Once again, this is an unedited draft of a section that would go into my banking manuscript. It follows onto the previous example . In the extended example of how new bank loans are self-fu...
http://www.bondeconomics.com/2024/05/self-funding-and-deposit-hoarding.html
This is a potential section for my banking manuscript. It probably needs some diagrams, but I do not want to spend too much time on them if they end up not being used. One way to get a better ...
http://www.bondeconomics.com/2024/05/bank-self-funding-example.html
This is a topic that is of interest for my book on banking. It may overlap some existing texts written some time ago (which is creating a future editing problem). Note that I refer to “this...
http://www.bondeconomics.com/2024/05/banks-intermediation-and-pass-throughs.html
There is a MMT documentary now out — “Finding the Money. ” I have not watched it yet, as it is on a streaming service I recently dropped. (My family rotates through the various streaming s...
http://www.bondeconomics.com/2024/05/mmt-documentary-finding-money.html
The rapid decline of the Japanese yen — recently stabilised by a (presumed) round of intervention — has brought forth the usual “currency crisis” discussion from the usual suspects (p...
This is a sub-section that I forgot to include in my previous article that discussed inflation and financial assets. This is for a section of my manuscript that replaced two problematic secti...
http://www.bondeconomics.com/2024/05/currencies-and-inflation.html
This article is a complete re-write of two existing sections of my manuscript. I was unhappy with the sections, and they were blocking my progress. I decided to throw in the towel, and just cut...
http://www.bondeconomics.com/2024/04/financial-assets-and-inflation.html
Note: This article would hopefully be worked into my banking manuscript. I think it overlaps other article(s), but I wanted to see how this line of argument looks. Needless to say, I have no pu...
http://www.bondeconomics.com/2024/04/asset-allocation-and-banking.html
I recently wrote about r*, which is now the preferred way to refer to the “neutral” or “natural rate” of interest (in real terms). Although my concerns appear hand-wavy, there is a wa...
The BIS Quarterly Review had a recent paper on r* (the preferred term for the “natural rate of interest”) by Benigno, Gianluca, Boris Hofmann, Galo Nuño Barrau, and Damiano Sandri. “Quo v...
Steve Keen recently wrote “I’m not Discreet, and Neither is Time ” in which he discusses the alleged defects of discrete time models as opposed to continuous time ones. (In discrete time,...
http://www.bondeconomics.com/2024/04/in-defence-of-discrete-time-models.html
This is an unedited manuscript excerpt, from a chapter that discusses how asset price changes relate to inflation. Even if one believes that asset price increases represent inflation, the gene...
http://www.bondeconomics.com/2024/03/comments-on-asset-prices-and-inflation.html
Since I am still chugging away with edits, I have not been spending much time watching developments in markets. I just wanted to off some brief comments on events from central banks last week. I...
http://www.bondeconomics.com/2024/03/late-central-bank-comments.html
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 ...
http://www.bondeconomics.com/2024/03/macro-n-cheese-podcast-inflation.html
The Committee for Economic Development (CED) of Conference Board recently put out “Explainer: The National Debt” which is pretty much a greatest hits of debt scare mongering. Other than ...
http://www.bondeconomics.com/2024/03/the-debt-crisis-is-here-conference.html
This article is an unedited draft section from my inflation primer manuscript. This section is a re-write of content that I saw as having issues. This re-write has led me to be happier with the...
http://www.bondeconomics.com/2024/03/primer-why-not-used-fixed-consumption.html
One of the issues of an interest rate focussed blog is that bond markets can settle into rather uneventful extended range trading dynamics. This has been the case for U.S. inflation-linked bo...
http://www.bondeconomics.com/2024/02/tips-and-drying-paint.html
I ran into an interesting question online: what is neoclassical macroeconomics? I use neoclassical economics as a synonym for “modern mainstream academic macroeconomic theory,” which may not...
http://www.bondeconomics.com/2024/02/what-is-neoclassical-economics.html
I ran into this article on inflation hedging with inflation-linked bonds from FT Alphaville. I just scanned it quickly, but I think that the the approach used makes the topic unnecessarily c...
http://www.bondeconomics.com/2024/01/inflation-hedging-do-not-ask-for.html
Nick Rowe’s article on Milton Friedman’s Thermostat has popped up in online conversation. For those of you unfamiliar with it, it is about inferring statistical relationships between inf...
http://www.bondeconomics.com/2024/01/why-friedman-thermostat-analogy-should.html
Nick Timiroas highlighted an exchange from Fed Governor Waller (link to speech/interview transcript ) on Twitter. This article consists of two rants based on the transcript, plus a bonus rant in...
I got a question about references for post-Keynesian theories of interest rates. My answer to this has a lot of levels, and eventually turns into a rant about modern academia. Since I do not ...
http://www.bondeconomics.com/2024/01/a-response-to-question-about-post.html
Since I am not in the forecasting game, I not on top of what the consensus views are. I also no longer pay attention to others’ Year Ahead Forecasts (which tend to be produced in December a...
http://www.bondeconomics.com/2024/01/a-non-forecast-2024-outlook.html
This article is a wrapping up of a sequence of articles on the topic of “central banks as banks,” which is expected to form a chapter in my book on banking. This version of the text is a br...
http://www.bondeconomics.com/2024/01/central-banks-and-crises.html
This will be my last posting before Christmas, and depending on what I get up to, possibly the last of 2023. This article is somewhat of a placeholder for my manuscript chapter. It is a group o...
http://www.bondeconomics.com/2023/12/should-everybody-have-account-at.html