Kiley Term Premium Paper
Michael T. Kiley published an interesting term premium paper “Why Have Long-term Treasury Yields Fallen Since the 1980s? Expected Short ...
Primer: Currency Risks For Banks
Yet another unedited section from my banking primer manuscript. My feeling is that this section is packing in too much ...
Primer: Bank Interest Rate Risk
Interest rate risk refers to the potential for losses due to the movement of the risk-free curve, which is largely ...
Primer: Bank Liquidity Risk
This article is an unedited draft from my banking primer manuscript. It probably needs more work, but I will not ...
Random Observations
My writing plans were disturbed (bike got a flat tire…), and so I am stuck with a placeholder article. I ...
Balance Sheets Of Financial Firms
This article is an unedited draft of a section that would go into the introductory chapter of my banking manuscript ...
Self-Funding And Financial System Fragmentation
This is an unedited draft for my projected banking manuscript. It might be an idea to embed some of this ...
Self-Funding And Deposit Hoarding
Once again, this is an unedited draft of a section that would go into my banking manuscript. It follows onto ...
Bank Self-Funding Example
This is a potential section for my banking manuscript. It probably needs some diagrams, but I do not want to ...
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 ...
MMT Documentary – Finding The Money
There is a MMT documentary now out — “Finding the Money.” I have not watched it yet, as it is ...
Japanese Yen
The rapid decline of the Japanese yen — recently stabilised by a (presumed) round of intervention — has brought forth ...
Currencies And Inflation
This is a sub-section that I forgot to include in my previous article that discussed inflation and financial assets. This ...
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 ...
Comments On Asset Prices And Inflation Targeting
This is an unedited manuscript excerpt, from a chapter that discusses how asset price changes relate to inflation. Even if ...
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 ...