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Sunday, June 15

15th Jun - W/E: Linkfest

Previously on MoreLiver’s:

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Farage’s Five Star momentFT

EU Lobbies Yellen on Bank Debt RuleWSJ

TLTRO impact questioned as the carry trade provides easy moneySober Look

The ECB’s Bank Review: Kill the Zombies and Heal the WoundedPIIE

Euro area international trade in goods surplus 15.7 bn euro – Eurostat
Euro area trade balance widens as imports fall more than exports – TradingFloor
Employment up by 0.1% in euro area – Eurostat
Euro area employment rose in Q1 – TradingFloor

OECD Urges Broad Tax Reform In U.S.WSJ
The U.S. should reform its tax code with “a degree of urgency” to overcome challenges to long-term economic growth, including an aging population and rising household inequality, OECD said.

Fedspeak Cheatsheet: What Are Fed Policymakers Saying?WSJ

Analysts on FOMC meeting next weekCalculated Risk

Bank Of America: "A Slowdown In National Home Prices Is Coming"ZH

Still extrapolating the bubbleSober Look

US bank-held consumer credit on the riseSober Look
Why the private sector is so afraid of student debt

UMich Consumer Confidence Drops – ZH
Preliminary June Consumer Sentiment decreases to 81.2 – Calculated Risk

China: Further evidence of stabilisation in May dataDanske Bank

Monitor: Chinese credit crunchDanske Bank
It now looks like China will be able to get past June without a repeat of last year’s money market stress
and hence a major hurdle for a recovery in H2 appears to have been cleared.

China’s TrilemmaProject Syndicate
Yu Yongding: The Nobel laureate economist Robert Mundell showed that an economy can maintain two – but only two – of three key features: monetary-policy independence, a fixed exchange rate, and free cross-border movements of capital. But China is currently juggling all three – an act that is becoming increasingly difficult to sustain.

A simple and reliable way to compute option-based risk-neutral distributionsFED

Daily Central BanksWSJ
Schlesinger’s Take: For BOJ, A Calculated Fade From Spotlight * WSJ Survey: Economists See First Fed Hike in a Year * Fischer Confirmed as Fed Vice Chairman * Carney Says BOE Could Raise Rates Sooner Than Markets Expect * ECB’s Weidmann Warns Against QE

FX Board for June 13: Sterling’s turn to explodeTradingFloor

Carney Excites Sterling BullsMarc to Market

The biggest housing bubble in the world is in … Canada?WaPo

The macroeconomic effects of asset
After reducing their policy rates close to zero in response to the global financial crisis, the Bank of England and the Federal Reserve began purchasing assets. This column assesses the effect of these asset purchases on output and inflation. In line with previous studies, the authors find that asset purchase announcements are associated with increases in both output and inflation in both countries. They also find that quantitative easing had a larger impact on UK inflation, which suggests that the UK Phillips curve is steeper.

The Case for a Long-Run Inflation Target of Four Percent IMF

Undeniable Macroeconomic Truths?Noahpinion

The US and the Eurozone 2012-3mainly macro
If fiscal policy is important at the zero lower bound, why did the US recovery continue in 2012 and 2013 despite a large fiscal contraction? Or to put the same question in a comparative way, why was the Eurozone’s fiscal contraction in 2012/3 associated with a recession, but not in the case of the US?

Quantifying the Lasting Harm to the U.S. Economy From the Financial CrisisThe Big Picture
In 2013, output was 13 percent below its trend path from 1990 through 2007.

Recession Did Lasting Harm to Global Growth Potential, Study FindsWSJ

European Cab Protests Lead To 850% Increase In New Uber UsersZH
Streisand-effect in action J

The Eccentric Genius Whose Time May Have Finally Come (Again)The Atlantic
Resurrecting the legacy of a man who understood, and feared, the future of automation.

The Biology of RiskNYT

Business School, DisruptedNYT

Murder in MiniatureSlate
One woman’s ghastly dollhouse dioramas turned crime scene investigation into a science.

A Guide to Read-It-Later AppsRecode

Historian huonoin hallitus?Osmo Soininvaara

EKP:n toimilla on jo ollut vaikutuksiaRoger Wessman / Marketnoze

Antti Rinne: Saksan tai Ruotsin malli ei kelpaa työpaikkojen lisäämiseenTE

"Deflaation uhkaa ei voi sulkea pois"TalSa

Näkökulma: Vastuu on kuulijallaIL
Totuuden nimissä täytyy sanoa, ettei puolueen, tässä tapauksessa keskustan, talouden kuntoon laittaminen ole helppoa näinä aikoina.

Teollisuuden liikevaihto supistui Q1 2014 noin 3% edellisvuodesta – Tilastokeskus
Rakennusyritysten liikevaihto kasvoi Q1 2014 2,6% edellisvuodesta – Tilastokeskus
Palvelujen liikevaihto kasvoi Q1 2014 2,5% vuoden takaisesta – Tilastokeskus
Kansantalouden tuotanto kasvoi huhtikuussa 2014 – Tilastokeskus