Research
Bob Hall and Consumption
An essay on the impact of two Bob Hall papers on consumption. These are comments I gave at the conference celebrating Bob Hall November 22 2024. It turned into a bit of an overview of macroeconomic history. I didn’t really realize how unsteady is the basic intertemporal substitution relationship on which all macro is built. The paper>
An essay on the impact of two Bob Hall papers on consumption. These are comments I gave at the conference celebrating Bob Hall November 22 2024. It turned into a bit of an overview of macroeconomic history. I didn’t really realize how unsteady is the basic intertemporal substitution relationship on which all macro is built. The paper>
Bonds: Hedges or Risky Opportunities?
Both. Long-term bonds are a great hedge against financial crises, for investors who can’t afford to wait. do great. Bonds do terribly if the government inflates away debt, and well in a disinflation. Alphas and stock market betas are a terrible way to think about bonds and their place in a portfolio. An essay for the Fiduciary Investors Symposium at Stanford, September 19 2024. Read the essay.
Both. Long-term bonds are a great hedge against financial crises, for investors who can’t afford to wait. do great. Bonds do terribly if the government inflates away debt, and well in a disinflation. Alphas and stock market betas are a terrible way to think about bonds and their place in a portfolio. An essay for the Fiduciary Investors Symposium at Stanford, September 19 2024. Read the essay.