December 13 China revisits its controversial Made in China 2025 bill
In an effort to address ensuing trade tensions between the US and China, Beijing is looking to increase foreign company access; As a result of the public frustration concerning data breaches, Congress looks to establish a new privacy bill; A farm bill approved by the House now makes it way to Trump; Jobless claims return to their downward trend.
DC EventsFeb8 The Economics of Minimum Wage Regulations 1:00pm - 2:30pmLocation: TBDRising concern over income inequality has yielded an upswing in support for modifying minimum wage laws. As of October 2018, ten large U.S. cities and seven states had passed laws to increase the minimum wage, typically to between $12-$15/hr, and ballot measures in the 2018 midterm elections added Missouri and Arkansas to that list. But the actual effects of minimum wages on employment, technological change, and inequality remain contested. This seminar by Professor Jesús Fernández-Villaverde will examine what the research suggests about the economic effects of minimum wage regulations, while also discussing other possible policy levers for achieving the economic goals that minimum wages are meant to target.
December 12 China pledges to reduce tariffs on US autos and increase spending on in key American export sectors such as agriculture
The House passes a bill to crack down on drug companies that deliberate exploit the Medicaid program; Trump is poised to sign an executive order that would shift federal funding to oppertunity zones; In an effort to ease tensions, China has pledged to reduce tariffs on US cars and buy more American commodities; Consumer prices remain stable for another month.
December 11 Congress reaches a compromise regarding contested farm bill
Congress is anticipated to pass a new farm bill that excludes controversial work-requirements for food stamp recipients; The Trump administration is poised to release a new water protections plan that reduces existing regulations; House GOP released revisions to the end-year tax bill that risk backlash from House democrats; Producer Price Index rises but inflation appears to be slowing.
December 11 $15 Minimum Wage
In a discussion on the $15 minimum wage as a piece of labor practice policy, Professor Marinescu emphasizes the importance of evaluating the market and the implications of a such a policy in light of contingencies such as monopsony power. As an example, she cites her research showing how concentration of jobs and monopsony power in employers can contribute to macro trends such as wage stagnation.
December 10 A Primer on the Venezuelan Petrocoin
On April 9, 2018, President Nicolas Maduro declared the Petrocoin as the official tender of Venezuela. Government owned companies were given 120 days to comply with the order, and citizens will be able to pay for taxes, fees, and public services using the new cryptocurrency. In addition, the President declared that special economic zones will be created in which people will be able to use the coin for everyday purposes.