Jared Bernstein: Chair Yellen Looks Under New Rocks, Finds Same Thing that’s Under Old Rocks

By Jared Bernstein
August 24, 2014

I yield to no one in my admiration for the careful, thoughtful, and reality-based economics practiced by Fed Chair Janet Yellen. So I was taken aback a bit by a section in her Jackson Hole speech on Friday.

It was the part where she gave a number of reasons why the absence of wage pressures may not, paradoxically, be signaling that considerable slack remains in the job market, and therefore, may not be signalling that the Fed should wait on raising rates to stave off faster inflation. Continue reading

Cyclical vs. Structural: Bivens and Shierholz Turn Over Every Stone to Find Out | Jared Bernstein | On the Economy

By Jared Bernstein
August 21st, 2014 at 9:45 am

As central bankers gather for their annual conference in Jackson Hole, Wyoming, a top agenda item is evaluating the current and future amount of slack in the US economy. In this regard, they’d be well advised to check out this new study from the two economists at the Economic Policy Institute which provides an exhaustive examination of the issue.

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KPCC: Invisible Dropouts: Thousands of California Kids Don’t Get Past Middle School | 89.3 KPCC

Sarah Butrymowicz

Devon Sanford’s mother was diagnosed with pancreatic cancer when he was in the eighth grade. After barely finishing at Henry Clay Middle School in South Los Angeles, he never enrolled in high school. He spent what should have been his freshman year caring for his mother and waiting for police to show up asking why he wasn’t in school.

No one ever came. Continue reading

Jared Bernstein: Has the Beveridge Curve Really Shifted? |

By Jared Bernstein
August 13th, 2014

The Beveridge Curve (BC) is a favorite tool of labor economists showing the inverse relationship between job openings and unemployment. It’s thus a kind of index of strength of labor demand: when the job market is tight, there’s low unemployment and more unfilled openings/job vacancies, and vice versa.

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