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2023-11-15

• WeInflate, WeMalinvest, WeWork
  by Tyler Durden in Zero Hedge, 2023-11-15 03:55:00 UTC

  WeInflate, WeMalinvest, WeWork Authored by Peter C. Earle via the American Institute for Economic Research , The bankruptcy filing of WeWork Inc. on November 6, 2023 came with neither a whimper nor a bang, but with a laconic shrug . Although the company has been around for 13 years, it has been defined more by successive flirtations with demise and unseemly corporate revelations than by innovative ideas for the second half of its life. Few were surprised when the latest, and possibly not the final, chapter arrived. While some stories are better told starting at the end, the We [...]

2023-10-22

• Weekend reading links
  by noreply@blogger.com (Urbanomics) in Urbanomics, 2023-10-22 04:36:00 UTC

  1. In terms of annualised returns for several time periods, the Indian stock market tops , slightly superior to even the S&P 500. While there's no doubt that for investors looking at the next decade and more, India stands at the pole position in terms of economic prospects. A large economy with relatively stable macroeconomic policies and domestic consumption being the predominant growth driver means that it's well placed to grow.   But the big worry is the nature of its growth. In particular, the widening inequality and the relatively low growth in incomes for the vast majority is the problem [...]

2023-10-06

• Paved with Unintended Consequences
  by ? in Econlog, 2023-10-06 12:00:27 UTC

  Economists, especially those of us who criticize government interventionist policies, often point to bad unintended consequences that many of these policies lead to. Sometimes people say that we delight in pointing to such policies, but that verb certainly doesn’t apply to my attitude. There is typically nothing delightful at all in these consequences, many of them tragic. In this piece, I’ll cover six cases, but they’re a tiny fraction of the cases that exist and even a tiny fraction of the cases I know. We need to distinguish between unintended and unpredicted consequences. Many unintended [...]

2023-09-14

• Why does women’s employment change with the seasons? : An answer from the NBER
  by ? in FRED blog, 2023-09-14 13:00:00 UTC

  Summer is ending. As the new school year gears up, some areas of economic activity will get seasonal boosts—such as increases in retail sales of office supplies as incoming students and their families buy what they need for the classroom. Female employment also picks up at this time of year. Recent research on labor markets finds that the childcare services provided by formal schooling drive this increase in employment. The FRED graph above replicates Figure 1 in a related piece of research: the NBER Working Paper, “ The Summer Drop in Female Employment ,” by Brendan Price and Melanie Wasserm [...]

2023-09-05

• Gender income disparity in the USA
  by Ivan Kitov in Economics as Classical Mechanics, 2023-09-05 20:26:00 UTC

   This paper "Gender income disparity in the USA: analysis and dynamic modelling" is also of interest Abstract We analyze and develop a quantitative model describing the evolution of personal income distribution (PID) for males and females in the U.S. between 1930 and 2014. The overall microeconomic model, which we introduced ten years ago, accurately predicts the change in mean income as a function of age as well as the dependence on age of the portion of people distributed according to the Pareto law. As a result, we have precisely described the change in the Gini ratio since the start of inc [...]

• Race and gender income inequality in the USA: black women vs. white men
  by Ivan Kitov in Economics as Classical Mechanics, 2023-09-05 20:23:00 UTC

  Almost every day, I have a request to publish this paper " Race and gender income inequality in the USA: black women vs. white men" � in medical and social journals. Do not understand the reason for such an interest.�� Abstract Income inequality between different races in the U.S. is especially large. This difference is even larger when gender is involved. In a complementary study, we have developed a dynamic microeconomic model accurately describing the evolution of male and female incomes since 1930. Here, we extend our analysis and model the disparity between the black and white population [...]

2023-08-31

• The High Costs of Biden's Price-Controlled Drugs
  by Ronald Bailey in Hit & Run blog, 2023-08-31 21:09:02 UTC

  Government-imposed price controls on goods and services always lead to shortages. For example, economic research has consistently shown that rent control results in less new housing construction . The Biden administration's imposition of price caps on prescription drugs under the provisions of the Inflation Reduction Act (IRA) will result in much the same thing: fewer new cures developed. The IRA gives the Department of Health and Human Services (HHS) the [...]

2023-08-24

• Why We Can't Have Nice Things: Bootleggers, Baptists, and Ballots
  by Eric Boehm in Hit & Run blog, 2023-08-24 17:00:47 UTC

  Arkansas has some of the strangest liquor laws in the country—or at least the most politically contentious. Unlike a lot of other places, the state allows counties to hold referendums to decide whether they will allow the retail sale of alcohol. That is, whether they will be "wet" or "dry." And when those elections take place, it's often existing liquor stores—the very businesses that earn money by selling booze—that campaign the hardest to keep county-lev [...]

2023-08-14

• AI is going to eliminate way more jobs than anyone realizes
  by insider@insider.com (Emil Skandul) in Business Insider, 2023-08-14 10:00:02 UTC

  The AI revolution is about the crash into the global economy and upend millions of jobs. Arantza Pena Popo/Insider A tidal wave is about to crash into the global economy.  The rise of artificial intelligence has captured our imagination for decades, in whimsical movies and sober academic texts. Despite this speculation, the emergence of public, easy-to-use AI tools over the past year has been a jolt, like the future arrived years ahead of schedule. Now this long-expected, all-too-sudden technological revolution is ready to upend the economy.  A March Goldman Sachs report found over 300 million [...]

2023-07-31

• The monetary multiplier and bank reserves
  by ? in FRED blog, 2023-07-31 13:00:00 UTC

  The FRED graph above shows two different measures of money between 2005 and 2010: The red line tracks M2, which includes cash, checking deposits, and other short-term deposits. The green line tracks the monetary base, or M0, which includes only cash and bank reserves. The ratio of M2 to M0 (blue line) is often referred to as the “money multiplier,” a measure that describes how the  supply of private money (deposits) responds to the monetary base: As banks accumulate excess reserves in their account, they expand their deposits and lending activities. Between December 2007 and January 2009, M2 [...]

2023-07-26

• Are the Benefits of Electrification Realized Only in the Long Run? Evidence from Rural India
  by noreply@blogger.com (David Stern) in Stochastic Trend, 2023-07-26 06:42:00 UTC

    I have a new working paper coauthored with my master's student Suryadeepto Nag on the impact of rural electrification in India. Surya did his master's at IISER in Pune with me as his supervisor. He visited Canberra over the last Southern Summer. The effect of providing households with access to electricity has been a popular research topic. It's still not clear how large the benefits of such interventions are. Is electricity access an investment that generates growth? Or is it more of a consumption good that growing economies can afford? Researchers have used traditional econometric methods [...]

2023-07-19

• Fiscal conservatism, economic radicalism
  by chris in Stumbling and Mumbling, 2023-07-19 12:19:03 UTC

  Sir Keir Starmer has ruled out significant rises in public spending under a Labour government. He's partly right. What his supporters and many critics fail to appreciate, however, is that a tight fiscal stance is wholly consistent with some very left-wing policies. First, why is he partly right? The answer has nothing to do with "iron-clad fiscal rules". Such talk is merely to appease the nonces, imbeciles and billionaires' gimps in the media. Instead, Labour's problem is that we are close to effective full employment; certainly, there are very few doctors or builders out of work. This means [...]

2023-07-06

• Trends in the construction of multifamily housing : The missing middle
  by ? in FRED blog, 2023-07-06 13:00:00 UTC

  The FRED Blog has discussed the relationship between single-family housing starts and completions and also how changes in overall housing market prices are measured . Today we build on the topic of housing by comparing trends in the type of residential constructions erected. The FRED graph above shows data from the US Census and the US Department of Housing and Urban Development (HUD) on the number of new, privately owned, completed housing units since 1968. There are three size types: single-family buildings (the blue area), buildings with 2 to 4 separate dwellings (the red area), and buildi [...]

• There is no recession threat in the USA due to immigration
  by Ivan Kitov in Economics as Classical Mechanics, 2023-07-06 09:32:00 UTC

  Immigration saves the US as it is able to mechanically increase real GDP just by population growth. The labor force growth drives inflation up as it was in the late 1960s and 1970s (women changed the rate of participation in labor force from ~50% to 80-90% just within one decade). The Fed has the only tool to put the rate of price inflation down - increase the overnight rate. As the real GDP has been growing in the previous couple of years mainly due to mechanical population increase (the population growth rate is back to 1.5% per year as in the 1990s) , there overnight rate does not have the [...]

2023-07-03

• Geopolitical Fragmentation, Regional Cooperation, and Prospects for ASEAN Trade and Value Chains
  by mplummer@jhubc.it (Michael Plummer) in Asia Economics Blog, 2023-07-03 14:10:46 UTC

  Introduction ASEAN countries are characterized by considerable diversity but share an outward-oriented development strategy. While intra-regional economic cooperation over the past two decades has been important, global, not regional, interaction has been the key to ASEAN’s success story.  Hence, the strong policy headwinds facing globalization in the post-Covid period threaten continued growth and prosperity in the region. Proposals in major markets to protect domestic industries by raising obstacles to trade vary from sectoral protection to more comprehensive “geopolitical” or “geoeconomic” [...]

2023-07-02

• Quotation of the Day…
  by Don Boudreaux in Cafe Hayek, 2023-07-02 08:30:00 UTC

  (Don Boudreaux) Tweet … is from page 85 of University of Connecticut economist Richard Langlois’s monumental 2023 study, The Corporation and the Twentieth Century (original emphasis; footnotes deleted; links added): The laissez-faire economists [around the turn of the 20th century], and often even their opponents, did not think in terms of an efficient equilibrium of prices, quantities, and number of firms; rather, following Adam Smith, they had a dynamic view of competition as active striving . Active competition took place along many margins, including both innovation and entry. The resu [...]

2023-06-29

• FRED maps of BEA regions : Grouping state-level economic activity
  by ? in FRED blog, 2023-06-29 13:00:00 UTC

  More than half of the data in FRED can be displayed in choropleth maps, which is a type of data visualization where geographical areas are colored differently according to the range of their data values. The contours of the geographical areas in FRED maps represent political and statistical boundaries. Political boundaries shape the counties, states, and nations we’re familiar with. But what is a statistical boundary? Who draws them? How did those boundaries come to be? Statistical boundaries are groupings of smaller geographies, such as counties, or states, that are drawn by data collection [...]

2023-06-13

• Macro Policy Update, 2022
  by calla.wiemer@acaes.us (Calla Wiemer) in Asia Economics Blog, 2023-06-13 15:00:32 UTC

  Against the blow of the pandemic, governments worldwide undertook expansionary monetary and fiscal policies. But by 2022, pressure was on to retrench as inflation reared up and government debt-to-GDP ratios mounted. This post continues a series that applies the framework developed in Macroeconomics for Emerging East Asia (Cambridge University Press, 2022; RePEc ) to analyzing monetary and fiscal policy. The series began with a trilogy of posts on the pandemic shock of 2020 and associated fiscal and monetary policy responses. There followed a post for 2021 in which the pandemic continued to fig [...]

2023-05-29

• How to Quench the American West’s Thirst
  by Jeffrey Frankel in Project Syndicate, 2023-05-29 15:48:20 UTC

  CAMBRIDGE – A megadrought – the worst in 1,200 years – has been ravaging the American West for two decades, fueling wildfires and exacerbating the region’s chronic water shortages. As global temperatures continue to rise, severe droughts are becoming more frequent and intense – a trend not limited to the United States. Southern Europe , East and North Africa, Australia, and certain parts of Asia and Latin America are also grappling with extreme water scarcity. On May 22, seven western US states reached a historic deal to reduce water extraction from the drought-stricken Colorado River. Ariz [...]

2023-05-28

• No title
  by maximorossi in NEP-LTV blog, 2023-05-28 21:05:40 UTC

  2022: A SUMMARY OF FRAMED FIELD EXPERIMENTS ON FIELDEXPERIMENTS.COM: THE WHO’S, WHAT’S, WHERE’S, AND WHEN’S By: John List Abstract: In 2019 I put together a summary of data from my field experiments website that pertained to framed field experiments. Several people have asked me if I have an update. In this document I update all figures and numbers to show the details for 2022. I also include the description from the 2019 paper below with appropriate additions Date: 2023 URL: http://d.repec.org/n?u=RePEc:feb:framed:00768&r=ltv [...]

• No title
  by maximorossi in NEP-LTV blog, 2023-05-28 21:01:36 UTC

  The Effect of Education Policy on Crime: An Intergenerational Perspective By: Costas Meghir (Cowles Foundation, Yale University); Marten Palme (Stockholm University); Marieke Schnabel (University College London) Abstract: We study the intergenerational effect of education policy on crime. We use Swedish administrative data that links outcomes across generations with crime records and we show that the comprehensive school reform, gradually implemented between 1949 and 1962, reduced conviction rates both for the generation directly affected by the reform and for their sons. The reduction [...]

• No title
  by maximorossi in NEP-LTV blog, 2023-05-28 20:59:46 UTC

  Advances in the Economic Theory of Cultural Transmission By: Alberto Bisin; Thierry Verdier Abstract: In this paper we survey recent advances in the economic theory of cultural transmission. We highlight three main themes on which the literature has made great progress in the last ten years: the domain of traits subject to cultural transmission, the micro-foundations for the technology of transmission, and feedback effects between culture, institutions, and various socio-economic environments. We conclude suggesting interesting areas for future research. JEL: O10 P16 P48 URL: http://d.r [...]

• No title
  by maximorossi in NEP-LTV blog, 2023-05-28 20:58:02 UTC

  Working from Home Around the World By: Aksoy, Cevat Giray (European Bank for Reconstruction and Development); Barrero, Jose Maria (Instituto Tecnológico Autónomo de México Business School); Bloom, Nicholas (Stanford University); Davis, Steven J. (University of Chicago); Dolls, Mathias (Ifo Institute for Economic Research); Zarate, Pablo (Princeton University) Abstract: The pandemic triggered a large, lasting shift to work from home (WFH). To study this shift, we survey full-time workers who finished primary school in 27 countries as of mid 2021 and early 2022. Our cross-country comparis [...]

2023-05-23

• No title
  by maximorossi in NEP-LTV blog, 2023-05-23 18:18:44 UTC

  The Labour Market Returns to Sleep By: Joan Costa-Font (LSE – London School of Economics and Political Science, IZA – Forschungsinstitut zur Zukunft der Arbeit – Institute of Labor Economics, CESifo – Center for Economic Studies and Ifo for Economic Research – CESifo Group Munich); Sarah Fleche (CES – Centre d’économie de la Sorbonne – UP1 – Université Paris 1 Panthéon-Sorbonne – CNRS – Centre National de la Recherche Scientifique, UP1 – Université Paris 1 Panthéon-Sorbonne, CEP – LSE – Centre for Economic Performance – LSE – London School of Economics and Political Science, LSE – London S [...]

• No title
  by maximorossi in NEP-LTV blog, 2023-05-23 18:16:40 UTC

  Women’s transitions in the labour market as a result of childbearing: the challenges of formal sector employment in Indonesia By: Lisa Cameron (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne); Diana Contreras Suarez (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne); Yi-Ping Tseng (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne) Abstract: Although it is well established that women’s labour force participation drops markedly with marriage and childbearing, surprisingly little i [...]

• No title
  by maximorossi in NEP-LTV blog, 2023-05-23 18:15:56 UTC

  Air pollution: a review of its economic effects and policies to mitigate them By: Laura Hospido (Banco de España, CEMFI and IZA); Carlos Sanz (Banco de España and CEMFI); Ernesto Villanueva (Banco de España) Abstract: Air pollution is an increasing cause of concern among the scientific community, policymakers and the general public. This interest has led to a sharp increase in the number of scientific papers on air pollution. This paper provides a summary of the most prominent recent economic literature on the effects of air pollution, the main policy lessons that can be drawn from it, [...]