tag:blogger.com,1999:blog-8702840202604739302.post2826937104253493857..comments2024-03-28T03:38:53.734-07:00Comments on MacroMania: Recession, Fed Policy, and LocustsDavid Andolfattohttp://www.blogger.com/profile/12138572028306561024noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8702840202604739302.post-43749546692974424492010-09-29T09:48:17.187-07:002010-09-29T09:48:17.187-07:00Oh, fine. My library's online subscription to ...Oh, fine. My library's online subscription to Journal of Macro only goes back to 1997. Now I have to do legwork!<br /><br />But thanks for the reference.Prof Jhttps://www.blogger.com/profile/16539902592080231165noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-18101492078020475322010-09-29T07:59:27.920-07:002010-09-29T07:59:27.920-07:00My pre-Fed unemployment info is from John Vernon, ...My pre-Fed unemployment info is from John Vernon, “Unemployment Rates in Postbellum America, 1869-1899.” Journal of Macroeconomics 16(4) (Autumn): 701-14.George Selginhttp://www.terry.uga.edu/~selgin/noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-37618117984810836702010-09-27T06:59:40.721-07:002010-09-27T06:59:40.721-07:00David,
I've done a little hunting around, spe...David,<br /><br />I've done a little hunting around, specifically on www.eh.net and the NBER historical databases - no straight-up employment numbers for the period as yet.<br /><br />I agree with your quibble. It's important to understand if George's unemployment rate includes farm as well as non-farm. At a time like the 1870s, the rural community was much larger. I would think most would be family farms, at least in the midwest, where the pestilence was.Prof Jhttps://www.blogger.com/profile/16539902592080231165noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-4962353601971832082010-09-27T01:09:13.646-07:002010-09-27T01:09:13.646-07:00Hello again, DA... Blog looks good.
Interesting li...Hello again, DA... Blog looks good.<br />Interesting link. I was going to say it is unreasonable to compare a weather-related slump to our recent slump, but Selgin made the point for me:<br /><br />"...wasn’t Mother Nature but unsound monetary and financial-system policies that got us into the most recent recession."<br /><br />I also liked this: <br /><br />"The bad news is that it’s far from clear that Fed and Treasury actions so far have penetrated to the roots of our financial ills, and that whatever’s been eating today’s economy isn’t just going to fly away."<br /><br />98.6% of economics on the internet is either complaining about the problems, or offering unfounded solutions. Seems to me the most important thing would be to ascertain the root or underlying cause of the problem. <br /><br />I would have Selgin repeat a phrase: <b>whatever</b>’s been eating today’s economy isn’t just going to fly away.<br /><br />He sounds unsure of the root.<br /><br />ArtThe Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com