The biggest European union has managed to achieve a long-standing goal: German metal-workers can now work a 28-hour week, if they wish. John Pencavel tells the story and draws out some implications for US labor markets in "The Future of Hours of Work?" a Policy Brief written for the Stanford Institute of Economic Policy Research (September 2018). Pencavel writes:
In this era of monetary fiction, one tends to read all types of undocumented and misguided views on monetary policy. However, if there is one that really is infuriating is the MMT science fiction.
Problem: Many places of planet Earth are so hot, at least during significant portions of the year, that it has adverse effects on human health and productivity.
Emerging market stocks have stabilised, helped by the strength of US equities. Rising emerging market bond yields are beginning to attract investor attention. US tariffs and domestic tax cuts support US economic growth. US$ strength is dampening US inflation, doing the work of the Federal Reserve.
In a report called “A report card for unconventional monetary policy,” Deutsche Bank has analyzed the impact on the economy of “unconventional” monetary policies, quantitative easing and negative interest rates.
Jackson Hole is not going to rescue the bad decisions of investors and politicians from other countries because everyone in the Federal Reserve knows they have something more important to do.
Why do students have summer vacation? One common answer is that it's a holdover from when America was more rural and needed children to help out on the farm, but even just a small amount of introspection suggests that answer is wrong. Even if you know very little about the practical side of farming, think for just a moment about what are probably the most time-sensitive and busiest periods for a farmer: spring planting and fall harvest. Not summer!