The Econ Review

Economics News with a Historical Perspective

April 18, 2014

The Econ Review features a historical perspective on economics news and opinions with daily updates.  All original material is copyrighted.  Off-site references open in new windows.

About The Econ Review

Address comments to editor@econreview.com.


Opinions

U

U.S. Payroll Employment

Commentary on the latest U.S. payroll employment figures can be found at the Economics Roundtable.

 

In the News

Payroll Employment

Recent History   Long-Term Chart

U.S. Budget Deficit
Bar Graph
CBO Budget Projections
Historical Data

Inflation & Unemployment
The Phillips Curve

John Cochrane uses very similar Phillips Curve charts to review recent history and current issues.

The Chart Room
Charts for GDP and payroll employment show the historical patterns in this relationship.  Custom select side-by-side charts for these variables and interest rates and yield curves.

Euro Roller Coaster
The wild ride continues.

Economics Roundtable
The latest news and views.

Features

Stock Market Crash 1987

October 19, 1987.  The stock market crashed as the Dow Jones average fell a greater one-day percentage than on Black Tuesday in 1929.  In one day, the Dow Jones average lost 22.6% and the S & P 500 lost 20.5%, wiping out $1 trillion in market value in a single day.

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Alan Greenspan

August 11, 1987.  President Reagan appointed Alan Greenspan to his first term as Chairman of the Federal Reserve.  His fourth term as Chairman runs until June 20, 2004, and the rumor is circulating that he would accept a fifth nomination.  (PS:  Ben Bernanke was sworn in as Chairman on 2/1/2006.)

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Continental-Illinois Bank "Too Big To Fail"

May 17, 1984.  Continental Illinois National Bank and Trust Company is the largest bank failure in the history of the Federal Deposit Insurance Corporation.  Resolving this crisis pushed to the forefront the "too big to fail" principle that argues in favor of government intervention to avert instability in financial institutions large enough that, were they to fail, the integrity of the financial markets could be in doubt.

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Models

The Mundell-Fleming Model

The IS/LM Model

The IS/LM Model changes the focus from factors of production (i.e. the Classical Model) to demand for output.  The equilibrating factor becomes the interest rate instead of the real wage rate.  Most importantly, the model demonstrates that the economy can be in a stable equilibrium at less than full employment.

more

Additional models of interest are available at Classic Economic Models.


Econ Clubs

Check the directory of economics clubs to see if your club is listed. Links are free.


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