Wednesday, January 30, 2008

Worth Reading: John DiNardo's piece on Freakonomics in the Newest JEL

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The piece is very rich, and combines rigor with bon mots . My favorite: "This is not to deny that simple economic models can be put to...
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Tuesday, January 29, 2008

Michael Carliner has a Blog

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It is here .
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The Most Recent Case-Shiller data just came in

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I decided to do the following exercise. Let us assume that house prices where fundamentally correct at the end of 2002 (I actually think th...
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Peter Orszag on Mortgages

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His testimony is here . The following is particularly important: Many of the losses in housing markets cannot be avoided because they are th...
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Monday, January 28, 2008

A Tiny Glimmer in the New Home Sales Figures

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The median price of new homes was down 10 percent in 2007. CPI grew by 4.1 percent, meaning that the real price of new homes declined by ab...
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Saturday, January 26, 2008

Extending the Orange Line to Dulles

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Washington is abuzz because the Federal Government looks like it will refuse to sign off on funding for an extension of the Orange Line (the...
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Friday, January 25, 2008

Perhaps the Most Important Item in the Stimulus Package

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The package proposes raising the conforming loan limit (the largest loan amount eligible for Fannie/Freddie purchase) by as much as 75 perce...
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Wednesday, January 23, 2008

This is an amazing bunch of high school kids

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I just happened to run across the Munch Brahms 4 yesterday (as I noted in this space), and it brought back memories of high school summers s...
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Jeffrey Zax on being a Section Leader

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This is excellent. It is from Brad Delong's site, and it is here . One other thing from the Prof's point of view. New assistant pr...
Tuesday, January 22, 2008

To really appreciate Brahms 4

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Read the chapter on its first movement in Bernstein's the Infinite Variety of Music . His description of the second subject as "th...
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A record I was obsessed with

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The Charles Munch, Boston Symphony recording of Brahms 4th on RCA (shaded dog). I listened to this in the Interlochen music library over an...
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Ralph Turvey on the Owner Occupied Housing Component of CPI

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I heard a great talk the other day on how difficult it is to measure the owner-occupied housing component of CPI. This is not merely a tech...
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I'm on Matthew Kahn's side on this

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Matthews cites Ed Mill's negative review of his own book, Green Cities, here : In his defense of his own book, Matthew makes the point t...
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A 75 basis point cut

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I think the European Central Bank needs to follow quickly, lest a further deterioratng dollar worsens inflationary expectations even more...
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Monday, January 21, 2008

David Crowe estimates that the steady state demand for new housing units is 1.9 million

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New construction is now at about 1 million a year, so inventory should be whittled down by about 900,000 units this year. This will get us ...
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Tuesday, January 15, 2008

David Austin of the CBO has a study on the impact of Gas Prices on Driving Habits

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It is here: http://www.cbo.gov/ftpdocs/88xx/doc8893/01-14-GasolinePrices.pdf The study finds that price effects on consumption and vehicle c...

Menzie Chinn has a nice Primer on Fiscal Stimulus

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It is here: http://www.econbrowser.com/archives/2008/01/a_textbook_anal.html
Sunday, January 13, 2008

Different CPI's for Different Income Categories Again

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I did a little experiment. I took the consumer expenditure survey data on expenditure shares for 2006 by income quintile, and lined them up...
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Friday, January 11, 2008

How appealing is the US Economy?

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Paul Krugman this morning comments that Europe is doing fine just relative to the United States, and that is certainly true. Nevertheless, ...
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The Wall Street Journal loves the word "roils"

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The paper has used it 16 times in January. I don't know that I use the word once a year.
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