U.S. Long-Run Potential Growth Rate Compromised
February 17, 2009
St. Louis Fed President Bullard asserted today that the U.S. long-term potential growth rate has not declined. I strongly disagree. A sense of the long-term growth rate can be gleaned from the average rate of growth over very long periods of time. Twenty-five years ought to suffice. U.S. real GDP expanded 3.9% per annum between […] More
U.S. Balance of Payments and The Dollar
February 17, 2009
The broadest aggregate of U.S. capital movements compiled by the Treasury Department showed a net $74.0 billion inflow in December, 85% greater than that month’s goods and services trade deficit of $39.9 billion. The Treasury so-called TIC figures exclude direct investment and thus are less comprehensive than data compiled by the Commerce Department, which will […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Big Decline in Equities
February 17, 2009
Amid mounting signs of an intensifying global recession, stocks fell by 1.4% in Japan, 3.8% in Hong Kong, 4.1% in South Korea, 2.9% in India, 3.1% in China, 3.4% in Vietnam, 2.6% in Singapore, 1.8% in Indonesia and 1.5% in Australian. In Europe, share prices ore down 1.8% in France and Germany and by 1.5% […] More
