Archive for the ‘New Posts’ Category

Housing, justice, jobs, and the flat Phillips Curve: Racial discrimination and a possible role for the Fed

May 15th, 2017

Over at WaPo. One attribute of the post is the link to Richard Rothstein’s important new book documenting the “unhidden policies” responsible for racial residential segregation. The rigor of his research creates a bullet proof case for a) the laws, covenants, and zoning practices that kept African-Americans in high-poverty areas, and b) the difficulty unwinding… Read more

Reflections on Trump et al’s weirder than weird economics interview

May 12th, 2017

Yes, there was probably a bit more than the usual dose of cray-cray in President Trump’s interview with The Economist yesterday. But I just can’t muster the energy to crack wise about all that, other than to point out than the bit about how China stopped managing their currency the day Trump won is over-the-moon… Read more

Flat Phills, all around

May 7th, 2017

I’ve got a piece in today’s WaPo on the diminished correlation between the tightening labor market and wage and price growth. This is evidence of the well-known flattening of the “Phillips Curve,” the statistical relationship between nominal wages, prices, and tightness in the job market. The figure below shows annualized growth rates of a) core… Read more

April jobs report: Have we reached full employment??!!

May 5th, 2017

April showers–it’s pouring in DC today (are the skies crying after the health care vote?)–brought job-market flowers, in the form of another solid jobs report. I’ll get to the topline numbers in a sec, but this note is going to be about the fundamental, Talmudic question: is the US job market at full employment? Payrolls… Read more