Brian Romanchuk's commentary and books on bond market economics.
Latest - Abolish Money!
SFC & MMT
Wednesday, October 18, 2017
Quick Update, Slope Comment
The Treasury yield curve has continued its relentless flattening. The 5-/10-year slope has hit a new post-crisis low. We should not be to...
Sunday, October 15, 2017
Should We Care About Seigneurage?
I believe I have a better understanding of Eric Lonergan's arguments regarding whether fiat money is a liability of a state with curre...
Thursday, October 12, 2017
Understanding Why Fiat Money Is A Liability Of The State
One of the topics I discussed in Abolish Money (From Economics)! returned to Twitter today, and I just want to give a long form version ...
Wednesday, October 11, 2017
MMT And Automatic Stabilizers
The recent internet debates about Modern Monetary Theory (MMT) have been interesting, but the various critics of MMT have largely missed t...
Sunday, October 8, 2017
What Does Inflation Targeting Even Mean?
My earlier article on price indices -- The Price Level Does Not Exist -- was tentative, and needed a more detailed explanation of my thi...
Wednesday, October 4, 2017
Why MMT Is So Popular (For People Like Me)
In a previous article, I explained why I am complacent about the state of economic theory in Modern Monetary Theory (MMT). This matters f...
Sunday, October 1, 2017
The Price Level Does Not Exist
It appears to be a mistake to refer to the price level when discussing the theoretical properties of an economy; at best, there are a few...
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