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The G7 (or Group of 7) is an organization of seven large economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Only democratic countries are included, so China is not a member. At a recent meeting attended by U.S. Treasury Secretary Janet Yellen, the group agreed to adopt a uniform … Continue reading “Glenn’s Take on the Proposal at the G7 Meeting to Impose a Minimum Tax on Corporate Profits”
Glenn wrote the following opinion column for the New York Times. How to Keep the Economy Booming — And Meet the Demand for Workers In recent economic news, optimists and pessimists could both find evidence to support their outlooks. The May jobs report showed a gain of 559,000 jobs in May and a decline … Continue reading “Glenn on Keynes, Hayek, and What It Will Take to Return to Full Employment”
The current debate over monetary and fiscal policy has been particularly wide-ranging, touching on many of the issues we discuss in the policy chapters of the principles textbook. Here are links to recent contributions to the debate. Glenn and Tony discuss fiscal policy in a podcast HERE. And monetary policy in a podcast HERE. … Continue reading “The Debate over Macro Policy”
Supports: Econ Chapter 12, Section 12.4, “Deciding Whether to Produce or Shut Down in the Short Run,” and Section 12.5, “‘If Everyone Can Do It, You Can’t Make Money at It’: The Entry and Exit of Firms in the Long Run”; and Essentials: Chapter 9, Section 9.4 and Section 9.5. Solved Problem: Why Is Starbucks … Continue reading “Solved Problem: Why Is Starbucks Closing Stores in New York City?”
The Financial Times recently interviewed Glenn. Here is an edited version. The full interview can be found here. Financial Times (Gillian Tett, editor-at-large for the United States): Gross domestic product data show that the economy is rebounding very fast from the pandemic; the Federal Reserve just said that it doesn’t intend to raise rates any time soon; and … Continue reading “Glenn Is Interviewed by the Financial Times”
Eva is an Associate Teaching Professor at the University of Notre Dame, where she is also a fellow of the Kellogg Institute for International Studies, the Liu Institute for Asia and Asian Studies, and the Pulte Institute for Global Development. She received her PhD from the University of Illinois, Chicago in 2014. Last June, we interviewed … Continue reading “Guest Post from Eva Dziadula of Notre Dame on Using Behavioral Economics to Improve Test Scores”
Is the Natural Rate of Unemployment the Best Guide to Monetary Policy? The Fed’s New Monetary Policy Strategy
In response to the 2007-2009 financial crisis, in December 2008, the Federal Open Market Committee effectively cut its target for the federal funds to zero where it remained during the first six years of the recovery. In December 2015, Fed Chair Janet Yellen and the FOMC began the process of normalizing monetary policy by raising … Continue reading “Is the Natural Rate of Unemployment the Best Guide to Monetary Policy? The Fed’s New Monetary Policy Strategy”
We’ve started a Twitter account here. We’ll be posting links to new blog content, news about our textbooks, and links to material on economic education. An occasional dog photo may also appear. Please feel free to comment on our posts, ask Glenn and Tony questions, or suggest new podcast topics.
On Friday May 7, 2021, the Bureau of Labor Statistics (BLS) released its monthly “Employment Situation Report.” The BLS estimated that nonfarm payroll employment had increased by 266,000 from March to April. The average forecast of the Wall Street Journal’s panel of economists was for a much higher increase in employment of 1 million. The unemployment rate increased … Continue reading “Deciphering the April Employment Report”
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