Macroeconomic Advisers’ Senior Managing Director and Co-Founder, Joel Prakken, will be participating in the rollout of a joint Bipartisan Policy Center / Macroeconomic Advisers study regarding the macroeconomic impact of Immigration Reform on Thursday May 21, 2015 from 10:30am to 12:00pm Eastern Time Please click here for additional details and registration information.
MA’s Ben Herzon was mentioned in the article “Dueling Views on the First-Quarter Slump” by Justin Wolfers for The New York Times (excerpts shown below). At issue is whether the official measure of gross domestic product has been distorted by problems with the arcane statistical adjustments the authorities use to account for the predictable annual winter slowdown in economic activity. As I reported a few weeks ago, in recent years — and indeed, decades — reported rates of economic growth in the first quarter have been substantially weaker than those recorded for the rest of the year. This pattern of unusual first-quarter statistics produced by the Bureau of Economic Analysis suggests that something is awry with these adjustments. Ben Herzon, an economist at Macroeconomic Advisers, calculated that residual seasonality “is responsible for regularly reducing G.D.P. growth in the first quarter of each year by an average of 1.6 percentage points.” He also estimates that … Continue Reading