ECONOMICS
The Most Important
Economist You’ve Never Heard Of – BB
Ronald Coase and the
Misuse of Economics – The
New Yorker
Remembering Ronald
Coase
– Free
exchange / The Economist
Quantitative Economics – quant-econ.net
This website presents
a series of free lectures on quantitative economic modeling, designed and
written by John Stachurski and Thomas J. Sargent. The primary programming
language is Python.
Capital controls: Against the tide – Free
exchange / The Economist
If minimal capital
flow limits let you float your currency and guarantee monetary independence,
well, economists might warm to that compromise.
Banks and sovereign risk: a granular view – Bundesbank
Deutsche Bundesbank
Discussion Papers by Claudia M. Buch, Michael Koetter, Jana Ohls
Intraday dynamics of
euro area sovereign CDS and bonds – BIS
Global and euro imbalances:
China and Germany – BIS (pdf)
Libertarians Are the New Communists – View
/ BB
Radical
libertarianism, if ever put into practice at the scale of something bigger than
a tiny enclave, would also be a disaster.
CENTRAL
BANKING
Gold, paper, scissors, lizard, e-money – alphaville
/ FT
Miles Kimball,
economics professor at the University of Michigan who blogs at Confessions of a
Supply-Side Liberal, is fast becoming the poster child for the movement to
introduce an e-money solution to overcome the ZLB problem.
Whose Central Bank? – Project
Syndicate
J. Bradford DeLong: Broadly
speaking, economists have long split into two camps over the purposes a central
bank should serve. One camp believes that a central bank should serve bankers,
while the other camp believes that its primary responsibility is to maintain
the robust functioning of the economy as a whole.
Dilemma not Trilemma: The global financial
cycle and monetary policy independence – voxeu.org
Hélène Rey: The global
financial cycle has transformed the well-known trilemma into a ‘dilemma’.
Independent monetary policies are possible if and only if the capital account
is managed directly or indirectly. This column argues the right policies to
deal with the ‘dilemma’ should aim at curbing excessive leverage and credit
growth. A combination of macroprudential policies guided by aggressive stress-testing
and tougher leverage ratios are needed. Some capital controls may also be
useful.
Quantitative and Credit Easing vs. Forward
Guidance – EconoMonitor
Just because QE/CE has
apparently small impacts on interest rates doesn’t mean that those measures
necessarily have small effects on all asset prices. - See more at:
Democracy: Building a bypass – The
Economist
The idea of
independent central banking is to take decisions on monetary policy out of the
hands of politicians.
FINANCIAL CRISIS FIVE YEARS
OLD
The origins of the
financial crisis: Crash course – The
Economist
Explaining the
schools briefs – The
Economist
The Failure of Free-Market Finance – Project
Syndicate
Five years after the
collapse of the US investment bank Lehman Brothers, the world has still not
addressed the fundamental cause of the subsequent financial crisis – an excess
of debt. If the debt problem continues to be ignored, the 2008 crisis will not
be the last.
Where’s the next Lehman? – The
Economist
Five years after the
September 2008 global finance is safer but still not safe.
OTHER
Investment Outlook
September 2013: Seventh Inning Stretch – PIMCO
In short, and in too-abbreviated summation, debt-laden economies with
near-zero-bound interest rates became victims of their own excess, a condition
that was more difficult to stabilize cyclically because Big Government and Big
Bank had reached limits, and private market investors with huge portfolios of
their own began to leave the ballpark early. Why stick around if your team is
down by seven runs with only a few innings left? Why invest in financial or
real assets if bond prices could only go down, and/or stock prices could no
longer be pumped up via the artificial steroids of QE?
Complete Histories – The South Seas Company –
The Forgotten ETF – The
Big Picture
Hot Potato: Momentum As An Investment Strategy – Research
Affiliates
What Buffett Believes But Cannot Prove – CFA
Institute
Quants-R-Us? – Forbes
Algorithmic Trading
Trickles Down To Individual Investors