What If People Lived Forever …

In a New Keynesian DSGE (or a RBC) Infinite-Lived vs. Finite-Lived Agents Jim Hamilton’s discussion of the Mankiw Dorian Gray pill reminded me that we already have the pill, distributed for free to all the residents of a typical DSGE implementation of New Keynesian models. Hence, in these models with agents living forever, economies exhibit tendencies […]

Revisiting Stocks For The Long Run

For the last few years we have been poking fun (hopefully in a good-natured way) at the book Stocks for the Long Run. About halfway through this historic equity bull market, in 1994 to be exact, Dr. Jeremy Siegel first published Stocks for the Long Run.  The Washington Post called it “one of the ten best investment books of […]

Quelle Surprise! SEC Plans to Make the World Safer for Fraudsters, Push Through JOBS Act Con-Artist-Friendly Solicitation Rules

If you merely looked at the SEC’s record on enforcement, you’d conclude that it suffered from a Keystone Kops-like inability to get out of its own way. The question remains whether that outcome is the result of unmotivated leadership (ex in the safe realm of insider trading cases) and long-term budget starvation leading to serious skills atrophy, […]