Biggest deterioration*: Syria, Spain, Gambia, Mali, Guinea-Bissau, Libya, Yemen, Mauritius and Eritrea.
Biggest improvement*: Myanmar, Laos, Senegal, and Brunei.
*I list countries with an absolute change of the corruption score of at least five points, with the exception of South Sudan, which did not have a score in 2012.
2. A new measure of U.S. GDP, by Aruoba, Diebold, Nalewaik, Schorfheide, and Song.
GDP can be estimated by measuring either expenditure or income. Since a penny spent is a penny earned, both methods should give the same answer, but there is substantial measurement error in both estimates. This column presents a new method of measuring US GDP that blends these two estimates. According to the new measure, GDP growth is about twice as persistent as the current headline measure implies. The new measure also makes the current recovery look stronger, especially in 2013.3. Educating the economists of the future. What's wrong with Econ 101, by Matthew Klein at Bloomberg.
4. I enjoyed this interview with Richard Thaler by Douglas Clement at The Region.
Take quantitative models, quantitative investing strategies. I think what we’ve learned—especially in the last five years or so—is there’s essentially one quantitative model.I don't agree with Thaler's assertion that every economist thinks that interest rates in ten years will be substantially higher than they are today.
5. Why high land prices in China are not (necessarily) a bubble, by Joseph Gyourko. The land price index that Gyourko has constructed is available here.
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