A few weeks ago I claimed that the so-called value premium was really just a liquidity premium. The value premium, illustrated best by ...

In a previous post , I made the point that banknotes aren't Samuelsonian bubble assets , say like a chain letter or a ponzi scheme o...

What is this gas station using as a medium of account? Visa/Mastercard dollars or Federal Reserve dollars? In this post I'll argue ...

 The "High minus low" strategy: Source   If you haven't read Clifford Asness and John Liew's recent article on marke...

Jeremiah, the prophet of impending disaster. By Rembrandt, 1690. See full version . The 1929 analog model has resurfaced. The 1929 an...

Despite its odd denomination, the above is a genuine banknote. Ne Win , Burma's military dictator from 1962 to 1988 and the man pictu...

A page from   Van Court's Bank Note Reporter and Counterfeit Detector (1843), showing multiple prices for various dollars. Notation: ...

I'm going to use a stock market analogy to work out the costs of manufacturing liquidity premia. In addition to paying dividends and...

The Cider Mill, by Robin Moline In general, the real price of land has been increasing all over the world, especially since the early ...