Bond Market

Banks, Intermediation, And Pass-Throughs

This is a topic that is of interest for my book on banking. It may overlap some existing texts written ...

Japanese Yen

The rapid decline of the Japanese yen — recently stabilised by a (presumed) round of intervention — has brought forth ...

Financial Assets And Inflation

This article is a complete re-write of two existing sections of my manuscript. I was unhappy with the sections, and ...

Asset Allocation And Banking

Note: This article would hopefully be worked into my banking manuscript. I think it overlaps other article(s), but I wanted ...

My r* Concerns

I recently wrote about r*, which is now the preferred way to refer to the “neutral” or “natural rate” of ...

BIS r* Paper

The BIS Quarterly Review had a recent paper on r* (the preferred term for the “natural rate of interest”) by ...

In Defence Of Discrete Time Models

Steve Keen recently wrote “I’m not Discreet, and Neither is Time” in which he discusses the alleged defects of discrete ...

Late Central Bank Comments

Since I am still chugging away with edits, I have not been spending much time watching developments in markets. I ...

Macro N Cheese Podcast – Inflation

I was recently on a podcast with Steven D. Grumbine to discuss inflation. Link: https://realprogressives.org/podcast_episode/episode-268-there-is-no-magic-pricing-fairy-with-brian-romanchuk The podcast description from the ...

“The Debt Crisis Is Here”: The Conference Board Is At It Again

The Committee for Economic Development (CED) of Conference Board recently put out “Explainer: The National Debt” which is pretty much ...

Primer: Why Not Used Fixed Consumption Baskets In The CPI?

This article is an unedited draft section from my inflation primer manuscript. This section is a re-write of content that ...

TIPS And Drying Paint

One of the issues of an interest rate focussed blog is that bond markets can settle into rather uneventful extended ...

What Is Neoclassical Economics?

I ran into an interesting question online: what is neoclassical macroeconomics? I use neoclassical economics as a synonym for “modern ...

Inflation Hedging: Do Not Ask For The Impossible

I ran into this article on inflation hedging with inflation-linked bonds from FT Alphaville. I just scanned it quickly, but ...

Why The “Friedman Thermostat” Analogy Should Be Uncomfortable For The Mainstream

Nick Rowe’s article on Milton Friedman’s Thermostat has popped up in online conversation. For those of you unfamiliar with it, ...

Waller Comments

Nick Timiroas highlighted an exchange from Fed Governor Waller (link to speech/interview transcript) on Twitter. This article consists of two ...

A Response To A Question About Post-Keynesian Interest Rate Theories (…And A Rant)

I got a question about references for post-Keynesian theories of interest rates. My answer to this has a lot of ...

A Non-Forecast 2024 Outlook

Since I am not in the forecasting game, I not on top of what the consensus views are. I also ...

Central Banks And Crises

This article is a wrapping up of a sequence of articles on the topic of “central banks as banks,” which ...

Should Everybody Have An Account At The Central Bank?

This will be my last posting before Christmas, and depending on what I get up to, possibly the last of ...

Should Central Banks Lend Unsecured To The Private Sector?

This article continues my sequence of articles on central banks as banks, which is projected to be a chapter in ...

Using Fed Projections To Infer The Term Premium?

I was passed along the article “Views from the Floor — Tighter and Tighter” by the Man Institute published last ...

The Central Bank And Government Finance

This article continues the sequence of articles on central banks as banks. This article was as brief as possible since ...

Central Bank Balance Sheets

This article continues my series of articles on central banks as banks. Central bank balance sheets (in the modern era, ...
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