The Nikkei 225 just hit a new high! It has broken through 40,000 for the first time in history!

Patrick Newman argues that the 1919-1920 business cycle was due to monetary expansion, and that Borazan's (2023) "administrative decree" about resuming expansionary policy is inapplicable. Wage cuts aided recovery.

2021 and 2022 were among the worst years for fixed-income investors in developed markets in world history.

There are years that are remembered by all investors when bull markets hit tops or bear markets hit bottoms. Some of the years associated with global market tops are 1720, 1929, 1987 and 2007. Similarly, there are years when global markets hit bottoms in 1848, 1932, 1974, 2009 and 2020. But some market bottoms have been forgotten.

In the first full biography of Friedrich Hayek (1899-1992), Alan Ebenstein chronicles the life, works, and legacy of the visionary thinker, from his early years in fin-de-siècle Vienna to his remarkable career as a Nobel Prize winning economist, political philosopher, and leading public intellectual.

“Evidently, bonds got tired of being called boring and decided to grab some headlines."

Working Paper

In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. The practice wasn’t always popular—in the ancient world, usury was generally viewed as exploitative, a potential path to debt bondage and slavery.

After his death, the military fought for control over the land Alexander had conquered and this, combined with the silver Alexander had brought from the Middle East, led to one of the first inflations in history.

"It is interesting to compare the performance of the German and Austrian stock markets between 1845 and 1914. Between 1845 and the 1880s, the two markets behaved similarly, in part because corporations in Austria listed on German exchanges and vice versa. The first stock to list on the Frankfurt exchange was the Austrian National Bank."

Working Paper

Anyone remember Apple's commercial of the late 1990s, ”Here's to the crazy ones”?

Excerpt / Quote

Forthcoming, Review of Financial Studies