The Two Cents
Romain Wacziarg, Hanno LustigA space for musings on economic policy and political economy by Hanno Lustig and Romain Wacziarg
| Platform |  | Pricing | Only free issues | Publishes | Twice weekly |
|---|---|---|---|---|---|
| Issues | 17 | Founded | 4 months ago | Last Issue | 19 hours ago |
| Active | |||||
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thetwocents.substack.comLatest Issues
Harrison, Kreps, and the SpaceX IPO
Google Inc. was founded when I was in grad school at Stanford, back in 1998 by Larry Page and Sergey Brin, two PhD students in Computer Science at Stanford, who had developed a new algorithm for ranking internet content. Page and Brin decid...
What's the Sticker Price of Exorbitant Privilege?
For most of the past eighty years, the United States’ federal government has been able to borrow more cheaply than any of its peers. Valéry Giscard d’Estaing, who later went on to become the President of the French Republic, called it “exor...
Central Bank Independence: Lessons from Maastricht
On September 25, 2025, an amicus brief was filed at the Supreme Court in Trump v. Cook (No. 25A312). The signatories: all three living former Fed Chairs (Greenspan, Bernanke, Yellen), five former Treasury Secretaries (Rubin, Summers, Paulso...
Wrong-way Robinhood: Alpha Redistribution
According to legend, Robin Hood, the folk hero, and his men ambushed wealthy travelers and redistributed the loot to starving peasants. Unlike the eponymous English folk hero from the 12th century, the broker, up until now at least, seems t...
U.S. Treasury Investors' Massive Bet on AI
With Howard Kung (LBS) and James Paron (Stanford GSB).
Here is a puzzle. On the days when major AI labs release new frontier models — the kind of news that presumably raises expectations about future productivity growth — nominal and real...
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Authors
The writers behind this newsletter.
Economist, Professor at UCLA, Editor of the Journal of the European Economic Association, Faculty Director of the Center for Global Management at UCLA Anderson.
Economist at Stanford. Fascinated by exchange rates. Really wanted to be a pilot. Actually, taxes do fund spending.
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