Employment Surges to 5.5% below Feb 2020

The economy added 916,000 jobs in March, above the Bloomberg consensus of 647,000. Figure 1: Nonfarm payroll employment (dark blue), Bloomberg consensus as of 4/1 for March nonfarm payroll employment (light blue square), industrial production (red),  personal income excluding transfers in Ch.2012$ (green), manufacturing and trade sales in Ch.2012$ (black), consumption in Ch.2012$ (light blue), […]

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Why don’t more people go to college?

This new piece in American Economic Journal: Macroeconomics seems to be channeling some parts of Bryan Caplan’s argument: Despite increases in the college earnings premium to persistently high levels, investment in college education remains low. We can understand this apparent puzzle by considering the risk of attending college and, in particular, the possibility of failing […]

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Further estimates on the cost of climate change and global warming

Sea level rise will cause spatial shifts in economic activity over the next 200 years. Using a spatially disaggregated, dynamic model of the world economy, this paper estimates the consequences of probabilistic projections of local sea level changes. Under an intermediate scenario of greenhouse gas emissions, permanent flooding is projected to reduce global real GDP […]

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New issue of Econ Journal Watch

Volume 18, Issue 1, March 2021 In Memoriam (.pdf) In Memoriam (.pdf) In this issue (.pdf): Will you live longer if you move to a place where people live longer? Commenting on an American Economic Review article, Robert Kaestner examines the causality behind an association between Medicare enrollees’ longevity and their post-Katrina migration from New Orleans to various destinations. Tatyana Deryugina and David Molitor […]

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Thursday assorted links

1. “Claire [Weiner] was one of the first babies born during the Manhattan Project; the address on her birth certificate was a post office box.” 2. Starnone as Ferrante? 3. Jason Furman on the infrastructure bill. 4. New theory suggests large blobs of material in Earth’s mantle are remnants of protoplanet Theia. 5. Obstacles to […]

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In praise of Alex Tabarrok

Here’s a question I’ve been mulling in recent months: Is Alex Tabarrok right? Are people dying because our coronavirus response is far too conservative? I don’t mean conservative in the politicized, left-right sense. Tabarrok, an economist at George Mason University and a blogger at Marginal Revolution, is a libertarian, and I am very much not. […]

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