What is FTPL (Fiscal Theory of Price Level)?
The Fiscal Theory of the Price Level says that money has value because the government accepts it for taxes, and inflation is fundamentally a fiscal phenomenon
Hong Kong Linked Exchange Rate & HKD-USD interest rate differential
HKD tends to be on the strong side (closer to HKD 7.75 per USD) when the interest rate differential is positive (HIBOR > LIBOR).
Currency Zones through the last 50 years
The figure above is from a recent BIS working paper "A key currency view of global imbalances". It shows the currency geography as of four dates from the last days of Bretton Woods until now: 1968, 1985, 2001 and 2017.
How to make US inflation chart by pulling data from BLS API with Python
An important question is how do we get the series IDs for the data you need. The short answer is through BLS's Data Finder
How to Reform the Federal Reserve System? | Q&A with Kocherlakota |
Welcome to the latest installment of our interview series “Where is the General Theory of the 21st Century?”
“Where is the General Theory of the...
Derivatives’s Credit Terms in Eurozone Tighten Further
The latest SESFOD shows that the credit terms offered to counterparties for both securities financing and OTC derivative transactions is further tightened.
Market Monetarism and Macroeconomics | Q&A with Scott Sumner |
This is the second installment of our interview series "Where is the General Theory of the 21st Century?".
In this second installment, we continue...
“The Rate of Return on Everything, 1870-2015”
How Alan Taylor, one of the authors of "The Rate of Return on Everything, 1870-2015" explains the liquidity premium problem when we compare the rate of return on Housing and Equity
CoCo issuance and bank fragility
A series of papers by Stefan Avdjiev, Bilyana Bogdanova, Patrick Bolton, Wei Jiang, and Anastasia Kartasheva on this topic is highly recommended.
Economic benefit of asset market bubble
What the impact of asset price bubbles on US economic growth is.
