MARKETS
Blatant
Housing-Bubble: Stating the Obvious – ZH
4 Out Of 5 Valuation Methodologies Agree: The
"Market" Is Overvalued
– ZH
Quant finance blogs – Portfolio
Probe
Money 101: top
resources for finance majors – OFD
Minimum Variance
Portfolios: Theory and Empirics at Odds – Turnkey
Analyst
Some Charts – Global
Macro Trading
Seven Nonfinancial
Books That Made Me a Better Financial Professional – CFA
Institute
Interview: Warren
Buffett, Alan Greenspan – Charlie
Rose
The Infographic That
Ate Wall Street – The
Reformed Broker
Interview: Gary
Gensler explains how financial reform is going – WaPo
How stressed are
banks in the interbank market? – BuBa
Deutsche Bundesbank
Discussion Papers by Puriya Abbassi, Falko Fecht, Patrick Weber
To Young Analysts – The Aleph Blog
ECONOMICS
MONETARY
POLICY
A natural long-term rate – The
Economist
In defence of forward guidance – mainly
macro
How to tell if you
understand monetary economics – Money
Illusion
Forward Guidance: A
new Vox eBook – voxeu.org
Forward guidance is
the practice of communicating the future path of monetary policy instruments.
This column introduces a new eBook on the subject that collects the views of
central bankers from the 7Fed, ECB, Bank of Japan, and Bank of England together
with those of scholars and market participants. Forward guidance could be the
key to unwinding massive central-bank balance sheets without severe
disruptions.
It’s better to “not
target” NGDP (level targeting) than to “not target” inflation – Money Illusion
QUANTITATIVE EASING
The downsides of quantitative easing, Cardiff Garcia smackdown watch – FT
Academic Studies Show QE Doesn’t Work – The
Big Picture
The effects of QE – The
Current Moment
FISCAL POLICY
Ken Rogoff Loses It,
Calls Criticism of Errors in Debt Paper a “Witch Hunt” – naked
capitalism
The Cost of
Crisis-Driven Fiscal Policy – PGPF
Prepared by Macroeconomic Advisers, LLC for the Peter G. Peterson
Foundation
IS ECONOMICS A SCIENCE?
Yes, Economics Is a
Science – NYT
Maybe Economics Is A
Science, But Many Economists Are Not Scientists – Krugman
/ NYT
18 signs you’re
reading bad criticism of economics – ChrisAuld.com
18 Signs Economists
Haven’t the Foggiest – Unlearning
Economics
Economics as science – Stumbling
and Mumbling
DO CURRENCY REGIMES MATTER?
Surprising Similarities:
Recent Monetary Regimes of Small Economies – Berkeley
Macroeconomic and financial consequences of regime choice are surprisingly
small.
Evidence on the
(limited) power of exchange rates – Antonio
Fatas
I do not think the result is banal, as he argues, it is an important
result that is necessary to check the validity of our priors and the
theoretical predictions of our models. But I agree with him that some would
consider the result implausible and would, unfortunately, continue with their
current beliefs that exchange rate regime decisions have strong consequences on
growth and volatility.
Do Currency Regimes
Matter? – Krugman
/ NYT
Nominal wage stickiness. Debt levels matter much less for countries with
their own currency.
A note on exchange
rate regimes and macro outcomes – The
Money Illusion
This surprised me a little, until I found out that the study excluded
the eurozone. Then it didn’t surprise me
at all.
Fiscal Multipliers:
Liquidity Traps and Currency Unions – Economist’s
View
GREENSPAN & HOUSING
Change in Home Prices – FED
Interactive graphics
Why Was the
Housing-Price Collapse So Painful? (And Why Is It Still?) – Macroblog
Alan Greenspan: What
Went Wrong – WSJ
The former Fed chairman on where the economy went wrong, where he went
wrong—and Ayn Rand.
Alan Greenspan still
thinks he’s right – WaPo
Reviewing the “Too
Low For Too Long” Evidence – Economics
One
The Greenspan FED and
the Housing Bubble – Two Critiques – EconoSpeak
The Worst Ex-Central
Banker in the World – Krugman
/ NYT
Never Saw It Coming – Alan
Greenspan / Foreign Affairs
Why the Financial Crisis Took Economists By Surprise
An interview with
Alan Greenspan – Gillian
Tett / FT
Six years on from the start of the credit crisis, the former US Federal
Reserve chairman is prepared to admit that he got it wrong – at least in part
NOBEL-PRIZE
Why This Year's Nobel
Award In Economics Makes Perfect Sense – Capital
Spectator
The Inefficient
Market Hypothesis – NYT
Fama, Hansen, and
Shiller: Excellent Nobel choices – voxeu.org
The Man Who Won a
Nobel Prize for Helping Create a Global Financial Crisis – naked
capitalism
Shiller, Fama and all
that... – Physics
of Finance
The Nobel Laureates
on equity bubbles – Gavyn
Davies / FT
Hey, Wall Street: If
You Want Efficiency, Buy a Blender – BB
Economists Should Get
Out of the Science Lab – BB
How Shiller helped
Fama win the Nobel – The
Big Picture
FINNISH
Näin pankkiunioni höynäyttää
meitä kohti liittovaltiota – Jan
Hurri / TalSa
Pankkiunioni
on välttämätön lisä rahaliittoon, jotta velkakriisi ei toistu. Näin vakuuttavat
europäättäjät. Heidän perustelunsa ovat kuitenkin keskeisiltä osin
kyseenalaisia. Pankkiunionin sivuvaikutukset voivat jopa kärjistää velkakriisiä
lisää – ja näin "yllättäen" pakottaa euromaat ottamaan lisää askelia
kohti yhteisvastuuta ja liittovaltiota.
"Meillä on dramaattinen
talouskasvun hidastuminen edessä" – Verkkouutiset
Aalto-yliopiston
professorin Matti Pohjolan mielestä Suomessa ei tarvitsisi tehdä säästötoimia,
jos talouskasvua saataisiin nopeutettua.
Osakeasuntojen hinnat
laskivat hieman syyskuussa – Tilastokeskus
Näissä
postinumeroissa asuntojen hinnat laskivat eniten – TalSa
Vanhojen asuntojen hinnat putosivat
alkusyksystä pahimmillaan lähes kolmanneksen
"Vahva
euro syö jo Suomen talouskasvua" – TalSa
Euron vahvistuminen uhkaa jo ensi vuoden
talouskasvua Suomessa, arvelee OP-Pohjolan pääekonomisti Reijo Heiskanen.
Euroopan keskuspankilta odotetaankin toimia, hän sanoo.
Lamasta on noustava – korostaa “Nallekin” – Raimo
Ilaskivi / IL
Eurokriisin anatomiaa: Portugali – Markus
Leikola / IL
Tulopoliittinen
sopimus
Pitkään teossa ollut tupo saatiin viimein
sovittua – HS
VATT:n Vartiainen jatkaisi palkkamalttia
useamman vuoden – YLE
Hallitus kiittää työmarkkinasopua - luvatut
tukitoimet astuvat voimaan – YLE
Näkökulma: Tupossa tärkeintä oli sopu – HS
70-luvulla tupo-korotus oli yli 10 prosenttia,
nyt 20 euroa – HS
"Ruotsi
on euromaa alle kymmenessä vuodessa" – Verkkouutiset
Ruotsin kansanpuolueen puheenjohtaja Jan
Björklund on vakuuttunut siitä, että kansalaismielipide maan jäsenyyttä kohtaan
valuuttaunionissa kääntyy ja Ruotsi on alle kymmenessä vuodessa euroalueen
jäsen.
Aiheesta lisää:
Jan Björklund – wiki
Sweden and the euro – wiki
Fortsatt svagt stöd
för euron – SCB
Om det hade varit en folkomröstning
om euron i maj 2013 skulle 81 procent rösta nej och 11 procent skulle rösta ja.