Kenneth Rogoff: Extreme weather and global growth

2507 reads

activitystream_image: 
 
 

Until recently, the usual thinking among macroeconomists has been that short-term weather fluctuations don't matter much for economic activity. Construction hiring may be stronger than usual in a March when the weather is unseasonably mild, but there will be payback in April and May. If heavy rains discourage people from shopping in August, they will just spend more in September.

But recent economic research, bolstered by an exceptionally strong El Niño - a complex global climactic event marked by exceptionally warm Pacific Ocean water off the coast of Ecuador and Peru - has prompted a rethink of this view.

Extreme weather certainly throws a ringer into key short-term macroeconomic statistics. It can add or subtract 100,000 jobs to monthly US employment, the single most-watch

.....

Trending

107
vnbhattacharya's picture

NARCOS and the game beyond the game

A critical aspect of strategic thinking is the ability to determine one's strategy in the game at hand by anticipating games in the future. It is especially important to foresee games that may be spawned by playing the game one is offered now.Such
83
sethgodin's picture

Big crew/little crew

Software projects work better with small teams. On the other hand, it makes sense to have multiple teams of workers if you're paving a patch of highly trafficked highway. Three reasons: Coordination Learning Ramp up time As we learned from... 
72
johnsullivan's picture

You’ll Soon Need a Digital Labor Specialist and a Workforce Shaper

Not all your employees will be replaced by robots, but it’s highly likely they’ll be working side-by-side with an automated device at some point in their careers. As intelligent automation becomes more common in the workplace, businesses are
65
mashable's picture

These extremely good Google Maps features that everyone definitely wanted are finally sort of available

For all of you who've been holding your breath this past month, it's finally time to exhale: On Tuesday, Google rolled out some of the hotly anticipated new Maps features the company announced in May. And by "rolled out," we mean "some people
137
johnsullivan's picture

Ready or Not Here Comes Generation Thumb

Talking about millennials in the workforce is so yesterday. Time now to start preparing for Gen Z, or, as Chad Norman calls them, Generation Thumb. This is the generation born after the turn of the century. They’ve never known a...
137
harvardbusinessreview's picture

When India Killed Off Cash Overnight

Bhaskar Chakravorti, the dean of global business at The Fletcher School at Tufts University, analyzes the economic impact of India’s unprecedented demonetization move in 2016. With no advance warning, India pulled the two largest banknotes from
116
sethgodin's picture

The jerk fallacy

There’s a common misperception, particularly in media, business and politics, that being a jerk is a necessary ingredient on the way to becoming and staying successful. But there’s no data to support this. Sure, some people succeed despite being
170
johnsullivan's picture

New to the Profession of Recruiting? Time to Get Comfortable With Being Uncomfortable

If you’re a seasoned and successful recruiter, chances are you have fine-tuned your skills over the years by going through a gauntlet of stressful, maddening, or even downright demoralizing work days. Most of my fellow recruiters and sourcing
191
cryptocurrency's picture

Jack Ma: Bitcoin Bubble is Real and Blockchain is the Future

 Jack Ma Bitcoin Bubble: Yet another well-known figure has come forward to express his thoughts on the cryptocurrency sector. The figure, who is Jack Ma, spoke specifically of Bitcoin (BTC) — and his thoughts weren’t exactly in favor of