15th Jun - W/E: Linkfest

Previously on MoreLiver’s:

W/E: Weekly Support

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EUROPE

Farage’s Five Star moment – FT

EU Lobbies Yellen on Bank Debt Rule – WSJ

TLTRO impact questioned as the carry trade provides easy money – Sober Look

The ECB’s Bank Review: Kill the Zombies and Heal the Wounded – PIIE

Euro area international trade in goods surplus 15.7 bn euro – Eurostat

Euro area trade balance widens as imports fall more than exports – TradingFloor

Employment up by 0.1% in euro area – Eurostat

Euro area employment rose in Q1 – TradingFloor

UNITED STATES

OECD Urges Broad Tax Reform In U.S. – WSJ

The U.S. should reform its tax code with “a degree of urgency” to overcome challenges to long-term economic growth, including an aging population and rising household inequality, OECD said.

Fedspeak Cheatsheet: What Are Fed Policymakers Saying? – WSJ

Analysts on FOMC meeting next week – Calculated Risk

Bank Of America: "A Slowdown In National Home Prices Is Coming" – ZH

Still extrapolating the bubble – Sober Look

US bank-held consumer credit on the rise – Sober Look

Why the private sector is so afraid of student debt

UMich Consumer Confidence Drops – ZH

Preliminary June Consumer Sentiment decreases to 81.2 – Calculated Risk

ASIA

China: Further evidence of stabilisation in May data – Danske Bank

Monitor: Chinese credit crunch – Danske Bank

It now looks like China will be able to get past June without a repeat of last year’s money market stress

and hence a major hurdle for a recovery in H2 appears to have been cleared.

China’s Trilemma – Project Syndicate

Yu Yongding: The Nobel laureate economist Robert Mundell showed that an economy can maintain two – but only two – of three key features: monetary-policy independence, a fixed exchange rate, and free cross-border movements of capital. But China is currently juggling all three – an act that is becoming increasingly difficult to sustain.

MARKETS

A simple and reliable way to compute option-based risk-neutral distributions – FED

Daily Central Banks – WSJ

Schlesinger’s Take: For BOJ, A Calculated Fade From Spotlight * WSJ Survey: Economists See First Fed Hike in a Year * Fischer Confirmed as Fed Vice Chairman * Carney Says BOE Could Raise Rates Sooner Than Markets Expect * ECB’s Weidmann Warns Against QE

FX Board for June 13: Sterling’s turn to explode – TradingFloor

Carney Excites Sterling Bulls – Marc to Market

The biggest housing bubble in the world is in … Canada? – WaPo

ECONOMICS

The macroeconomic effects of asset purchases – voxeu.org

After reducing their policy rates close to zero in response to the global financial crisis, the Bank of England and the Federal Reserve began purchasing assets. This column assesses the effect of these asset purchases on output and inflation. In line with previous studies, the authors find that asset purchase announcements are associated with increases in both output and inflation in both countries. They also find that quantitative easing had a larger impact on UK inflation, which suggests that the UK Phillips curve is steeper.

The Case for a Long-Run Inflation Target of Four Percent – IMF

Undeniable Macroeconomic Truths? – Noahpinion

The US and the Eurozone 2012-3 – mainly macro

If fiscal policy is important at the zero lower bound, why did the US recovery continue in 2012 and 2013 despite a large fiscal contraction? Or to put the same question in a comparative way, why was the Eurozone’s fiscal contraction in 2012/3 associated with a recession, but not in the case of the US?

Quantifying the Lasting Harm to the U.S. Economy From the Financial Crisis – The Big Picture

In 2013, output was 13 percent below its trend path from 1990 through 2007.

Recession Did Lasting Harm to Global Growth Potential, Study Finds – WSJ

OFF-TOPIC

European Cab Protests Lead To 850% Increase In New Uber Users – ZH

Streisand-effect in action J

The Eccentric Genius Whose Time May Have Finally Come (Again) – The Atlantic

Resurrecting the legacy of a man who understood, and feared, the future of automation.

The Biology of Risk – NYT

Business School, Disrupted – NYT

Murder in Miniature – Slate

One woman’s ghastly dollhouse dioramas turned crime scene investigation into a science.

A Guide to Read-It-Later Apps – Recode

FINNISH

Historian huonoin hallitus? – Osmo Soininvaara

EKP:n toimilla on jo ollut vaikutuksia – Roger Wessman / Marketnoze

Antti Rinne: Saksan tai Ruotsin malli ei kelpaa työpaikkojen lisäämiseen – TE

"Deflaation uhkaa ei voi sulkea pois" – TalSa

Näkökulma: Vastuu on kuulijalla – IL

Totuuden nimissä täytyy sanoa, ettei puolueen, tässä tapauksessa keskustan, talouden kuntoon laittaminen ole helppoa näinä aikoina.

Teollisuuden liikevaihto supistui Q1 2014 noin 3% edellisvuodesta – Tilastokeskus

Rakennusyritysten liikevaihto kasvoi Q1 2014 2,6% edellisvuodesta – Tilastokeskus

Palvelujen liikevaihto kasvoi Q1 2014 2,5% vuoden takaisesta – Tilastokeskus

Kansantalouden tuotanto kasvoi huhtikuussa 2014 – Tilastokeskus