The BondEconomics Newsletter

Brian Romanchuk
Discussion of bond market economics
Created 12 Jun 2021
  • Why Inflation Expectations Matter A Lot For Theory
    04 Oct 2021 • 6 min read
    The fallout from the Rudd article on inflation expectations (that I described here) is still percolating around the internet. Duncan Weldon just wrote “We Have No Theory of Inflation” which discusses ...
  • "The Meaning of MMT" (Yeah, Sure)
    01 Oct 2021 • 12 min read • 1 1
    Françoise Drumetz and Christian Pfister have enlivened us with a new Banque de France working paper “The Meaning of MMT.” I have read a lot of critiques of Modern Monetary Theory (MMT) over the years,...
  • Rudd Inflation Expectations Article
    27 Sep 2021 • 3 min read
    Jeremy B. Rudd caught a fair amount of attention with his recent discussion paper “Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)” The text has a lot of zingers tha...
  • Trillion Dollar Coins And Debt Ceilings (Again...)
    24 Sep 2021 • 2 min read
    The periodic debt ceiling silliness has again erupted in the United States. Since I was feeling mildly unwell this week, I was largely out of the loop. If the reader wants a brief explanation of what ...
  • Transitory-ness In The TIPS Market
    20 Sep 2021 • 3 min read
    With all the debate about the persistence of inflation, one natural thing to ask is: what is the market pricing? Unfortunately for those who are selling a “return to the 1970s” narrative, “Mr. Market”...
  • Supply Chain Worries Not Macro-Friendly
    17 Sep 2021 • 1 min read
    I started a piece and then scrapped it, so I will just make a short comment on what I am seeing. Putting aside the questions of how the pandemic will evolve (I am not the person to ask), inflation and...
  • Historical Inflation Overview
    14 Sep 2021 • 9 min read
    Note: This is a preliminary draft of a section from my inflation primer. It is an overview of the “modern” inflation experience for a few developed countries. I expect to add data and comments for a f...
  • Why I Don't Buy Demographic Interest Rate Stories
    10 Sep 2021 • 4 min read
    There has been a couple of articles that have attracted attention recently in the area of interest rates. Matthew C. Klein offered a summary of them in “Inequality, Interest Rates, Aging, and the Role...
  • Hyperinflation! (Primer)
    07 Sep 2021 • 5 min read
    Hyperinflation is a phenomenon that has caused a significant amount of hyperventilation within economic and market commentary. The pictures of people using wheelbarrows of money to go shopping are cer...
  • Monetary Monopoly Model By Sam Levey
    03 Sep 2021 • 5 min read
    Sam Levey has a new Levy Institute working paper: “Modeling Monopoly Money: Government as the Source of the Price Level and Unemployment.” As I discuss in Section 4.3 of Modern Monetary Theory and the...
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