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Brian Romanchuk
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Consultant and blogger (www.bondeconomics.com)
Consultant and blogger (www.bondeconomics.com)

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Brian's posts

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The Bond Market Is Discounting an Eventual Recession
The flattening of the yield curve has attracted some commentary, but it appears to be telling us very little. By itself, the 2-/10-year slope (above) is not at a particularly interesting level; one should expect flattening during a rate hike cycle. Current ...

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Summer Schedule
I have been tied up with various non-writing projects (as well as being hit by some kind of virus this week), so I will be now dropping to a summer schedule. Unless I want to write a quick rant about something, I will aim for one weekly article, probably pu...

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Let's Talk About Debt, Baby
Gerard MacDonell wrote " The debt debate is relevant now " a couple of weeks ago. In it, he argues that debt sustainability in the United States is a relevant issue now, not an academic issue a couple of decades out. He realises that economists in the Moder...

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Quick Comments On Ongoing Projects
This article gives a few comments on some projects that I am involved in. They are the upcoming Modern Monetary Theory (MMT) academic conference (in September), my stock-flow consistent (SFC) models guide, and my struggle to put mainstream Dynamic Stochasti...

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The Relationship Between sfc_models And Godley And Lavoie
The text Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth , by Wynne Godley and Marc Lavoie is cited heavily within the sfc_models framework. This text is a standard text for SFC modelling, and has already been the ...

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Primer: Funding Versus Credit Risk
The act of lending involves two fundamental operations: extending financing (funding) ans taking credit risk. These two roles are typically thought of together, which obscures what is happening. By decoupling these concepts, we can better understand the eff...

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The Horrifying Mathematics Of Infinitesimal Agents
Three men were swept up by the flabby claws before anybody turned. God rest them, if there be any rest in the universe. They were Donovan, Guerrera, and Ångstrom. Parker slipped as the other three were plunging frenzied over endless vistas of green-crusted ...

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The Zombification of Canada
A series of policy errors has trapped the Canadian economy in a near-zombie status. Household debt levels are high, leading to a fragile system. The only benign way of reducing this fragility is to induce high wage inflation, which is precluded by the unthi...
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