Financialization: How Fiscal Prolicy Has Inflated Profits and Equity Valuations – Chris Brightman & Alex Pickard (Research Affiliates)
Describes (through Kalecki equation framework) how combination of rising fiscal transfers, rising deficits has lowered domestic investment and resulted in higher corporate profits, higher financialisiation and higher equity valuations.
Recycling Risk: Synthetic Risk Transfers
https://d1e00ek4ebabms.cloudfront.net/production/uploaded-files/Recycling_Risk-_Synthetic_Risk_Transfers_IMF_October_2025-ff340759-46a0-418b-83e1-ad5671d28ff7.pdf
AQR – Portfolio Rebalancing – Antti Ilmanen, Thomas Maloney
Man Group – Strategic Rebalancing
https://www.man.com/insights/strategic-rebalancing-summary
Bumps in the road? – speech by Sarah Breedon
https://www.bankofengland.co.uk/speech/2025/september/sarah-breeden-speech-cardiff-business-school-afternoon-briefing
Jackson Hole Address – Jerome Powell
https://www.federalreserve.gov/newsevents/speech/powell20250822a.htm
American Unexceptionalism – Ben Inker & John Pease – GMO
Argues that most of the outperformance of US equities of last decade related to increased valuations and dollar strength. Highlights political challenges arising from Trump administration to growth.
Of Interest – David Hume
https://davidhume.org/texts/pld/in
First paper (of which I am aware) setting our theoretical basis for level of interest rates.
Of Public Credit – David Hume
https://davidhume.org/texts/pld/pc
So many banging quotes
A Mathematical Theory of Saving – Frank Ramsey
http://piketty.pse.ens.fr/files/Ramsey1928.pdf
Astonishing article seeting out theoretical framework for saving vs. consumption
Franco Modigliani & the Life Cycle Theory of Consumption – Angus Deaton – NBER
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=686475
Great summary of Modigliani’s work
Interest Rates, Expectations and the Wicksellian Policy Rule – Thomas Humphrey – Richmond Federal Reserve Bank
https://ssrn.com/abstract=2115894
Great summary of Wicksell’s theories
Bank of England – Quarterly Bulletin, 1982 Q1
https://www.bankofengland.co.uk/quarterly-bulletin/1982/q1/general-assessment
Description of the monetary corset
How Did Ancient Bureaucrats Set Their Interest Rates? – Michael Hudson
https://www.biblicalarchaeology.org/daily/ancient-cultures/daily-life-and-practice/ancient-interest-rates/
Secular Stagnation: The History of a Macroeconomic Heresy – R Backhouse & M Boianovsky
https://www.tandfonline.com/doi/full/10.1080/09672567.2016.1192842
On Secular Stagnation in the Industrialized World – Lukasz Rachel & Larry Summers
https://larrysummers.com/wp-content/uploads/2025/04/Secular-Stagnation.pdf
Best summary of secular stagnation theory
Academic Papers, Essays, Investment Letters – Pre-2025
One Hundred Inflation Shocks: Seven Stylised Facts – IMF
https://www.imf.org/en/Publications/WP/Issues/2023/09/13/One-Hundred-Inflation-Shocks-Seven-Stylized-Facts-539159
Chris Clothier 