On the blogs

Government spending multipliers in good times and in bad: Evidence from U.S. historical data -- Valerie Ramey and Sarah Zubairy suggest that fiscal multipliers are as large in booms as they are in recessions, with a zero bound interest rate. Their estimates imply that government spending during WWII lifted the economy out of the Great Depression, not because multipliers were large, but because government spending was great. Same thing we suggest here with Nate.

Alexander Hamilton's Comeback -- Justin Fox on Michael Lind's book on US economic history. I tend to agree on the advantages of Hamilton over Jefferson, in this respect.

The Federal Reserve and Shared Prosperity: A Guide to the Policy Issues and Institutional Challenges -- Tom Palley on bringing back the full employment goal, raising the inflation target and not hiking the rate of interest too soon.

Private Employment under Obama and Bush -- simple, but revealing graphs by Menzie Chinn.

Graph/Table of the Week: Tax in Scandinavian countries -- I posted my weekly graph/table on URPE's blog, showing how high the levels of taxation are in Scandinavian countries. And yes, no problem, quite the opposite.

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