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Greg Mankiw's Blog

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Thank you, British Academy

<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgdP3DX75aoJjNIcN8PqOYhSZoafJe_hzRhoI2ggXeArK5-WmyS1UMrbGe8MKtkeb3mZQrM_cXojbLywB7UUDapCc3QECH1FM60PQdkzelJ29EBr4LayVEp-ZOwDnfLsTSnbX29A33WXE3jnBwEhQ4fpSXKNCfFk5K5ogXAbVb7zY656sHXALmk" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="137" data-original-width="314" height="92" src="https://blogger.googleusercontent.com/img/a/AVvXsEgdP3DX75aoJjNIcN8PqOYhSZoafJe_hzRhoI2ggXeArK5-WmyS1UMrbGe8MKtkeb3mZQrM_cXojbLywB7UUDapCc3QECH1FM60PQdkzelJ29EBr4LayVEp-ZOwDnfLsTSnbX29A33WXE3jnBwEhQ4fpSXKNCfFk5K5ogXAbVb7zY656sHXALmk=w209-h92" width="209" /></a></div>I am deeply honored to be named an <a href="https://www.thebritishacademy.ac.uk/fellows/profiles/sections/economics-and-economic-history/types/international-fellow/?order=-year_elected" target="_blank">International Fellow</a> of the British Academy.<p></p>

7/17/2026
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1873

<p><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjFwSkBBVIJFSS55Wd3EhDd4XlUlXRm8J3Y2cysYa_3yZV7upgzj1-JTS43VpIUQq56FANaFTixt8neFbmq7viDY8sqvKO5Yf3Nm5OicBlxUt6YENPe7eLDV1TyB4mlbEBedT-2-6BOhvk4Br3kl4KheF-pEaHP6yEFMOBZdIAsA5mQpzGD-OwF" style="clear: right; display: inline; float: right; margin-bottom: 1em; margin-left: 1em; text-align: center;"><img alt="" data-original-height="450" data-original-width="300" height="230" src="https://blogger.googleusercontent.com/img/a/AVvXsEjFwSkBBVIJFSS55Wd3EhDd4XlUlXRm8J3Y2cysYa_3yZV7upgzj1-JTS43VpIUQq56FANaFTixt8neFbmq7viDY8sqvKO5Yf3Nm5OicBlxUt6YENPe7eLDV1TyB4mlbEBedT-2-6BOhvk4Br3kl4KheF-pEaHP6yEFMOBZdIAsA5mQpzGD-OwF=w153-h230" width="153" /></a>I just finished reading Liaquat Ahamed's new book, <a href="https://www.penguinrandomhouse.com/books/306461/1873-by-liaquat-ahamed/" target="_blank">1873</a>. It is excellent. The book examines the global financial crisis of 1873 and its aftermath, especially the role of railroads, international bond markets, deflation, and the debate over bimetallism. I found the period especially fascinating because I had read less about it than about other eras of world history. The discussion of railroads struck me as resonant with the current AI boom--a transformative technology that nonetheless attracted numerous hucksters and left some people with large losses.</p><div><p></p><div class="contrib-wrap" style="-webkit-font-smoothing: antialiased; background-color: white; box-sizing: border-box; font-family: Fort-Book, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px; margin: 24px 0px 0px; text-rendering: optimizelegibility; text-shadow: none;"><h2 class="contributors isbn-related 9781594204173 show" style="-webkit-font-smoothing: antialiased; box-sizing: border-box; color: inherit; display: none; font-family: Fort-Book; font-size: 18px; font-weight: 500; line-height: 24px; margin: 0px; text-rendering: optimizelegibility; text-shadow: none;"><span class="contributor" style="-webkit-font-smoothing: antialiased; box-sizing: border-box; display: block; padding-bottom: 12px; text-rendering: optimizelegibility; text-shadow: none;">By&nbsp;<span class="ws-nw role-A" style="-webkit-font-smoothing: antialiased; box-sizing: border-box; text-rendering: optimizelegibility; text-shadow: none; white-space: nowrap;"><a href="https://www.penguinrandomhouse.com/authors/96819/liaquat-ahamed/" style="-webkit-font-smoothing: antialiased; background: transparent; box-sizing: border-box; color: black; font-family: Fort-Medium; text-rendering: optimizelegibility; text-shadow: none;"></a></span></span></h2></div></div>

7/16/2026
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The Fed's New Task Forces

<p>Yesterday, the Federal Reserve <a href="https://www.federalreserve.gov/monetarypolicy/task-forces.htm" target="_blank">announced</a>&nbsp;a group of task forces to review the central bank's framework for conducting monetary policy. Along with Tom Sargent and Bill White, I am serving on <a href="https://www.federalreserve.gov/monetarypolicy/inflation-framework-task-force.htm" target="_blank">one of them</a>.</p><p>Note to journalists: It would be premature for me to comment on the work of the task forces at this stage. However, you are free to consult my previous written work on these topics. <a href="https://www.sciencedirect.com/science/article/pii/S0304393224000849" target="_blank">This piece</a>&nbsp;from two years ago may be especially relevant.</p>

7/10/2026
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The Invite

<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEham9-ibeORGgiSND9XjdQtzTR3h98uf62r74X4AlzRrHJ5ZQl2boSUyrUvtvOiZjG280eRdtFD7JpDlfzUSZzmIhUi66x0cu3sJvN_gYtIRcjjVnQceR4QlY9UP3LTZeKJr8m_gaSdttGwKbxQAK34pGxEXm_x72U1DP4NcOZdN5rSen_UXdu5" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="678" data-original-width="452" height="272" src="https://blogger.googleusercontent.com/img/a/AVvXsEham9-ibeORGgiSND9XjdQtzTR3h98uf62r74X4AlzRrHJ5ZQl2boSUyrUvtvOiZjG280eRdtFD7JpDlfzUSZzmIhUi66x0cu3sJvN_gYtIRcjjVnQceR4QlY9UP3LTZeKJr8m_gaSdttGwKbxQAK34pGxEXm_x72U1DP4NcOZdN5rSen_UXdu5=w181-h272" width="181" /></a></div>Over the past week, I have been watching some films at the Nantucket Film Festival. The best I saw was <i>The Invite</i>, a dramedy about a couple (played by Seth Rogen and Olivia Wilde) in a dysfunctional marriage who invite their neighbors (Ed Norton and Penelope Cruz) over for dinner. It is very funny and very poignant, often at the same time.<p></p><p>It will be out in theaters in the next few weeks.&nbsp;</p>

6/24/2026
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What I've been reading

<p>If you want to understand wealth in America, a good place to start is <i><a href="https://www.amazon.com/Everywhere-Millionaire-Really-America-There/dp/1250378508" target="_blank">The Everywhere Millionaire</a></i> by Owen Zidar and Eric Zwick. It offers a fact-filled analysis of the role of pass-through businesses, where many </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiCEWjfiQa5LRHH83IHQd-vijiP4HrWTad4l5sNDvdJ0iqw3sQJTs51sy8mlFnVWNohLnRI0hFR5rPyPiii9CYKdmhpLvjN7HaG5XNn3xkqZS1RpalFJdXcI_xothBPcdgnSSFMc3P12302IiUvQ9WKz8eNNUQ5vjk_V76VXbxTRlCR0XE9fsHv" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="1500" data-original-width="994" height="240" src="https://blogger.googleusercontent.com/img/a/AVvXsEiCEWjfiQa5LRHH83IHQd-vijiP4HrWTad4l5sNDvdJ0iqw3sQJTs51sy8mlFnVWNohLnRI0hFR5rPyPiii9CYKdmhpLvjN7HaG5XNn3xkqZS1RpalFJdXcI_xothBPcdgnSSFMc3P12302IiUvQ9WKz8eNNUQ5vjk_V76VXbxTRlCR0XE9fsHv" width="159" /></a></div>wealthy people make their millions. A great balance of illustrative anecdotes and comprehensive data. My only objection is when the authors depart from their mostly positive analysis and insert their normative judgments. (The call in the epilogue for national health insurance and a higher minimum wage, whether you agree or not, comes off like a non sequitur--as if the authors had suddenly admonished the reader to eat more vegetables.) But overall, the book is excellent.&nbsp;<p></p><p></p><p>Thank you to Eric for getting me a pre-publication copy. The book comes out in September. Book review editors: Take note.</p>

6/21/2026
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What I've been reading

<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEixMVyIvRdG-pxXrL1-2iguIT8QEFVoMvMOlaSxxI_dqGzfpQCsnITGrB-d0LAN_9hQH-meIuCP9CKFSBvaJmD_SJVEDifEfg1DM67A_EXF9a7eOW2L0cLrDyoTrT-M04zuQJDB79rmHTgKCfMePIsZ4Mijri09O9V4fEFbYVTr7jVFGQsX-D0k" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="900" data-original-width="593" height="240" src="https://blogger.googleusercontent.com/img/a/AVvXsEixMVyIvRdG-pxXrL1-2iguIT8QEFVoMvMOlaSxxI_dqGzfpQCsnITGrB-d0LAN_9hQH-meIuCP9CKFSBvaJmD_SJVEDifEfg1DM67A_EXF9a7eOW2L0cLrDyoTrT-M04zuQJDB79rmHTgKCfMePIsZ4Mijri09O9V4fEFbYVTr7jVFGQsX-D0k" width="158" /></a></div><p><br /></p>I am in the middle of <i>How to Win a Trade War</i> by Soumaya Keynes and Chad Bown. It is always smart, sometimes irreverant, and timely. I plan to use it as one of the readings for my Harvard freshman seminar in the fall. It should generate a great class discussion.<p></p>

5/31/2026
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What I've been reading

<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjai1YuLKTabSa9UqX_A18jnDh8mNm30wbLOsknR7RjseusS_Q_5dazIaPFQ0-lVcxKrwy7bGJylmy0maWmMs3YEFne643EygXNzfp66szVDa_51fGJylpMHHji17yz-vGV78U5u7os-sJWd18z5zO9NRLN6yEs3E8GcJ8NAqZTu1apsWR9nsa4" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="1500" data-original-width="988" height="240" src="https://blogger.googleusercontent.com/img/a/AVvXsEjai1YuLKTabSa9UqX_A18jnDh8mNm30wbLOsknR7RjseusS_Q_5dazIaPFQ0-lVcxKrwy7bGJylmy0maWmMs3YEFne643EygXNzfp66szVDa_51fGJylpMHHji17yz-vGV78U5u7os-sJWd18z5zO9NRLN6yEs3E8GcJ8NAqZTu1apsWR9nsa4" width="158" /></a></div><br />I am a bit late to this party, but I finally got around to reading Dan Wang's <i><a href="https://wwnorton.com/books/9781324106036" target="_blank">Breakneck</a></i>. It is a thoughtful and very readable book that taught me a lot about the Chinese economy and political system. Highly recommended for anyone interested in the topic.<br /><br /><p></p>

5/24/2026
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What I've been reading

<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhn3nmZZTbPipBKNRfRFMogL9ti2aKZODIIQOSFAmQ5-uQ2aObcdnbOjm2duOkSFFpW15atdF4fXp2306yo24AB9Myxvue_SjmRLAEfx7XFnwC79QFaAd-BFI6sq2tP0BD5xkeFm2nblVARXmzpiJQ07XkTzWxSGub33Ks3C61rlF9nKDPMIn0Y" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="466" data-original-width="301" height="254" src="https://blogger.googleusercontent.com/img/a/AVvXsEhn3nmZZTbPipBKNRfRFMogL9ti2aKZODIIQOSFAmQ5-uQ2aObcdnbOjm2duOkSFFpW15atdF4fXp2306yo24AB9Myxvue_SjmRLAEfx7XFnwC79QFaAd-BFI6sq2tP0BD5xkeFm2nblVARXmzpiJQ07XkTzWxSGub33Ks3C61rlF9nKDPMIn0Y=w164-h254" width="164" /></a></div><br />I just finished the <a href="https://www.amazon.com/Moral-Economics-Prostitution-Controversial-Transactions/dp/1541702018" target="_blank">new book</a> by my ertswhile colleague Al Roth. Highly recommended! The subtitle is a good summary.<p></p>

4/20/2026
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My Broadway Debut

<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEi2sAqfjVnS23fk0tdxiIQgVJG1_O4Y0Rp19m97wKyZiwLPnogYotzCVUkufuSl-K0adNv-U_OO2b5JP_3D0JH3MTvdQxrKAl-4joAFC2hyQBXevtypoTIQHMMmDTdRVF4u-Ch3M-QE-18vvxP8ToFxYEv1jJbAxOkF00Xivgpah5m5ZDxchsbU" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="481" data-original-width="641" height="205" src="https://blogger.googleusercontent.com/img/a/AVvXsEi2sAqfjVnS23fk0tdxiIQgVJG1_O4Y0Rp19m97wKyZiwLPnogYotzCVUkufuSl-K0adNv-U_OO2b5JP_3D0JH3MTvdQxrKAl-4joAFC2hyQBXevtypoTIQHMMmDTdRVF4u-Ch3M-QE-18vvxP8ToFxYEv1jJbAxOkF00Xivgpah5m5ZDxchsbU=w273-h205" width="273" /></a></div>Last week, I saw the play <i>Every Billiant Thing</i>, which was absolutely fantastic. As this <a href="https://www.nytimes.com/2026/04/12/theater/daniel-radcliffe-every-brilliant-thing.html?unlocked_article_code=1.bFA.8Wpt.-YPw8NMCZYAQ&amp;smid=url-share" target="_blank">NY Times article</a> describes, audience participation is central. In our performance, I was picked to play the father. Here I am with the star, Daniel Radcliffe, backstage after the play, along with my wife and younger son.<p></p>

4/15/2026
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Thank you, AEA

<p>I am deeply honored to be named a <a href="https://www.aeaweb.org/about-aea/honors-awards/distinguished-fellows/n-gregory-mankiw" target="_blank">Distinguished Fellow</a> by the American Economic Association--especially at the same time that my wonderful colleague <a href="https://www.aeaweb.org/about-aea/honors-awards/bates-clark/ludwig-straub" target="_blank">Ludwig Straub</a>&nbsp;is awarded the Clark Medal.</p>

4/7/2026
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