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No Sign of Cooling Inflation in September CPI Report
Image created by ChatGPT Today’s report from the Bureau of Labor Statistics (BLS) on the consumer price index (CPI) for August was eagerly awaited by economists and policy analysts. As we discuss in Macroeconomics, Chapter 15 (Economics, Chapter 25), monetary policy affects the economy with, in the words of Nobel Laureate Milton Friedman, “long and…
Glenn on a Better Way for the Federal Government to Raise Revenue
Image created by ChatGPT In Microeconomics, Chapter 17, we discuss the tax system, including principles and goals policymakers can use to evaluate tax proposals. In this column, which first appeared on the website of the American Enterprise Institute, Glenn discusses the advantages of the federal government switching to using a cashflow tax, rather than the…
What’s Happened to Male Employment?
Image generated by ChatGPT On this Labor Day, we look at an important issue: In recent years, women have been faring better than men in the job market. The following figure shows that, for workers 20 years and older, men still hold more jobs than women do, but the gap has been closing. For example,…
Unexpectedly Strong August Jobs Report
Image created by ChatGPT This morning (September 4), the Bureau of Labor Statistics (BLS) released its “Employment Situation” report (often called the “jobs report”) for August. The report showed an unexpectedly large increase in employment. The jobs report has two estimates of the change in employment during the month: one estimate from the establishment survey, often…
Which Way Is College Tuition Heading?
Image created by ChatGPT A recent article in the Wall Street Journal discussed the surprising fact that some colleges are sending letters of acceptance to students who haven’t actually applied for admission: “Hundreds of colleges are sending students letters of admission—without even requiring an application. … Known as ‘direct admissions,’ this expedited process is free…
Fed Chair Warsh Takes a More Hawkish Stand in Address at Jackson Hole
Federal Reserve Chair Kevin Warsh (Photo from federalreserve.com) Each year since 1982, the Federal Reserve Bank of Kansas City has sponsored an economic policy symposium in Jackson Hole, Wyoming. (The site was supposedly first chosen in the hopes that Fed Chair Paul Volcker would attend because of the opportunities for fly fishing in the local…
New BEA Releases Show Steady Inflation and Higher Output Growth
Image created by ChatGPT The Bureau of Economic Analysis (BEA) released two reports this morning (August 26): “GDP (Second Estimate) and Corporate Profits, 2nd Quarter 2026″ and “Personal Income and Outlays, July 2026.” The BEA’s second estimate is that real GDP grew at annual rate of 1.5 percent in second quarter of 2026, which is…
Did the British Government Cause the Global Financial Crisis?
Image created by ChatGPT When did the recession that began at the end of 2007 turn into the Global Financial Crisis? Most economists believe a key turning occurred on Monday, September 15, 2008, when the Lehman Brothers investment bank declared bankruptcy. By the time Lehman failed, the U.S. economy was already in a recession caused…
NEW! – 8-22-26 Podcast – Glenn Hubbard & Tony O’Brien discuss higher long-term treasury yields and the challenges they present.
Join authors Glenn Hubbard & Tony O’Brien as they discuss rising long-term bond yields and their economic implications. Topics discussed include the federal government’s large budget deficit, concerns about fiscal credibility, and the Federal Reserve’s inability to meet its inflation target. The discussion also touched on the connection between federal budget deficits and trade imbalances,…
AI on the AI Revolution
Image created by ChatGPT, as are the other images in this post. Technological breakthroughs are often embodied in machinery, equipment, or, as in the case of artificial intelligence (AI), software. For example, the Industrial Revolution of the late 1700s, which involved mass production of low-priced cotton textiles, was made possible by the development in England of large…
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