From Simon Kennedy in “Draghi Sees Almost $1 Trillion Stimulus With No QE Fight” (Bloomberg):
Mario Draghi signaled at least 700 billion euros ($906 billion) of fresh aid for his moribund economy and left a fight with Germany over sovereign-bond purchases for another day.
As I begin teaching finance in the new semester, I am highlighting the key puzzle of our times, discussed by Jim in his last post, with this graph:
As the U.S. economy returns to healthier growth, many of us expected long-term interest rates to return to more normal historical levels. But the general trend has been down since the end of the Great Recession. The 10-year rate did jump back up in the spring of 2013. But during most of this year it has been falling again.
No succor from the QCEW series that the Walker Administration previously touted [1]
And Kansas travels its own path
From Bloomberg::
The U.K. will press European Union leaders to consider blocking Russian access to the SWIFT banking transaction system under an expansion of sanctions over the conflict in Ukraine, a British government official said.
Edit/update 8/30:
T72BM (only known to be in service in the Russian army) in Ukraine, 8/26. Source: IISS
Today we are fortunate to have a guest contribution written by Doug Campbell, assistant professor at the New Economic School (Moscow).
“Energy regulation efficiency” and economic growth.
Last time, we turned to the Phoenix Institute for some mind-numbing, soul-killing “research”. Today we look to the Pacific Research Institute for some dumbfounding “analysis”.
Roger Farmer has taken a new look at an issue concerning the Federal Reserve’s program of large-scale asset purchases (referred to in the popular press as “quantitative easing”) that I’ve been discussing on Econbrowser and in my research with University of Chicago Professor Cynthia Wu for some time.