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 | 39 | Founded | 9 months ago | Last Issue | 4 days ago |
| Active | |||||
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This time would have to be very different. Part II
Analysts typically take the perspective of a buy-and-hold investor who has bought a single share, say in the S&P 500, to assess whether a stock is expensive or cheap. And then they use an off-the-shelf estimate of the future growth in divid...
This time would have to be very different.
Every fall, when I teach my Capital Markets class, we think about how we can back out reasonable estimates of expected returns on stocks from stock prices.
The basic approach is straightforward. Start from Gordon’s growth model. This simpl...
The French state crowded out by government spending.
The French government does not just have a spending problem. It’s definitely spending too much overall, but it is arguably not spending enough on its core state functions. Between 1995 and 2024, spending on social protection and health, inc...
Le Boomer Spread
What’s going on in French bond markets? For the past few days, we’ve seen the OAT spread with Bunds at the 10-year tenor skyrocket to over 140 basis points. Between 2022 and June 2024, that spread had been hovering around 40 to 50 basis poi...
Nine Percent of GDP.
When a new general purpose technology arrives (think railroads, electricity, the internet, etc), this is typically accompanied by a huge boom in infrastructure investment, as private investors start building the infrastructure that is neede...
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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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