Conor Friedersdorf: The Right-Wing Hucksters Who Dare Not Be Named: "John Podhoretz…. 'The notion that Obama is a dangerous extremist helps him, because it makes him seem reasonable and his critics foolish. It also helps those who peddle it, because it makes them notorious and helps them sell their wares…. [There] are serious arguments…. They may not sell gold coins as quickly and as well as excessive alarmism, but they have the inestimable advantage of being true.'… [I]t was nice to see Jonah Goldberg acknowledge back in January that the right has an 'unhealthy share' of hucksters whose rhetoric is driven by lucre rather than conviction, and it's nice to see Podhoretz echo the criticism, because it's absolutely true…. There's just one thing…. Goldberg… never actually says who these hucksters are, Podhoretz… doesn't actually identify the individuals…. An honest question, guys: How do you expect to stop these people who you identify as scheming hucksters doing irreparable harm to your cause if no one with intramovement credibility ever directly critiques their bad work?… [Y]ou've both spent a lot more time feuding with people who call out the hucksters than with the hucksters themselves…. Lots of elites in the conservative movement totally agree with you, but haven't even had the courage to make the vague critique you've articulated."
Buce: Underbelly: Appreciation: Adair Turner: "Adair Turner's Economics after the Crisis… starts off strong, as much a delight to read as I've picked up his year…. [A]s to the market--ah, here, Turner gets bit less steady. He declares himself a committed free-market sort of guy (certainly when it comes to restaurants, as he mentions more than once). But as to banking. Hm. I suspect maybe the trouble is that virtually all of us except the banksters believe that cancerous, metastasized modern banking sucks wealth out of society. The trouble is I don't know of anybody (not Adair) who can make a comprehensive case that this proposition is true…. Finally on regulation--I'd say that turner is noncontroversial but rather thin. He wants s regulation that is stable, steady, and that itself does not make the problem worse. Well yes, but it's pretty thin soup."
Owen Zidar: Tax Cuts for Whom? Heterogeneous Effects of Income Tax Changes on Growth & Employment | Robert Burns: To a Haggis | Mark Thoma: Economist's View: Have Blog, Will Travel: INET Hong Kong | Janet Yellen: FRB: Speech--Yellen, Communication in Monetary Policy |
Fed's Kocherlakota repeats call for more policy easing | Reuters: "Minneapolis Federal Reserve Bank President Narayana Kocherlakota on Tuesday repeated his call for more monetary policy easing, urging the central bank to leave interest rates near zero until the unemployment rate falls to 5.5 percent. Doing so would give the economy a bigger boost than the Fed's current promise to keep rates low until unemployment falls to 6.5 percent, he argued in remarks prepared for delivery to the Grand Forks/East Grand Forks Chamber of Commerce in Grand Forks, North Dakota."
Gerald Carlino and Robert P. Inman: Can U.S. States Stabilize Their Own Economies? Local Deficits and Local Jobs: "Using a sample of the 48 mainland U.S. states for the period 1973-2009, we study the ability of U.S. states to expand own state employment through the use of state deficit policies. The analysis allows for the facts that U.S. states are part of a wider monetary and economic union with free factor mobility across all states and that state residents and firms may purchase goods from neighboring states. Those purchases may generate economic spillovers across neighbors. Estimates suggest that states can increase own state employment by increasing their own deficits. There is evidence of spillovers to employment in neighboring states defined by common cyclical patterns among state economies. For large states, aggregate spillovers to its economic neighbors are approximately two-thirds of own state job growth. Because of significant spillovers and possible incentives to free-ride, there is a potential case to actively coordinate (i.e., centralize) the management of stabilization policies. Finally, job effects of a temporary increase in state own deficits persist for at most one to two years and there is evidence of negative job effects when these deficits are scheduled for repayment."
On April 4, 2013:
- Liveblogging World War II: April 4, 1943 http://delong.typepad.com/sdj/2013/04/liveblogging-world-war-ii-april-4-1943.html
- Noted for April 4, 2013 http://delong.typepad.com/sdj/2013/04/noted-for-april-4-2013.html
- Ryan Avent: Decoupling: One Expensive Euro http://delong.typepad.com/sdj/2013/04/ryan-avent-decoupling-one-expensive-euro.html
- Global Savings Glut? Global Risk-Tolerance Shortage? http://delong.typepad.com/sdj/2013/04/global-savings-glut-global-risk-tolerance-shortage.html
- Angry Bear: Thursday Underrated Economics Weblog http://delong.typepad.com/sdj/2013/04/thursday-underrated-ecoomics-weblog-angry-bear.html