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portfolio effect

Yellen’s Preferred Approach to Bubbles, A Joy To Behold

By |2014-10-03T11:22:52-04:00October 3rd, 2014|Bonds, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

In looking at the “portfolio effect” of monetary policy, monetarists always see benefits without costs. The one exception in recent years has been Jeremy Stein of the FOMC, who is no longer a member. It was his statement in February 2013 about “reach for yield” that seems to have set off something odd in the policy apparatus. Some of that [...]

Kurtosis and The Three (Great) Bears

By |2014-10-02T13:46:23-04:00October 2nd, 2014|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

It is amazing how much “we” forget in the entire short space of “cycles.” That may be a function of an overload of information coming in from all sides, but I doubt it. I have always thought that more was better in that regard. Instead, I prefer to think of it as another monetary corruption. I am speaking about the [...]

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