Practical analysis for investment professionals

central banking


The Yen’s Downside Risk Persists Despite BOJ Shift

There is reason to be cautious about the nascent yen rally.

The Alchemist’s Paradox, Central Bank Sovereignty, and the Fate of Crypto

“It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale.” -- John Kenneth Galbraith

Strong or Volcker? The Fed and Global Financial Stability

The impact of Fed policy on the global financial system is yet another feature of the COVID-19 pandemic that caught investors off guard.

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.



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