Holiday reads: Two biographies of Ayn Rand
Review essay. Milton Friedman: The Last Conservative, by Jennifer Burns
2023 Year in Review
Forty years of floating
The RBA gets a new Deputy and a new Act
House prices post new record highs (but not in real terms)
US disinflation continues, Australia lags
RBA Act amendments set to land this month
JGBs and other catastrophes
Michele Bullock moves away from ‘leaning against the wind’
Australia’s incredible shrinking net foreign liability position
US September CPI and Australia’s Q3 trimmed mean inflation rate
Why have bond yields surged? A market monetarist perspective
Commodities for the long-run: are real commodity prices trending?
The many contradictions of Macfarlane and Lowe
Lehman 15 years on: the ‘Lehman moment’ was not a Lehman moment
RBA Governor Philip Lowe’s final act
Why is the Australian dollar so weak?
Hedging Trump: there are no good hedges
The nominal GDP level target that time forgot
The RBA and financial stability
Wolfgang Kasper, 1939-2023
‘It’s time for some game theory’: Governor Lowe’s final appearance before the House Economics Committee
Does inflation targeting need help from fiscal policy?
Balancing the RBA Board
Phil Lowe’s most dangerous idea
The RBA gets a new Governor
Governor Lowe’s response to the RBA review
Recession delayed is recession denied: fundamentals of the most hated US equity rally in history
There is no such thing as ‘Swift-flation’
Quantitative tightening without the tightening: Is it in the price?
‘A policy mistake wrapped in a communication error’: The Fed’s hawkish pause
Why Ben Chifley came to fear the ‘Chifley overwrite’
‘Supply, supply, supply’: you’re hearing it more and more
Don’t mention the Review: the May RBA Board minutes
Book club: Scott Sumner’s ‘Alternative Approaches to Monetary Policy’
A new monthly CPI: not before time
The Big Aussie Short at the cash rate cycle peak: not so big
Next week’s RBA Board meeting: will the RBA review lead to higher interest rates?
The end of RBA exceptionalism: how Australian political science misunderstood the Reserve Bank
Reflections on the RBA Review final report
RBA review panel report to be released ‘in the next couple of weeks’ with 51 recommendations: Treasurer
The US March CPI and Australia’s trimmed mean inflation rate
Why and how you should join Substack Notes
The latest iteration of the ‘end of the US dollar’ thesis
Book club: Scott Sumner’s 'Alternative Approaches to Monetary Policy'
Self-funded fiscal stimulus and hand-to-mouth Ricardianism: why I accessed the COVID-19 super early release scheme
Remembering Bob Johnston and the 40th anniversary of the float
Fed and RBA monetary policy post-SVB
Did Nouriel Roubini predict the 2008 financial crisis? His 2006 IMF speech revisited
Australian stocks for the long-run: validating the Pitchford thesis
Help wanted: do you want to be a Reserve Bank Board member?
Paid subscriber discounts
The US January CPI and the Australian inflation and wages outlook: pushing out the peak in the inflation process?
The BoJ’s blast from the past
Who forecast inflation correctly? Bringing money back into business cycle analysis
The US recession that isn’t: the contrarian take on 2023
Postcard from New Zealand: The global business cycle’s frontline state
The US December CPI and the peak in Australian inflation
Holiday reads #3: My review of "The Myth of the Rational Market"
US labour market ends 2022 on a strong note
Holiday reads #2: My review of “The Rise and Fall of Monetary Targeting in Australia”