Archive for the ‘New Posts’ Category

What’s at stake in the Janus case.

February 26th, 2018

Lots of people think unions are pretty much kaput, but that’s not so, especially in the public sector, where union membership has been a bit north of one-third of the public-sector workforce, and remarkably steady, since the late 1970s (private sector coverage, by contrast, is 6.5%; see figure). That’s why the Janus case being argued… Read more

Perspective, people!

February 21st, 2018

Over at WaPo. I left out one figure/point due to space constraints. The other day when the CPI report came out slightly above expectations, as I discuss in the WaPo piece, a few freaker-outers actually started talking about 70’s-style stagflation. So here’s a graph of how we measured stagflation back in the day, using the… Read more

The new asymmetric risk

February 9th, 2018

For years, economists, including no less than former Fed chair Janet Yellen, talked about the concept of “asymmetric risk,” or AR. In this earlier context, which related to monetary policy, AR maintained that the risk of weak demand was greater than that of faster inflation. Therefore, the full-employment side of the Fed’s mandate should get… Read more