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Alphaville

Matthew C Klein

Benn Steil explains the Marshall Plan

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Marcel Fratzscher on the dark side of the German economy — now with transcript!!
  4. Marcel Fratzscher explores the dark side of the German economy
  5. Emi Nakamura on calculating inflation
  6. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  7. Jonathan Knee explains 25 years of Wall Street’s evolution
  8. Marcus Noland explains the North Korean economy
  9. Brad Setser explains how corporate tax policy affects the balance of payments
  10. Michele Wucker explains “Gray Rhinos”
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

In this week’s episode, Matt talks with the author of a new history of the politics and economics of America’s early involvement in Europe after the end of WWII.

By: Matthew C Klein

What’s up with Portugal?

Portugal-real-domestic-demand-vs-trends-featured

The crisis-ridden country has done surprisingly well the past few years, at least by some measures.

By: Matthew C Klein

No, America would not benefit from authoritarian central planning

  1. No one is killing it in crypto (not even Woz)
  2. Too smooth: the red flag at Patisserie Valerie which was missed
  3. No, the housing crisis will not be solved by building more homes
  4. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  5. 'Short-termism' isn't a thing, say Fed economists
  6. Coinbase wants to be “too big to fail”, lol
  7. Regulation and innovation don't have to be enemies
  8. Retailers get so lonely around the holidays
  9. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  10. The new green evangelism
  11. Tilray, how low can it go?
  12. The ICO behind the tragic Everest stunt is now “airdropping” tokens from rockets
  13. Beware the Hindenburg Omen?
  14. The broken conversation about financial regulation
  15. The improbably profitable, loss-making Blue Prism
  16. The EM rout is not made in America
  17. Wages and growth and honestly we just give up
  18. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  19. There is a FIRE that never goes out
  20. The WeWork Garden of Eden
No, America would not benefit from authoritarian central planning

“China's mixed system” is not a model for the United States.

By: Matthew C Klein

Marcel Fratzscher on the dark side of the German economy — now with transcript!!

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Benn Steil explains the Marshall Plan
  4. Marcel Fratzscher explores the dark side of the German economy
  5. Emi Nakamura on calculating inflation
  6. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  7. Jonathan Knee explains 25 years of Wall Street’s evolution
  8. Marcus Noland explains the North Korean economy
  9. Brad Setser explains how corporate tax policy affects the balance of payments
  10. Michele Wucker explains “Gray Rhinos”
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

Inequality, poverty, infrastructure investment, and more.

By: Matthew C Klein

Marcel Fratzscher explores the dark side of the German economy

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Benn Steil explains the Marshall Plan
  4. Marcel Fratzscher on the dark side of the German economy — now with transcript!!
  5. Emi Nakamura on calculating inflation
  6. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  7. Jonathan Knee explains 25 years of Wall Street’s evolution
  8. Marcus Noland explains the North Korean economy
  9. Brad Setser explains how corporate tax policy affects the balance of payments
  10. Michele Wucker explains “Gray Rhinos”
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

There’s more the story than low unemployment and a strong welfare state.

By: Matthew C Klein

Markets Live

Fed macro live, 21st March, 2018

Live Fed and markets commentary from Alphaville.

By: Alexandra Scaggs, Matthew C Klein

Something weird happened in overnight index swaps on February 5

OIS-implied-at-least-2.5-percent-Jan-2019-featured

We can’t explain it, but maybe you can.

By: Matthew C Klein

Well that’s one reason to buy yen…

  1. No one is killing it in crypto (not even Woz)
  2. Too smooth: the red flag at Patisserie Valerie which was missed
  3. No, the housing crisis will not be solved by building more homes
  4. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  5. 'Short-termism' isn't a thing, say Fed economists
  6. Coinbase wants to be “too big to fail”, lol
  7. Regulation and innovation don't have to be enemies
  8. Retailers get so lonely around the holidays
  9. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  10. The new green evangelism
  11. Tilray, how low can it go?
  12. The ICO behind the tragic Everest stunt is now “airdropping” tokens from rockets
  13. Beware the Hindenburg Omen?
  14. The broken conversation about financial regulation
  15. The improbably profitable, loss-making Blue Prism
  16. The EM rout is not made in America
  17. Wages and growth and honestly we just give up
  18. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  19. There is a FIRE that never goes out
  20. The WeWork Garden of Eden
Yen-featured

Facebook. Sure, why not.

By: Matthew C Klein

How did Cypriots respond to the 2013 banking crisis?

Cyprus-banking

They tried to avoid getting burned again.

By: Matthew C Klein

The world’s savers are doing something wrong

BIS-nfa-flowchart-featured

Live a little!

By: Matthew C Klein

The euro area’s fiscal position makes no sense

EA-govt-net-lending-featured

It’s way too tight. Federalism is the answer.

By: Matthew C Klein

Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Benn Steil explains the Marshall Plan
  4. Marcel Fratzscher on the dark side of the German economy — now with transcript!!
  5. Marcel Fratzscher explores the dark side of the German economy
  6. Emi Nakamura on calculating inflation
  7. Jonathan Knee explains 25 years of Wall Street’s evolution
  8. Marcus Noland explains the North Korean economy
  9. Brad Setser explains how corporate tax policy affects the balance of payments
  10. Michele Wucker explains “Gray Rhinos”
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

In this episode, Matt Klein talks with Stephanie Kelton, a professor at SUNY-Stony Brook who was previously the chief economic adviser to Senator Bernie Sanders.

By: Matthew C Klein

The virtues and pitfalls of putting capital gains into the national accounts

Greenspan

Capital gains explain much, but there are also good reasons to leave them out when thinking about certain kinds of economic questions.

By: Matthew C Klein

China’s household debt problem

China-hh-debt-featured

China’s household sector is unusually small but its debts are not.

By: Matthew C Klein

Someone is wrong on the internet, government employee pensions and passive investing edition

  1. No one is killing it in crypto (not even Woz)
  2. Too smooth: the red flag at Patisserie Valerie which was missed
  3. No, the housing crisis will not be solved by building more homes
  4. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  5. 'Short-termism' isn't a thing, say Fed economists
  6. Coinbase wants to be “too big to fail”, lol
  7. Regulation and innovation don't have to be enemies
  8. Retailers get so lonely around the holidays
  9. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  10. The new green evangelism
  11. Tilray, how low can it go?
  12. The ICO behind the tragic Everest stunt is now “airdropping” tokens from rockets
  13. Beware the Hindenburg Omen?
  14. The broken conversation about financial regulation
  15. The improbably profitable, loss-making Blue Prism
  16. The EM rout is not made in America
  17. Wages and growth and honestly we just give up
  18. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  19. There is a FIRE that never goes out
  20. The WeWork Garden of Eden
Calpers

Area law professor is deeply confused about both public-employee pension funds and investing.

By: Matthew C Klein

Europeans should stop whining about their appreciating currency

Europeans should stop whining about their appreciating currency

The currency bloc has been relying on the largesse of foreigners to compensate for stinginess at home.

By: Matthew C Klein

Someone is wrong on the internet, consumer financial regulation edition

  1. No one is killing it in crypto (not even Woz)
  2. Too smooth: the red flag at Patisserie Valerie which was missed
  3. No, the housing crisis will not be solved by building more homes
  4. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  5. 'Short-termism' isn't a thing, say Fed economists
  6. Coinbase wants to be “too big to fail”, lol
  7. Regulation and innovation don't have to be enemies
  8. Retailers get so lonely around the holidays
  9. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  10. The new green evangelism
  11. Tilray, how low can it go?
  12. The ICO behind the tragic Everest stunt is now “airdropping” tokens from rockets
  13. Beware the Hindenburg Omen?
  14. The broken conversation about financial regulation
  15. The improbably profitable, loss-making Blue Prism
  16. The EM rout is not made in America
  17. Wages and growth and honestly we just give up
  18. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  19. There is a FIRE that never goes out
  20. The WeWork Garden of Eden
Charles-Keating

This kind of “respect” we could do without.

By: Matthew C Klein

Marcus Noland explains the North Korean economy

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Benn Steil explains the Marshall Plan
  4. Marcel Fratzscher on the dark side of the German economy — now with transcript!!
  5. Marcel Fratzscher explores the dark side of the German economy
  6. Emi Nakamura on calculating inflation
  7. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  8. Jonathan Knee explains 25 years of Wall Street’s evolution
  9. Brad Setser explains how corporate tax policy affects the balance of payments
  10. Michele Wucker explains “Gray Rhinos”
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

North Korea began as a Stalinist society oriented around heavy industry and manufacturing. In this week’s episode, Marcus Noland of the Peterson Institute for International Economics talks with Matt Klein about how the country’s economy has changed over time.

By: Matthew C Klein

Real US interest rates are sanguine about the budget and pessimistic about growth

20yr-tips-yield-featured2

The bond market is trying to tell you something.

By: Matthew C Klein

Someone is wrong on the internet, modern servitude edition

From the people who want to ban index funds…

By: Matthew C Klein

Brad Setser explains how corporate tax policy affects the balance of payments

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Benn Steil explains the Marshall Plan
  4. Marcel Fratzscher on the dark side of the German economy — now with transcript!!
  5. Marcel Fratzscher explores the dark side of the German economy
  6. Emi Nakamura on calculating inflation
  7. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  8. Jonathan Knee explains 25 years of Wall Street’s evolution
  9. Marcus Noland explains the North Korean economy
  10. Michele Wucker explains “Gray Rhinos”
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

This week’s episode features Matt talking with former US Treasury international economist Brad Setser about the ways multinationals show up in the macro data and how the new tax law might change things.

By: Matthew C Klein

“Optimal control” strikes back?

DB-Fed-optimal-control-unrate-and-inflation-featured

It may have been a good idea once, but…

By: Matthew C Klein

Someone is wrong on the internet, wages and the stock market edition

  1. No one is killing it in crypto (not even Woz)
  2. Too smooth: the red flag at Patisserie Valerie which was missed
  3. No, the housing crisis will not be solved by building more homes
  4. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  5. 'Short-termism' isn't a thing, say Fed economists
  6. Coinbase wants to be “too big to fail”, lol
  7. Regulation and innovation don't have to be enemies
  8. Retailers get so lonely around the holidays
  9. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  10. The new green evangelism
  11. Tilray, how low can it go?
  12. The ICO behind the tragic Everest stunt is now “airdropping” tokens from rockets
  13. Beware the Hindenburg Omen?
  14. The broken conversation about financial regulation
  15. The improbably profitable, loss-making Blue Prism
  16. The EM rout is not made in America
  17. Wages and growth and honestly we just give up
  18. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  19. There is a FIRE that never goes out
  20. The WeWork Garden of Eden
US-avg-hourly-wages-all-private-emps-featured

Traders may think wage growth caused the stock sell-off but the wage data would beg to disagree.

By: Matthew C Klein

Options prices imply Janet Yellen is leaving on a high note

Minneapolis-Fed-5yr-inflation-1-3-per-cent-odds-featured

Options prices imply record-high confidence in the inflation outlook and little fear of interest rate risk. No wonder stock markets are melting up.

By: Matthew C Klein

Richard Koo likes the US corporate tax cuts

US-corp-surplus-vs-GVA-pretax-and-posttax-featured

One of Keynesianism’s most fervent advocates likes a “supply-side” policy change.

By: Matthew C Klein

“Abenomics” as the new gold standard?

XAUJPY-since-2007-featured

Surprising, but true.

By: Matthew C Klein

Mnuchin is right about the dollar

USD-nominal-broad1

It doesn’t make a ton of sense to blame the Treasury secretary for a moderate US-dollar decline.

By: Matthew C Klein

NAIRU: not just bad economics, now also bad politics

Goodfriend-hearing

A morally odious theory is empirically unsupportable and increasingly questioned by a younger generation of central bankers. Expect politicians to make more noise about the Fed’s controversial choices after Yellen is gone.

By: Matthew C Klein

Michele Wucker explains “Gray Rhinos”

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Benn Steil explains the Marshall Plan
  4. Marcel Fratzscher on the dark side of the German economy — now with transcript!!
  5. Marcel Fratzscher explores the dark side of the German economy
  6. Emi Nakamura on calculating inflation
  7. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  8. Jonathan Knee explains 25 years of Wall Street’s evolution
  9. Marcus Noland explains the North Korean economy
  10. Brad Setser explains how corporate tax policy affects the balance of payments
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

In this week’s episode, Matt Klein talked with Michele Wucker about her work on “gray rhinos”: risks that can be anticipated and avoided, but often aren’t.

By: Matthew C Klein

Stop calling GBP the Great British Peso, says DB

UK-niip-vs-cumulative-ca-featured

Currency depreciation –> looser monetary policy is not a feature of EMs.

By: Matthew C Klein

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