EconoMonitor

Economics Blog Aggregator

    Finance & Markets

  • DealBook

    Weekend Reading: Waiting on Rupert

    Link ›

  • DealBook

    Remembering Ace Greenberg, Through Good Times and Bad

    Link ›

  • Real Time Economics

    5 Things to Watch on the Economic Calendar

    Link ›

  • Dealbreaker

    Hedge Fund Manager Thinks World’s Just About Over This Whole Apple Fad

    Link ›

  • Dealbreaker

    Argentina Ready To Solve This Thing If You’ll Just Give It Everything It Wants

    Link ›

  • Real Time Economics

    The Federal Government Emerges as Lone Star of the Dreary First Quarter

    The economy had an unusual bright spot in the dreary first quarter: the federal government. After two years of dragging on growth, the federal government’s economic output gave an annualized 3.2% lift to the overall economy in the first quarter, the Commerce Department said Friday. A series of spending cuts and last fall’s shutdown turned the federal government into a net drag on the economy in recent years, before last quarter’s reversal. State and local government output, measured as real value added to the economy, shrank at a 1.4% pace.  And the private sector (87% of the total economy) contracted at a 3.3% pace. The net result: a 2.9% annualized contraction in gross domestic product. That amounted to the worst quarter for the economy since the recession...more

    Link ›

  • DealBook

    A Landlord Rents Office Space, and Maybe a Picture or Two

    Link ›

  • Dealbreaker

    Bear Stearns Exec Who Straddled World Of Wall Street And Magicianry Is No Longer

    Link ›

  • Real Time Economics

    IMF Lays Out Own Fed Exit Strategy

    The International Monetary Fund has plenty of advice for the Federal Reserve ahead of its policy meeting next Tuesday and Wednesday. Fed officials are expected to continue discussions about what combination of interest-rate tools to use when they decide it’s time to raise borrowing costs across the economy, and the IMF this week offered a few suggestions. To start, the IMF suggests the Fed should think twice before relegating its traditional policy tool, the federal funds rate, to a supporting role. Minutes of the Fed’s June meeting showed central bank officials agreed they will use a newer interest rate—the rate it pays banks to park their reserves at the central bank overnight—as their primary tool for raising short-term rates broadly. The Fed has held the fed...more

    Link ›

  • Calculated Risk

    Vehicle Sales Forecasts: Over 16 Million SAAR again in July

    The automakers will report July vehicle sales next Friday, August 1st.  Sales in June were at 16.92 million on a seasonally adjusted annual rate basis (SAAR), and it appears sales in July will be above 16 million SAAR again.  The analyst consensus is for July sales of 16.8 million SAAR.Note:  There were 26 selling days in July this year compared to 25 last year.   Here are a few forecasts:From J.D. Power: U.S. auto sales seen rising 9 percent in July: JD Power-LMC U.S. auto sales in July will be the strongest for the month since 2006, and rise 9 percent from last year, automotive industry consultants J.D. Power and LMC Automotive predicted on Thursday.For the fifth consecutive month, the seasonally adjusted annualized sales rate will top 16 mill...more

    Link ›

  • FT Alphaville

    How not to introduce official e-money?

    Link ›

  • The Big Picture

    Marijuana Laws by State in USA

    Source: Vox

    Link ›

  • Abnormal Returns

    Friday links: exercising your strengths

    Quote of the day Brett Steenbarger, “Some traders are attracted to markets as a way to exercise their strengths and some are attracted to markets to compensate for their weaknesses.” (TraderFeed) Chart of the day Facebook ($FB) is now bigger than Coca-Cola ($KO) and Disney ($DIS).  (Quartz) Markets How much do earnings need to grow to make stocks cheap?  (Scott Krisiloff) Small cap relative performance can run for years.  (A Wealth of Common Sense) Why the outcome of any single trade doesn’t matter.  (Adam Grimes) Mark Cuban won’t own stock in companies doing tax inversions.  (MoneyBeat, Business Insider) The most important charts in the world.  (Business Insider) Companies Burger King ($BKW) is run by a cadre of young execs.  (Businesswe...more

    Link ›

  • The Mises Economics Blog: The Circle Bastiat

    Mises Weekends: Soviet Defector Yuri Maltsev on the Loss of Freedom in America

    Jeff Deist and Yuri Maltsev discuss not only his defection from the former USSR, but also his defection from the Marxist economic mindset, the crime of reading Hayek, why so many westerners still have a naïve, uninformed, and romantic view of socialism, how the Ruble was nothing more than a fiat rationing coupon, and why people with contempt for consumerism never visited a Soviet grocery store. ...more

    Link ›

  • Calculated Risk

    Hotels: Record High Occupancy Rate for Week Ending July 19th

    From HotelNewsNow.com: STR: US hotel results for week ending 19 JulyIn year-over-year measurements, the industry’s occupancy rate rose 2.9 percent to 77.1 percent. Average daily rate increased 4.1 percent to finish the week at US$117.57. Revenue per available room for the week was up 7.1 percent to finish at US$90.68. emphasis addedNote: ADR: Average Daily Rate, RevPAR: Revenue per Available Room.This is the highest occupancy rate for any week since at least January 2000.  The previous high was 77.0% in late July 2000.And from HotelNewNow.com: June US hotel occupancy best of this centuryJust how good is the current state of demand? Take a bite of this juicy nugget: June occupancy of 71.7% is the highest of any June this century.The above factoid was culled by Jan...more

    Link ›

  • The Mises Economics Blog: The Circle Bastiat

    Now in Italian: ‘How Consumers Rule In a Free Economy’

    Chris Westley’s article explaining how Carl Menger put consumers front and center in determining value has been translated into Italian: “I consumatori sono i re in un’economia di libero mercato.” ...more

    Link ›

  • DRS » Blog

    OCR KO’d for now

    Link ›

  • DRS » Blog

    OCR KO’d for now

    Link ›

  • The Mises Economics Blog: The Circle Bastiat

    Video: “Hayek and Keynes: Head to Head” with Roger Garrison

    Archived from the live broadcast, this Mises University lecture was presented at the Mises Institute in Auburn, Alabama, on 23 July 2014.

    Link ›

  • The Big Picture

    10 Friday AM Reads

    My morning train reads (continues here): • Charts that leave you no choice but to feel optimistic about the US economy (Quartz) • Corn farmers face a cash crunch (WSJ) but see Why is chocolate getting so expensive? (Slate) • Why Do Americans Stink at Math? (NY Times) see also Deficit scolds are the most crazed ideologues in America (The Week) • Corporatism not capitalism is to blame for inequality (FT) Continues here       ...more

    Link ›

  • Calculated Risk

    Chemical Activity Barometer "retains strong year-over-year growth; shows short-term tightening"

    Here is a new indicator that I'm following that appears to be a leading indicator for industrial production.From the American Chemistry Council: U.S. Economic Expansion Being Tempered By Uncertainty in Energy Markets, Shows Leading Economic Indicator The Chemical Activity Barometer (CAB), a leading economic indicator created by the American Chemistry Council (ACC) posted a 0.4 percent increase over June, as measured on a three-month moving average (3MMA). The pace of growth was consistent with earlier growth logged in the second quarter. Year over year growth now stands at a 4.4 percent increase. ...During July production-related indicators were up, as were product/selling prices, and inventories. After rebounding sharply in May, chemical equity prices have weakened in ...more

    Link ›

  • The Big Picture

    Cognitive Dissonance Is Hurting Your Returns

    Regular readers know I enjoy discussing behavioral aspects of investing. The reasons for this are twofold: First, we can’t control the markets, but we can control our own reactions to it (at least we can try). And second, many studies have shown that investors suffer from a behavior gap between what they should garner in returns and what they actually get. Of all of the failings of human wetware, the one I find most intriguing is cognitive dissonance. You can find technical definitions at Changing Minds, The Skeptics Dictionary or any number of other reference books. In the context of economics and investing, my preferred definition is as follows: Cognitive dissonance occurs in the mind of an individual when a theoretical belief system is confronted by factual evi...more

    Link ›

  • The Capital Spectator

    Housing: The New Risk Factor

    Link ›

  • FT Alphaville

    RBS — the bank that outperformed

    Link ›

  • FT Alphaville

    Dealmaking from an Indian jail apparently not so easy

    Link ›

  • naked capitalism

    Links 7/25/14

    Link ›

  • The Housing Bubble Blog

    They Are Wrong, Just Like They Were Wrong Last Time

    It’s Friday desk clearing time for this blogger. “Alec Diacou bought two large houses in Riverdale in 2004 with the plan to restore and sell them. He’d already rehabbed a number of properties, which he ended up selling with relative ease. But when he finished rehabbing the second in 2009, the recession was in full swing, emboldening some buyers to skip the niceties of negotiation. The real estate market bounced back with a vengeance, and now in Manhattan and parts of Brooklyn and Queens, bidding wars and sky-high prices are the norm. But not so in the high-end niche in Riverdale. Mr. Diacou’s aim now is to break even and move on.” “Perhaps just a victim of timing and the ruthlessness of the market, he never anticipated all the difficulty ...more

    Link ›

  • naked capitalism

    Banks Scapegoat Regulations for More Costly Loans Post Crisis

    Link ›

  • naked capitalism

    Administration Plans Orwellian Statistics Fudge to Make Offshored Production Look Like US Made

    Link ›

  • The Housing Bubble Blog

    Bits Bucket for July 25, 2014

    Post off-topic ideas, links, and Craigslist finds here.

    Link ›

  • Macro Man

    One of these things

    It's time to kick it old-school play a game of the perennial Sesame Street favourite, 'One of These Things is Not Like the Others.'  For those readers not familiar with the program and this game, here's a short video of the Cookie Monster that will instruct you in the nuances of the undertaking:Got it?   Good.   See if you can spot which of these things doesn't belong as we head into the weekend.....1) Initial jobless claims hit their lowest level since early 20062)  As a result, Dec 16 eurodollars have broken a host of moving averages, as well as the trendline from the early April low (which also pretty much hits the 'Summers low' from last September.)3)  The DXY has surged to its highest level in a month, and looks set to threaten it...more

    Link ›

  • The Aleph Blog

    Book Review: Panic, Prosperity, and Progress

    I love economic history books, and I believe that most investors should read economic history.  History offers a broader paradigm for analyzing investment situations than mathematical models do.Mark Twain is overquoted on this, but only because he deserves to be quoted: “History doesn’t repeat itself, but it does rhyme.”You can get a lot of insights into the present by reading this book.  So many disasters occurred because people presumed that the future would be much like the past, and they ended up being the ones that took the large losses.Further, this book will point out that how an asset is held will make a difference in its future performance.  When there is not a lot of debt behind an asset, there may be good prospects.  But when there is a lot of ...more

    Link ›

  • The Skeptical Speculator

    Stocks rise, US new home sales fall

    Stocks rose again on Thursday despite mixed global economic data. The S&P 500 edged up 0.1 percent to close at another record high. The STOXX Europe 600 gained 0.4 percent. Stocks rose despite the International Monetary Fund cutting its 2014 global growth forecast to 3.4 percent on Thursday from 3.6 percent in April. Also, in the US, data on Thursday showed that new home sales fell 8.1 percent in June while the preliminary Markit manufacturing PMI for July showed a fall to 56.3 from 57.3 in June. In Japan, a report on Thursday showed that the trade deficit ballooned to a record 7.60 trillion yen in the first half of the year. Exports fell 2.0 percent in June while imports rose 8.4 percent. Japanese manufacturing also cooled in July, the flash Markit/JMMA manufacturing P...more

    Link ›

  • AllAboutAlpha: Hedge Fund Trends & Alternative Investment Analysis

    Alternative Investments: Why Do We Care

    Link ›

  • My voice and noise on subprime bank regulations

    Great expert bank regulators of Europe, why do you believe in this regulatory nonsense?

    Link ›

  • Institutional Economics

    The Financial System Inquiry and Macro-Pru

    I have an op-ed in Business Spectator endorsing the sceptical approach to macro-prudential regulation taken in the Murray inquiry’s interim report: Macro-prudential policies are seen as providing policymakers with a more targeted set of policy instruments that might complement or even substitute for changes in official interest rates. However, these instruments also implicate policymakers in making much finer judgements about risks to financial stability as well as the more traditional concern of monetary policy with price stability. A blunt instrument like monetary policy encourages caution in making such judgements. By contrast, more targeted counter-cyclical quantitative controls are a standing invitation to micro-manage credit allocation, but do not in thems...more

    Link ›

  • Abnormal Returns

    Thursday links: understanding Wall Street

    Quote of the day Chris Arnade, “Rules are made to be gamed, and games are played to be won. That is at the core of the culture of Wall Street. If you don’t understand that, you don’t understand Wall Street.”  (Guardian) Chart of the day Treasury yields have a hard time moving higher.  (Andrew Thrasher) Video of the day Michael Mauboussin talks about The Success Equation: Untangling Skill and Luck in Business, Sports and Investing with the folks at Google.  (YouTube via @pkedrosky) Gold On the relationship between long term Treasury yields and gold.  (Market Anthropology) A deep dive into a model that helps explain gold prices.  (Crossing Wall Street) Markets Is China’s stock market ready to breakout?  (Kimble Charting) German bond yields ar...more

    Link ›

  • Paper Economy - A US Real Estate Bubble Blog

    New Home Sales: June 2014

    Today, the U.S. Census Department released its monthly New Residential Home Sales Report for June showing a notable decline with sales declining 8.1% from May falling 11.5% below the level seen in June 2013 remaining near an historically low level with 406K SAAR units. The monthly supply increased to 5.8 months while the median selling price increased 5.27% and the average selling price increased 8.27% from the year ago level. The following chart show the extent of sales decline to date (click for full-larger version). ...more

    Link ›

  • Abnormal Returns

    6 Essential Principles from Pragmatic Capitalism by Cullen Roche

    Cullen Roche at Pragmatic Capitalism has been a fixture on the financial blogging scene for some time now. He was named by Josh Brown as one of the “five best financial bloggers.” Not surprisingly book publishers came calling and he recently published a fine book: Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance.* Cullen has been out talking about the book including a Q&A over at The Reformed Broker and a Trendfollowing Podcast with Michael Covel. The book was also positively reviewed over at A Wealth of Common Sense. Long-time readers of Pragmatic Capitalism will find some familiar topics in the book including a discussion of the concept of “monetary realism.” In addition Cullen dives deeper into some topics a...more

    Link ›

  • The Capital Spectator

    Jobless Claims Drop To 8-Year Low

    Link ›

  • The Capital Spectator

    Research Review |7.24.13 | Momentum Investing

    Link ›

  • The Housing Bubble Blog

    Stuck In A Trade

    The Press Democrat reports from California. “Sonoma County’s housing market wrapped up the first half of 2014 by once more posting both a drop in sales and a double-digit jump in prices, according to The Press Democrat’s monthly housing report compiled by Pacific Union International VP Rick Laws. While it remains a sellers market, Laws said buyers are cautious and at times have sought concessions. ‘I’ve seen numerous occasions where buyers take a walk,’ he said. ‘And basically it’s that they don’t want to overpay.’” From Bloomberg. “Alexander Philips joined the rush to buy foreclosed U.S. homes four years ago, spending $40 million on houses in California and Nevada to operate as rentals. Now his firm is getting ready t...more

    Link ›

  • The Aleph Blog

    Book Review: Reducing the Risk of Black Swans

    This is a very short book. I read the whole thing in 40 minutes.  It has one main idea: what if you could create a less variable portfolio that returns as much as the traditional 60% S&P 500, 40% Barclays Aggregate blend?  Wouldn’t you want that?Most of us would want that.  I would want earning more at the same level of volatility as the market, but that is another matter.The authors take us through a variety of backtests, showing us portfolios that did well in the past, if you had invested in them.They show how investors could have done better by tilting their portfolios toward value socks, small stocks, and international stocks, eventually showing a portfolio invested 60% in 5-year Treasuries, and 40% in stocks that tilt small, value, and international...more

    Link ›

  • The Skeptical Speculator

    S&P 500 at new record high, New Zealand raises rates again

    Markets rose on Wednesday. The S&P 500 added just 0.2 percent but that was enough to bring it to a new record high. The STOXX Europe 600 rose 0.1 percent. Markets rose despite relatively downbeat economic data on Wednesday. The International Monetary Fund on Wednesday said that it expects the US economy to grow 1.7 percent in 2014, down from its June forecast for 2.0 percent growth. It expects growth to accelerate to 3 percent next year and in 2016. In the euro area, the European Commission's consumer confidence index for the region fell to minus 8.4 in July from minus 7.5 in June. These data did not dissuade the Reserve Bank of New Zealand from hiking interest rates for the fourth time since March. On Thursday, the RBNZ raised its official cash rate by 25 basis points ...more

    Link ›

  • AllAboutAlpha: Hedge Fund Trends & Alternative Investment Analysis

    A Challenge to Bayesian Probability

    Link ›

  • Dr. Housing Bubble Blog

    The drought of young California home buyers: Unaffordable housing reigns supreme as first time home buyers squeezed out of market. Of 7,000,000 completed foreclosures since 2005, 1 million occurred in California.

    Link ›

  • DRS » Blog

    Flagship benchmarks benchmarked

    Link ›

  • DRS » Blog

    Flagship benchmarks benchmarked

    Link ›

  • My voice and noise on subprime bank regulations

    Mark Carney violates the ethics of Adam Smith that he himself emphasizes.

    Link ›

  • My voice and noise on subprime bank regulations

    Comment on BoE´s Sir Jon Cunliffe´s speech, July 17, 2014, on the leverage ratio in bank regulations.

    Link ›

  • DRS » Blog

    Gamekeeper turned poacher

    Link ›

  • DRS » Blog

    Gamekeeper turned poacher

    Link ›

  • Steve Keen's Debtwatch

    Are the students revolting, or is it economics?

    Mainstream economists have long ignored the dynamics of private debt, money and banks to their detriment. Now more than ever, a realistic and non-orthodox approach to economics is needed. Last week I made my first overseas trip on which I ticked the box ‘Australian resident departing permanently’. It’s given me cause to reflect on my career as an academic economist (and part-time journalist) in Australia. This week, I commenced a new role as Head of the School of Economics, History and Politicsat Kingston University, London, 41 years after my life as an economist began in 1973. That’s not when my PhD was approved, nor when I got my first academic job, but the date on which I participated in the student revolt over the teaching of economics in a dispute that le...more

    Link ›

  • Macro Man

    Same-o, Same-o

    Last week's min-bout of volatility notwithstanding, one day just seems to run into another these days, doesn't it.  Consider the following, which makes yesterday indistinguishable from countless others recently:* SPX makes a new high* USD/JPY trades at 101 and change* USD/MXN trades 13.00, +- 10 centavos* EDZ5 trades 99.00 , +- a few ticks* An equity guy who loves the sound of his own voice says Herbalife is a fraud* Another one, who loves the sound of his own voice, says it isn't: nicky-nicky-nah-nah* A US regulator alleges wrongdoing at a non-US bank* Ex post facto standards are applied to foreign exchange fixing behaviour by people who haven't got a scooby how the FX market works* Government and regulatory outrage over the scandalous sums of money thrown at Cong...more

    Link ›

  • The Aleph Blog

    Understanding Insurance Float

    Warren Buffett has made such an impression on value investors and insurance investors, that they think that float is magic.  Write insurance, gain float, invest cleverly against the float, and make tons of money.Now, the insurance industry in general has been a great place to invest, but we need to think about float differently.  Float is composed of two things: claim reserves and premium reserves.Claim reserves are the assets set aside to satisfy all claims that likely will be made as of the current date.Premium reserves are the assets set aside representing prepaid premiums that have not been earned yet.Claim reserves can be long, short or in-between.  Last night’s article dealt with long claim reserves — asbestos, environmental, etc.  Those reserves...more

    Link ›

  • AllAboutAlpha: Hedge Fund Trends & Alternative Investment Analysis

    Winner Takes All, and Liquidity Takers Win

    Link ›

  • The Skeptical Speculator

    Stocks rally, US existing home sales rise

    Global stocks rose on Tuesday. The MSCI All-Country World Index rose 0.7 percent, the S&P 500 climbed 0.5 percent and the STOXX Europe 600 jumped 1.3 percent. US economic data on Tuesday were positive. Existing home sales rose 2.6 percent in June to an eight-month high, with the median house price hitting its highest level since 2007. The consumer price index rose 0.3 percent in June, down from 0.4 percent in May. However, the 12-month inflation rate was unchanged at 2.1 percent....more

    Link ›

  • Macro Man

    A couple of thoughts on EM equities

    At last, some peace and quiet.  After two days of searing, 1% move volatility, the S&P 500 finally allowed punters to take a breather yesterday, registering its smallest percentage move since all the way back on...er...last Tuesday.That having been said, tensions continue to intensify between the West and Russia, with each side accusing the other of culpability for the MH17 disaster.  Whatever the truth may be- and it certainly appears as if the balance of evidence points towards the pro-Russian rebels- we can unfortunately say that at the very least, the Russians have prior form on this sort of thing, right down to denying responsibility for the tragedy.Whether the EU stands up forcefully to Putin's Russia remains to be seen, of course.   Realpo...more

    Link ›

  • Paper Economy - A US Real Estate Bubble Blog

    The Chicago Fed National Activity Index: June 2014

    The latest release of the Chicago Federal Reserve National Activity Index (CFNAI) indicated that the national economic activity weakened in June with the index falling to a very weak level of 0.12 from a level of 0.16 in May while the three month moving average worsened to a weak level of 0.13. The CFNAI is a weighted average of 85 indicators of national economic activity collected into four overall categories of “production and income”, “employment, unemployment and income”, “personal consumption and housing” and “sales, orders and inventories”. The Chicago Fed regards a value of zero for the total index as indicating that the national economy is expanding at its historical trend rate while a negative value indicates below average growth. A value at or ...more

    Link ›

  • Ticker Sense

    July 21st Blogger Sentiment Poll

    Blogger Sentiment Poll Participants: 24/7 Wall St (-) The Aleph Blog (-) Biiwii (N) BullBear Trading Carl Futia (+) Dash of Insight Dividend Growth Investor (+) Elliot Wave Lives On (+) Fallond Stock Picks Global Economic Intersection (-) GEI –... ...more

    Link ›

  • Dr. Housing Bubble Blog

    The inflection point has arrived in Southern California real estate: Investors make up smallest percentage of buyers in three years. Inventory continues to grow.

    Link ›

  • Dr. Housing Bubble Blog

    Tiny homes with big price tags in Pasadena: Inventory grows in Southern California and cash investors continue to pullback from the market.

    Link ›

  • footnoted*

    Irony alert: A One-Time Benefit That’s Actually Three Times

    The irony that we often see in SEC filings may go largely unnoticed by most. But here at footnoted, we try to keep a close eye on that. Much of this we point out via our twitter feed (see here and here and here for a few recent examples). But this  8-K filed by Scansource a few days ago with news of renewed employment agreement for its top executives, set our irony-alert a-flutter. Take a close look at the disclosure related to CEO Michael Baur’s new employment agreement, especially the last sentence: “Mr. Baur’s Amended and Restated Employment Agreement provides for, among other things, (i) a base salary of $850,000 per year; (ii) an annual variable compensation opportunity of a maximum amount of 150% of his base salary based upon performance and the ...more

    Link ›

  • Piggington's Econo-Almanac

    June 2014 Housing Data Rodeo

    Link ›

  • Institutional Economics

    Rent or Buy: Does it Matter?

    A RBA Research Discussion Paper on whether Australian housing is over-valued attracted considerable media attention. The (unsurprising) bottom-line was that Australian housing is currently fairly valued based on the user-cost approach, but that the average household might be better off renting now if, ‘as many observers have suggested,’ future real house price growth is less than the historical annual average rate of around 2.5% since 1955. As it turns out, the ‘many observers’ actually referenced in the paper are the RBA itself, which makes one wonder whether the RDP’s conclusion is part of the RBA’s broader jaw-boning effort directed at expectations for future house price appreciation. In fact, the RBA’s RDP makes an excellent case for the view that w...more

    Link ›

  • footnoted*

    A downgrade to first class for ex-Ford CEO

    Yesterday, Google announced that former Ford Motor Co. CEO Alan Mulally was joining its board and was appointed to the company’s audit committee. That news was widely covered, with much of the coverage focusing on Google’s quest for a driver-less car. Not included in much of the coverage, but part of the 8-K that Google filed yesterday was the additional disclosure that director K. Ram Shriram would be stepping down from the audit committee to make room for Mulally. But the thing that really caught our eye was the letter agreement attached to the 8-K spelling out the terms upon which Mulally joined Google’s board. It’s been over two years since a new director joined Google’s board. The last one, which we footnoted at the time, was Diane Gre...more

    Link ›

  • Paper Economy - A US Real Estate Bubble Blog

    Retail Sales: June 2014

    Yesterday, the U.S. Census Bureau released its latest nominal read of retail sales  showing increasing activity in June with sales rising 0.2% from May and 4.3% on a year-over-year basis on an aggregate of all items including food, fuel and healthcare services. Nominal "discretionary" retail sales including home furnishings, home garden and building materials, consumer electronics and department store sales declined slightly, falling 0.31% from May but rising 1.73% above the level seen in June 2013 while, adjusting for inflation, “real” discretionary retail sales declined 0.48% on the month and falling 0.26% since June 2013. ...more

    Link ›

  • A Fistful Of Euros

    Spain and the IMF: Round the Bend or Out of the Woods?

    “Spain has turned the corner”. With this stark statement the IMF opened it’s annual Article IV consultation report for 2014. Naturally the statement rankled, with this author among others, because at first sight it seems to be saying something which on closer reading of the report you find it isn’t. At best it’s misleading, possibly from a PR point of view intentionally so, but then Article IV reports are supposed to be more sober, measured assessments. One Spanish journalist summed up the surprise many felt in the following tweet. Dear IMF, You can’t say “Spain has turned the corner” and “the unemployment remains unacceptably high” in the same paper It’s silly Yours, C  What I suppose the authors...more

    Link ›

  • Steve Keen's Debtwatch

    The good, the bad and the ugly of the Murray inquiry

    The Murray inquiry's observations on financial advice, household debt and super are commendable, but its boneheaded proposal for the government to underwrite RMBS is a concern. A government report is always a Parson’s Egg, and I’ll start with the parts of this one that were excellent. These were its wariness about and observations on superannuation, financial advice and household debt. The raison d’etre for superannuation in the first place was that it enforced “saving for the future” by individuals, and one doesn’t save money by going into debt. That was the reason that borrowing by superannuation funds was banned in the first place when the system was designed. The decision by the Howard government in late 2007 to remove this ban was one of the worst decis...more

    Link ›

  • Ticker Sense

    July 14th Blogger Sentiment Poll

    Blogger Sentiment Poll Participants: 24/7 Wall St The Aleph Blog (-) Biiwii (-) BullBear Trading Carl Futia (+) Dash of Insight Dividend Growth Investor (-) Elliot Wave Lives On (+) Fallond Stock Picks (+) Global Economic Intersection (-) GEI –... ...more

    Link ›

  • Steve Keen's Debtwatch

    A Royal Commission into the Commonwealth Bank

    The Commonwealth Bank’s response to the Senate investigation of ASIC blames incompetence and individuals for the scandals at Commonwealth Financial Planning Limited. Chief executive Ian Narev: “Poor advice provided by some of our advisers between 2003 to 2012 caused financial loss and distress and I am truly sorry for that.” This is the predictable ‘rotten apple’ defence to allegations of impropriety. And it is simply absurd to describe some of the alleged actions of those advisers noted by the Senate Report – such as “forgery and dishonest concealment of material facts” (Senate Inquiry Executive Summary, p. xviii) — as merely “poor advice”. If the bank can describe that as “poor advice”, then a bank robber would be entitled to describe his ...more

    Link ›

  • Jeff Matthews Is Not Making This Up

    Okay FINRA, Who Had The Call From The FHFA?

     Last night at 4:05 PM E.S.T. the news hit Bloomberg that the Federal Housing Financing Agency was proposing an astoundingly, stupidly strict set of standards for private mortgage insurers who do business with Fannie Mae and Freddie Mac, the net effect of which would be to reduce the availability of credit for home buyers at the very time that credit is needed to keep our economic recovery going. We are not here to explain the issue, only to point out to FINRA, the self-policing body in charge of sniffing out strange behavior in the public markets, the enormous--nay, ginormous--option trades in the two publicly traded stocks most affected by the proposed standards just hours before the news hit the tape, betting on a drop in those stocks. Those two stocks...more

    Link ›

  • Institutional Economics

    Eight Housing Affordability Myths

    I have published a new Issue Analysis with the Centre for Independent Studies, Eight Housing Affordability Myths. In the paper, I show how a number of highly persistent myths about the nature of housing markets, the dynamics of house prices and the drivers of housing affordability condition public policy to focus on excessively on housing demand at the expense of housing supply....more

    Link ›

  • The Baseline Scenario

    How to Get Thrown Out of a Luxury Hotel

    Link ›

  • footnoted*

    Actavis’ pre-holiday dump

    It’s pretty rare for a holiday to fall on a Friday. But when it does, it makes the usually juicy “Friday Night Dump” seem like an over-cooked hot-dog. Once the markets closed on Thursday at 1 p.m., the filing floodgates opened wide: we counted 174 8-Ks filed after the markets closed on Thursday.  We’ve flagged a dozen of those for our footnotedPro subscribers. Still, one of the most surprising filings on Thursday was filed before the markets closed. This 8-K, which was filed by Actavis late Wednesday, became available first-thing Thursday morning and it nearly took our breath away. Earlier in the week, Actavis received approval from the FTC for its acquisition of Forest Laboratories, a $25 billion deal that had been announced back in February. B...more

    Link ›

  • Ticker Sense

    June 30th Blogger Sentiment Poll

    Blogger Sentiment Poll Participants: 24/7 Wall St (N) The Aleph Blog (-) Biiwii (N) BullBear Trading Carl Futia (+) Dash of Insight (+) Dividend Growth Investor Elliot Wave Lives On (+) Fallond Stock Picks (+) Global Economic Intersection (-) GEI... ...more

    Link ›

  • A Fistful Of Euros

    Multipliers and adding up

    Bank for International Settlements 84th Annual Report, page 11 – Second, as growing evidence suggests, balance sheet recessions are less responsive to traditional demand management measures (Chapter V). One reason is that banks need to repair their balance sheets. As long as asset quality is poor and capital meagre, banks will tend to restrict overall credit supply and, more importantly, misallocate it. As they lick their wounds, they will naturally retrench. But they will keep on lending to derelict borrowers (to avoid recognising losses) while cutting back on credit or making it dearer for those in better shape. A second, even more important, reason is that overly indebted agents will wish to pay down debt and save more. Give them an additional unit of i...more

    Link ›

  • A Fistful Of Euros

    Japan Inflation At A 32 Year High?

    Just in case anyone was in any doubt last weeks newspaper  headlines blared it out for us loud and clear – Japanese inflation is back, and has even hit levels last seen in 1982. (Click on image below for better viewing). In fact consumer prices in Japan rose at an annual rate of 3.4% in May according to the Bank of Japan’s preferred measure, driven higher from one month to another by the growing impact of the April sales tax hike. The May surge in inflation follows a previous jump to 3.2%  in April, up from 1.3% in March. Apart from the tax hike, the delayed impact of last years yen devaluation is still being felt: electricity charges rose 11.4% year on year in May, gasoline was up 9.6%, while fresh seafood prices climbed 14.3%. However, str...more

    Link ›

  • The Baseline Scenario

    Corporate Political Contributions and Bad Faith, Whatever That Is

    Link ›

  • Jeff Matthews Is Not Making This Up

    Life in Wartime, or, One More Reason Why Companies Leave America

     These are the headlines on my Bloomberg for Annie's, the organic mac and cheese maker whose shares have fallen from unsustainable heights as the difficulties of running a public company while trying to meet the impatient quarterly targets of impatient quarterly-minded investors finally overcame the euphoria of a company that seemed to be in the right place at the right time. And this is one more reason why companies are leaving America. For the record, I like the new CFO (who helped flag the filing deficiencies) and would not bet against the company mending its ways. Nor would I blame them for moving to Ireland to get the Pittsburgh Law Office of Alfred G. Yates, Jr, the Lifshitz & Miller Law Firm, Brower Piven, Levi & Korsinsky, LLP, the Fo...more

    Link ›

  • Piggington's Econo-Almanac

    May 2014 Housing Data Rodeo

    Link ›

  • The Baseline Scenario

    Larry Summers and Finance

    Link ›

  • A Dash of Insight

    Weighing the Week Ahead: More Clarity from the Market Message?

    Do you have an opinion about stocks or bonds or foreign exchange? If so, it is easy to find a market message that will support (or contradict) your viewpoint. The "message" of the market has rarely been this confused. With plenty of important news and data this week, the theme will be: Can we find clarity in the market message? Prior Theme RecapLast week I expected a focus on housing. The short trading week would start with Prof. Shiller (that was right) and end with discussion of pending home sales (also right). In between, there was plenty of filler because nothing much seemed to be happening. I lost count of the number of stories about the driverless Google car – interesting, but not very relevant for the markets. Forecasting the theme is an exercise in plann...more

    Link ›

  • Piggington's Econo-Almanac

    Shambling Towards Affordability: Housing Valuations Surpass Pre-Bubble Peak

    Link ›

  • A Dash of Insight

    Weighing the Week Ahead: Will a Sluggish Housing Sector Derail the Economy?

    In a holiday-shortened week, there is plenty of data. The Case-Shiller home-price index will set the tone on Tuesday morning. After last week's soft housing reports, many will be asking, Will housing weakness undermine economic growth? Prior Theme RecapLast week I expected a focus on bonds versus stocks. It was a light week for data and the bond market rally was an ongoing mystery. That theme was as good as any, but nothing really stood out. The appetite for content created many "fluff" pieces and trading was very quiet. As long as you did not take small moves seriously, there was an opportunity to do some buying at mid-week. Forecasting the theme is an exercise in planning and being prepared. Readers are invited to play along with the "theme forecast." I spend a l...more

    Link ›

  • Jeff Matthews Is Not Making This Up

    Berkshire Hathaway: Beyond Buffett

    If this is failure, I want more of it.”—Charlie Munger “The only succession for Ajit Jain is reincarnation.”—Warren BuffettOmaha, Nebraska, May 3, 2014.It’s one year later, and I’m driving in pre-dawn darkness through downtown Omaha to the 2014 Berkshire Hathaway shareholder meeting, which, up until about a week ago, was looking like another cakewalk for Warren Buffett. After all, Berkshire’s net worth increased 18% in 2013, representing a staggering $34 billion jump in value.  And while, as some wet-blanket observers have pointed out, Berkshire’s 18% gain paled in comparison with the S&P 500 (up 32% including dividends—its best year since 1995), a $34 billion increase in value would be a grand slam home run for any company, in an...more

    Link ›

  • A Dash of Insight

    The Sound of Silence

    The insightful investor develops solid indicators and then follows the data. This may seem obvious, but instead…. Many pundits start with the conclusion and then search for evidence.  [For complete appreciation of today's post, follow the links for the relevant music.] There are a number of interesting current examples. In various prior posts I have suggested that these were not really important leading indicators, so I am not flip-flopping by drawing inferences from improved conditions. Others will do that via their silence. I suggest that you recall the scary recent warnings on these themes – now all showing improvement – and note the sound of silence:  Margin debt. Remember how you were supposed to be scared witless (TM OldProf) by this event? It appea...more

    Link ›

  • VIX and More

    The Correction As Seen in the ETP Landscape

    Since stocks bottomed in March 2009, I have periodically been publishing an SPX pullback table and occasionally a plot of all those pullbacks and their duration. The recent selloff in stocks, however, has been anything but an SPX pullback. I toyed with the idea of presenting comparable data for the NASDAQ Composite or NASDAQ-100 Index (NDX), but here again, the selling has been disproportionate in some areas of the NASDAQ universe, even though it has been hit harder than the SPX. This time around I have opted instead for a chart that shows the peak-to-trough drawdown across the equity ETP universe, focusing on sector groups that I believe are among the most important to watch. [source(s): Yahoo, VIX and More] The data above cover only 2014 and indicate the maximum...more

    Link ›

  • VIX and More

    Low Volatility: How To Profit From a Quiet VIX (Guest Columnist at Barron’s)

    Today I was once again a guest columnist at Barron’s, penning Low Volatility: How to Profit From a Quiet VIX for the venerable Barron’s options column, The Striking Price. ; While this is my thirteenth turn as guest columnist, much to my surprise this is the firsts time that “VIX” has appeared in the title.  Since everyone seems to be talking about how low the VIX is, whether the VIX is broken, etc. I thought it would be an appropriate time to share some of my thoughts on the subject. In the Barron’s article I make the point that while mean-reversion trades when the VIX spikes higher has been a viable strategy over the years, the mean reversion approach has not fared nearly as well when the VIX dives substantially below its long-term mean, which happ...more

    Link ›

  • Emerging markets

    A ham-fisted flotation strategy

    Link ›

  • Emerging markets

    South Korea escapes Asia’s rising risks

    Link ›

  • Emerging markets

    Dollar DCM volume hits record in Asia

    Link ›

  • Felix Salmon

    Post Felix

    By Shane Ferro Today is Felix’s last day at Reuters. Here's the link to his mega-million word blog archive (start from the beginning, in March 2009, if you like). Because we’re source-agnostic, you can also find some of his best stuff from the Reuters era at Wired, Slate, the Atlantic, News Genius, CJR, the NYT, and NY Mag. There’s also Felix TV, his personal site, his Tumblr, his Medium archive, and, of course, the Twitter feed we all aspire to. Counterparties may have been the brainchild of Felix and the recently departed Ryan McCarthy, but the blog, site, newsletter, and Twitter feed will continue to exist in their absence. It will be run by Ben Walsh and Shane Ferro, with some non-trivial amount of snark. Today we focus on the reason Felix started Counterparti...more

    Link ›

  • Felix Salmon

    The Piketty pessimist

    By Felix Salmon This chart comes from the World Economic Forum’s 2014 Global Risks Report, which came out just before Thomas Piketty’s book started becoming the topic of discussion in economic and plutocratic circles.* You can clearly see what you might call the rise of inequality-as-an issue: before 2012 it’s nowhere to be found, but since then it’s been consistently in the top spot. My prediction is that in 2015, thanks to Piketty, the WEF will start talking less about income inequality, and more about wealth inequality. The big question, though, is whether inequality is really much of a risk at all. After all, from the point of view of the average billionaire WEF delegate, inequality would seem to look much more like a reward. Chrystia Freeland has a hopeful...more

    Link ›

  • Economix

    Economix Meets the Gales of Change

    Link ›

  • Economix

    Economix Meets the Gales of Change

    Link ›

  • Felix Salmon

    The most expensive lottery ticket in the world

    By Felix Salmon No Exit, the new book from Gideon Lewis-Kraus, should be required reading for anybody who thinks it might be a good idea to found a startup in Silicon Valley. It shows just how miserable the startup founder’s life is, and raises the question of why anybody would voluntarily subject themselves to such a thing. A large part of the answer is that Silicon Valley is gripped by a mass delusion, compounded by a deep “fake it til you make it” attitude toward success. Why do so many people in Silicon Valley want to be founders? Because every founder they meet is always killing it, crushing it, having massive success, just about to close a huge round, etc etc. At some level, they must know this is impossible: if 90% of startups fail, it simply can’t be the...more

    Link ›

  • Economix

    Mortgage Reform Is Worth the Small Extra Cost to Borrowers

    Link ›

  • Economix

    Mortgage Reform Is Worth the Small Extra Cost to Borrowers

    Link ›

  • Economix

    In Europe, Auto Sales Are Still Low, But They Are Rising

    Link ›

  • Economix

    In Europe, Auto Sales Are Still Low, But They Are Rising

    Link ›

  • VIX and More

    CBOE RMC 2014: A Retrospective

    Earlier this month, I had the pleasure of attending the CBOE Risk Management Conference (RMC) in Bonita Springs, Florida. Now that the conference is over and the CBOE has posted most of the presentations, I thought I would take a little time and offer a retrospective look at some of the content that caught my attention. Before I do that, I am compelled to tip my cap to Russell Rhoads, whose indefatigable and prolific efforts were responsible for capturing many of the details of the conference. Russell’s posts and those of Matt Moran made it possible for anyone to have a virtual front-row seat throughout the proceedings. Their efforts in conjunction with the RMC are archived at the CBOE Options Hub with the CBOERMC tag. From my vantage point, I thought it particularl...more

    Link ›

  • FinanceProfessor.com

    Behavioral finance and investment from Berkely

    Link ›

  • FinanceProfessor.com

    Fama on the history of Market Efficiency--MUST WATCH!

    Link ›

  • Stan Collender's Capital Gains and Games

    Capital Gains And Games Now Being Published By Forbes

    Link ›

  • Stan Collender's Capital Gains and Games

    Big Changes Are Coming To Capital Gains And Games

    Link ›

  • Stan Collender's Capital Gains and Games

    Camp Plan Puts Nail In Tax Reform Coffin For This Year, And Next, And...

    Link ›

  • The Prudent Investor

    30,000 Protesters Take To The Streets in Nantes, France

    While the world is glued to Youtube live feeds in HD quality to the bonfires in Kiev where one corrupt regime is about to be replaced by another, the economic crisis erupts into fire in the heartland of the Eurozone.30,000 protesters took to the streets in Nantes, France on Saturday, in an ongoing struggle to prevent the building of a new airport.Due to the language barrier and a blackout in EU media this report for the BBC from 2012 shows that fronts are pretty hardened. Protesters claim that the Notre-Dame-des-Landes airport in the west of the country is unnecessary and would damage the enviroment while the local government just wants to press on with an agenda obviously abhorred in this town of 900,000.We miss the uproar in the EU about the deployment of pepper spray...more

    Link ›

  • The Prudent Investor

    You Have No Deposits at the Bank but Only an IOU in Your Hands

    A nice reminder that once you deposit mony at the bank it is not yours anymore. Simply said your deposit is a – currently no interest paying – loan to the bank with little paperwork. Better get it before the bank runs begin. Click here to go to the The Prudent Investor homepage for more interesting posts. ...more

    Link ›

  • The Prudent Investor

    Will Austrian Bank Woes Be Again the Catalyst for a European Kondratieff Winter?

    Sad affairs have been heating up in the tiny Alpine republic in the center of the European Union. While Austria experiences record unemployment at record growth rates and tax revenues  have fallen behind optimistic projections, the looming bankruptcy of a mid-sized regional bank, Hypo Group Alpe Adria (HGAA), may propel the country to the disdained position of being the catalyst for a new round of bank failures due to interwoven banks risks on both the domestic and the international level.Austrian politicians are up in arms since a third-party expert opinion that recommends to wind down the bank at a cost of €18 billion has been leaked to the media, but keep on marching on the most fatal route that will not dissolve the problems: They keep flogging the dead horse...more

    Link ›

  • Richard's Real Estate and Urban Economics Blog

    Hannah Harris Green in The Guardian on Race, Crime and Television

    She writes:The First 48 is an A&E true crime reality show that documents real police investigations for the first 48 hours after a homicide report, including what happens inside interrogation rooms. If this sounds dangerous and ethically questionable, that's because it is. Police accidentally killed a child as A&E's cameras rolled, and a legally innocent man came to beknown as a murderer after of his appearance on the show. Catastrophes like these have led to lawsuits, and now many cities refuse to work with The First 48.......This portrayal is not representative of American crime statistics. Although homicide arrests are disproportionately high among African Americans, about the same total number of white people are arrested i...more

    Link ›

  • FinanceProfessor.com

    Blackstone Unit Wins in No-Lose Codere Trade: Corporate Finance - Bloomberg

    Link ›

  • Richard's Real Estate and Urban Economics Blog

    UW-La Crosse Chancellor Joe Gow has issues with sifting and winnowing.

    A geography professor at the University of Wisconsin-La Crosse, Rachel Slocum, made the mildly controversial point in an email to her students that Republicans in the House of Representatives had brought about the partial closure of the US government, and had therefore brought about the closure of the US Census web site.  This closure prevented her students from completing their assignments.  She never used abusive or offensive language.Her point raised howls among the conservative blogasphere and media; when confronted with this, her boss, UW-La Crosse Chancellor Joe Gow, publicly reprimanded her for expressing a factually based opinion to her class.  In my view, it was his job to back her--not to agree with her opinion, but rather to defend he...more

    Link ›

  • The Oil Drum - Discussions about Energy and Our Future

    The Oil Drum writers: Where are they now?

    Link ›

  • Richard's Real Estate and Urban Economics Blog

    The Windy City and The Foggy City

    Hannah Green writes:ERNEST HEMINGWAY famously wrote of Paris, “If you are lucky enough to have lived in Paris as a young man, then wherever you go for the rest of your life, it stays with you, for Paris is a moveable feast." For half a century, Hemingway’s nostalgic vision of the city of lights has made undiscovered literary geniuses wish that they could be unemployed in Paris in the 1920s instead of unemployed wherever they live, now. Last year, Teju Cole’s debut novel, Open City, offered a different kind of literary city. The main character, Julius, who resembles Cole, wanders the streets of New York, conversing with the city’s residents and falling into reveries about music, history, and literature. Most of the people he speaks with are immigrants, ...more

    Link ›

  • The Oil Drum - Discussions about Energy and Our Future

    The Last Post

    Link ›

  • The Oil Drum - Discussions about Energy and Our Future

    The House That Randy Built

    Link ›

  • Accrued Interest

    IS HALLIBURTON A BUY?

    Link ›

  • Accrued Interest

    Is it Time to Sell Blackberry?

    Link ›

  • Accrued Interest

    Three Oil Stocks to Consider

    Link ›

  • The Street Light

    Cyprus and Eurozone Bank Deposits

    To me, the central issue raised by this week's Cyprus debacle is how it has affected confidence across the eurozone.  To what degree has the possibility of insured depositors at a eurozone bank losing a portion of their deposits affected the mindset of depositors?  To what degree has ECB acquiescence to this possibility undermined the notion that deposit insurance in the eurozone means the same thing in all countries?  And to what degree has the ECB's direct threat to end support for Cyprus's banking system in the event that the government of Cyprus can not arrange sufficient funds to meet its conditions made a farce of its earlier promise to "do whatever it takes to preserve the euro"?These, to me, are the interesting questions prompted by this week's ev...more

    Link ›

  • London Banker

    Chop Off Their Hands . . .

    President Truman famously called for a one handed economist. The Carolingian kings of France would have accommodated him. They realised that a kingdom required a common currency under the control of the king and well regulated markets to sustain the confidence of the people. At first mints were established widely, spread across the kingdom. Local barons began to profit from debasing the coinage, undermining confidence in the monetary system. So Charles the Bald established mints under his direct control and regulated the issue of coins: C.12. Following the custom of our predecessors, just as it is found in their capitularies, we decree that in no other place in all our kingdom shall money be made except in our palace, and in St. Josse and Rouen, which right in th...more

    Link ›

  • The Street Light

    When the Fed Chair is an Academic

    The big economic news of the week was, in fact, big economic news: the Fed's announcement of significant changes from past practice in the the quantity of its next round of large scale asset purchases ("unlimited"), and in the timing of any future reversal of this expansionary policy ("a considerable time after the economic recovery strengthens").I view this as a pretty fundamental shift in how the Fed hopes to affect the economy.  Rather than trying to push economic activity one way or the other through its management of interest rates (which can alter economic activity through its portfolio-rebalancing and wealth effects, for example), the Fed is now quite explicitly trying to affect economic activity by altering interest rate and inflation expectations.  As...more

    Link ›

  • London Banker

    For Want of a Nail, the Ship Was Lost

    Imagine a great ship dominating the skyline on a distant sea. Imagine the complexity of that ship: keel, ribs, planks, masts, spars, and an infinite number of less readily named components. Each component was hand-crafted by a craftsman skilled in his trade, to precise requirements, and secured in position to take the stress and strain of a life at sea.Now imagine a crew. They didn't build the ship. The crew are told that the one and only purpose of the ship is to realise a profit for every man jack aboard. Any hand not contributing a profit will be turned ashore. Down below in the ship are nails. Thousands and thousands of nails. Nails are useful. Nails are much sought after in every port the ship enters. Nails can be readily sold and never traced. The crew h...more

    Link ›

  • London Banker

    Lies, Damn Lies and LIBOR

    I've been hesitant to write about the LIBOR scandal because what I want to say goes so much further. We now know that Barclays and other major global banks have been manipulating the calculation of LIBOR through the quotation data they provided to the British Bankers Association. What I suspect is that this is not a flaw but a feature of modern financial markets. And if it was happening in LIBOR for between 5 and 15 years, then the business model has been profitably replicated to many other quotation-based reference prices.Price discovery is not a sexy function of markets, but it is critical to the efficient allocation of scarce capital and resources, and to the preservation of the long term wealth of investors and the economy as a whole. If price discovery is compr...more

    Link ›

  • The Street Light

    Government Job Destruction

    Another jobs report in the US, another month where part of the private sector's job creation was undone by continued job destruction by the government sector. The 15,000 additional jobs lost in April brings total job losses in the government sector since January 2010 to over 500,000. While the US has not quite been experiencing European-style austerity over the past two years, that's still a pretty tough headwind to fight as it emerges from recession. ...more

    Link ›


Most Read | Featured | Popular

Blogger Spotlight

Otaviano Canuto

Otaviano Canuto is Senior Advisor on BRICS Economies in the Development Economics Department, World Bank, a new position established by President Kim to bring a fresh research focus to this increasingly critical area. He also has an extensive academic background, serving as Professor of Economics at the University of Sao Paulo and University of Campinas (UNICAMP) in Brazil.

Economics Blog Aggregator

Our favorite economics blogs aggregated.