What Does American History Teach Us About How Immigrants Impact The Economy?

Link here. I think history helps us in a variety of ways. First, the data put our current situation in perspective. It's not the past 30 years of large immigration flows that are anomaly, it’s the previous 40 years (circa 1940-1980) that vary from the long-run American experience. Second, the economy evolves over time, with some industries and jobs disappearing and others appearing, and the … [Read more...]

A new chair for the Federal Reserve

President Trump announced his choice for Fed Chair (formal title: Chairman of the Board of the Governors of the Federal Reserve System): Jerome Powell, a current Fed governor appointed by President Obama in 2012. I'm disappointed, but not surprised, that he did not reappoint Janet Yellen as chair. I think she had a nearly ideal background for a Fed chair: Academic smarts as a professor at … [Read more...]