The wealth illusion
Is the stock market wealth effect a “wealth illusion”?
In “Beyond Doughnuts” I argue that when interest rates are already low, further cuts may raise desired saving - the opposite effect to what most macro mod...
Bond bubbles, MMT, and the limits to fiscal policy
Some reflections on this discussion between Brad DeLong and Noah Smith.
Most people who believe in a bond bubble hold inconsistent beliefs. A 10-year Treasury yield of 2% is obviously a bubble, right? After al...