth, and Consumption Smoothing in India
  by a.kumar@soton.ac.uk (Abhishek Kumar) in Asia Economics Blog, 2025-01-02 00:54:00 UTC

  This post draws from a paper presented at the 2025 Allied Social Science Association Annual Meeting in the ACAES session on Digitalization in Asian Economies.� � Co-Authors: Sushanta Mallick and Apra Sinha Financial technology (fintech) is transforming household access to financial services. For households previously excluded from formal financial markets, fintech offers a pathway to financial stability, enabling consumption smoothing against income fluctuations and more effective responses to emergencies. However, use of fintech carries potential risks as well. Digital financial products may [...]

2024-12-26

• The rising average value-weighted maturity of car loans : Driving cars longer or borrowing more to buy them?
  by ? in FRED blog, 2024-12-26 14:00:00 UTC

  Buckle up and come along on a joyful ride with FRED. Like a three-point turn, this post covers the average maturity of new and used car loans by making three maneuvers. First, we define the terms. The maturity of a car loan is the target date for full repayment of the borrowed amount. It can be reported in years or months. A value-weighted maturity refers to assigning more importance to loans that are for a larger percentage of the vehicle’s value. Second, we describe the data. The FRED graph above shows data from the Board of Governors of the Federal Reserve System on the value-weighted aver [...]

2024-12-24

• We Need More Three Mile Islands
  by André Béliveau in Hit & Run blog, 2024-12-24 11:30:15 UTC

  Jane Fonda isn't a nuclear expert, but she played one on TV. In the 1979 film The China Syndrome , Fonda portrayed Kimberly Wells, a vivacious news reporter who discovered a cover-up at a nuclear power plant. The conspiracy involved the possibility of a meltdown that could "render an area the size of Pennsylvania permanently uninhabitable."  The movie's timing and location were both impeccable. Twelve days after Fonda's film hit theaters, a reactor at Three Mile Island (TMI) in central Pennsylvania partially melted down. The accident resu [...]

2024-12-20

• The US Economy’s Trust Deficit
  by Michael Spence in Project Syndicate, 2024-12-20 16:47:48 UTC

  MILAN – While official sources and the media highlight strong consumer-spending and jobs data in the United States, or tout high US stock-market valuations , more than three-quarters of Americans view economic conditions as poor (36%) or fair (41%). This disconnect between performance and perception can have far-reaching consequences; it already helped to propel Donald Trump to victory in last month’s presidential election. So, what is causing it? Here, it is worth considering how market participants deal with asymmetric information – when one party has more or better information than anothe [...]

2024-12-09

• Employer-to-employer transitions : Data from the Philadelphia Fed
  by ? in FRED blog, 2024-12-09 14:00:00 UTC

  Workers switch employers for several reasons, including better opportunities and pay. Working for one employer one month and a different employer the next is known as employer-to-employer worker transition . FRED recently added new data from Fujita, Moscarini, and Postel-Vinay (FMP) that track these transitions: The Employer-to-Employer (E2E) Transition Probability data, from the Philadelphia Fed, show how likely US workers are to engage in the practice of switching employers. The FRED graph above shows the FMP-E2E data series presented in three formats: seasonally adjusted (orange line), not [...]

2024-11-22

• Why Subsidizing Energy Efficency Is a Bad Idea
  by Kenneth W. Costello in The Beacon, 2024-11-22 01:04:37 UTC

  Many state utility regulators, policymakers, utilities, and others construct an orthodox and politically palatable argument that market failure justifies utility energy efficiency (EE) programs and that the vast majority of those programs would pass a cost-benefit test. (Incidentally, the alleged major culprits of market failure are energy consumers incapable of making the correct calculations from a societal perspective, or making decisions contrary to their self-interest. That so-called “ EE gap ” provides the raison d’etre for both government and utility subsidies to encourage the adoption [...]

2024-11-05

• To Prosper, India Must Close Its Gender Employment Gap
  by Kanika Mahajan in Project Syndicate, 2024-11-05 14:34:16 UTC

  NEW DELHI – While female workforce participation consistently lags behind men’s globally, there are deep regional disparities, with the largest gender employment gaps found in the Middle East and North Africa (MENA) and South Asia. India is a striking example of this dynamic. Among women aged 25-60 in rural areas, the labor-market participation rate dropped sharply from 54% in 1980 to 31% in 2017 (National Sample Survey (1980) and Periodic Labor Force Survey (2017)). In urban areas, the decline has been less dramatic, from 26% to 24%. Meanwhile, male employment rates remained relatively stab [...]

2024-10-11

• Can Claudia Sheinbaum Escape AMLO’s Shadow?
  by Guillermo Ortiz in Project Syndicate, 2024-10-11 13:05:20 UTC

  MEXICO CITY – When Andrés Manuel López Obrador was elected president of Mexico in 2018, the question was which AMLO – as he is commonly known – would govern. Would he be the pragmatic politician who had pledged fiscal rectitude, advocated free trade, and supported an independent central bank? Or would he be a populist leader who, like the authoritarian Institutional Revolutionary Party (PRI) of the 1970s and 1980s, would seek to co-opt voters through enormous social programs and giveaways and expand the role of state enterprises? AMLO’s presidency preserved economic stability by adhering to [...]

2024-09-19

• Women’s labor force participation by age
  by ? in FRED blog, 2024-09-19 13:00:00 UTC

  Women have increased their representation in the labor force over time. In this post, we discuss how this process has differed by age group. The FRED graph above tracks women’s share among the employed for two age groups: 20-24 years old and 35-44 years old. Women in both age groups have increased their share of employment since 1950, although growth slowed considerably after 1990. In the younger group, women account for about 50% of total employment today, implying that young women are just as likely to work as young men. In the older group, which includes a greater representation of the mar [...]

2024-09-11

• 55. IDER. International Development Reports 2021-2024. Euro-American Association of Economic Development Studies
  by MCG Blogs de Economía in Euro-American Association: World Development, 2024-09-11 13:06:00 UTC

  Reports of year 2024 Reports of year 2023 In Entry 47 we include the titles and links to the following International Development Reports of years 2021 and 2022 � IDER INTERNATIONAL DEVELOPMENT REPORTS year 2022 2022-4 Quality of Life in Countries and Regions of Europe, America, Asia and Oceania: Subjective and Objective Indicators, 2000-2020 , Guisan, M.C.� Abstract and article in RSES 22-2. 2022-3 CO2 Total Emissions in the World 1970-2015: Europe, United States, China, India and other countries. 2022-2 L [...]

2024-09-07

• The end of the great order under the Heaven
  by Branko Milanovic in globalinequality, 2024-09-07 19:54:00 UTC

  The very well-written and easy to read book by Gary Gerstle ( The Rise and Fall of the Neoliberal Order ) makes two key points. First, and continuing from Gerstle’s previous book ( The Rise and Fall of the New Deal Order , coauthored with Steve Fraser) it insists on the idea of a political and economic “order”. An “order” is the ruling ideology at a given point in time, synthesized and propagated by the most important parts of the political establishment. There were, according to Gerstle two such political orders in the United States during the past century: the New Deal order that began with [...]

2024-08-29

• Changes in gasoline and automobile prices since the pandemic
  by ? in FRED blog, 2024-08-29 13:00:00 UTC

  Gasoline and gas-powered vehicles are complementary goods: They’re expected to be bought together. When all else is held constant, a change in the price of gasoline should have a predictable impact on the demand for cars and trucks—which, by extension, would change their price. For example, when gasoline prices fall, it’s relatively cheaper to drive gas-powered vehicles. So, we’d expect their demand and price to rise. Today’s post looks into recent consumer price index data to see if that is in fact the story behind the numbers. The FRED graph above shows the year-over-year percent growth rat [...]

2024-08-22

• The end of the great order under the Heaven
  by Branko Milanovic in Global Inequality and More, 2024-08-22 22:18:58 UTC

  The very well-written and easy to read book by Gary Gerstle ( The Rise and Fall of the Neoliberal Order ) makes two key points. First, and continuing from Gerstle’s previous book ( The Rise and Fall of the New Deal Order , coauthored with Steve Fraser) it insists on the idea of a political and economic “order”. An “order” is the ruling ideology at a given point in time, synthesized and propagated by the most important parts of the political establishment. There were, according to Gerstle two such political orders in the United States during the past century: the New Deal order that began with [...]

2024-08-08

• Remote work and women’s labor force participation : New insights from a FEDS note
  by ? in FRED blog, 2024-08-08 13:00:00 UTC

  The FRED Blog has discussed the impact that shortages in childcare services had on women’s employment during and immediately after the COVID-19 induced recession . Today we discuss the potential role that either remote or hybrid work might play in boosting the participation of women in the labor force. The FRED graph above shows the labor force participation rate of three groups of women: White women (the solid blue line); Black or African American women (the solid red line); and Hispanic or Latino women (the solid green line). The data are reported by the U.S. Bureau of Labor Statistics and [...]

• America is missing a golden opportunity to boost the job market
  by estewart@insider.com (Emily Stewart) in Business Insider, 2024-08-08 09:57:03 UTC

  Getty Images; Alyssa Powell/BI Picture this: You're walking down the grocery aisle in 2009. A carton of eggs costs about $1.60, and a pound of ground beef is $2.13. The typical home for sale across the street is about $214,000. Flash forward to today, and the prices for those same goods have shot up to $2.71, $5.47, and $412,000. Prices are up about 45% across the board. But the one thing that has stayed constant? The federal minimum wage , which has been stuck at $7.25 an hour for 15 years. You can see the issue: People making the mandated minimum have far less purchasing power than they once [...]

• WAPE 2024
  by michael roberts in Michael Roberts Blog, 2024-08-08 07:49:30 UTC

  Last weekend the 17 th Congress of the World Association of Political Economy (WAPE) took place in Athens, Greece.  WAPE is a Chinese-run academic economics organisation, linking up with Marxist economists globally. “Even though that might seem like bias, the WAPE forums and journals still provide an important outlet to discuss all the developments in the world capitalist economy from a Marxist perspective. Marxist economists from all over the world are welcome to join WAPE and attend WAPE forums.” (WAPE mission statement). I covered the 15 th Congress in Shanghai watching online panels.   [...]

2024-07-26

• Will AI Kill Off Money?
  by Jean-Pierre Landau in Project Syndicate, 2024-07-26 09:05:25 UTC

  PARIS – We have forgotten the true virtues of money. We commonly view it in purely instrumental terms – as a device that facilitates exchange and stores value over time. Compared to bartering, coins and paper currency are profoundly convenient. But money is more than just an instrument. As Fyodor Dostoevsky famously observed , “money is minted freedom.” It supports our existence as autonomous individuals in a decentralized economy. The situation will be very different, however, if we someday live in a world governed by an artificial intelligence endowed with complete information and infinite [...]

2024-07-09

• Breaking the Mould: Reimagining India’s Economic Future – review
  by Dalton,A in LSE Review of Books, 2024-07-09 11:00:57 UTC

  In Breaking the Mould, Raghuram Rajan and Rohit Lamba put forward an alternative path for India’s economy based on service sector growth, human capital investment and a less restrained market. Though she credits the book’s lucid style and the boldness of its vision, Areesha Khan finds that its economic strategy lacks a robust grounding and ultimately fails to convince. Breaking the Mould: Reimagining India’s Economic Future . Raghuram Rajan and Rohit Lamba. Penguin Business (India). 2023. As the title suggests, Breaking the Mould: Reimagining India’s Economic Future by Raghuram Rajan and Roh [...]

2024-06-27

• Empirical Estimates of Loss Aversion
  by Jason Shafrin in Healthcare Economist, 2024-06-27 00:12:25 UTC

  Kahneman and Tversky’s Prospect Theory posit that individuals have loss aversion. What is loss aversion? It means that individuals experience losses more intensely than gains of the same magnitude; for instance, the psychological impact of losing a certain amount of money is greater than the pleasure derived from gaining that same amount. A key question is how much more intensely to individuals experience gains than losses? To formalize things, prospect theory assumes the following utility function: The most widely cited estimates are for these parameters are from Tversky and Kahn [...]

2024-05-16

• Ice cream is a seasonal product, right?
  by ? in FRED blog, 2024-05-16 13:00:00 UTC

  We have published this post in mid-May, which seems like the time people would start indulging in ice cream. It’s not quite “I scream for ice cream” time, but the days are getting sufficiently warm to warrant stocking up cool treats. And ice cream is the quintessential seasonal product that is only in demand when it’s hot out. Right? Just look at the FRED graph for ice cream production: A classic example of seasonality! But wait… These data are very old. How does it look if we use current data? The FRED graph below shows ice cream production since 1972 (in red). Yes, it is still seasonal, but [...]

2024-05-08

• The usefulness of the CMIE household survey data for electricity research in India
  by Anurodh in Ajay Shah's blog, 2024-05-08 08:35:00 UTC

  by Susan Das, Renuka Sane and Ajay Shah. Measurement for electricity research The problems of the electricity system are of particular importance in India given that the existing institutional arrangements work relatively poorly. While this has been a concern for decades given the importance of electricity in economic growth, it has achieved a fresh prioritisation due to the need for a clean energy transition. The problems of electricity sector have become the critical bottleneck for the decarbonisation of the economy (Jaitly and Shah, 2021). De jure government subsidies, and de facto [...]

2024-04-29

• The range of bank deposits worldwide
  by ? in FRED blog, 2024-04-29 13:00:00 UTC

  Safe and sound banks are key to a healthy US economy and are at the heart of promoting growth and development . Banks’ basic intermediary function of matching savers with investors is predicated on receiving deposits that can be transformed into loans. There is no rule of thumb for how large those deposits need to be for banks to best operate as financial intermediaries, and there are large differences among countries in that regard. The FRED map shows data from the World Bank about the value of bank deposits by nation divided by the value of that nation’s gross domestic product (GDP). This i [...]

2024-04-26

• Assessing regulatory capability in Tamil Nadu electricity regulation: Evidence from appeals
  by Anurodh in Ajay Shah's blog, 2024-04-26 04:34:00 UTC

  by Bhavin Patel and Renuka Sane . The Indian journey to decarbonisation faces the roadblocks of electricity policy . One of the critical impediments faced is that of state capability in electricity regulation. There is a new body of knowledge in India, in regulatory theory, that can usefully be brought to bear on the problem of improving electricity regulation. One element of this field is the question of assessing the state of regulatory capability. At any point in time, how would we judge the extent to which electricity regulation in a certain state is working well? Electricity is regulat [...]

2024-04-08

• 350+ coauthors study reproducibility in economics
  by ? in Marginal Revolution, 2024-04-08 06:49:37 UTC

  Jon Hartley is one I know, here is the abstract: This study pushes our understanding of research reliability by reproducing and replicating claims from 110 papers in leading economic and political science journals. The analysis involves computational repro [...]

2024-04-01

• 54. Publications of the Euro-American Association in year 2024: Articles and ebook Chapters
  by MCG Blogs de Economía in Euro-American Association: World Development, 2024-04-01 18:21:00 UTC

    Newly accepted articles for Volumes 24-1 of journals AEID and RSES Applied Econometrics and International Development (AEID), Volume 24-1: January-June 2024 Articles listed at the journal Website in March of 2024 Gender analysis of the global labour market and comparative analysis of kazakhstan, 2019-2021, Kuanysh ALPYSBAYEV, Aizhan MUKHAMADIYEVA, Meruert KANABEKOVA, Arailym ORAZGALIYEVA, Balapanova ELMIRA   Abstract Investment Policy of the Republic of Kazakhstan: Main Directions and Development Trends, Nurzan DEMEUOV, Ainur ISSAYEVA, Ardak YESDAULETOVA  Abstract Productivity and Regional T [...]