Wednesday, July 4, 2012

How the Fed Came to Be

An interesting brief history of banking in the US, 1811-1913. More here.

What They Don't Tell You at Graduation - WSJ.com

What They Don't Tell You at Graduation - WSJ.com

Some Links on International Economics

A very interesting post on the political economy of trade policy. Econbrowser: Thirty Years Ago Today: Racial and ethnic animosity play an important role; however, you'd think politicians would try to veil that dimension more than they do here or here.

Also very interesting, new research on the role of industry fragmentation and global supply chains. Unilateral tariff liberalisation | vox.

How big are the gains from trade? « Trade Diversion: Some research has suggested much smaller gains from trade based on some of the classical models. When one takes a more modern approach (especially accounting for "cross-industry variation in trade elasticities") the gains from trade are as big as they ever were (around 25-45 percent of GDP for the US).

The World Bank has published a new book on migration and remittances: Migration and remittances during the crisis and beyond.