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 | 24 | Founded | 5 months ago | Last Issue | 8 days ago |
| Active | |||||
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thetwocents.substack.comLatest Issues
Junior doesn't vote
One of the best political interviews I’ve seen in years is François Bayrou’s interview, the French PM, on the French evening news by Gilles Bouleau on Wednesday, 27 August 2025 8 p.m. news.
François Bayrou had just announced on August 25...
How the war was funded.
When the FOMC met on the morning of June 9, 2020, in the midst of the pandemic, the question on the table was whether yield curve control (YCC) would be an appropriate tool to deploy in the pandemic. The Fed found itself at the effective lo...
How do governments use financial repression to lower their cost of funding?
Joint work with Roberto Gomez-Cram, Howard Kung, and David Zeke.
Financial repression is a catch-all term for all of the things governments, central banks, and financial regulators can do to lower the government’s cost of funding below the...
Is Vanguard always just a price taker?
Really interesting and provocative column in the FT yesterday on passive investors by Stuart Kirk. Index inclusion cannot be a mechanism through which wealth is transferred from passive to active investors, argues Kirk, because prices are a...
Party like it's 1999! YHOO joins the S&P 500.
I moved to the Bay Area in 1997. Back in those days, Yahoo! was the hottest company in the Valley. The company was founded in 1994 by two Stanford CS graduate students, Jerry Yang and David Filo who were working out of a trailer on Stanford...
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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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