to your HTML Add class="sortable" to any table you'd like to make sortable Click on the headers to sort Thanks to many, many people for contributions and suggestions. Licenced as X11: http://www.kryogenix.org/code/browser/licence.html This basically means: do what you want with it. */ var stIsIE = /*@cc_on!@*/false; sorttable = { init: function() { // quit if this function has already been called if (arguments.callee.done) return; // flag this function so we don't do the same thing twice arguments.callee.done = true; // kill the timer if (_timer) clearInterval(_timer); if (!document.createElement || !document.getElementsByTagName) return; sorttable.DATE_RE = /^(\d\d?)[\/\.-](\d\d?)[\/\.-]((\d\d)?\d\d)$/; forEach(document.getElementsByTagName('table'), function(table) { if (table.className.search(/\bsortable\b/) != -1) { sorttable.makeSortable(table); } }); }, makeSortable: function(table) { if (table.getElementsByTagName('thead').length == 0) { // table doesn't have a tHead. Since it should have, create one and // put the first table row in it. the = document.createElement('thead'); the.appendChild(table.rows[0]); table.insertBefore(the,table.firstChild); } // Safari doesn't support table.tHead, sigh if (table.tHead == null) table.tHead = table.getElementsByTagName('thead')[0]; if (table.tHead.rows.length != 1) return; // can't cope with two header rows // Sorttable v1 put rows with a class of "sortbottom" at the bottom (as // "total" rows, for example). This is B&R, since what you're supposed // to do is put them in a tfoot. So, if there are sortbottom rows, // for backwards compatibility, move them to tfoot (creating it if needed). sortbottomrows = []; for (var i=0; i
Near the end of the third quarter of 2012, the U.S. economy was heading toward a mild-to-moderate recession. In response, the Federal Reserve initiated a new round of its Quantitative Easing (QE) programs, QE 3.0, in which it would purchase $40 billion worth of Mortgage-Backed Securities (MBS) each month to try to prop up a fading U.S. housing market.
Three months later, the Federal Reserve recognized that a number of very large tax hikes on both working Americans and investors would take effect on 1 January 2013, an outcome that was ensured by the re-election of President Barack Obama, which would send the U.S. economy into deep recession unless it acted to expand its QE programs. In December 2012, the Fed announced that it would also begin purchasing $45 billion worth of U.S. Treasuries, which we identify as QE 4.0, which would offset the negative economic impact of President Obama's desired tax increases.
The Federal Reserve's combined QE programs were successful and are the only reason the U.S. economy avoided recession. In 2014, the Federal Reserve tapered off its purchases of both MBS and U.S. Treasuries, terminating both in December 2014.
Since we now have the finalized data for the U.S.' nominal Gross Domestic Product through the end of 2014, we can now update our counterfactual analysis of how the U.S. economy would have performed in its absence. The chart below reveals how nominal GDP evolved from 2012-Q1 through 2014-Q4:
Here are the basic findings of our analysis:
And that closes the books on QE 3.0 and 4.0!
We featured a discussion of the fiscal multipliers for government spending and tax policies in our previous discussion of Spain's disastrous economic choices of 2012. At present, we're continuing to assume that the fiscal multiplier for the Fed's quantitative easing programs is approximately 1.0, in the absence of data that might contradict that figure. As yet, there really isn't any data to contradict this estimate, although with the latest GDP revision, the data suggests the multiplier rounds down to that figure.
Board of Governors of the Federal Reserve System. All Federal Reserve Banks - Total Assets, Eliminations from Consolidation. [Text Document]. Accessed 13 April 2015.
Cloyne, James. What Are the Effects of Tax Changes in the United Kingdom? New Evidence from a Narrative Evaluation. [PDF Document]. CESIFO Working Paper No. 3433. April 2011.
Owyang, Michael T., Ramey, Valerie A. and Zubairy, Sarah. Are Government Spending Multipliers Greater During Periods of Slack? Evidence from 20th Century Historical Data. [PDF Document]. Federal Reserve Bank of St. Louis. Economic Research Division. Working Paper 2013-004A. January 2013.
Romer, Christina D. and Romer, David H. The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks. [PDF Document]. March 2007.
U.S. Bureau of Economic Analysis. National Income and Product Accounts, Gross Domestic Product: Fourth Quarter and Annual 2014 (Third Estimate). [PDF Document]. 27 March 2014.
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Closing values for previous trading day.
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