Money and Banking

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The Yield Curve Accordion Theory

Money and BanksMoney and Banking

Blog12/26/2017
The Fed dictates to markets at least as much as it reacts to markets.

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Americans Are Addicted to Homeownership, and the Government is the Pusher

Money and BanksTaxes and SpendingMoney and Banking

Blog12/22/2017
"Sure, it's nice that homeownership forces people to build equity in an asset, even if it is a profoundly crappy asset."

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Will Cryptocurrencies Pass the Market Test?

Money and BanksMoney and Banking

Blog12/16/2017
It is not enough to have an established purchasing power. A particular thing — to be used as money — must also pass the market selection process.

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Asset Prices Are Prices Too

Money and BanksMoney and Banking

Blog12/12/2017
Inflation is alive and kicking, and it is currently raging in asset price increases.

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More on Interest Rates and Time Preference

Money and BanksMoney and Banking

Blog12/02/2017
Currently observed negative yields on some European corporate bonds supposedly runs contrary to the positive time preference theory. How can this be?

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I Have Doubts About Bitcoin

Money and BanksMoney and Banking

Blog12/02/2017
The quantity of money is certainly important. But so is its quality.

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What Gives Cryptocurrencies Their Value

Money and BanksMoney and Banking

Blog12/01/2017
The value of cryptocurrencies comes fundamentally from what you can do with them.

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The Digital Revolution Has Empowered Central Banks

Money and BanksMoney and Banking

Blog11/23/2017
All the hype cannot hide the fact that this digital revolution has not delivered the increase in prosperity of previous technological revolutions.

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Are Markets Really as Calm as they Seem?

Booms and BustsMoney and Banking

Blog11/21/2017
Given its track record, there is little reason to expect that the Fed won’t mess things up this time.

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Why Are People Buying Bonds with Negative Yields?

Money and BanksMoney and Banking

Blog11/21/2017
Is this really negative time preference or a central bank induced crack-up bond boom?

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