Economics News with a Historical Perspective
July 31, 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.
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U.S. Payroll Employment
In the News
The Phillips Curve
John Cochrane uses very similar Phillips Curve charts to review recent history and current issues.
Euro Roller Coaster
The wild ride continues.
The latest news and views.
Bretton Woods Convention Reorganizes World Economy
July 22, 1944. Meeting in the resort town of Bretton Woods, New Hampshire, representatives of forty-one nations established conditions for international economic linkages. The conference created two new institutions, the International Monetary Fund and the World Bank. The centerpiece, however, was agreement on a system of fixed exchange rates specifically designed to avoid repeating the mistakes of the interwar period.
U.S. Unemployment Rate Hits 25%
August 1932. The U.S. unemployment rate hit 25% in August of 1932. This startling increase came less than three years after the rate reached 0.04% in August 1929.
Bank Failures Cause the Great Depression
The monetarists' explanation for the Great Depression focuses on changes in the money supply. In this case, the changes were not the result of a deliberate policy experiment, but were instead the outcome of a lack of Federal intervention in the banking sector at a time when conditions for banks were quite perilous.
The Mundell-Fleming Model
The Mundell-Fleming Model adds a BP (balance of payments) curve to the standard IS/LM framework. This extension provides a mechanism for thinking about monetary policy under either fixed or floating exchange rates.
Additional models of interest are available at Classic Economic Models.
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