Most explanations of stock market booms and busts are based on contrasting the underlying "fundamental" logic of the economy with the exogenous, non-economic factors that presumably distort it. Our paper offers a radically different model, examining the stock market not from the mechanical...

As these lines are being written (April 2018), the The U.S. stock market is again in turmoil. After a two-year bull run in which share prices soared by nearly 50 per cent, the market is suddenly dropping. Since the beginning of 2018, it lost nearly 10 per cent of its value, threatening investors...

Until a few months ago, the stock market narrative in the United States could have been summarized by the popular acronym BTFD – or "buy the fucking dip". Analysts and strategists, emboldened by the world's synchronized recovery, Trump's pro-business policies and ample liquidity, predicted...

The U.S. stock market is again in turmoil. After a two-year bull run in which share prices soared by nearly 50 per cent, the market is suddenly dropping. Since the beginning of 2018, it lost nearly 10 per cent of its value, threatening investors with an official "correction" or worse. As always,...

Israel's ongoing crisis - or 'judicial coup' in popular parlance - has elicited two opposite responses. The first comes from global rating agencies, economists and investment strategists who see Israel's country risk rising. The opposite reaction, by Prime Minister Netanyahu and his acolytes,...