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Legal clauses and sovereign bond pricing in the euro area

November 12, 2018 Bilal 0

Legal clauses and sovereign bond pricing in the euro area https://ift.tt/2PctLA8 Sovereign bond pricing in the euro area: When legal clauses matter The discussion on sovereign debt restructuring in the euro area has recently focused on legal considerations, in particular on whether the legal framework should be reformed to make restructurings more ‘viable’, for example via new collective action clauses (Bénassy-Quéré et al. 2018, Tabellini 2018, Pisani-Ferry and Zettelmeyer 2018).  Should sovereign debts in Europe be ‘hard’ or ‘easy’ to restructure? The fundamental trade-off behind this question is well understood, at least theoretically (e.g. Bolton and Jeanne 2007, 2009, Pitchford […]

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International Yield Curves and Currency Puzzles

November 12, 2018 Bilal 0

International Yield Curves and Currency Puzzles https://ift.tt/2JK4UOk International Yield Curves and Currency Puzzles NBER Working Paper No. 25206 Issued in November 2018 NBER Program(s):Asset Pricing, International Finance and Macroeconomics The depreciation rate is often computed as the ratio of foreign and domestic pricing kernels. Using bond prices alone to estimate these kernels leads to currency puzzles: the inability of models to match violations of uncovered interest parity and the volatility of exchange rates. One cannot use information in bonds alone because exchange rates are not spanned by bonds. This view of the puzzles is distinct from market incompleteness. Incorporating exchange […]

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Euro area reform: An anatomy of the debate | Bruegel

November 12, 2018 Bilal 0

Euro area reform: An anatomy of the debate | Bruegel https://ift.tt/2RvRPdU A year ago, a group of 14 French and German economists joined forces with the aim of forging common proposals for euro area reforms. Their report gave rise to a lively discussion among officials and academics. This Policy Insight summarises the group’s proposals and also addresses some of the points raised in a subsequent VoxEU.org debate on the topic. The euro is nearly 20 years old – ten quiet years followed by ten tumultuous ones. The end of the first decade was marked by glowing, oddly uncritical reviews. Ten years […]

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Longer-Run Effects of Anti-Poverty Policies on Disadvantaged Neighborhoods

November 12, 2018 Bilal 0

Longer-Run Effects of Anti-Poverty Policies on Disadvantaged Neighborhoods https://ift.tt/2QAaCVm Longer-Run Effects of Anti-Poverty Policies on Disadvantaged Neighborhoods NBER Working Paper No. 25231 Issued in November 2018 NBER Program(s):Labor Studies, Public Economics We estimate the longer-run effects of minimum wages, the Earned Income Tax Credit, and welfare on key economic indicators of economic self-sufficiency in disadvantaged neighborhoods. Our strongest findings are twofold. First, the longer-run effects of the EITC are to increase employment and to reduce poverty and public assistance, as long as we rely on national as well as state variation in EITC policy. Second, tighter welfare time limits also […]

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The Rise of Cloud Computing: Minding Your P’s, Q’s and K’s

November 12, 2018 Bilal 0

The Rise of Cloud Computing: Minding Your P’s, Q’s and K’s https://ift.tt/2qsP3KU The Rise of Cloud Computing: Minding Your P’s, Q’s and K’s NBER Working Paper No. 25188 Issued in October 2018 NBER Program(s):Development of the American Economy, Economic Fluctuations and Growth, Productivity, Innovation, and Entrepreneurship Cloud computing—computing done on an off-site network of resources accessed through the Internet—is revolutionizing how computing services are used. However, because cloud is so new and it largely is an intermediate input to other industries, it is difficult to track in the U.S. statistical system. Moreover, there is a paucity of systematic information on […]

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The Scandinavian Style of Capitalism

November 12, 2018 Bilal 0

The Scandinavian Style of Capitalism https://ift.tt/2OrMiTM It is a truth universally acknowledged that arguing about the definitions of terms like "capitalism" and "socialism" is a waste of time. So rather than argue, I will simply assert that the world has many flavors of capitalism: among them, US/British, Japanese, Scandinavian/northern European, German, Spanish/French/Italian southern European, and doubtless others. Within the United States, one might further identify a spectrum of capitalist beliefs. I’ve known some true socialists. But the overwhelming majority of the people I run into who talk a "socialist" game aren’t actually in favor of having the government own the […]

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Finance and Econ From the Web: Peak Oil Demand, Selfishness and Partisanship, Overstated Private Equity Returns

November 12, 2018 Bilal 0

Back to regular service for my weekly reviews of online articles. This week, I lean a bit more to politics with pieces on the flaws in the US primary system of nominating candidates, modernity and political identity and Euro-area reform. On the econ side, there are pieces on why investment in cloud services is under-reported, the lower bound on EM monetary policy and some geeky pieces on rates/FX risk premium. Oh and some fun pieces that include which law schools are “under-ranked”. Enjoy. Structural Economics (5) The Scandinavian Style of Capitalism Provides a more balanced perspective of the Scandi model […]

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The Best Sushi Bars In London

November 2, 2018 Bilal 0

The Best Sushi Bars In London https://ift.tt/2AHNeQv Sticks ‘n’ Sushi To celebrate Japan’s greatest culinary export, we offer the lowdown on the what, where and why of London’s greatest sushi bars. Sushi bars and sushi specialists Atari-Ya Reputable suppliers of fresh fish and essential cooking ingredients to restaurants all over the capital, you can come directly to the source by sampling the goods at Atari-Ya. Its selection is extensive, with lesser-known delicacies you won’t find in the mainstream — uni (sea urchin), Botan Ebi (spot prawn) and engawa (turbot fin) to name a few. Also, natto (fermented soy beans) fans […]

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A Century of Reading: The 10 Books That Defined the 1930s

October 18, 2018 Bilal 0

A Century of Reading: The 10 Books That Defined the 1930s https://ift.tt/2P3gngZ Some books are flashes in the pan, read for entertainment and then left on a bus seat for the next lucky person to pick up and enjoy, forgotten by most after their season has passed. Others stick around, are read and re-read, are taught and discussed. sometimes due to great artistry, sometimes due to luck, and sometimes because they manage to recognize and capture some element of the culture of the time. In the moment, you often can’t tell which books are which. The Great Gatsby wasn’t a bestseller upon […]

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Best Of the Web: Never-Ending Chewing Gun, Drone Taxis and China To Launch A “Moon”…

October 18, 2018 Bilal 0

There were some really good free articles available across the internet over the past week. One site started to feature books of the decades starting with the 1900s, another gives an excellent analysis on the coming tech war between the FANGS to win our houses, then there’s an essay on how the Silicon Valley super-rich are using a loophole from Trump’s bill to lower their tax bills and even one on how to live off-grid. As usual I have a broad range of articles, so make sure you scroll to the bottom. Food and Drink Section (3) Unlimited Electric Gum: […]