Practical analysis for investment professionals

central banking


The Fed’s “Time of Testing”: Is This Where the Trouble Will Stop?

“This is a time of testing -- a testing not only of our capacity collectively to reach coherent and intelligent policies, but to stick with them.” -- Paul Volcker

Cochrane and Coleman: Quantitative Easing and Asset Price Dynamics

"Wall Street wisdom is that QE is immensely powerful and is stoking financial bubbles. Academics say, 'I take your $100 bills, I give you back 10 $10 bills. Who cares?'"

Cochrane and Coleman: How Do You Solve Inflation?

"The economic problem now is to control inflation and get to work on the supply side of the economy."

Book Review: The Price of Time

Almost unique among serious finance books, Edward Chancellor’s The Price of Time serves well as bedtime reading.

Cochrane and Coleman: The Fiscal Theory of the Price Level and Inflation Episodes

John H. Cochrane and Thomas S. Coleman discuss how the fiscal theory of the price level explains inflation.

The Fed’s Blindspot on Global Inflation Drivers

What is driving the surge in inflation and how are central banks misplaying their hand?

Myth-Busting: Money Printing Must Create Inflation

Shouldn't all the recent monetary and fiscal stimulus lead to higher inflation? Maybe not.

Top 10 Posts from 2020: COVID-19, The Silent Depression, Damodaran

What Enterprising Investor articles most resonated with readers in 2020?

Who’s Afraid of Jerome Powell?

Jerome Powell, Andrew Bailey, and Christine Lagarde shouldn't keep us up at night.