Here are some more appropriate names for TARP, now that there won't be (and indeed there was never any) buying of troubled assets: TERP (Troubled Equity Relief Program) or PFKATARP (Program Formerly Known as TARP). FT Alphaville summarizes views on the U-turn as well as showing the consequences.
Economics goes into the bedroom.
Mish argues that industrial and Treasury bond yields are supporting the deflation argument.
John Cochrane discusses in WSJ whether it is time to buy stocks. I particularly liked the part Bryan Caplan quotes, where Cochrane shows how stocks, contrary to conventional wisdom, are a lot like bonds.
Menzie Chinn looks at the path of US consumption in 2009 with some basic assumptions.
Macroblog explains the changing operational face of monetary policy by summarizing a recent FRBNY policy paper that shows how money can be decoupled from monetary policy- basically, what the Fed has recently been doing.
The Fed, FDIC, OCC and OTS recently released a joint statement, which is saying to banks, among other things, please lend. While Economix gives some background on the statement, if the constraint is in the credit demand rather than supply, even if you lend it, they won't come.
BIS just released its latest (end 2Q08) statistics on the global OTC derivatives market.
After looking at the relationship between the Ted spread and stocks last week, MarketSci is taking on VIX and the stock market this week. Again, there are no official links established, but nevertheless, it's enjoyable to read.
Corsetti and Muller summarize some recent recent research (mainly theirs) showing that the effectiveness of a fiscal expansion depends on how it is financed as well as the stance of monetary policy. The article is a well-written explanation of some of the issues I had briefly touched in an earlier post.
Zubin Jelveh writes on market microstructure, summarizing the key takes of a paper that explains why demand and supply are slowly integrated into market prices.
Understanding the fall of oil prices below USD55 through options.
Economics goes into the bedroom.
Mish argues that industrial and Treasury bond yields are supporting the deflation argument.
John Cochrane discusses in WSJ whether it is time to buy stocks. I particularly liked the part Bryan Caplan quotes, where Cochrane shows how stocks, contrary to conventional wisdom, are a lot like bonds.
Menzie Chinn looks at the path of US consumption in 2009 with some basic assumptions.
Macroblog explains the changing operational face of monetary policy by summarizing a recent FRBNY policy paper that shows how money can be decoupled from monetary policy- basically, what the Fed has recently been doing.
The Fed, FDIC, OCC and OTS recently released a joint statement, which is saying to banks, among other things, please lend. While Economix gives some background on the statement, if the constraint is in the credit demand rather than supply, even if you lend it, they won't come.
BIS just released its latest (end 2Q08) statistics on the global OTC derivatives market.
After looking at the relationship between the Ted spread and stocks last week, MarketSci is taking on VIX and the stock market this week. Again, there are no official links established, but nevertheless, it's enjoyable to read.
Corsetti and Muller summarize some recent recent research (mainly theirs) showing that the effectiveness of a fiscal expansion depends on how it is financed as well as the stance of monetary policy. The article is a well-written explanation of some of the issues I had briefly touched in an earlier post.
Zubin Jelveh writes on market microstructure, summarizing the key takes of a paper that explains why demand and supply are slowly integrated into market prices.
Understanding the fall of oil prices below USD55 through options.
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