Presently, China globalizes its auto sector as the U.S. (temporarily?) caters mostly to higher income groups.
On the decline of knowledge diffusion.
What is really responsible for the failures of Britain's economy?
Chronic loneliness alters the brain in unfortunate ways.
Lack of housing access is the primary cause of homelessness.
Monetary Policy Report from the Fed dated March 3, 2023.
A visual of the world's forests.
Nearly one quarter of U.S. mortgages originated in 2021.
Noah Smith reflects on the 2000s.
Why isn't low inflation an alternative to quantitative easing?
It didn't take long to reduce the debt/GDP ratio.
More (Macro) musings on the current state of the economy.
Keeping NGDP stable continues to be the best way to manage inflation.
Noah Smith provides details of the SVB bank run. And a take from Adam Tooze. Joseph Politano explains the Fed's quick actions.
The real bailout story is about much more than SVB liabilities. The Fed's new collateral treatment is unsettling to some since it represents a regime change. However, Joseph Politano notes that the program is but a small part of present totals, and it might even end up stigmatized. In all of this, there has also been confusion regarding moral hazard.
Adam Tooze highlights various sources regarding the banking crisis.
Many young people in the U.S. now face auto loan problems.
Douglas Diamond explains how SVB violated basic tenets of sound banking.
Why did other banks come to First Republic's rescue?
Still, what if the debt ceiling debacle turns out to be worse than the bank crisis?
Or, what if the U.S. uses an inflation "tax" in a long proxy war with China?
With greater nominal stability, banks would have fewer problems overall with their balance sheets.
Ricardo Reis provides helpful references for dollar swap operations.
Private school choice is not always an option for rural counties in Texas. Ultimately we'll need a new approach for local education, one that is not only economically sustainable for populations as a whole, but also takes student preferences into consideration.
On recent declines in bank asset values.
Banks have not responded quickly enough to QT and QE on the part of the Fed.
David Beckworth discusses the SVB collapse with Steven Kelly.
What countries hold the most U.S. debt?
What makes it possible for banks to "create money"? Scott Sumner explains profit maximizing and non profit maximizing factors.
Cities are trying new approaches for extreme flooding events.
Tyler Cowen notes how our living history is rapidly changing.
Younger people are primarily driving less for economic reasons. Younger people also account for a considerable amount of the decline in U.S. life expectancy.
A failure to raise the debt ceiling is more dangerous than government shutdowns.
It's time to get serious about budget reform.
In real estate, there's a new east-west divide.
It turns out some of that "robust" hiring activity was actually an illusion.
An agenda from Niskanen Center for abundant housing.
Higher interest rates will be needed as a component of future Fed stress tests.
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