EconoSpeak

So for the fourth year in a row, we along with our closely associated blog, Angry Bear, have been listed as among the top 100 economics blogs.  We continue to be put into the category of "financial economics," as we were last year, with little change in our description.But, hey, I am not going to complain. Quite a few blogs formerly on the list are off, replaced by the up and coming.  If there is a part of the description of us I am uncomfortable with it is the claim, made in the past as...

It was a year ago today that President Trump removed the United States from the JCPOA nuclear agreement with Iran as well as Russia, China, UK, France, Germany, and the EU, under the auuspices of the UN Security Council.  Accoerding to IAEA inspectors, Iran was fulfilling its part of the agreement, and it has continued to do so up  until now as well, despite thi s unwarranted action by the US, although that may be about to change.  The other signatories have strongly opposed the US action,...

Yes, this is going to all be about me! :-)So, before getting to me, me, me, let me congratulate Emi Nakamura of the UC-Berkeley economics dept for receiving the John Bates Clark Award. It seems to be well deserved for her innovative and influential work on looking at high frequency detailed micro data sets to get more accurate estimates of macro variables, including both inflation rates and fiscal multipliers.  At 38 she is young enough (one must be under 40).  She is also now a coeditor of...

Leon Panetta: Trump treats Americans like we’re chumps Check out the entire interview as it was excellent. But I had to look up this old fashion word: a person who is easily tricked : a stupid or foolish person OK – Trump supporters are easily tricked. But Trump wants to pretend he is a young vigorous man! Chris Matthews did talk about young people who are more likely to check out Urban Dictionary than the old fashion Merriam-Webster dictionary: Someone who does not understand the...

The New York Times has an illuminating article today summarizing recent research on the gender effects of mandatory overwork in professional jobs.  Lawyers, people in finance and other client-centered occupations are increasingly required to be available round-the-clock, with 50-60 or more hours of work per week the norm.  Among other costs, the impact on wage inequality between men and women is severe.  Since women are largely saddled with primary responsibility for child care, even when...

Here we go again.  We have arrived at the time for the release of the annual Social Security Administration (SSA) report.  It got the usual headlines across the media, that the SSA will "run out of money" in 2034. Most of the stories played it all scary, although noting that after the system will still pay 3/4 of what it was.  But, of course, Congress can act now to fix the system the stories say, leaving it vague what that would amount to.  Two points on this.The first is that basically...

I’m reading another article about debates over free speech on campus, this time at Williams College, an elite school in the northwestern corner of Massachusetts.  A faculty petition asks to formalize and tighten the college’s policy on free speech by adopting the Chicago Principles, which state that “concerns about civility and mutual respect can never be used as a justification for closing off discussion of ideas, however offensive or disagreeable those ideas may be to some members of our...

Just as Ulysses had himself chained to the mast of his ship so he wouldn’t succumb to the lure of the Sirens, John Ionnidis and others have argued we must bind ourselves to the discipline of statistical significance lest we fall victim to confirmation bias.  Some researchers will want to proclaim they have found earth-shaking results even if they are enveloped in noise, and others will try to dismiss genuine findings of no effect, even if that is where the data point.  The only way...

US SecState Pompeo announced early today that the waivers granted to 8 nations allowing them to continue to import oil from Iran will not bee renewed when they expire in early May.  I am not sure of the identity of three of those nations, but the big five are China, India, Japan, South Korea, and Turkey.  None of them have made any public statement so far, nor has Iran.  It has been announced that Saudi Arabia and the UAE and maybe also Iraq will increase oil production to offset this,...

No, not Vladimir V. Putin.  He was born on October 7, 1952, although I can understand how any reader might assume it was him, given that he has just had a great victory with the Mueller Report "exonerating" his fan boy in the White House from engaging in criminal conspiracy with him, much less getting on fan boy's case too seriously over his repeated lies and attempts to obstruct justice, allowing VVP to return to overtly lying by denying that Russia had anything to do with the 2016...