More in Global Economy


5 years

What The Young Adults of 1920 Thought of the World They Were Inheriting

A century ago, John F. Carter wrote an essay about “These Wild Young People’ by One of Them,” in the Atlantic Monthly (September 1920, pp. 301-304, an excerpt is here, although as far as I know the entire essay isn't freely available online). It offers a useful reminder that complaints from young adults about the terrible world they are inheriting, so much worse than any previous generation ever inherited, are nothing new. Enjoy the 100 year-old version of the classic young-to-old intergenerational rant:

5 years

Abhijit Banerjee on Coaching the Poor

Tyler Cowen has conducted one of his thought-provoking and entertaining interviews in "Abhijit Banerjee on Theory, Practice, and India" (Medium.com, December 30, 2019, both podcast and transcript available). Among his other accomplishments, Banerjee was of course most recently a co-winner of the Nobel prize in economics last fall. The interview is worth consuming in full. As it says in the overview:

5 years

Does the Fed Have Ammunition to Fight the Next Recession?

Ben S. Bernanke delivered his Presidential Address to the American Economic Association last weekend on the topic, "The New Tools of Monetary Policy" (January 4, 2020, here's a weblink to watch the lecture, and here's a written-out version of the paper on which the lecture was based). To set the stage, he started the talk with a figure similar to this one showing the "federal funds" interest rate--the key interest rate on which Fed policy focuses.

5 years

Three Lessons From The UK Elections

The results of the UK elections have shown something that I have commented on several occasions: The widely spread narrative that British citizens had regretted having voted for Brexit was simply incorrect.

5 years

William McChesney Martin: Keep the Economists in the Basement

William McChesney Martin chaired the Federal Reserve for 19 years and during the terms of five different presidents, from April 1951 to January 1970. He became chair of the Federal Reserve at the time of the Treasury-Fed Accord of 1951, when the modern Federal Reserve invented itself by declaring that it was no longer going to view its job as keeping interest rates low to facilitate government borrowing--as it had during World War II--but instead was going to focus on how monetary policy affected the economy as a whole. Martin became so synonymous with monetary policy that John F. Kennedy once told an adviser that, before he became president, he could only remember the difference between fiscal and monetary policy by reminding himself that "m" was the first letter of both "monetary" and "Martin." He's the one who publicized the phrase that the job of the Federal Reserve was like a chaperone who needs to take away the punch bowl just when the party is warming up.

5 years

How Big is the Space Economy?

The short answer for an estimate of the size of the space economy is: "Probably around $400 billion."

5 years

The Beginning of the End of Uncertainty for the UK

·        The UK election result was a clear mandate for Brexit ·        A UK/EU free-trade agreement may not be ready by December 2020 ·        Uncertainty remains but real economic progress can now begin

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