I thought I’d have a separate “Best Of the Web” devoted to economics and finance. Below I’ve found 30 articles and academic papers on macro and finance. Some are easy reads and others are denser, but I’ve summarised each one. Oh, if you come across anything interesting that I’ve missed, then flag it to me and I’ll include it in my next list. Enjoy! North and South Korea at night , 1992 vs 2008
Your brain power varies throughout the year, peaking in autumn https://ift.tt/2LWlHNm Our cognitive powers peak in autumnAndrey Bandurenko / Alamy By Alison George Human cognitive powers have a seasonal rhythm, and for those living in temperate regions in the northern hemisphere they are strongest in late summer and early autumn. The effect is large enough to tip some older people over the diagnostic threshold for dementia if their cognitive tests are carried out in winter or spring. Andrew Lim, a neurologist at the Sunnybrook Health Sciences Centre at the University of Toronto, and his colleagues analysed data from 3500 participants […]
The Myth of Secular Stagnation | by Joseph E. Stiglitz https://ift.tt/2BRnKT2 Those responsible for managing the 2008 recovery found the idea of secular stagnation attractive, because it explained their failures to achieve a quick, robust recovery. So, as the economy languished, a concept born during the Great Depression of the 1930s was revived. NEW YORK – In the aftermath of the 2008 financial crisis, some economists argued that the United States, and perhaps the global economy, was suffering from “secular stagnation,” an idea first conceived in the aftermath of the Great Depression. Economies had always recovered from downturns. But the […]
Aging, Output Per Capita and Secular Stagnation — by Gauti B. Eggertsson, Manuel Lancastre, Lawrence H. Summers https://ift.tt/2OtrmMH Aging, Output Per Capita and Secular Stagnation NBER Working Paper No. 24902 Issued in August 2018 NBER Program(s):Economic Fluctuations and Growth, Monetary Economics This paper re-examines the relationship between population aging and economic growth. We confirm previous research such as Cutler, Poterba, Sheiner, and Summers (1990) and Acemoglu and Restrepo (2017) that show positive correlation between measures of population aging and per-capita output growth. Our contribution is demonstrating that this relationship breaks down when the adjustment of interest rates is inhibited […]
This is the most hopeful take on American productivity growth relative stagnation I have seen. I thought it was coherent and might well be right 20 years ago. I think it is coherent and might possibly be right today. But is that just a vain hope?: Michael van Biema and Bruce Greenwald (1997): Managing Our Way to Higher Service-Sector Productivity : “What electricity, railroads, and gasoline power did for the U.S. economy between roughly 1850 and 1970, computer power is widely expected to do for today’s information-based service economy… …But there is increasing concern because improvements in productivity growth are […]
Tyler Cowen argues that international capital mobility is holding US wages down.
Argues we have two economies: a stagnant one and a dynamic one. They need to looked at separately