Asset price inflation has been an underrated problem in the U.S. economy for as long as 40 years. An excess of lendable funds developed following 1980, leading to secularly falling interest rates. In result, financial values increased much more than the real economy and jobs. The outcome was a...

In early 2022 inflation reemerged, giving concern that the Federal Reserve would increase interest rates and threaten common stock values. To gain insight, this article investigates how interest rates influenced stock prices since 1920. It also investigates the role of investor exuberance to own...

In early 2022 inflation reemerged and gave concern that the Federal Reserve would increase short-term interest rates and threaten common stock values. To gain insights on what may happen to stocks, this article reviews the key factors that influenced common stock pricing since 1920, namely...

This book is a critical review of current fiscal and monetary policy in Europe and presents results of both empirical research and a discussion of the theoretical framework behind the policy of the European Central Bank and the Stability and Growth Pact. Macroeconomic policy is often hotly...