News
CNN Money | China GDP hits 7.8% amid credit concerns
China's economy powered ahead in the third quarter, taking some pressure off the country's leaders as they seek to execute painful structural reforms.
Market Watch | U.S. stocks climb; S&P 500 hits record high
U.S. stocks ended mostly higher on Thursday, lifting the S&P 500 to a record finish, as Wall Street turned from the latest fiscal drama on Capitol Hill to corporate earnings that included better-than-expected results from Verizon Communications Inc.
Econ Comments & Analysis
Bloomberg | Fault Lines Fracture Rebalanced World Economy: Cutting Research
The rebalancing of global demand following the financial crisis may mask fault lines that still threaten the world economy, according to HSBC Holdings Plc and Deutsche Bank AG.
Telegraph | Washington truce stretches out debt crisis, leaves economy in limbo
Washington’s eleventh hour debt deal has averted an immediate crunch for US and the world, but the crisis now threatens to drag on through three successive deadlines until March.
Bloomberg | 40 Years After Embargo, OPEC Is Over a Barrel
Today marks the 40th anniversary of the Organization of the Petroleum Exporting Countries embargo against the U.S. and states that supported Israel after Egypt and Syria initiated simultaneous offensives against it on Yom Kippur in 1973. While it’s not an anniversary that many will celebrate, it’s a good opportunity to reflect on how much more secure our energy situation is, despite our continued heavy reliance on fossil fuels.
Mercatus | OIRA Spending Falls as Agency Spending Swells
The Office of Information and Regulatory Affairs (OIRA) was created by the 1980 Paperwork Reduction Act. Since 1981, OIRA has reviewed regulatory actions by federal agencies.
Friday, October 18, 2013
Health Care
News
National Journal | Income-Verification Provision Won’t Disrupt Obamacare
The deal struck this week to reopen the government and avert default left the Affordable Care Act mostly untouched, with the single Obamacare provision that made it into the agreement unlikely to do much harm to the law.
Econ Comments & Analysis
NBER | The Role of Agents and Brokers in the Market for Health Insurance
Health insurance markets in the United States are characterized by imperfect information, complex products, and substantial search frictions. Insurance agents and brokers play a significant role in helping employers navigate these problems. However, little is known about the relation between the structure of the agent/broker market and access and affordability of insurance.
CATO | We’re Not ‘All in This Together’ Mr. Obama, and We Don’t Want Obamacare
The latest federal government shutdown and debt default battles may be over for the moment, but the basic underlying issue of out-of-control deficits and debt remains unaddressed. The media have treated us instead to tales of suffering federal workers and closed national parks, thinking perhaps that we could handle nothing deeper.
National Journal | Income-Verification Provision Won’t Disrupt Obamacare
The deal struck this week to reopen the government and avert default left the Affordable Care Act mostly untouched, with the single Obamacare provision that made it into the agreement unlikely to do much harm to the law.
Econ Comments & Analysis
NBER | The Role of Agents and Brokers in the Market for Health Insurance
Health insurance markets in the United States are characterized by imperfect information, complex products, and substantial search frictions. Insurance agents and brokers play a significant role in helping employers navigate these problems. However, little is known about the relation between the structure of the agent/broker market and access and affordability of insurance.
CATO | We’re Not ‘All in This Together’ Mr. Obama, and We Don’t Want Obamacare
The latest federal government shutdown and debt default battles may be over for the moment, but the basic underlying issue of out-of-control deficits and debt remains unaddressed. The media have treated us instead to tales of suffering federal workers and closed national parks, thinking perhaps that we could handle nothing deeper.
Monetary
News
WSJ | Fed Unlikely to Trim Bond Buying in October
The government shutdown might be over, but the long-running drama about when the Federal Reserve will start scaling back its $85 billion-a-month bond-buying program might now last longer.
CNBC | Fed won't slow easing any time soon, thanks to Congress
Thanks to the dysfunction in Washington, many Fed watchers now see the first taper in the Federal Reserve's bond buying coming sometime later than expected—certainly not before December but probably in the first quarter. Wall Street had been geared up for the start of a pullback from the easing program sometime this quarter, but a more sluggish economy and fiscal uncertainty make that less likely.
Econ Comments & Analysis
Market Watch | Fed's Lacker: Bank living wills need more work
More work is needed before markets and regulators can have confidence in resolution plans for the largest U.S. banks, but the process is critical to end the "too big to fail problem," said Jeffrey Lacker, the president of the Richmond Fed, on Friday.
Real Clear Markets | Our Great Conundrum: An Unbroken String Of Inflation
In February 2000, the Federal Reserve reported to Congress that it was changing its preferred measure for inflation. When we think of inflation the CPI springs to mind without much effort. It has been ingrained in the mainstream economic psyche for decades, and thus has become synonymous with the concept. Even the federal government statutorily uses the CPI to calculate cost of living and other monetary changes.
CATO | The Real Problem Isn’t Janet Yellen, It’s the Conceit That Is the Fed Itself
When President Barack Obama nominated Federal Reserve vice chairman Janet Yellen to take over as Fed chairman after Ben Bernanke departs in January, the markets purred a sigh of relief. The Fed’s adherence to ultra-low interest rates and quantitative easing to boost risk taking and asset prices is now expected to continue for at least another year and most likely until the end of 2015. That path could prove costly.
Blogs
WSJ | Inflation Data Could Be Error-Prone for Months
There’s been a lot of focus on what impact the government shutdown will ultimately have on the timing and accuracy of the Labor Department’s employment data. But Federal Reserve officials care a lot about inflation, too, and the shutdown will have a long-lasting impact on that data, researchers at the Federal Reserve Bank of Cleveland said in a note Thursday.
WSJ | Fed Unlikely to Trim Bond Buying in October
The government shutdown might be over, but the long-running drama about when the Federal Reserve will start scaling back its $85 billion-a-month bond-buying program might now last longer.
CNBC | Fed won't slow easing any time soon, thanks to Congress
Thanks to the dysfunction in Washington, many Fed watchers now see the first taper in the Federal Reserve's bond buying coming sometime later than expected—certainly not before December but probably in the first quarter. Wall Street had been geared up for the start of a pullback from the easing program sometime this quarter, but a more sluggish economy and fiscal uncertainty make that less likely.
Econ Comments & Analysis
Market Watch | Fed's Lacker: Bank living wills need more work
More work is needed before markets and regulators can have confidence in resolution plans for the largest U.S. banks, but the process is critical to end the "too big to fail problem," said Jeffrey Lacker, the president of the Richmond Fed, on Friday.
Real Clear Markets | Our Great Conundrum: An Unbroken String Of Inflation
In February 2000, the Federal Reserve reported to Congress that it was changing its preferred measure for inflation. When we think of inflation the CPI springs to mind without much effort. It has been ingrained in the mainstream economic psyche for decades, and thus has become synonymous with the concept. Even the federal government statutorily uses the CPI to calculate cost of living and other monetary changes.
CATO | The Real Problem Isn’t Janet Yellen, It’s the Conceit That Is the Fed Itself
When President Barack Obama nominated Federal Reserve vice chairman Janet Yellen to take over as Fed chairman after Ben Bernanke departs in January, the markets purred a sigh of relief. The Fed’s adherence to ultra-low interest rates and quantitative easing to boost risk taking and asset prices is now expected to continue for at least another year and most likely until the end of 2015. That path could prove costly.
Blogs
WSJ | Inflation Data Could Be Error-Prone for Months
There’s been a lot of focus on what impact the government shutdown will ultimately have on the timing and accuracy of the Labor Department’s employment data. But Federal Reserve officials care a lot about inflation, too, and the shutdown will have a long-lasting impact on that data, researchers at the Federal Reserve Bank of Cleveland said in a note Thursday.
Taxes
News
WSJ | Mexico Tries Taxes to Combat Obesity
Congress's lower house of Congress passed late Thursday a special tax on junk food that is seen as potentially the broadest of its kind, part of an ambitious Mexican government effort to contain runaway rates of obesity and diabetes.
WSJ | Mexico Tries Taxes to Combat Obesity
Congress's lower house of Congress passed late Thursday a special tax on junk food that is seen as potentially the broadest of its kind, part of an ambitious Mexican government effort to contain runaway rates of obesity and diabetes.
Employment
News
CNN Money | Here's your unemployment check. Now pay it back
Thousands of furloughed federal employees filed for state unemployment benefits during the weeks they were stranded without a paycheck.
Politico | The jobs report is back
The bureau plans to publish the October jobs report on Nov. 8 — a week later than the originally scheduled.
Bloomberg | States Clamping Down on Workers Mislabeled as Contractors
When construction slowed during the recession, some companies hired workers and wrongly designated them as independent contractors to avoid paying insurance, taxes, fair wages and overtime.
Econ Comments & Analysis
WSJ | The Wages of Unemployment
No more sacred idea exists in American public policy than unemployment benefits. Unemployment insurance is thought of as an act of compassion and a necessary stimulative intervention to avoid a vicious cycle in which joblessness begets more joblessness. Not surprisingly, the Great Recession caused states to dramatically increase unemployment insurance up to 99 weeks—from the more traditional 26.
CNN Money | Here's your unemployment check. Now pay it back
Thousands of furloughed federal employees filed for state unemployment benefits during the weeks they were stranded without a paycheck.
Politico | The jobs report is back
The bureau plans to publish the October jobs report on Nov. 8 — a week later than the originally scheduled.
Bloomberg | States Clamping Down on Workers Mislabeled as Contractors
When construction slowed during the recession, some companies hired workers and wrongly designated them as independent contractors to avoid paying insurance, taxes, fair wages and overtime.
Econ Comments & Analysis
WSJ | The Wages of Unemployment
No more sacred idea exists in American public policy than unemployment benefits. Unemployment insurance is thought of as an act of compassion and a necessary stimulative intervention to avoid a vicious cycle in which joblessness begets more joblessness. Not surprisingly, the Great Recession caused states to dramatically increase unemployment insurance up to 99 weeks—from the more traditional 26.
Budget
News
Politico | W.H.: It's up to Congress to forge a budget deal
President Barack Obama will allow Congress to work out a budget without placing himself in the middle of the talks, White House press secretary Jay Carney said Thursday.
CNN Money | When's the next debt ceiling showdown?
The budget deal brokered by Congress this week lets Treasury keep borrowing until February 7 to pay the country's obligations, and by doing so, avert default.
Econ Comments & Analysis
National Journal | Republicans Lost the Shutdown Battle, but They're Winning the Fiscal War
If there's one thing just about everyone can agree on, it's that the Republicans lost this fight—and badly. They surrendered on every point, except for a minor antifraud measure that will not alter the course of the Obamacare juggernaut by an inch.
Real Clear Markets | Stop Whining, and Learn To Love a Default
A Wall Street Journal headline from Wednesday in many ways told the ridiculous tale of a very minor federal government shutdown, and the subsequent cave by a scared-of-its-own-rhetoric Republican party. "Uncertainty Chips Away at Prestige" was the headline, and the article alleged reduced prestige for the U.S. globally in light of a budget fight taking place domestically.
AEI | Three lessons Republicans should learn from the debt ceiling debate
Well then, a global financial crisis has been averted, and the zombie apocalypse will not be with us for at least another few months. Happiness abounds, everyone wins. Except for Republicans in Congress, who appear to have gained exactly nothing from this crisis.
Politico | W.H.: It's up to Congress to forge a budget deal
President Barack Obama will allow Congress to work out a budget without placing himself in the middle of the talks, White House press secretary Jay Carney said Thursday.
CNN Money | When's the next debt ceiling showdown?
The budget deal brokered by Congress this week lets Treasury keep borrowing until February 7 to pay the country's obligations, and by doing so, avert default.
Econ Comments & Analysis
National Journal | Republicans Lost the Shutdown Battle, but They're Winning the Fiscal War
If there's one thing just about everyone can agree on, it's that the Republicans lost this fight—and badly. They surrendered on every point, except for a minor antifraud measure that will not alter the course of the Obamacare juggernaut by an inch.
Real Clear Markets | Stop Whining, and Learn To Love a Default
A Wall Street Journal headline from Wednesday in many ways told the ridiculous tale of a very minor federal government shutdown, and the subsequent cave by a scared-of-its-own-rhetoric Republican party. "Uncertainty Chips Away at Prestige" was the headline, and the article alleged reduced prestige for the U.S. globally in light of a budget fight taking place domestically.
AEI | Three lessons Republicans should learn from the debt ceiling debate
Well then, a global financial crisis has been averted, and the zombie apocalypse will not be with us for at least another few months. Happiness abounds, everyone wins. Except for Republicans in Congress, who appear to have gained exactly nothing from this crisis.
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