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EconVue Spotlight

Dear R. Hunter,

This week we bring you some of the best discussions of the evolution of
macroeconomic theories post-2008. What seemed so certain before is now
being questioned at a fundamental level by leading economists. Negative
interest rates, which alter rational expectations of inflation, have
also provoked some of this soul searching. But will new models and new
theories be any better at predicting the next crisis?

STORIES IN OUR SPOTLIGHT 1. Rethinking Macroeconomic Theory Before the
Next Crisis

https://www.ineteconomics.org/ideas-papers/blog/rethinking-macro-theory

Marc Lavoie 9/23/16 Institute for Economic New Thinking Some economists
have claimed that mainstream macroeconomic theory actually caused the
Global Financial Crisis. Others say that in a slow growth, low
inflation, negative interest rate world, old theories based upon the
dynamic stochastic general equilibrium model (DSGE) just don ' t apply.
Is the real key to all the distortions unprecedented income inequality?
Terrific thought piece. 2. Cheshire Cats and New Keynesian Central Banks

http://worthwhile.typepad.com/worthwhile_canadian_initi/2016/09/cheshire-cats-and-new-keynesian-central-banks.html

Nick Rowe 9/25/16 Worthwhile Canadian Initiative Commentary on Nick
Rowe's explanation on the New Keynesian DSGE model

http://www.bradford-delong.com/2016/09/must-read-nick-rowe-continues-his-long-twilight-struggle-to-try-to-explain-what-is-really-going-on-in-the-new-keynesian.html

J. Bradford DeLong 9/25/16 bradford-delong .com Another attempt at
understanding a New Keynesian DSGE model. A world without bonds? 3. EU
Banking Mayhem, One Bank at a Time, Then All At Once

http://wolfstreet.com/2016/09/28/eu-banking-mayhem-one-bank-at-a-time-then-all-at-once/

Wolf Richter 9/28/16 Wolf Street Although Deutsche Bank had some good
news in terms of the size of its DOJ settlement on Friday, doubts about
European banks continue. 4. Modifying the Fed's policy framework: Does a
higher inflation target beat negative interest rates?

https://www.brookings.edu/blog/ben-bernanke/2016/09/13/modifying-the-feds-policy-framework-does-a-higher-inflation-target-beat-negative-interest-rates/

Ben S. Bernanke 9/13/16 Brookings

It's premature for the Fed to favor the option of raising the inflation
target over the use of negative rates. (Retweeted Ben Bernanke
@benbernanke) Lael Brainard also made similar remarks at a speech in
Chicago. Charles Evans at the Chicago Federal Reserve Bank thinks
differently, and will be speaking soon in Australia.

5. How Does Your GDP Grow?

https://www.ft.com/content/f5a959a6-7ac6-11e6-b837-eb4b4333ee43

Gillian Tett 9/16/16 FT Is GDP a true measure of growth in an economy
that is experiencing a population decline? GDP per capita would mean
that Japan's economy for example, is doing better than it seems. This
has also been mentioned in a new study by the BOJ that says the Japanese
economy is really growing by 2.4%. But perhaps not-overall GDP growth is
an indicator of a nation's ability to repay debt. 6. Great Github List
of Public Data Sets

http://www.datasciencecentral.com/profiles/blogs/great-github-list-of-public-data-sets

Mirko Krivanek 4/19/15 Data Science Central Looking for some good public
data sets? @DataScienceCtrl has a great list. (Retweeted Holly Nielsen
@HollyNielsen) 7. Mongolia: Living from Loan to Loan

https://www.ft.com/content/4055d944-78cd-11e6-a0c6-39e2633162d5

Lucy Hornby 9/12/16 FT In the 1930's a debt crisis in Newfoundland
caused the dominion to lose its self governing status to Canada. Deja
vu.

ECONVUE RESEARCH AND INSIGHTS Real Consumption on Track for Near +3%
Gain in 16Q3

https://econvue.com/reports/michael-lewis/data-round-real-consumption-track-near-3-gain-16q3

Michael Lewis

https://econvue.com/experts/michael-lewis

09/30/16 Though results coasted in August after July's strong start,
real consumption is on track for just shy of a +3% annualized gain in
16Q3. Payments Milestones

http://econvue.com/pulse/payments-milestones

Collin Canright

https://econvue.com/experts/collin-canright

09/26/16 Same-day ACH payments rolled out in the United States last
Friday. All U.S. bank now settle payments during the business day using
the 40-year-old electronic payment system. TOE Alert: BOJ Throws in the
Towel

https://econvue.com/reports/richard-katz/toe-alert-boj-throws-towel

Richard Katz

https://econvue.com/experts/richard-katz

09/21/16 It is time for the BOJ to admit that monetary policy is
absolutely necessary, but not sufficient, to bring back lasting
inflation.

https://www.foreignaffairs.com/articles/americas/2016-09-21/trading-down

The Trump and Clinton Foundations Are Character Tests that Hillary
Clinton Passes and Donald Trump Fails

http://econvue.com/pulse/trump-and-clinton-foundations-are-character-tests-hillary-clinton-passes-and-donald-trump

Robert Shapiro

https://econvue.com/experts/robert-shapiro

09/16/16 The questions raised about the Trump and Clinton foundations go
to the character of Hillary Clinton and Donald Trump. (EconVue is
non-partisan.) What Would Einstein Do? Embedded Dilemmas in Disrupting
Markets

http://econvue.com/pulse/what-would-einstein-do-embedded-dilemmas-disrupting-markets

David W. Johnson

https://econvue.com/experts/david-w-johnson

09/28/16 It's time for health systems "to play the new game" and "strive
for value." The "new game" requires true alignment with patients –
meeting their health needs on their terms.

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With all best wishes,

Lyric Hughes Hale

Editor-in-Chief

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