Wall Street's View of Economic Models & Policy

Noah Smith has an article on economic models and how it affects Wall Street's view of economic policy.

Should the Fed Have a Policy Rule

Mark Thoma has an article laying out the the pros and cons of having the Fed follow a Taylor Rule.

Articles on Monopoly & Inherited Wealth

The Economist has an article on drug companies changing patents and monopoly.

Mankiw argues in favor of inherited wealth - against Piketty.

The States of the Economy after Recession

The New York Times has a set of interactive charts showing the state of the economy five years after the recession - it show what has bounced back and what has not.

Slave Labor Letter from China

The New Yorker's Currency Blog has a good post about a letter from a slaver laborer in China that showed up in an bag being sold in the United States.

How the Recession Changed Work

The New York Times has a good interactive graphic showing how the Great Recession changed work in the United States.

Cartoon showing the Circulation of Money

The New York Times has the following cartoon showing how money (coins) circulate:

More Empirical Work in Intro Economics

Noah Smith has a piece in Bloomberg about the need to more empirical work in introductory economics classes.

Summary of Piketty Debate

The New York Times has a summary of the Piketty debate over data and methods.

Pricing and Trading Carbon

The New York Times has a good article about the process for trading and pricing carbon.  It has a good graphic explaining the process.

CAP

CAP LOWERED

Purchased or

traded permits

Carbon

dioxide

emissions

Carbon

permits

Remaining

carbon

permits

Freely issued permits

CAPPED INDUSTRIES

INDUSTRY A

INDUSTRY B

CAPPED INDUSTRIES

CAP AND PERMIT

The government imposes a cap on the total amount of greenhouse emissions allowed from major industries, then issues permits to match the amount of the cap. Each permit allows the emission of one ton of carbon dioxide, or equivalent.

ISSUE, BUY AND TRADE

Initially, most of the permits are given to industries at no cost. The remaining permits can be bought at a government auction or traded in a carbon market set up for that purpose.

LOWERING THE CAP

The government gradually lowers the carbon cap by a few percent a year, which reduces the number of available permits and cuts the total amount of pollution allowed by the industries under the carbon cap.

No reduction

in emissions

Offset credits

Steep reduction

Investment

CARBON-REDUCING

PROJECT

INDUSTRY A

INDUSTRY B

INDUSTRY A

REDUCING TOTAL EMISSIONS

Industries can reduce their emissions by spending money to upgrade their facilities and equipment, or they can use the carbon market to purchase the carbon permits needed to cover their emissions — whichever is cheaper.

CARBON OFFSETS

Industries can also invest in projects elsewhere that lower carbon emissions, like forestry or burning methane from dairy cows. These projects create “offset credits” that can be used or sold, usually at a lower price than government-auctioned permits.

World Map in Exports

The Week magazine has an interesting map of the world based on exports.

Financial History in Five Crises

The Economist has a good essay that explains how financial institutions developed through financial crises.

Measuring Worth - Historic Economic Data

Just found this good site - Measuring Worth - it is times series of historic economic data.  Pretty cool.

Fed Minutes of 2008 Crisis

The New York Times has coverage of the FOMC meetings minutes from the 2008 Economic Crisis.

Updates - Busy Life

Life has been busy as of late with preparation for the MCEE program with Larry Summers at the Boston Federal Reserve.

Here are some good articles:

Noah Smith has a good article in The Week about what most people do not get about Macroeconomics - namely that economists are focused on efficiency while the general public is more focused on inequality.

Rob Garver has an article in The Week that points out that women now sit atop two of the major economic institutions in the world.  Janet Yellen is Chair the  the Federal Reserve and Christine Legarde is the head of the International Monetary Fund.

Tyler Cowen has a column in the New York Times that argues that many of the problems with the Emerging Market Economies has more to do with internal issues in those countries than with global economic issues.

The New York Times has an interactive 1040 tax form - a good teaching tool.

Annie Lowrey in The New York Times has a good article that examines whether a government policy that promotes marriage can lower the poverty rate.

Catherine Rampell in The New York Times has a good article about the use of "video games" in the hiring process.