Assorted Links

1. WSJ Blog points out that Cleveland Fed has developed an alternative measure of inflation. The worrisome bit is that this measure shows inflation to be higher. It also points out that Fed officials are in disagreement over hedge fund risks.

2. I found another blog which is a must read. It is quite rich in content and points out to some really good papers and stuff.

3. Most of the blogs today point out to this NYT article– Eco departments are questioning economics fundamentals. I think it is high time they do so as most of the fundamental are being questioned via empirical work. It revisits hetreodoxy in economics. I liked this para in particular:

The experience of Mr. Card’s graduate students suggests how the process can work. Mr. Card is by no means on the fringe, but he said his research on the minimum wage in New Jersey “caused a huge amount of trouble.” He and Alan B. Krueger, an economist at Princeton, found that contrary to what free-market theory predicts, employment actually rose after an increase in the minimum wage.

When Mr. Card’s graduate students went on job interviews, he said other economists would ask questions like “What’s wrong with your adviser? Has he started drinking?” 

 Thanks to Marginal Revolution for the pointer.

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