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Existing Home Sales: A few comments

May 22nd, 2013
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The most important number in the existing home sales report was inventory, and the NAR reported that inventory increased 11.9% in April from March, and is only down 13.6% from April 2012.  This fits with the weekly data I've been posting.

BRICS risk 'sudden stop' as dollar rally builds

May 22nd, 2013
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The stock of capital flowing into emerging markets has doubled from $4 trillion to $8 trillion since the Lehman Crisis, chasing a catch-up growth story that looks tired and has largely sputtered out in Brazil, Russia and South Africa.

"Suntech's local creditors claim $2.5 billion as restructuring starts" ($STP)

May 22nd, 2013
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Results from the Wuxi Suntech insolvency case meeting that happened in China overnight:

Bloomberg Best & Worst

May 22nd, 2013
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Click for virtual interaction Source: Bloomberg   I don’t know what the hell this thing is supposed to do — but its wicked cool and filled with odd factoids.

2013-32: Analyzing Federal Reserve Asset Purchases: From whom does the Fed buy?

May 22nd, 2013
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Seth Carpenter, Selva Demiralp, Jane Ihrig, and Elizabeth Klee. Asset purchases have become an important monetary policy tool of the Federal Reserve in recent years. To date, most studies of the Federal Reserve's asset purchases have tried to measure the interest rate effects of the policies. Several papers provide evidence that these programs do have important effects on longer-term market interest rates. The theory of how asset purchases work, however, is less well developed.

2013-31: Credit-crunch dynamics with uninsured investment risk

May 22nd, 2013
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Jonathan E. Goldberg. I study the effects of credit tightening in an economy with uninsured idiosyncratic investment risk. In the model, entrepreneurs require an equity premium because collateral constraints limit insurance. After collateral constraints tighten, the equity premium and the riskiness of consumption rise and the risk-free interest rate falls. I show that, both immediately after the shock and in the long run, the equity premium and the riskiness of consumption increase more than they would if the risk-free rate were constant.

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