This article is a short outline of what I see as the macroeconomic effects of a possible continuation of weakness in crypto financial markets. The direct effects would be small, although weakness in crypto is interleaved with the fortunes of the tech sector. It is certainly…
Unless I was interested in short-term breakevens, I viewed the consumer price index (CPI) as a lagging indicator and therefore not too exciting. As…
The tail end of my three-part discussion of banking (link) ended with the argument that the circular nature of funding flows means that they do not…
Market commentary I have been seeing has had an unusual split: warnings about the collapse of the bond market, as well as imminent recession. That…
This article finishes off a sequence of articles on an ancient debate in economics: what limits bank lending? (Links to Part I, Part II.) My argument is…
How Do Banks Think About Loan Book Expansion?
This article was triggered by some discussions I ran into on Twitter. My belief is that the economics literature on banking (with some exceptions) is a…
As expected, the U.S. headline inflation rate for March was punchy (possibly a short-term peak for the annual rate, at least), although core moderated…
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