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The 0.5% Reduction of the Federal Funds Rate

…Robert boring rants They say “expectations” I ask whose expectations? Again, another advance of modern macro is the choice to model aggregates as choices of a representative agent (modern meaning…

You know they’re feeble

…Norwegian press reported on Thursday.” Exhibit B. Bondi levies felony charges for a guy who threw a sandwich at a federal agent. So the law-and-order guys who are supposed to…

The Wrong Crisis

…is for sale equilibrium. If agents are forced to sell assets at fire sale prices any agent who isn’t in the same bind should be buying at fire sale prices….