Enduring Insights
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Monetary Policy and Core CPI ex-Shelter
Michael Ashton – October 16, 2009
Monetary policy typically considers core price indices as the target price variable. In the extant case, that might be insufficient. Read more »
Cumulative Inflation Floors - Why The Market Is Wrong, and Right, and Wrong
Michael Ashton – October 9, 2009
Valuing 0% cumulative floors (that is, the chance that inflation actually declines over a long period of time) is perilous. Some of these options have traded in the interbank market recently at prices that might make sense, or might not. Read more »
Decision Making Under Uncertainty
Michael Ashton – October 7, 2009
Uncertainty is a fact of life. How policymakers deal with that uncertainty is not. Read more »
So Much For A Turn In Unemployment
Michael Ashton – October 2, 2009
Last month, a decrease in the number of people who wanted a job but were not looking for one raised the possibility that the peak in the Unemployment Rate was near. That indicator, however, has now reversed. Read more »
Who Do They Think They're Kidding?
Michael Ashton – September 30, 2009
Comments by Warch and Fisher, threatening aggressive Fed tightening, seem inappropriate given the economic environment. What are they up to, and should we be worried? Read more »
Not The Greatest Idea From The CME
Michael Ashton – September 24, 2009
The CME/CBOT has announced a new Bond contract. They are missing an opportunity for a really useful product by using an anachronistic structure. Read more »