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The World Has Gone Mad and the System Is Broken | LinkedIn
A doom and gloom opinion piece, to be sure--and no solutions are offered. However, the author does point out some of the real dynamics confronting central banks and public policy makers. The catch, though, is that the consequences of them not getting it "right" will be borne, primarily, by the common people.
finance  economics  macroeconomics  monetary_policy 
6 days ago by cmingyar
AEAweb Journal Articles Display
" Abstract: This paper develops a new approach to test for downward wage rigidity by examining transitory shocks to labor demand (i.e., rainfall) across 600 Indian districts. Nominal wages rise during positive shocks but do not fall during droughts. In addition, transitory positive shocks generate ratcheting: after they have dissipated, wages do not adjust back down. Ratcheting reduces employment by 9 percent, indicating that rigidities distort employment levels. Inflation, which is unaffected by local rainfall, enables downward real wage adjustments—offering causal evidence for its labor market effects. Surveys suggest that individuals believe nominal wage cuts are unfair and lead to effort reductions. "

This sounds like some really interesting stuff, even if the rainfall isn't fully exogenous (can't remember who showed that and how much of a problem that'd be here - Sarsons?).
supreet.kaur  ****  inflation  behavioral-economics  macroeconomics  to:read 
6 weeks ago by MarcK
八阕 ・ 广角新闻 ・ 产 经:【美国若强制把中企“逐出”美股 中美必将双输】
dbk  macroeconomics  politics 
6 weeks ago by mathinker
Many Manufacturers’ Ups and Downs Have Little to Do With Trump - WSJ
The article focuses on industry changes from a non-political perspective.
economics  macroeconomics 
6 weeks ago by cmingyar
Phys. Rev. E 100, 032307 (2019) - May's instability in large economies
"Will a large economy be stable? Building on Robert May's original argument for large ecosystems, we conjecture that evolutionary and behavioural forces conspire to drive the economy towards marginal stability. We study networks of firms in which inputs for production are not easily substitutable, as in several real-world supply chains. Relying on results from random matrix theory, we argue that such networks generically become dysfunctional when their size increases, when the heterogeneity between firms becomes too strong, or when substitutability of their production inputs is reduced. At marginal stability and for large heterogeneities, we find that the distribution of firm sizes develops a power-law tail, as observed empirically. Crises can be triggered by small idiosyncratic shocks, which lead to “avalanches” of defaults characterized by a power-law distribution of total output losses. This scenario would naturally explain the well-known “small shocks, large business cycles” puzzle, as anticipated long ago by Bak, Chen, Scheinkman, and Woodford."
to:NB  economics  macroeconomics  input-output  to_be_shot_after_a_fair_trial 
7 weeks ago by cshalizi
Can We Afford a Green New Deal? – J. W. Mason
One of the unique things about climate change is that it may be a crisis urgent enough to overcome the entrenched austerity bias of governments, and to push public spending up toward the level needed to get true full employment. It may be the only thing urgent enough other than a major war — which we certainly do not want. 
macroeconomics  climatechange  greennewdeal 
7 weeks ago by lutzray
Production Networks: A Primer | Annual Review of Economics
"This article reviews the literature on production networks in macroeconomics. It presents the theoretical foundations for the role of input–output linkages as a shock propagation channel and as a mechanism for transforming microeconomic shocks into macroeconomic fluctuations. The article also provides a brief guide to the growing literature that explores these themes empirically and quantitatively."
to:NB  economics  macroeconomics  input-output_analysis  leontief_died_for_your_sins 
11 weeks ago by cshalizi
Nordhaus’s Nobel Prize is safe but the World isn’t -
Nordhaus’s damage function doesn’t have a discontinuity, but what climate scientists are saying is that there is a discontinuity ahead. In this sense, Nordhaus’s function is like describing a canoe trip along a river with a waterfall by the statement that height above sea level falls seven metres for every kilometre paddled. That could describe the river section of the journey very well, but it would be cold comfort once you went over the waterfall.
climate-change  climate_diaspora  macroeconomics  william_nordhaus  ipcc  statistics 
august 2019 by perich

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