MARKETS
STOCK
MARKETS
Earnings Season Cometh; Most Volatile Stocks on
Earnings – Bespoke
Earnings season starts
next week, but things don't really pick up until the middle of October. As shown in the chart below, just 32
companies are set to report third quarter numbers next week. On October 24th alone, we'll see nearly nine
times that amount report in a single day.
Is The
Multiple-Expansion "Dream" Over? – ZH
FOREX
A Quick Look At The Greenback – Short
Side of the Long
The US Dollar Index
has broken down from its technical uptrend in recent weeks, as we can see in
the chart above. What does this indicate?
EMERGING
The End of Convergence? – Project
Syndicate
Until recently, there
was a broad consensus that this was to be the emerging countries’ century. But America’s impending exit from quantitative easing is
raising questions about emerging economies’ growth prospects – questions that
will surely spur heated debate at the meetings of the IMF and the World Bank
this month.
Fund flows: hold your horses – beyondbrics
/ FT
Last week’s foray into
positive territory didn’t last long.
OTHER
Time to Ditch the Yale Endowment Model – BB
If your money is in a fund controlled by
robots, you’ve lost 3.5% this year – Quarz
Momentum...the Only Practical Anomaly – Optimal
Momentum
Wall Street Headhunter: "I Haven't Seen
Morale This Bad Since The Titanic" – ZH
10 Terms Investment Pros Use to Raise Money – The
Reformed Broker
Return of the living dead, hedge fund edition – alphaville
/ FT
Board Games Traders Play – All
about alpha
CoCos: a primer – BIS
BIS Quarterly Review
by Stefan Avdjiev, Anastasia Kartasheva and Bilyana Bogdanova
Mind the gap? – BIS
Sources and
implications of supply-demand imbalances in collateral asset markets. BIS
Quarterly Review by Ingo Fender and Ulf Lewrick
Book Bits | 10.05.13 – The
Capital Spectator
ECONOMICS
Unconventional
monetary policies revisited (Part I) – voxeu.org
Unconventional monetary policies revisited
(Part II) – voxeu.org
In response to the Global Crisis and Great Recession central banks have
embarked on a variety of unconventional monetary policies. This column, part of
a two-column series, reviews the range of unconventional measures that have
been implemented or proposed. The second instalment will compare the various
policies.
How important was the “structural balance”
screw-up in driving European austerity? – Noahpinion
I’m really glad to see
that this European screw-up is, eventually, making headlines and that the
European Commission is reconsidering the operational details of its production
function method to estimate potential output and structural deficits
Does Quantitative Easing Affect Market
Liquidity? – FRBSF
(pdf)
San Francisco Fed
Working Papers by Gillan
How Does Government Spending Stimulate
Consumption? – Dallas
Fed (pdf)
Dallas Fed Institute
Working Papers by Daniel P. Murphy
Odds and ends – The Money Illusion
DEBATE:
UK
AUSTERITY
When decisions were
made, we did not know the country could have borrowed more, says Kenneth Rogoff
Rogoff focuses on what
was always the critical debate: was austerity necessary because financial
markets might have stopped buying government debt.
Kenneth Rogoff's
Hooverismo… – Brad
DeLong
Just what is Ken Rogoff's argument that the Cameron-Osborne-Clegg
government in Great Britain was correct to hit
the British economy over the head with the austerity hammer in the spring of
2010, anyway?
What British austerity? – The Money Illusion
FINNISH
Osku Pajamäki erottaa faktat sloganeista:
Julkisen rahoituksen osuus Guggenheim-hankkeessa ei ole laskenut – demari
Guggenheim-polemiikki käy kiivaana: Ari
Wiseman vastaa SDP:n Osku Pajamäelle – demari
Miten EKP voisi "devalvoida" euron? – Reijo
Heiskanen / KL
Ekonomisti: Asuntojen hintaromahdukselle
Suomessa vahvat perusteet – Talsa
Saksalaisen
Commerzbankin ekonomisti Marco Wagner on varma siitä, että suomalaisia uhkaa
asuntomarkkinoiden hintaromahdus. Wagner perustelee väitteensä luvuilla.
Pian kohti liittovaltiota – pelastus vai
käärmeenpesä? – TalSa
IMF:n
ekonomistien mielestä pankkiunioni ei riitä, vaan euromaiden on pian otettava
seuraava askel kohti liittovaltiota. Se on "fiskaaliunioni", jossa
talousvaltaa, verotusoikeutta ja velkavastuuta siirtyy euromailta
"Brysseliin". Aihe on tulenarka: Saksan keskuspankki Bundesbank
varoittaa liian hätäisiä uudistajia sohaisemasta käärmeenpesää.