Friday, January 29, 2016

Grading Presidents

Click here to read my column in Sunday's NY Times.

The Newshour on Bob Gordon's New Book

Econ Theory Summer Camp

Graduate students with an interest in economic cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ory will be interested in this opportunity, run by my colleague Eric Maskin.

Tuesday, January 26, 2016

History of Econ Summer Camp

Those with an interest in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 history of economic thought might want to consider this summer program.  I have been told that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 program is designed primarily for faculty members in economics, ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r social sciences, and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 humanities, though three of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 twenty-five slots are reserved for graduate students.

Monday, January 25, 2016

More Competition

Kennedy School prof George Borjas, an expert on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 economics of immigration, is blogging again.

Sunday, January 24, 2016

One for My Fellow Bostonians

Saturday, January 23, 2016

Putting Oil Prices in Perspective

Given cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 huge decline in oil prices over cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 past year, I thought it might be useful to put cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 current price in some historical perspective. Below is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 price of oil relative to wages. Roughly, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 graph shows cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 number of hours a production worker needs to work to make enough to buy one barrel of crude oil. What is most striking to me how little long-term trend cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re is (despite great volatility) and that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 current level is very much normal by historical standards.


Click on graphic to enlarge.

Tuesday, January 12, 2016

What I've Been Reading

The Opposite of Loneliness by Marina Keegan.  A collection of wonderfully written short stories and essays by a young and promising writer.

The book is uneven and, at times, would have benefited from a bit more editing and revision.  Tragically, however, that rewrite was impossible, because cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 author died in a car crash several days after her college graduation. This collection was published posthumously from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 writing she did as a student at Yale and at cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Buckingham, Browne, and Nichols School in Cambridge (where my younger son is now a student, which is how I first learned about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 book).

Friday, January 08, 2016

A New Resource

My colleague Ariel Pakes alerts me to a new website that should be of interest to readers of this blog:

Microeconomic Insights provides accessible summaries of high quality microeconomic research which informs cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 public about microeconomic issues that are, or should be, in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 public’s eye.  It aims to disseminate cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 results of published microeconomic research that eicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r improves cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 foundations for economic policy-making or furcá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rs our understanding of how economics interacts with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 environment we live in.  Its goal is to bridge cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 gap between academic research and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 public’s knowledge, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365reby informing cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 public’s conversation on microeconomic issues.

Thursday, January 07, 2016

One Cheer for Ted Cruz

Up to now, I have been skeptical about Ted Cruz. Yes, he is smart and articulate, and he is a graduate of two of my favorite universities. But politics is a team sport, and based on his time as a member of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Senate, Cruz does not seem much like a team player.  If he were ever to become president, he would need to become a team leader, not just an effective promoter of his own personal brand. He has a long way to go to convince voters like me that he is up to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 job.

But let's put that concern aside.  I was much impressed by this article in today's Wall Street Journal, with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 headline Ethanol Backers Mobilize Against Ted Cruz in Iowa Republican Race: Republican senator is first leading presidential candidate to oppose federal Renewable Fuel Standard.

The issue at hand is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 mandate for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 use of ethanol, which in Iowa is as sacrosanct as mocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rhood and apple pie.  Based on what I know about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 issue, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 case boils down to good policy versus good politics.  My understanding is that corn-based ethanol is not cost effective (as opposed to ethanol based on cane sugar as used in some ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r nations).  But if you are trying to win votes from corn producers in Iowa, corn-based ethanol is excellent politics.

It seems that Cruz is taking a bold stand opting for good policy here. Count me as impressed.

Wednesday, January 06, 2016

Neck and Neck with The Donald

From Amazon:




Monday, January 04, 2016

New Research on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Minimum Wage

From UCSD economist Jeffrey Clemens:
The Minimum Wage and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Great Recession: Evidence from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Current Population Survey
I analyze recent federal minimum wage increases using cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Current Population Survey. The relevant minimum wage increases were differentially binding across states, generating natural comparison groups. I first estimate a standard difference-in-differences model on samples restricted to relatively low-skilled individuals, as described by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir ages and education levels. I also employ a triple-difference framework that utilizes continuous variation in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 minimum wage's bite across skill groups. In both frameworks, estimates are robust to adopting a range of alternative strategies, including matching on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 size of states' housing declines, to account for variation in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Great Recession's severity across states. My baseline estimate is that this period's full set of minimum wage increases reduced employment among individuals ages 16 to 30 with less than a high school education by 5.6 percentage points. This estimate accounts for 43 percent of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 sustained, 13 percentage point decline in this skill group's employment rate and a 0.49 percentage point decline in employment across cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 full population ages 16 to 64.