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The author Mark Thoma
Mark Thoma
Mark Allen Thoma (born December 15, 1956) is a macroeconomist and econometrician and a Professor of Economics at the Department of Economics of the University of Oregon. Thoma is best known as a regular columnist for The Fiscal Times through his blog "Economist's View", which Paul Krugman called "the best place by far to keep up with the latest in economic discourse", and as an analyst at CBS MoneyWatch. He is also a regular contributor to EconoMonitor.

Mark Thoma

Pure Class Warfare, With Extra Contempt

Paul Krugman: Pure Class Warfare, With Extra Contempt: The Senate version of Trumpcare – the Better Care Reconciliation Act – is out. The substance is terrible: tens of millions of people will experience financial distress if this passes, and tens if not hundreds of thousands will die premature deaths, all for the sake of tax cuts for a handful of wealthy people. What’s even more amazing is that Republicans are making almost no effort to justify this massive upward redistribution of income....

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In Long Run, There’s No Such Thing as an Einstein Investor

Robert Shiller: In Long Run, There’s No Such Thing as an Einstein Investor, NY Times: There are no easy answers in investing. It is tempting to replicate a successful strategy — one created by an outstanding investor, like Warren Buffett, or through in-depth statistical analysis of the wisdom of crowds — and such approaches can actually work for long periods. But paint-by-number portfolios won’t succeed forever. And without deep expertise, it makes little sense to veer much from a simple...

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Links for 06-23-17

Conversation: David Weil - Equitable Growth Development Effects of the Extractive Colonial Economy - A Fine Theorem Shedding (night-time) light on the local resource curse - VoxEU Cyber attacks: An economic policy challenge - VoxEU The Story of Robert Keayne, Protocapitalist - Tim Taylor The lack of demand for equality - Stumbling and Mumbling Capitalism Can Thrive Without Cooking the Planet - Bloomberg Health insurance competition - Microeconomic Insights The rise (and fall?) of the...

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Fed’s Labor Market Forecasts Don’t Make Sense

Tim Duy: Fed's Labor Market Forecasts Don't Make Sense, by Tim Duy: The Federal Reserve’s unemployment forecast doesn’t add up. It is neither consistent with the median of policy makers’ growth forecasts nor consistent with Chair Janet Yellen’s description of labor market strength. Hence, central bankers will likely find unemployment undershooting their forecast in the second half of 2017. That will keep the central bank in a hawkish mood even if lackluster inflation continues....

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Links for 06-22-17

Why you should never use the Hodrick-Prescott filter - VoxEU Is the Fed being misguided by the Phillips curve? - Equitable Growth Intergenerational mobility and preferences for redistribution - VoxEU Low Interest Rates and Bank Profits - Liberty Street Economics Price manipulation in the Bitcoin ecosystem - VoxEU Free markets need equality - Stumbling and Mumbling The Wrong Kind of Entrepreneurs Flourish in America - Bloomberg UK monetary policy: you cannot be serious? - mainly...

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Does the Fed Have a Financial Stability Mandate?

From the Federal Reserve Bank of Richmond: Does the Fed Have a Financial Stability Mandate?, by Renee Haltom and John A. Weinberg, FRB Richmond: The 2007–08 financial crisis and the Fed's unprecedented response raised new questions about the Fed's role in maintaining the stability of the U.S. financial system. Central banks have a natural role in financial stability for several reasons. First, monetary policy affects financial conditions in ways that can contribute to either...

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Links for 06-21-17

Seattle’s Minimum Wage Experience 2015-16 - IRLE Don’t Raise the Debt Limit—Repeal It - WSJ Fisticuffs Over the Route to a Clean-Energy Future - NYTimes Selecting for Corbynism - Stumbling and Mumbling The Blockchain Is Going to Revolutionize Central Banking - ProMarket

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Unions in Decline: Some International Comparisons

Tim Taylor:  Unions in Decline: Some International Comparisons: Union membership and clout has been dropping in the US economy for decades. But it's not just a US phenomenon: a similar drop is happening in many high-income countries. The OECD Employment Outlook 2017 discussed the evidence in "Chapter 4: Collective Bargaining in a Changing World of Work." Here are a couple of illustrative figures. ... The OECD chapter provides a more detailed discussion... But several...

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New Evidence for a Lower New Normal in Interest Rates

This is an FRBSF Economic Letter by Jens H.E. Christensen and Glenn D. Rudebusch: New Evidence for a Lower New Normal in Interest Rates: The general level of U.S. interest rates has gradually fallen over the past few decades. In the 1980s and 1990s, lower inflation expectations played a key role in this decline. But more recently, actual inflation as well as survey-based measures of longer-run inflation expectations have both stabilized close to 2%. Therefore, some researchers have argued...

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