Epstein Secrets

These ideas include recent research in market microstructure, liquidity, post-Keynesian pricing theory as well as the work of Foley, Keen, Smithers, Shiller, Cooper, Pettis, Pepper & Oliver, Mehrling, Lyons and others. Neoclassical economics, while forming an intellectually beautiful framework, has prov

tly following the dramatic changes in value during the dotcom and housing booms of the last decade, and secondly because of the detailed research of Shiller, Smithers and others that both disprove a purely stochastic basis for stock market movements and also give substantial evidence for long term rever

on of the national income shares in the US, noting that the overall share is constant even though sector shares show long-term changes [Young 2010]. Gollin gives a very thorough survey of income shares in more than forty countries [Gollin 2002]. Figure 1.3.8 here [St Louis Fed 2004] We will come back

hree factor' model. This then becomes much more significant at the level of the whole stockmarket, especially in the light of the extensive work by Shiller and Smithers regarding the long-term valuation of stock markets. This work is very well summed up in 'Wall Street Revalued' [Smithers 2009]. The ce

olio of investments. Interestingly, this should act in a strongly counter-cyclical manner. Given the mean reversion properties of the market as per Shiller and Smithers, liquidity protection of this type should be cheap at historical liquidity lows, but increasingly expensive as liquidity bubbles formed

FT 2011b FT/M 2010 Gabaix 2009 Gaffeo et al 2003 Gallegati et al 2006 gapminder Georgescu-Roegen 1971 Georgia Tech 2010 Glazer & Wark 2001 Gollin 2002 Gould & Tobochnik 2010 Goyenko et al 2009 Griffiths & Tenenbaum 2006 Guardian 2010 Harrison 2005 Harvie 2000 Hayek 1931 Hess & Holzhau

ish to remain working in finance. They are obliged to adopt rules of thumb that work. Some of the more thoughtful financiers, people such as Pettis, Shiller, Smithers, Cooper, Pepper & Oliver have then made insightful attempts to explain why these rules of thumb work in practice. In the field of market

ee-quarters and can be very stable, as discussed in section 1.3 above. Young gives a good discussion of the national income shares in the US, while Gollin gives a very thorough survey of income shares in more than forty countries [Young 2010, Gollin 2002]. In emerging economies 13 can be much lower, a