More on US public debt

May 25, 2010

Here’s an impressive infographic by the Chicago Tribune, on the national debt of the United States, 1940-2010.

Found via Visualizing Economics.

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The socialist within

May 22, 2010

It’s Friday night in this side of the Western hemisphere, so, what the heck. I think you might find it funny. Here’s a bit of U. S. public debt history.

Does the average tea-party fan know better?

Found via The Big Picture.


Caporale T. and Grier K. (2000) On why the sheriff still matters

December 19, 2009

Caporale, Tony and Kevin B. Grier (2000) Political Regime Change and the Real Interest Rate, Journal of Money, Credit and Banking, 32/3: 320-334.

Intro

A number of influential macroeconomic models, from Keynes to the monetarists, assume that real interest rates (i.e. discounted for inflation) change over time and are sensitive to their political environment, other words that they are policy variant. However this assumption has not been empirically tested, should this assumption be in fact contradicted, it would have important repercussions on these models’ viability. Moreover, the policy-variant hypothesis apparently conflicts with Eugene Fama’s conclusion that the mean of the real rate is essentially constant (p.322). The literature has found to match Fama’s views more closely with reality: real interest rates are “essentially constant over long periods of times but subject to infrequent mean shifts that are not related to policy regime changes”. Read the rest of this entry »


On cognitive functions interrupted (and the growth of two retail corporations in the US)

October 26, 2009

I haven’t been able to write much since the equivalent of a permanent shock affected my production function as well as its slope (break ups are always hard, being the dumpee is even worse, in the long run we are all dead).

I’m slowly regaining use of my cognitive functions. For I don’t want to leave Ben alone in this blog any longer, I thought of posting two maps showing the growth of two retail corporations in the US: Wal Mart (1962-2006) and Target (1962-2008).

This might interest fans of urban and regional economics (or not). Anyway, I promise that the quality of my contributions to this awesome blog will increase. Just have a little faith on me.


A’Hearn B. (2005) The not-so-mighty finance

October 16, 2009

A’Hearn, Brian (2005) Finance-led divergence in the regions of Italy. Financial History Review, 12/1: 7-41.

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After the unification, the Italian South did not catch up with the North, on the contrary they engaged on a divergent path as the per capita income gap increased from 15-25% to 55% in the first 50 years (p.7). This continuing disparity may be explained by the sore state of the southern banks which could have been unable to support and finance local development (finance-led growth argument; p.9). However, initial evidence seems not to support this hypothesis, as the share of the Mezzogiorno in the banking activity of the country was in line with the relative economic weight of the region (p.10). Read the rest of this entry »


On the rise and decadence of Detroit (1950-2009)

September 27, 2009
Detroit, 1950-2009

Detroit, 1950-2009

Time Magazine has an interesting article by Daniel Okrent about Detroit’s fate. What was once known as America’s Arsenal of Democracy and became the fourth largest city in the United States, shows signs of accelerated decay. Unemployment rate is almost 30%, business is all but (almost) shutdown, and the town of Robocop has nothing but a gloomy future. What is relevant in Okrent’s piece is his discussion on the political economy of Detroit’s failure. Populist politicians, overconfident automobile companies and pampered unionized workers intertwined to make of this Michigan city a urban disaster. Check out the pics of Detroit’s remains by Sean Hemmerle. They’re quite scary.


Sessions of the Second Latin American Economic History Congress

September 21, 2009

Wordle: CLADHE-II: List of sessions

Here is the list of preapproved sessions  of the Second Latin American Economic History Congress (CLADHE-II), to be held in Mexico City on February 3-5, 2010. To submit a paper to any of the sessions, you have to go here.

Wordle: CLADHE-II: Lista de simposios