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Arnold Kling from Econlog posts a passage from Michael Bordo approvingly. Specifically I enjoyed this part: A key dynamic in the crisis stressed by Mishkin(1997) is information asymmetry, manifest in the spread between risky and safe securities, the consequences of which(adverse selection and moral hazard) are ignored in the boom and come into play with […]
Today when I was peeking across a number of economics blogs, I noticed a post from the Rates Blog on the NZ housing market, and a post on the Big Picture on the US housing market. They both had graphs for housing loan approvals:
This morning while I was reading I remembered a conversation I had with Agnitio in 2004 which, in hindsight, is very embarrassing for me. It went along the lines of: Me: Look at the interest rate on Hanover, its got to be worth putting some money there Agnitio: It isn’t that much more than a […]
I just took a peak at an interesting Business Week article from March 2006 called “How Japan fell into the Hole“. The key message for me was this: This shift to debt minimization, however, completely disrupts the normal workings of the economy. That’s because the corporate sector no longer borrows the funds saved by the […]
Angry Bear links to the following cartoon from Tom Toles at the Washington post (ht Econospeak): Spectacular 🙂
Well well well, the Fed has decided to actually set its cash rate target at a range of 0-25bps. Note: The focus of the Committee’s policy going forward will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal […]