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Daily Archives: April 13, 2021
High market capitalization bodes poorly for investment returns
A December 2020 paper entitled The Big Bang: Stock Market Capitalization in the Long Run, confirms that we have been living through a highly unusual period in financial markets. While advanced-economy stock market capitalization to GDP ratios were pretty constant … Continue reading
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Sharp reflation is not the same as inflation
Persistently high inflation can reduce buying power for households when comparable increases in wages do not offset it, and wage growth has been flat for years. However, the greater fear for central banks is that persistently low inflation, disinflation, and … Continue reading
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