Paul Volcker restored the Fed's credibility through suffering. The Fed's leadership knows that it must pursue a similar course today.
John H. Cochrane and Thomas S. Coleman discuss how the fiscal theory of the price level explains inflation.
The capital asset pricing model (CAPM) is a marvel of economic scholarship. The problem is that it doesn’t always work in practice. So, we fixed it.
"If we thought of the equity premium as a fear premium," Rob Arnott says, "a lot of the so-called anomalies that we’ve talked about would not be anomalies at all."
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